The Trade Desk, Inc. (TTD) 10-Year Financial Performance & Capital Metrics

TTD •

TechnologyApplication SoftwareMarketing automation and ad technology

AboutTrade Desk, Inc. operates as a technology company in the United States and internationally. The company operates a self-service cloud-based platform that allows buyers to create, manage, and optimize data-driven digital advertising campaigns across various ad formats and channels, including display, video, audio, native, and social on various devices, such as computers, mobile devices, and connected TV. It also provides data and other value-added services. The company serves advertising agencies and other service providers for advertisers. The Trade Desk, Inc. was incorporated in 2009 and is headquartered in Ventura, California.Show more

Revenue $2.9B +18.5%
EBITDA $539M +4.7%
Net Income $443M +12.8%
EPS (Diluted) 0.91 +16.7%
Gross Margin 78.63% -2.6%
EBITDA Margin 18.6% -11.7%
Operating Margin 20.35% +16.5%
Net Margin 15.31% -4.8%
ROE 16.32% +6.1%
ROIC 21.28% +12.8%
Debt/Equity 0.18 +65.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 27.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 28.2%
✓Share count reduced 3.8% through buybacks
✓Healthy 5Y average net margin of 11.1%

✗Weaknesses

✗Weak momentum: RS Rating 7 (bottom 7%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y38.22%

5Y28.21%

3Y22.44%

TTM18.47%

Profit (Net Income) CAGR

10Y39.46%

5Y12.84%

3Y102.5%

TTM12.78%

EPS CAGR

10Y52.7%

5Y13.18%

3Y102.25%

TTM16.15%

ROCE

10Y Avg19.04%

5Y Avg11.32%

3Y Avg14.31%

Latest19.24%

Peer Comparison

Marketing automation and ad technology

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SEMRSemrush Holdings, Inc.	248.45M	11.82	213.74	22.47%	-1.05%	-1.51%	17.39%	0.05
IBTAIbotta, Inc.	807.89M	24.97	208.08	-6.77%	4.71%	5.6%	9.28%	0.09
SRADSportradar Group AG	3.97B	18.26	154.81	26.09%	7.72%	9.63%	3.72%	0.05
DSPViant Technology Inc.	463.5M	10.13	84.42	29.74%	1.85%	2.32%	10.63%	0.09
APPAppLovin Corporation	133.89B	434.77	44.59	16.38%	60.83%	156.17%	2.97%	1.66
DVDoubleVerify Holdings, Inc.	1.71B	10.54	35.13	13.92%	6.77%	4.48%	10.12%	0.09
TTDThe Trade Desk, Inc.	11.55B	23.82	26.18	18.47%	15.31%	17.84%	6.89%	0.18
GTMZoomInfo Technologies Inc.	1.91B	6.21	15.92	2.9%	9.94%	8.23%	20.37%	1.20

