Latest Ratios: P/E Ratio 44.7x · EV/EBITDA 14.0x · ROE 4.6%. (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 | $2.1B | $1.9B | $3.4B | $6.4B | $3.7B | $5.4B | — | — | — |
| Enterprise Value | $1.9B | $1.7B | $3.2B | $6.2B | $3.6B | $5.2B | — | — | — |
| P/E Ratio → | 44.67 | 38.13 | 60.03 | 89.71 | 87.84 | 184.89 | — | — | — |
| P/S Ratio | 2.75 | 2.55 | 5.12 | 11.14 | 8.29 | 16.23 | — | — | — |
| P/B Ratio | 1.97 | 1.69 | 3.10 | 5.94 | 4.28 | 6.76 | — | — | — |
| P/FCF | 11.91 | 11.04 | 25.38 | 62.09 | 68.33 | 73.63 | — | — | — |
| P/OCF | 9.74 | 9.03 | 21.06 | 53.27 | 39.53 | 65.27 | — | — | — |
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 | — | 2.34 | 4.81 | 10.75 | 7.88 | 15.58 | — | — | — |
| EV / EBITDA | 13.97 | 12.87 | 24.77 | 48.61 | 38.20 | 91.00 | — | — | — |
| EV / EBIT | 23.95 | 20.69 | 35.17 | 63.49 | 59.16 | 192.06 | — | — | — |
| EV / FCF | — | 10.12 | 23.86 | 59.92 | 64.97 | 70.68 | — | — | — |
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 | 82.2% | 82.2% | 82.3% | 81.4% | 82.8% | 83.7% | 85.3% | 86.4% | 82.2% |
| Operating Margin | 10.6% | 10.6% | 12.5% | 15.0% | 13.0% | 8.0% | 8.8% | 21.4% | 4.9% |
| Net Profit Margin | 6.8% | 6.8% | 8.6% | 12.5% | 9.6% | 8.8% | 8.4% | 12.8% | 3.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.6% | 4.6% | 5.2% | 7.3% | 5.2% | 4.8% | 5.6% | 7.6% | 1.1% |
| ROA | 3.9% | 3.9% | 4.5% | 6.3% | 4.5% | 4.2% | 4.2% | 5.4% | 0.8% |
| ROIC | 6.4% | 6.4% | 7.1% | 8.3% | 6.9% | 4.0% | 4.0% | 8.3% | 1.2% |
| ROCE | 6.6% | 6.6% | 7.1% | 8.1% | 6.5% | 4.1% | 4.7% | 9.5% | 1.3% |
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 | 0.09 | 0.09 | 0.08 | 0.08 | 0.10 | 0.01 | 0.06 | 0.25 | 0.20 |
| Debt / EBITDA | 0.73 | 0.73 | 0.72 | 0.68 | 0.90 | 0.08 | 0.59 | 1.28 | 2.48 |
| Net Debt / Equity | — | -0.14 | -0.19 | -0.21 | -0.21 | -0.27 | -0.02 | 0.21 | 0.10 |
| Net Debt / EBITDA | -1.17 | -1.17 | -1.58 | -1.77 | -1.97 | -3.81 | -0.14 | 1.10 | 1.21 |
| Debt / FCF | — | -0.92 | -1.52 | -2.18 | -3.35 | -2.96 | -0.59 | 2.86 | 2.75 |
| Interest Coverage | 48.73 | 48.73 | 80.42 | 90.94 | 66.60 | 23.03 | 4.51 | 7.80 | 1.65 |
Net cash position: cash ($259M) exceeds total debt ($100M)
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 | 4.27 | 4.27 | 5.40 | 6.36 | 6.46 | 6.45 | 4.17 | 2.66 | 4.68 |
| Quick Ratio | 4.27 | 4.27 | 5.40 | 6.36 | 6.46 | 6.45 | 4.17 | 2.66 | 4.68 |
| Cash Ratio | 2.13 | 2.13 | 3.00 | 3.70 | 3.89 | 3.89 | 0.98 | 0.34 | 1.97 |
| Asset Turnover | — | 0.55 | 0.51 | 0.46 | 0.44 | 0.37 | 0.48 | 0.39 | 0.26 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 107.88 | 125.71 | 131.93 | 134.83 | 134.86 | 141.68 | 137.24 | 133.18 |
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 | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.6% | 1.7% | 1.1% | 1.1% | 0.5% | — | — | — |
| FCF Yield | 8.4% | 9.1% | 3.9% | 1.6% | 1.5% | 1.4% | — | — | — |
| Buyback Yield | 6.9% | 7.5% | 4.0% | 0.1% | 0.3% | 0.0% | — | — | — |
| Total Shareholder Yield | 6.9% | 7.5% | 4.0% | 0.1% | 0.3% | 0.0% | — | — | — |
| Shares Outstanding | — | $167M | $175M | $173M | $171M | $162M | $157M | $157M | $155M |
Includes 30+ ratios · 8 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DV stock.
