Operating cash flow reached $80.4M in 2026Q2 (6.2x net income) with a 30.6% FCF margin, yet this is distorted by SBC exceeding net income in most quarters, while capex intensity doubled to 10.9% of revenue and buybacks accelerated to $100.2M, signaling a shift toward growth spending.
DoubleVerify Holdings, Inc. (DV) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | 208.49M | 211.18M | 159.66M | 119.74M | 94.86M | 82.75M | 20.64M | 29.43M | 12.06M |
| Operating CF Margin % | - | 28.22% | 24.31% | 20.91% | 20.97% | 24.87% | 8.46% | 16.11% | 11.56% |
| Operating CF Growth % | 61.39% | 32.27% | 33.34% | 26.23% | 14.64% | 300.94% | -29.88% | 144.1% | - |
| Net Income | 58.86M | 50.65M | 56.23M | 71.47M | 43.27M | 29.31M | 20.45M | 23.31M | 3.18M |
| Depreciation & Amortization | 76.83M | 56.58M | 45.22M | 40.88M | 34.33M | 30.29M | 24.59M | 21.81M | 18.63M |
| Stock-Based Compensation | 126.9M | 104.23M | 90.66M | 59.24M | 42.31M | 21.89M | 0 | 1.68M | 1.44M |
| Deferred Taxes | 6.62M | 3.83M | -21.65M | -25.05M | -19.58M | -7.87M | -5.14M | 2M | -2.04M |
| Other Non-Cash Items | 20.19M | 12.94M | 16M | 16.47M | 15.72M | 22.55M | 14.16M | 2.81M | 2M |
| Working Capital Changes | -87.31M | -17.04M | -26.78M | -43.28M | -21.18M | -13.41M | -33.43M | -22.17M | -11.15M |
| Change in Receivables | -35.18M | 6.45M | -26.7M | -43.69M | -49.77M | -22M | -30.44M | -32.74M | -12.97M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.02M | 2.31M | -1.07M | 5.48M | 2.88M | -49K | 2.48M | -538K | -339K |
| Cash from Investing | -50.27M | -105.38M | -44.84M | -84.25M | -39.98M | -158.61M | -9.75M | -63.2M | -12.97M |
| Capital Expenditures | -54.31M | -38.53M | -27.15M | -17.01M | -39.98M | -9.4M | -9.75M | -5.94M | -1.64M |
| CapEx % of Revenue | 7.06% | 5.15% | 4.13% | 2.97% | 8.84% | 2.82% | 4% | 3.25% | 1.57% |
| Acquisitions | 0 | -82.58M | 0 | -67.24M | 0 | -149.22M | 0 | -57.25M | -11.33M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.02M | -2.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -243.46M | -143.95M | -129.45M | 6.49M | -7.88M | 264.39M | 10.96M | 15.04M | 22.9M |
| Debt Issued (Net) | -7.95M | -4.55M | -2.48M | -2.31M | -1.92M | -23.92M | -53.91M | 17.73M | 22.94M |
| Equity Issued (Net) | -227.99M | -138.73M | -133.82M | -4.59M | -10.24M | 297.59M | 83.06M | 177K | 100K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -231.46M | -142.06M | -133.82M | -4.59M | -10.24M | -1.8M | -260.69M | 0 | 0 |
| Other Financing | -7.52M | -668K | 6.85M | 13.39M | 4.28M | -9.28M | -18.19M | -2.86M | -138K |
| Net Change in Cash | -86.9M | -33.71M | -16.52M | 42.32M | 46.21M | 188.33M | 22.05M | -18.69M | 21.91M |
| Free Cash Flow | 154.18M | 172.65M | 132.51M | 102.73M | 54.88M | 73.35M | 10.89M | 23.49M | 10.42M |
| FCF Margin % | 20.05% | 23.07% | 20.17% | 17.94% | 12.13% | 22.04% | 4.46% | 12.86% | 9.99% |
| FCF Growth % | 2.87% | 30.29% | 28.99% | 87.19% | -25.18% | 573.7% | -53.65% | 125.48% | - |
| FCF per Share | 0.98 | 1.04 | 0.76 | 0.59 | 0.32 | 0.45 | 0.07 | 0.15 | 0.07 |
| FCF Conversion (FCF/Net Income) | 2.62x | 4.17x | 2.84x | 1.68x | 2.19x | 2.82x | 1.01x | 1.26x | 3.80x |
| Interest Paid | 1.57M | 1.2M | 479K | 714K | 554K | 774K | 0 | 0 | 2.54M |
| Taxes Paid | 1.96M | 0 | 41.93M | 60.88M | 12.35M | 7.7M | 0 | 0 | 1.87M |
Quick answers to the most common questions about buying DV stock.