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	202.93M	308.22M	477.29M	661.06M	836.03M	1.2B	1.58B	1.95B	2.44B	2.9B
Revenue Growth %	78.26%	51.89%	54.86%	38.5%	26.47%	43.11%	31.87%	23.34%	25.63%	18.47%
Cost of Goods Sold+	39.88M	66.23M	114.1M	156.18M	178.81M	221.55M	281.12M	365.6M	472.01M	619.07M
COGS % of Revenue	19.65%	21.49%	23.91%	23.63%	21.39%	18.52%	17.82%	18.79%	19.31%	21.37%
Gross Profit+	163.05M	241.99M	363.2M	504.88M	657.22M	974.91M	1.3B	1.58B	1.97B	2.28B
Gross Margin %	80.35%	78.51%	76.09%	76.37%	78.61%	81.48%	82.18%	81.21%	80.69%	78.63%
Gross Profit Growth %	79.43%	48.41%	50.09%	39.01%	30.17%	48.34%	33%	21.89%	24.82%	15.43%
Operating Expenses+	105.53M	172.63M	255.87M	392.68M	513.01M	850.1M	1.18B	1.38B	1.55B	1.69B
OpEx % of Revenue	52.01%	56.01%	53.61%	59.4%	61.36%	71.05%	74.98%	70.91%	63.22%	58.28%
Selling, General & Admin	78.22M	119.83M	171.98M	275.93M	346.36M	623.96M	863.14M	968.25M	1.08B	1.16B
SG&A % of Revenue	38.55%	38.88%	36.03%	41.74%	41.43%	52.15%	54.71%	49.75%	44.27%	40.15%
Research & Development	27.31M	52.81M	83.89M	116.75M	166.65M	226.14M	319.88M	411.79M	463.32M	525.14M
R&D % of Revenue	13.46%	17.13%	17.58%	17.66%	19.93%	18.9%	20.27%	21.16%	18.95%	18.13%
Other Operating Expenses	0	0	0	0	-305K	-2.78M	0	0	0	0
Operating Income+	57.52M	69.36M	107.32M	112.2M	144.21M	124.82M	113.65M	200.48M	427.17M	589.32M
Operating Margin %	28.34%	22.5%	22.49%	16.97%	17.25%	10.43%	7.2%	10.3%	17.47%	20.35%
Operating Income Growth %	51.44%	20.58%	54.74%	4.54%	28.53%	-13.45%	-8.94%	76.39%	113.07%	37.96%
EBITDA+	61.32M	76.56M	119.14M	133.86M	172.84M	167.04M	168.08M	280.9M	514.66M	538.63M
EBITDA Margin %	30.22%	24.84%	24.96%	20.25%	20.67%	13.96%	10.65%	14.43%	21.05%	18.6%
EBITDA Growth %	54.03%	24.87%	55.61%	12.35%	29.12%	-3.36%	0.62%	67.12%	83.22%	4.66%
D&A (Non-Cash Add-back)	3.8M	7.21M	11.82M	21.66M	28.63M	42.22M	54.42M	80.42M	87.49M	-50.69M
EBIT	46.91M	69.36M	107.32M	112.2M	144.21M	124.82M	113.65M	200.48M	427.17M	0
Net Interest Income+	-3.08M	-1.7M	333K	4.72M	656K	-1.03M	12.76M	68.51M	78.84M	0
Interest Income	0	93K	333K	4.72M	656K	0	12.76M	68.51M	78.84M	-38.17M
Interest Expense	3.08M	1.79M	0	0	0	1.03M	0	0	0	0
Other Income/Expense	-13.68M	-5.73M	-1.59M	4.02M	-305K	-2.78M	13.72M	67.52M	80.14M	69.43M
Pretax Income+	43.83M	63.63M	105.74M	116.22M	143.9M	122.04M	127.37M	268M	507.3M	658.75M
Pretax Margin %	21.6%	20.64%	22.15%	17.58%	17.21%	10.2%	8.07%	13.77%	20.75%	22.74%
Income Tax+	23.35M	12.83M	17.6M	7.9M	-98.41M	-15.73M	73.98M	89.06M	114.23M	215.45M
Effective Tax Rate %	46.73%	79.84%	83.36%	93.2%	168.39%	112.89%	41.91%	66.77%	77.48%	67.29%
Net Income+	20.48M	50.8M	88.14M	108.32M	242.32M	137.76M	53.38M	178.94M	393.08M	443.3M
Net Margin %	10.09%	16.48%	18.47%	16.39%	28.98%	11.51%	3.38%	9.19%	16.08%	15.31%
Net Income Growth %	28.58%	148.01%	73.51%	22.89%	123.71%	-43.15%	-61.25%	235.19%	119.67%	12.78%
Net Income (Continuing)	20.48M	50.8M	88.14M	108.32M	242.32M	137.76M	53.38M	178.94M	393.08M	-140.81M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.05	0.12	0.19	0.23	0.49	0.28	0.11	0.36	0.78	0.91
EPS Growth %	281.82%	138.1%	58.33%	21.05%	113.04%	-42.86%	-60.71%	227.27%	116.67%	16.67%
EPS (Basic)	0.05	0.13	0.19	0.24	0.52	0.29	0.11	0.37	0.80	0.92
Diluted Shares Outstanding	406.26M	440.56M	457.93M	478.06M	489.88M	498.54M	499.93M	500.18M	501.92M	482.73M