DoubleVerify Holdings, Inc.'s current P/E ratio is 44.7x. The historical average is 92.1x. This places it at the 20th percentile of its historical range.
DoubleVerify Holdings, Inc.'s current EV/EBITDA is 14.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 43.1x.
DoubleVerify Holdings, Inc.'s return on equity (ROE) is 4.6%. The historical average is 5.2%.
Based on historical data, DoubleVerify Holdings, Inc. is trading at a P/E of 44.7x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DoubleVerify Holdings, Inc. has 82.2% gross margin and 10.6% operating margin. Operating margin between 10-20% is typical for established companies.
DoubleVerify Holdings, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue deceleration and SBC dilution
Metrics are mathematically derived from official filings.
Premium Multiple on Decelerating Growth
According to DV's reported figures, the forward P/E of 27.97 and EV/EBITDA of 11.33 appear rich given revenue growth slowed to 2.5% in 2026Q2, implying the market still prices in a reacceleration.
The current P/E of 44.30 and forward P/E of 27.97 suggest investors are paying for future growth that has yet to materialize, especially as growth decelerated sharply from 21.3% in 2025Q2 to 2.5% in 2026Q2. The PEG of 2.43 indicates the stock is expensive relative to its growth rate, and with EV/EBITDA at 13.85 versus a forward of 11.33, the market may be anticipating margin expansion that has not been evident in recent quarters. This valuation appears to rely on a return to double-digit growth, which warrants close monitoring.
Margin Resilience Masked by Cost Volatility
Based on DV's quarterly filings, gross margin remained above 81% for most quarters, but operating margin fell to 11.9% in 2026Q2 from 18.4% in 2025Q4, indicating cost pressures that may be cyclical or structural.
The gross margin stability, averaging around 82%, suggests strong pricing power in DV's verification business, yet operating margin volatility—ranging from 4.1% in 2025Q1 to 20.3% in 2024Q4—points to significant expense swings, likely from R&D and SG&A investments. Net margin of 6.7% in 2026Q2 is below the 14.3% seen in 2025Q4, and with SBC exceeding net income in most periods, reported profitability may overstate true economic earnings. Investors should focus on operating margin trends excluding SBC to gauge underlying profitability.
ROIC Remains Low Despite Cash Generation
As reported in DV's financial statements, ROIC has stayed below 3.2% over the past ten quarters, with 2026Q2 at 1.7%, indicating that the company is not yet generating strong returns on its invested capital.
Despite a robust FCF margin of 30.6% in 2026Q2, ROIC remains subdued, suggesting that the capital base—bolstered by goodwill and intangibles from acquisitions—is not yet yielding high returns. The ROE of 1.2% in 2026Q2 is also weak, reflecting a large equity base relative to earnings. This may indicate that DV is in an investment phase, but the lack of improvement in ROIC over time warrants scrutiny, as it could signal capital allocation inefficiencies.
Working Capital Efficiency Shows Mixed Signals
Based on DV's reported figures, DSO has ranged from 97 to 130 days over the past ten quarters, with 2026Q2 at 103 days, suggesting a stable but high collection period that may reflect client payment terms.
The cash conversion cycle is not fully calculable due to missing DIO data, but the high DSO of over 100 days indicates that DV extends significant credit to customers, which could strain liquidity if collections slow. The current ratio of 4.50 in 2026Q2, down from 7.30 in 2024Q1, shows a declining liquidity buffer, though still ample. Asset turnover remains low at 0.15, reflecting the heavy intangible asset base, and investors should monitor whether working capital efficiency improves as growth stabilizes.
Minimal Leverage with Comfortable Coverage
According to DV's quarterly data, debt-to-equity stood at 0.10 in 2026Q2, with interest coverage of 47.12, indicating that the company's modest debt load is easily serviceable from operating income.
The D/EBITDA ratio of 2.82 in 2026Q2, up from 1.81 in 2024Q4, shows a slight increase in leverage, but it remains conservative. Interest coverage of 47.12 in 2026Q2, though down from 125.60 in 2024Q4, still provides a substantial cushion, suggesting low refinancing risk. The deliberate uptick in debt, as noted in prior analysis, may be funding growth initiatives, but the low absolute levels imply the balance sheet is not a concern.
Misapplied Metric: P/E on SBC-Diluted Earnings
The P/E ratio is commonly misapplied to DV because reported earnings are heavily diluted by stock-based compensation, which averaged over $25M per quarter, exceeding net income in most periods.
Using P/E on reported net income understates the true cost of equity compensation, making the stock appear cheaper than it is on a cash basis. A more appropriate metric is P/FCF, which at 11.81 reflects the company's actual cash generation, but even this must be adjusted for SBC to avoid overstating cash available to shareholders. Investors should use EV/EBITDA or a cash-earnings multiple that adds back SBC to get a clearer picture of valuation.