DoubleVerify Holdings, Inc. (DV) generated $211.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DoubleVerify Holdings, Inc. (DV) generated $172.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
DoubleVerify Holdings, Inc. (DV) spent $38.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, DoubleVerify Holdings, Inc. (DV) spent $142.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
SBC dilution and revenue deceleration
Metrics are mathematically derived from official filings.
Cash Conversion Diverges from Net Income
According to DV's quarterly filings, operating cash flow exceeded net income by over 6x in 2026Q2, reaching $80.4M versus $12.9M, indicating strong cash conversion but also highlighting SBC's distorting effect on reported earnings.
The OCF/NI ratio of 6.22 in 2026Q2 is the highest in the series, driven by substantial non-cash add-backs including $49.8M in SBC and $32.0M in D&A. This suggests that reported net income significantly understates cash generation, but investors should recognize that SBC is a real economic cost that dilutes shareholders. The 2026Q1 ratio of 0.65, where OCF lagged net income due to a $48.1M working capital outflow, shows that conversion is not consistently strong and can be volatile quarter to quarter.
FCF Volatility Masks Underlying Stability
Based on DV's reported figures, free cash flow swung from -$6.4M in 2026Q1 to $59.4M in 2026Q2, with FCF margins ranging from -3.5% to 30.6%, suggesting a lumpy but generally positive cash generation trend.
Excluding the anomalous 2026Q1, FCF margins have remained above 15% for the past six quarters, peaking at 30.6% in 2026Q2. The negative FCF in 2026Q1 appears tied to a $48.1M working capital outflow, likely reflecting seasonal payment timing or receivable collections. This volatility warrants monitoring, but the overall trajectory shows FCF consistently exceeding net income, reinforcing that DV's cash generation is fundamentally sound despite the decelerating revenue growth.
Capital Intensity Rising with Growth Investments
As reported in DV's financial statements, capex as a percentage of revenue doubled from 4.5% in 2024Q1 to 10.9% in 2026Q2, suggesting increased investment in infrastructure or product development that may signal a shift toward growth-oriented spending.
The capex/revenue ratio jumped from roughly 4-5% in 2024 to 10.9% in 2026Q2, with absolute capex rising from $6.4M to $21.1M over the same period. This escalation appears to be growth capex rather than maintenance, as the company's asset base is relatively light for a software firm. If this elevated capital intensity persists, it could pressure future FCF margins, though the current FCF margin of 30.6% suggests DV can absorb this investment while still generating substantial cash.
Working Capital Swings Drive Cash Flow Volatility
According to DV's quarterly data, working capital changes ranged from a $48.1M outflow in 2026Q1 to a $13.2M inflow in 2025Q4, indicating that collections and payment timing significantly influence reported operating cash flow.
The working capital swings are substantial relative to DV's scale, with the 2026Q1 outflow of $48.1M nearly matching the entire quarter's operating cash flow of $4.2M. This suggests that DV's cash conversion is heavily dependent on the timing of client payments and vendor settlements, which may reflect the company's growing scale and changing customer mix. Investors should monitor whether these swings normalize or indicate a structural lengthening of the cash conversion cycle.
Buybacks Accelerate Despite Earnings Deceleration
Based on DV's reported cash flow statements, share repurchases totaled $100.2M in 2026Q2, up from $80.7M in 2024Q4, representing a significant deployment of cash that may signal management's confidence in the stock's value.
Buybacks have been the primary use of cash, with cumulative repurchases exceeding $425M over the ten-quarter period, while no dividends have been paid. The acceleration in buybacks during 2026Q2, despite the sharp revenue deceleration to 2.5% growth, suggests management may view the shares as undervalued or is attempting to offset SBC dilution. However, this deployment strategy warrants scrutiny given the decelerating growth and the fact that SBC is simultaneously increasing share count.
SBC Distorts True Cash Flow Picture
As reported in DV's financial statements, stock-based compensation averaged over $25M per quarter, exceeding net income in most periods, which suggests that reported operating cash flow may overstate the cash available to shareholders.
While SBC is a non-cash expense that inflates operating cash flow relative to net income, it represents a real economic cost through dilution. Over the ten quarters, cumulative SBC of approximately $273M exceeds cumulative net income of $126M, meaning DV's actual cash generation after accounting for shareholder dilution is far lower than the headline OCF figures suggest. Investors should adjust for SBC when evaluating DV's true cash profitability and the sustainability of its buyback program.