Basic Shares Outstanding	384.09M	402.62M	457.93M	445.33M	462.87M	476.85M	486.94M	489.26M	490.88M	479.99M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	516.4M	765.81M	1.06B	1.45B	2.31B	3.09B	3.85B	4.31B	5.34B	5.26B
Cash & Short-Term Investments	133.4M	155.95M	207.23M	254.99M	624.04M	958.78M	1.45B	1.38B	1.92B	658.17M
Cash Only	133.4M	155.95M	207.23M	130.88M	437.35M	754.15M	1.03B	895.13M	1.37B	658.17M
Short-Term Investments	0	0	0	124.11M	186.69M	204.63M	416.08M	485.16M	552.03M	0
Accounts Receivable	377.24M	599.57M	834.76M	1.17B	1.58B	2.02B	2.35B	2.87B	3.33B	3.77B
Days Sales Outstanding	678.54	710.02	638.37	644.01	691.6	616.45	542.99	538.33	497.2	475.13
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	51.84M	63.35M	84.63M	832.63M
Total Non-Current Assets+	21.19M	31.35M	61.35M	279.54M	443.33M	485.69M	535.06M	574.73M	775.49M	892.22M
Property, Plant & Equipment	14.78M	17.41M	33.05M	237.46M	364.01M	369.95M	394.15M	359.15M	473.09M	738.86M
Fixed Asset Turnover	13.73x	17.71x	14.44x	2.78x	2.30x	3.23x	4.00x	5.42x	5.17x	3.92x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	2.76M	4.4M	8.1M	9.08M	11.51M	14.33M	18.54M	16.9M	14.62M	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.88M	6.19M	11.74M	14.05M	17.65M	33.17M	28.34M	43.83M	57.56M	97.66M
Total Assets+	537.6M	797.16M	1.12B	1.73B	2.75B	3.58B	4.38B	4.89B	6.11B	6.15B
Asset Turnover	0.38x	0.39x	0.43x	0.38x	0.30x	0.33x	0.36x	0.40x	0.40x	0.47x
Asset Growth %	155.72%	48.28%	40.23%	54.65%	59.28%	29.91%	22.46%	11.6%	25.02%	0.68%
Total Current Liabilities+	344.14M	518.53M	713.99M	930.37M	1.47B	1.8B	2.03B	2.51B	2.87B	3.27B
Accounts Payable	321.16M	490.38M	669.15M	868.62M	1.35B	1.66B	1.87B	2.32B	2.63B	3.01B
Days Payables Outstanding	2.94K	2.7K	2.14K	2.03K	2.75K	2.73K	2.43K	2.31K	2.03K	1.77K
Short-Term Debt	0	0	0	0	0	0	0	0	0	76.36M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	181.99M
Current Ratio	1.50x	1.48x	1.48x	1.56x	1.57x	1.71x	1.90x	1.72x	1.86x	1.61x
Quick Ratio	1.50x	1.48x	1.48x	1.56x	1.57x	1.71x	1.90x	1.72x	1.86x	1.61x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	29.08M	33.05M	9.31M	185.87M	265.82M	246.73M	236.02M	213.63M	289.34M	402.83M
Long-Term Debt	25.85M	27M	0	0	0	0	0	0	0	359.98M
Capital Lease Obligations	0	0	0	174.87M	254.56M	238.45M	208.53M	180.37M	247.72M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.23M	6.05M	9.31M	11M	11.26M	8.28M	27.49M	33.26M	41.62M	42.86M
Total Liabilities	373.22M	551.58M	723.3M	1.12B	1.74B	2.05B	2.27B	2.72B	3.16B	3.67B
Total Debt+	25.85M	27M	0	189.45M	292.43M	284.6M	260.96M	235.89M	312.21M	436.33M
Net Debt	-107.55M	-128.95M	-207.23M	58.57M	-144.92M	-469.56M	-769.55M	-659.24M	-1.06B	-221.84M
Debt / Equity	0.16x	0.11x	-	0.31x	0.29x	0.19x	0.12x	0.11x	0.11x	0.18x
Debt / EBITDA	0.42x	0.35x	-	1.42x	1.69x	1.70x	1.55x	0.84x	0.61x	0.81x
Net Debt / EBITDA	-1.75x	-1.68x	-1.74x	0.44x	-0.84x	-2.81x	-4.58x	-2.35x	-2.05x	-0.41x
Interest Coverage	18.71x	38.72x	-	-	-	121.18x	-	-	-	-
Total Equity+	164.38M	245.58M	394.57M	612.52M	1.01B	1.53B	2.12B	2.16B	2.95B	2.48B
Equity Growth %	328.68%	49.4%	60.67%	55.24%	65.41%	50.75%	38.5%	2.31%	36.27%	-15.76%
Book Value per Share	0.40	0.56	0.86	1.28	2.07	3.06	4.23	4.33	5.88	5.15
