Latest Ratios: P/E Ratio 94.5x · EV/EBITDA 3.8x · ROE 8.6%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $806M | $748M | $1.3B | $433M | $248M | $590M | — | — | — |
| Enterprise Value | $637M | $579M | $1.1B | $242M | $70M | $369M | — | — | — |
| P/E Ratio → | 94.54 | 92.62 | 541.03 | — | — | — | — | — | — |
| P/S Ratio | 2.34 | 2.17 | 4.41 | 1.94 | 1.26 | 2.63 | — | — | — |
| P/B Ratio | 2.64 | 2.59 | 4.66 | 1.58 | 0.93 | 2.09 | — | — | — |
| P/FCF | 15.60 | 14.48 | 25.91 | 11.84 | — | 27.72 | — | — | — |
| P/OCF | 15.33 | 14.22 | 24.66 | 11.46 | — | 20.59 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.68 | 3.79 | 1.08 | 0.36 | 1.65 | — | — | — |
| EV / EBITDA | 3.80 | 3.45 | 55.04 | — | — | — | — | — | — |
| EV / EBIT | 4.28 | 57.13 | 83.77 | — | — | — | — | — | — |
| EV / FCF | — | 11.20 | 22.27 | 6.61 | — | 17.34 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 84.0% | 84.0% | 45.7% | 46.0% | 40.8% | 42.2% | 44.9% | 43.0% | 31.4% |
| Operating Margin | 43.3% | 43.3% | 1.2% | -8.2% | -25.0% | -19.1% | 13.2% | 7.8% | -19.1% |
| Net Profit Margin | 7.0% | 7.0% | 0.8% | -1.5% | -6.0% | -3.5% | 6.8% | 6.0% | -23.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.6% | 8.6% | 0.9% | -1.3% | -4.3% | -5.1% | 52.6% | 43.7% | — |
| ROA | 5.3% | 5.3% | 0.6% | -0.9% | -3.1% | -3.0% | 9.4% | 10.3% | -29.5% |
| ROIC | 104.1% | 104.1% | 2.9% | -16.0% | -49.4% | -67.1% | 47.0% | 123.9% | — |
| ROCE | 48.6% | 48.6% | 1.2% | -6.2% | -16.5% | -23.8% | 43.7% | 29.6% | -50.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.09 | 0.09 | 0.11 | 0.06 | 1.17 | 0.77 | — |
| Debt / EBITDA | 0.13 | 0.13 | 1.30 | — | — | — | 0.74 | 0.76 | — |
| Net Debt / Equity | — | -0.59 | -0.65 | -0.70 | -0.67 | -0.78 | 0.69 | 0.56 | — |
| Net Debt / EBITDA | -1.01 | -1.01 | -8.98 | — | — | — | 0.44 | 0.55 | — |
| Debt / FCF | — | -3.28 | -3.63 | -5.23 | — | -10.38 | 0.75 | 1.01 | — |
| Interest Coverage | — | — | 32.75 | -23.48 | -33.47 | -42.53 | 20.88 | 3.24 | -4.85 |
Net cash position: cash ($191M) exceeds total debt ($22M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.40 | 2.40 | 2.49 | 3.13 | 3.61 | 4.24 | 1.30 | 1.22 | 1.15 |
| Quick Ratio | 2.40 | 2.40 | 2.49 | 3.13 | 3.61 | 4.24 | 1.30 | 1.22 | 1.15 |
| Cash Ratio | 1.22 | 1.22 | 1.41 | 1.99 | 2.37 | 2.87 | 0.12 | 0.08 | 0.06 |
| Asset Turnover | — | 0.73 | 0.66 | 0.55 | 0.52 | 0.58 | 1.24 | 1.54 | 1.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 187.84 | 185.44 | 192.33 | 188.19 | 180.34 | 198.27 | 150.71 | 163.36 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 44.4% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.1% | 1.1% | 0.2% | — | — | — | — | — | — |
| FCF Yield | 6.4% | 6.9% | 3.9% | 8.4% | — | 3.6% | — | — | — |
| Buyback Yield | 4.7% | 5.1% | 2.5% | 1.0% | 0.8% | 0.0% | — | — | — |
| Total Shareholder Yield | 4.7% | 5.1% | 2.5% | 1.0% | 0.8% | 0.0% | — | — | — |
| Shares Outstanding | — | $62M | $67M | $63M | $62M | $61M | $59M | $59M | $59M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DSP stock.