Total Shareholders' Equity	164.38M	245.58M	394.57M	612.52M	1.01B	1.53B	2.12B	2.16B	2.95B	2.48B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-14.82M	35.98M	124.12M	232.44M	474.37M	612.13M	665.51M	196.95M	354.25M	-590.91M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	75.03M	31.22M	86.6M	60.2M	405.07M	378.51M	548.73M	598.32M	739.46M	992.72M
Operating CF Margin %	36.97%	10.13%	18.14%	9.11%	48.45%	31.64%	34.78%	30.74%	30.25%	34.28%
Operating CF Growth %	305.23%	-58.39%	177.36%	-30.48%	572.82%	-6.56%	44.97%	9.04%	23.59%	34.25%
Net Income	20.48M	50.8M	88.14M	108.32M	242.32M	137.76M	53.38M	178.94M	393.08M	443.3M
Depreciation & Amortization	3.8M	7.21M	11.82M	21.66M	28.63M	42.22M	54.42M	80.42M	87.49M	115.78M
Stock-Based Compensation	5.06M	21.32M	42.21M	80.76M	111.78M	337.41M	498.64M	491.62M	494.7M	490.63M
Deferred Taxes	-607K	-1.58M	-5.1M	-10.49M	-31.22M	-16.78M	-11.51M	-61.6M	-76.9M	167.69M
Other Non-Cash Items	12.51M	2.99M	5.02M	22.66M	38.61M	47.57M	47.94M	31.54M	50.38M	-224.68M
Working Capital Changes	33.79M	-49.51M	-55.49M	-162.7M	14.96M	-169.68M	-94.15M	-122.6M	-209.28M	0
Change in Receivables	-187.74M	-224.64M	-239.9M	-331.37M	-418.05M	-444.34M	-291.75M	-554.01M	-474.23M	-432.72M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	209.48M	171.79M	177.68M	191.76M	481.31M	309.41M	187.12M	475.46M	298.92M	291.07M
Cash from Investing+	-9.22M	-16.06M	-25.19M	-163.84M	-143.27M	-93.64M	-304.37M	-107.59M	-157.51M	-292.63M
Capital Expenditures	-6.88M	-10.11M	-19.8M	-35.69M	-74.06M	-54.8M	-84.16M	-46.79M	-98.24M	-197.01M
CapEx % of Revenue	3.39%	3.28%	4.15%	5.4%	8.86%	4.58%	5.33%	2.4%	4.02%	6.8%
Acquisitions	0	-3M	0	0	0	-13.26M	0	0	0	-4.35M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.34M	-2.95M	-5.4M	-4.91M	-6.05M	-5.17M	-7.72M	-8.23M	-8.82M	-12.75M
Cash from Financing+	63.54M	7.39M	-10.13M	27.28M	44.68M	31.93M	31.99M	-626.11M	-107.61M	-1.41B
Debt Issued (Net)	-19.15M	0	-27M	0	0	0	0	0	0	0
Equity Issued (Net)	1000K	0	0	0	0	0	0	-1000K	-1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-54.28M	0	0	0	0	0	0	-646.6M	-234.78M	-1.38B
Other Financing	-1.14M	7.39M	16.87M	27.28M	44.68M	31.93M	31.99M	20.49M	127.17M	-1.41B
Net Change in Cash	129.35M	22.55M	51.28M	-76.36M	306.48M	316.8M	276.35M	-135.38M	474.33M	-711.29M
Free Cash Flow+	65.81M	18.16M	61.41M	19.6M	324.95M	318.54M	456.85M	543.3M	632.39M	795.71M
FCF Margin %	32.43%	5.89%	12.87%	2.97%	38.87%	26.62%	28.95%	27.92%	25.87%	27.47%
FCF Growth %	251.33%	-72.41%	238.17%	-68.08%	1557.85%	-1.97%	43.42%	18.92%	16.4%	25.82%
FCF per Share	0.16	0.04	0.13	0.04	0.66	0.64	0.91	1.09	1.26	1.65
FCF Conversion (FCF/Net Income)	3.66x	0.61x	0.98x	0.56x	1.67x	2.75x	10.28x	3.34x	1.88x	2.24x
Interest Paid	1.7M	1.32M	817K	412K	1.55M	518K	995K	967K	986K	0
Taxes Paid	16.74M	19.16M	17.29M	19.73M	4.98M	3.61M	4.21M	151.9M	158.58M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	20.21%	24.78%	27.54%	21.51%	29.81%	10.85%	2.93%	8.36%	15.37%	16.32%
Return on Invested Capital (ROIC)	63.43%	59.98%	52.96%	19.61%	14.05%	9.72%	7.09%	10.55%	18.86%	21.28%
Gross Margin	80.35%	78.51%	76.09%	76.37%	78.61%	81.48%	82.18%	81.21%	80.69%	78.63%
Net Margin	10.09%	16.48%	18.47%	16.39%	28.98%	11.51%	3.38%	9.19%	16.08%	15.31%
Debt / Equity	0.16x	0.11x	-	0.31x	0.29x	0.19x	0.12x	0.11x	0.11x	0.18x
Interest Coverage	18.71x	38.72x	-	-	-	121.18x	-	-	-	-
FCF Conversion	3.66x	0.61x	0.98x	0.56x	1.67x	2.75x	10.28x	3.34x	1.88x	2.24x
Revenue Growth	78.26%	51.89%	54.86%	38.5%	26.47%	43.11%	31.87%	23.34%	25.63%	18.47%

US Stock Screener

...

The Trade Desk, Inc. (TTD) 10-Year Financial Performance & Capital Metrics

TTD •

TechnologyApplication SoftwareMarketing automation and ad technology

Revenue $2.9B +18.5%
EBITDA $539M +4.7%
Net Income $443M +12.8%
EPS (Diluted) 0.91 +16.7%
Gross Margin 78.63% -2.6%
EBITDA Margin 18.6% -11.7%
Operating Margin 20.35% +16.5%
Net Margin 15.31% -4.8%
ROE 16.32% +6.1%
ROIC 21.28% +12.8%
Debt/Equity 0.18 +65.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 27.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 28.2%
✓Share count reduced 3.8% through buybacks
✓Healthy 5Y average net margin of 11.1%

✗Weaknesses

✗Weak momentum: RS Rating 7 (bottom 7%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y38.22%

5Y28.21%

3Y22.44%

TTM18.47%

Profit (Net Income) CAGR

10Y39.46%

5Y12.84%

3Y102.5%

TTM12.78%

EPS CAGR

10Y52.7%

5Y13.18%

3Y102.25%

TTM16.15%

ROCE

10Y Avg19.04%

5Y Avg11.32%

3Y Avg14.31%

Latest19.24%

Peer Comparison

Marketing automation and ad technology

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SEMRSemrush Holdings, Inc.	248.45M	11.82	213.74	22.47%	-1.05%	-1.51%	17.39%	0.05
IBTAIbotta, Inc.	807.89M	24.97	208.08	-6.77%	4.71%	5.6%	9.28%	0.09
SRADSportradar Group AG	3.97B	18.26	154.81	26.09%	7.72%	9.63%	3.72%	0.05
DSPViant Technology Inc.	463.5M	10.13	84.42	29.74%	1.85%	2.32%	10.63%	0.09
APPAppLovin Corporation	133.89B	434.77	44.59	16.38%	60.83%	156.17%	2.97%	1.66
DVDoubleVerify Holdings, Inc.	1.71B	10.54	35.13	13.92%	6.77%	4.48%	10.12%	0.09
TTDThe Trade Desk, Inc.	11.55B	23.82	26.18	18.47%	15.31%	17.84%	6.89%	0.18
GTMZoomInfo Technologies Inc.	1.91B	6.21	15.92	2.9%	9.94%	8.23%	20.37%	1.20