Viant Technology Inc.'s current P/E ratio is 94.5x. The historical average is 92.6x. This places it at the 100th percentile of its historical range.
Viant Technology Inc.'s current EV/EBITDA is 3.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.2x.
Viant Technology Inc.'s return on equity (ROE) is 8.6%. The historical average is 13.6%.
Based on historical data, Viant Technology Inc. is trading at a P/E of 94.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Viant Technology Inc. has 84.0% gross margin and 43.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Viant Technology Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Extreme gross margin volatility
Metrics are mathematically derived from official filings.
High Growth Premium vs. Peer Discount
Viant trades at a significant forward P/E discount to peers like The Trade Desk, yet its 41.09x multiple implies the market expects substantial earnings acceleration from its current near-breakeven level, per reported valuation data.
The 97.54x trailing P/E is inflated by minimal net income, making the forward P/E of 41.09x the more relevant metric. This still represents a notable discount to The Trade Desk's 14.75x, but the PEG ratio of 28.71 suggests the market is pricing in a very high growth premium that may be difficult to sustain. The EV/EBITDA of 3.95x appears anomalous given the company's negative or low EBITDA in several periods, indicating that the multiple is not a reliable valuation anchor for this business model currently.
Gross Margin Swings Undermine Operating Leverage
Viant's gross margin has swung wildly from 83.5% in Q1 2026 to 43.7% in Q2 2026, indicating that traffic acquisition costs are the primary driver of near-term profitability, as reported in its quarterly statements.
The massive gap between the high gross margin and the negative operating and net margins in recent quarters suggests that high fixed costs in sales and engineering are overwhelming the platform's scalability. True earning power is best measured by Contribution ex-TAC, which is not provided here, but the volatility in GAAP gross margin alone signals that the business model has not yet achieved stable, predictable profitability. The negative net margins, even in quarters with positive operating income, highlight the dilutive impact of stock-based compensation.
Erratic ROIC Reflects Profitability Challenges
Return on Invested Capital has been highly volatile, swinging from -4.9% in Q1 2024 to a peak of 21.8% in Q1 2026 before falling to -2.1% in Q2 2026, based on the reported financial figures.
The erratic ROIC trend indicates that the company is not consistently generating returns above its cost of capital, which is essential for long-term value creation. The drivers appear to be shifts in operating margin rather than capital efficiency, as asset turnover has remained low and stable. The recent decline into negative territory suggests that the heavy reinvestment phase highlighted in prior analysis is currently destroying, rather than compounding, shareholder value.
Negligible Debt Limits Financial Risk
With a debt-to-equity ratio of just 0.07 and total debt of $22.1M against $193.1M in cash, Viant maintains a fortress balance sheet with minimal refinancing or interest coverage risk, according to its balance sheet data.
The extremely low leverage means that interest rate movements have virtually no impact on the company's financial flexibility or cost of debt. This conservative structure is a strategic asset, providing ample runway to fund operations and potential acquisitions without dilutive financing. The absence of a meaningful interest coverage ratio is a function of negligible interest expense, not financial weakness.
Working Capital Swings Dominate Cash Flow
Days Sales Outstanding (DSO) has improved from 197 days in Q1 2024 to 127 days in Q2 2026, suggesting better collections efficiency, though the cash conversion cycle remains incomplete due to missing inventory data.
The significant reduction in DSO indicates management is successfully accelerating cash collection from advertisers, which is crucial for a business with high traffic acquisition costs. However, the erratic swings in working capital, as noted in prior cash flow analysis, suggest that this improvement is not yet part of a stable operational trend. Days Payable Outstanding has been volatile but generally higher than DSO, which may indicate the company is effectively using supplier financing to fund its working capital needs.
The Misleading Power of P/E Ratios
The trailing P/E ratio of 97.54x is the most commonly misapplied metric for Viant, as it is distorted by minimal net income and severe stock-based compensation, making it an unreliable indicator of valuation.
For a high-growth software company reinvesting heavily and generating inconsistent GAAP profits, the P/E ratio obscures the business's true cash generation potential and growth investment phase. A more appropriate metric would be Price/Sales (P/S) or EV/Gross Profit, which better reflect the value of the platform's revenue stream before the significant, non-cash SBC and volatile TAC expenses. Relying on the P/E multiple could lead investors to dramatically misjudge the company's relative value compared to peers.