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	202.93M	308.22M	477.29M	661.06M	836.03M	1.2B	1.58B	1.95B	2.44B	2.9B
Revenue Growth %	78.26%	51.89%	54.86%	38.5%	26.47%	43.11%	31.87%	23.34%	25.63%	18.47%
Cost of Goods Sold+	39.88M	66.23M	114.1M	156.18M	178.81M	221.55M	281.12M	365.6M	472.01M	619.07M
COGS % of Revenue	19.65%	21.49%	23.91%	23.63%	21.39%	18.52%	17.82%	18.79%	19.31%	21.37%
Gross Profit+	163.05M	241.99M	363.2M	504.88M	657.22M	974.91M	1.3B	1.58B	1.97B	2.28B
Gross Margin %	80.35%	78.51%	76.09%	76.37%	78.61%	81.48%	82.18%	81.21%	80.69%	78.63%
Gross Profit Growth %	79.43%	48.41%	50.09%	39.01%	30.17%	48.34%	33%	21.89%	24.82%	15.43%
Operating Expenses+	105.53M	172.63M	255.87M	392.68M	513.01M	850.1M	1.18B	1.38B	1.55B	1.69B
OpEx % of Revenue	52.01%	56.01%	53.61%	59.4%	61.36%	71.05%	74.98%	70.91%	63.22%	58.28%
Selling, General & Admin	78.22M	119.83M	171.98M	275.93M	346.36M	623.96M	863.14M	968.25M	1.08B	1.16B
SG&A % of Revenue	38.55%	38.88%	36.03%	41.74%	41.43%	52.15%	54.71%	49.75%	44.27%	40.15%
Research & Development	27.31M	52.81M	83.89M	116.75M	166.65M	226.14M	319.88M	411.79M	463.32M	525.14M
R&D % of Revenue	13.46%	17.13%	17.58%	17.66%	19.93%	18.9%	20.27%	21.16%	18.95%	18.13%
Other Operating Expenses	0	0	0	0	-305K	-2.78M	0	0	0	0
Operating Income+	57.52M	69.36M	107.32M	112.2M	144.21M	124.82M	113.65M	200.48M	427.17M	589.32M
Operating Margin %	28.34%	22.5%	22.49%	16.97%	17.25%	10.43%	7.2%	10.3%	17.47%	20.35%
Operating Income Growth %	51.44%	20.58%	54.74%	4.54%	28.53%	-13.45%	-8.94%	76.39%	113.07%	37.96%
EBITDA+	61.32M	76.56M	119.14M	133.86M	172.84M	167.04M	168.08M	280.9M	514.66M	538.63M
EBITDA Margin %	30.22%	24.84%	24.96%	20.25%	20.67%	13.96%	10.65%	14.43%	21.05%	18.6%
EBITDA Growth %	54.03%	24.87%	55.61%	12.35%	29.12%	-3.36%	0.62%	67.12%	83.22%	4.66%
D&A (Non-Cash Add-back)	3.8M	7.21M	11.82M	21.66M	28.63M	42.22M	54.42M	80.42M	87.49M	-50.69M
EBIT	46.91M	69.36M	107.32M	112.2M	144.21M	124.82M	113.65M	200.48M	427.17M	0
Net Interest Income+	-3.08M	-1.7M	333K	4.72M	656K	-1.03M	12.76M	68.51M	78.84M	0
Interest Income	0	93K	333K	4.72M	656K	0	12.76M	68.51M	78.84M	-38.17M
Interest Expense	3.08M	1.79M	0	0	0	1.03M	0	0	0	0
Other Income/Expense	-13.68M	-5.73M	-1.59M	4.02M	-305K	-2.78M	13.72M	67.52M	80.14M	69.43M
Pretax Income+	43.83M	63.63M	105.74M	116.22M	143.9M	122.04M	127.37M	268M	507.3M	658.75M
Pretax Margin %	21.6%	20.64%	22.15%	17.58%	17.21%	10.2%	8.07%	13.77%	20.75%	22.74%
Income Tax+	23.35M	12.83M	17.6M	7.9M	-98.41M	-15.73M	73.98M	89.06M	114.23M	215.45M
Effective Tax Rate %	46.73%	79.84%	83.36%	93.2%	168.39%	112.89%	41.91%	66.77%	77.48%	67.29%
Net Income+	20.48M	50.8M	88.14M	108.32M	242.32M	137.76M	53.38M	178.94M	393.08M	443.3M
Net Margin %	10.09%	16.48%	18.47%	16.39%	28.98%	11.51%	3.38%	9.19%	16.08%	15.31%
Net Income Growth %	28.58%	148.01%	73.51%	22.89%	123.71%	-43.15%	-61.25%	235.19%	119.67%	12.78%
Net Income (Continuing)	20.48M	50.8M	88.14M	108.32M	242.32M	137.76M	53.38M	178.94M	393.08M	-140.81M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.05	0.12	0.19	0.23	0.49	0.28	0.11	0.36	0.78	0.91
EPS Growth %	281.82%	138.1%	58.33%	21.05%	113.04%	-42.86%	-60.71%	227.27%	116.67%	16.67%
EPS (Basic)	0.05	0.13	0.19	0.24	0.52	0.29	0.11	0.37	0.80	0.92
Diluted Shares Outstanding	406.26M	440.56M	457.93M	478.06M	489.88M	498.54M	499.93M	500.18M	501.92M	482.73M
Basic Shares Outstanding	384.09M	402.62M	457.93M	445.33M	462.87M	476.85M	486.94M	489.26M	490.88M	479.99M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	516.4M	765.81M	1.06B	1.45B	2.31B	3.09B	3.85B	4.31B	5.34B	5.26B
Cash & Short-Term Investments	133.4M	155.95M	207.23M	254.99M	624.04M	958.78M	1.45B	1.38B	1.92B	658.17M
Cash Only	133.4M	155.95M	207.23M	130.88M	437.35M	754.15M	1.03B	895.13M	1.37B	658.17M
Short-Term Investments	0	0	0	124.11M	186.69M	204.63M	416.08M	485.16M	552.03M	0
Accounts Receivable	377.24M	599.57M	834.76M	1.17B	1.58B	2.02B	2.35B	2.87B	3.33B	3.77B
Days Sales Outstanding	678.54	710.02	638.37	644.01	691.6	616.45	542.99	538.33	497.2	475.13
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	51.84M	63.35M	84.63M	832.63M
Total Non-Current Assets+	21.19M	31.35M	61.35M	279.54M	443.33M	485.69M	535.06M	574.73M	775.49M	892.22M
Property, Plant & Equipment	14.78M	17.41M	33.05M	237.46M	364.01M	369.95M	394.15M	359.15M	473.09M	738.86M
Fixed Asset Turnover	13.73x	17.71x	14.44x	2.78x	2.30x	3.23x	4.00x	5.42x	5.17x	3.92x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	2.76M	4.4M	8.1M	9.08M	11.51M	14.33M	18.54M	16.9M	14.62M	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.88M	6.19M	11.74M	14.05M	17.65M	33.17M	28.34M	43.83M	57.56M	97.66M
Total Assets+	537.6M	797.16M	1.12B	1.73B	2.75B	3.58B	4.38B	4.89B	6.11B	6.15B
Asset Turnover	0.38x	0.39x	0.43x	0.38x	0.30x	0.33x	0.36x	0.40x	0.40x	0.47x
Asset Growth %	155.72%	48.28%	40.23%	54.65%	59.28%	29.91%	22.46%	11.6%	25.02%	0.68%
Total Current Liabilities+	344.14M	518.53M	713.99M	930.37M	1.47B	1.8B	2.03B	2.51B	2.87B	3.27B
Accounts Payable	321.16M	490.38M	669.15M	868.62M	1.35B	1.66B	1.87B	2.32B	2.63B	3.01B
Days Payables Outstanding	2.94K	2.7K	2.14K	2.03K	2.75K	2.73K	2.43K	2.31K	2.03K	1.77K
Short-Term Debt	0	0	0	0	0	0	0	0	0	76.36M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	181.99M
Current Ratio	1.50x	1.48x	1.48x	1.56x	1.57x	1.71x	1.90x	1.72x	1.86x	1.61x
Quick Ratio	1.50x	1.48x	1.48x	1.56x	1.57x	1.71x	1.90x	1.72x	1.86x	1.61x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	29.08M	33.05M	9.31M	185.87M	265.82M	246.73M	236.02M	213.63M	289.34M	402.83M
Long-Term Debt	25.85M	27M	0	0	0	0	0	0	0	359.98M
Capital Lease Obligations	0	0	0	174.87M	254.56M	238.45M	208.53M	180.37M	247.72M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.23M	6.05M	9.31M	11M	11.26M	8.28M	27.49M	33.26M	41.62M	42.86M
Total Liabilities	373.22M	551.58M	723.3M	1.12B	1.74B	2.05B	2.27B	2.72B	3.16B	3.67B
Total Debt+	25.85M	27M	0	189.45M	292.43M	284.6M	260.96M	235.89M	312.21M	436.33M
Net Debt	-107.55M	-128.95M	-207.23M	58.57M	-144.92M	-469.56M	-769.55M	-659.24M	-1.06B	-221.84M
Debt / Equity	0.16x	0.11x	-	0.31x	0.29x	0.19x	0.12x	0.11x	0.11x	0.18x
Debt / EBITDA	0.42x	0.35x	-	1.42x	1.69x	1.70x	1.55x	0.84x	0.61x	0.81x
Net Debt / EBITDA	-1.75x	-1.68x	-1.74x	0.44x	-0.84x	-2.81x	-4.58x	-2.35x	-2.05x	-0.41x
Interest Coverage	18.71x	38.72x	-	-	-	121.18x	-	-	-	-
Total Equity+	164.38M	245.58M	394.57M	612.52M	1.01B	1.53B	2.12B	2.16B	2.95B	2.48B
Equity Growth %	328.68%	49.4%	60.67%	55.24%	65.41%	50.75%	38.5%	2.31%	36.27%	-15.76%
Book Value per Share	0.40	0.56	0.86	1.28	2.07	3.06	4.23	4.33	5.88	5.15
Total Shareholders' Equity	164.38M	245.58M	394.57M	612.52M	1.01B	1.53B	2.12B	2.16B	2.95B	2.48B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-14.82M	35.98M	124.12M	232.44M	474.37M	612.13M	665.51M	196.95M	354.25M	-590.91M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	75.03M	31.22M	86.6M	60.2M	405.07M	378.51M	548.73M	598.32M	739.46M	992.72M
Operating CF Margin %	36.97%	10.13%	18.14%	9.11%	48.45%	31.64%	34.78%	30.74%	30.25%	34.28%
Operating CF Growth %	305.23%	-58.39%	177.36%	-30.48%	572.82%	-6.56%	44.97%	9.04%	23.59%	34.25%
Net Income	20.48M	50.8M	88.14M	108.32M	242.32M	137.76M	53.38M	178.94M	393.08M	443.3M
Depreciation & Amortization	3.8M	7.21M	11.82M	21.66M	28.63M	42.22M	54.42M	80.42M	87.49M	115.78M
Stock-Based Compensation	5.06M	21.32M	42.21M	80.76M	111.78M	337.41M	498.64M	491.62M	494.7M	490.63M
Deferred Taxes	-607K	-1.58M	-5.1M	-10.49M	-31.22M	-16.78M	-11.51M	-61.6M	-76.9M	167.69M
Other Non-Cash Items	12.51M	2.99M	5.02M	22.66M	38.61M	47.57M	47.94M	31.54M	50.38M	-224.68M
Working Capital Changes	33.79M	-49.51M	-55.49M	-162.7M	14.96M	-169.68M	-94.15M	-122.6M	-209.28M	0
Change in Receivables	-187.74M	-224.64M	-239.9M	-331.37M	-418.05M	-444.34M	-291.75M	-554.01M	-474.23M	-432.72M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	209.48M	171.79M	177.68M	191.76M	481.31M	309.41M	187.12M	475.46M	298.92M	291.07M
Cash from Investing+	-9.22M	-16.06M	-25.19M	-163.84M	-143.27M	-93.64M	-304.37M	-107.59M	-157.51M	-292.63M
Capital Expenditures	-6.88M	-10.11M	-19.8M	-35.69M	-74.06M	-54.8M	-84.16M	-46.79M	-98.24M	-197.01M
CapEx % of Revenue	3.39%	3.28%	4.15%	5.4%	8.86%	4.58%	5.33%	2.4%	4.02%	6.8%
Acquisitions	0	-3M	0	0	0	-13.26M	0	0	0	-4.35M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.34M	-2.95M	-5.4M	-4.91M	-6.05M	-5.17M	-7.72M	-8.23M	-8.82M	-12.75M
Cash from Financing+	63.54M	7.39M	-10.13M	27.28M	44.68M	31.93M	31.99M	-626.11M	-107.61M	-1.41B
Debt Issued (Net)	-19.15M	0	-27M	0	0	0	0	0	0	0
Equity Issued (Net)	1000K	0	0	0	0	0	0	-1000K	-1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-54.28M	0	0	0	0	0	0	-646.6M	-234.78M	-1.38B
Other Financing	-1.14M	7.39M	16.87M	27.28M	44.68M	31.93M	31.99M	20.49M	127.17M	-1.41B
Net Change in Cash	129.35M	22.55M	51.28M	-76.36M	306.48M	316.8M	276.35M	-135.38M	474.33M	-711.29M
Free Cash Flow+	65.81M	18.16M	61.41M	19.6M	324.95M	318.54M	456.85M	543.3M	632.39M	795.71M
FCF Margin %	32.43%	5.89%	12.87%	2.97%	38.87%	26.62%	28.95%	27.92%	25.87%	27.47%
FCF Growth %	251.33%	-72.41%	238.17%	-68.08%	1557.85%	-1.97%	43.42%	18.92%	16.4%	25.82%
FCF per Share	0.16	0.04	0.13	0.04	0.66	0.64	0.91	1.09	1.26	1.65
FCF Conversion (FCF/Net Income)	3.66x	0.61x	0.98x	0.56x	1.67x	2.75x	10.28x	3.34x	1.88x	2.24x
Interest Paid	1.7M	1.32M	817K	412K	1.55M	518K	995K	967K	986K	0
Taxes Paid	16.74M	19.16M	17.29M	19.73M	4.98M	3.61M	4.21M	151.9M	158.58M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	20.21%	24.78%	27.54%	21.51%	29.81%	10.85%	2.93%	8.36%	15.37%	16.32%
Return on Invested Capital (ROIC)	63.43%	59.98%	52.96%	19.61%	14.05%	9.72%	7.09%	10.55%	18.86%	21.28%
Gross Margin	80.35%	78.51%	76.09%	76.37%	78.61%	81.48%	82.18%	81.21%	80.69%	78.63%
Net Margin	10.09%	16.48%	18.47%	16.39%	28.98%	11.51%	3.38%	9.19%	16.08%	15.31%
Debt / Equity	0.16x	0.11x	-	0.31x	0.29x	0.19x	0.12x	0.11x	0.11x	0.18x
Interest Coverage	18.71x	38.72x	-	-	-	121.18x	-	-	-	-
FCF Conversion	3.66x	0.61x	0.98x	0.56x	1.67x	2.75x	10.28x	3.34x	1.88x	2.24x
Revenue Growth	78.26%	51.89%	54.86%	38.5%	26.47%	43.11%	31.87%	23.34%	25.63%	18.47%

The Trade Desk, Inc. (TTD) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TTD vs Peers

vs APP

vs SRAD

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

The Trade Desk, Inc. (TTD) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TTD vs Peers

vs APP

vs SRAD

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios