The Trade Desk, Inc. (TTD) Financial Ratios
12 years of historical data (2014–2025) · Technology · Software - Application
EV/EBITDA
↓
12.03
↓-91% vs avg
5yr avg: 132.70
30Y Low16.6·High93.2
P/FCF
↓
10.94
↓-85% vs avg
5yr avg: 75.01
30Y Low17.1·High143.4
P/B Ratio
↓
3.60
↓-79% vs avg
5yr avg: 16.90
30Y Low6.8·High38.7
ROE
↑
16.3%
↓+52% vs avg
5yr avg: 10.8%
30Y Low0%·High53%
Debt/EBITDA
↓
0.62
↓-42% vs avg
5yr avg: 1.06
30Y Low0.4·High10.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TTD Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
The Trade Desk, Inc. trades at 20.3x earnings, 91% below its 5-year average of 225.4x, sitting at the 0th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a discount of 30%. On a free-cash-flow basis, the stock trades at 10.9x P/FCF, 85% below the 5-year average of 75.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.7B | $18.3B | $59.0B | $36.0B | $22.4B | $45.7B | $39.2B | $12.4B | $5.3B | $2.0B | $1.1B |
| Enterprise Value | $8.5B | $18.1B | $57.9B | $35.3B | $21.6B | $45.2B | $39.1B | $12.5B | $5.1B | $1.9B | $1.0B |
| P/E Ratio → | 20.34 | 41.71 | 150.68 | 199.89 | 407.55 | 327.29 | 163.47 | 112.96 | 61.11 | 38.08 | 54.96 |
| P/S Ratio | 3.00 | 6.33 | 24.13 | 18.49 | 14.20 | 38.18 | 46.94 | 18.79 | 11.14 | 6.53 | 5.55 |
| P/B Ratio | 3.60 | 7.38 | 20.00 | 16.63 | 10.59 | 29.91 | 38.73 | 20.28 | 13.47 | 8.20 | 6.85 |
| P/FCF | 10.94 | 23.03 | 93.28 | 66.25 | 49.06 | 143.42 | 120.75 | 633.64 | 86.57 | 110.87 | 17.10 |
| P/OCF | 8.77 | 18.46 | 79.78 | 60.16 | 40.84 | 120.70 | 96.87 | 206.30 | 61.39 | 64.48 | 15.00 |
P/E links to full P/E history page with 30-year chart
TTD EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
The Trade Desk, Inc.'s enterprise value stands at 12.0x EBITDA, 91% below its 5-year average of 132.7x. The Technology sector median is 16.7x, placing the stock at a 28% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.25 | 23.70 | 18.16 | 13.72 | 37.79 | 46.76 | 18.88 | 10.70 | 6.11 | 5.02 |
| EV / EBITDA | 12.03 | 25.67 | 112.57 | 125.79 | 128.76 | 270.70 | 226.19 | 93.22 | 42.88 | 24.61 | 16.60 |
| EV / EBIT | 14.39 | 27.48 | 135.62 | 176.25 | 190.42 | 362.26 | 271.10 | 111.22 | 47.61 | 27.17 | 21.70 |
| EV / FCF | — | 22.75 | 91.61 | 65.04 | 47.37 | 141.95 | 120.31 | 636.63 | 83.20 | 103.77 | 15.47 |
TTD Profitability
Margins and return-on-capital ratios measuring operating efficiency
The Trade Desk, Inc. earns an operating margin of 20.3%. Operating margins have expanded from 10.3% to 20.3% over the past 3 years, signaling improving operational efficiency. ROE of 16.3% indicates solid capital efficiency. ROIC of 21.3% represents excellent returns on invested capital.
Margins
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.6% | 78.6% | 80.7% | 81.2% | 82.2% | 81.5% | 78.6% | 76.4% | 76.1% | 78.5% | 80.3% |
| Operating Margin | 20.3% | 20.3% | 17.5% | 10.3% | 7.2% | 10.4% | 17.2% | 17.0% | 22.5% | 22.5% | 28.3% |
| Net Profit Margin | 15.3% | 15.3% | 16.1% | 9.2% | 3.4% | 11.5% | 29.0% | 16.4% | 18.5% | 16.5% | 10.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.3% | 16.3% | 15.4% | 8.4% | 2.9% | 10.8% | 29.8% | 21.5% | 27.5% | 24.8% | 20.2% |
| ROA | 7.2% | 7.2% | 7.1% | 3.9% | 1.3% | 4.4% | 10.8% | 7.6% | 9.2% | 7.6% | 5.5% |
| ROIC | 21.3% | 21.3% | 18.9% | 10.5% | 7.1% | 9.7% | 14.1% | 19.6% | 53.0% | 60.0% | 63.4% |
| ROCE | 19.2% | 19.2% | 15.2% | 8.5% | 5.5% | 8.2% | 13.9% | 18.7% | 31.4% | 29.4% | 40.4% |
TTD Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The Trade Desk, Inc. carries a Debt/EBITDA ratio of 0.6x, which is very conservative (79% below the sector average of 2.9x). The company holds a net cash position — cash of $658M exceeds total debt of $436M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.11 | 0.11 | 0.12 | 0.19 | 0.29 | 0.31 | — | 0.11 | 0.16 |
| Debt / EBITDA | 0.62 | 0.62 | 0.61 | 0.84 | 1.55 | 1.70 | 1.69 | 1.42 | — | 0.35 | 0.42 |
| Net Debt / Equity | — | -0.09 | -0.36 | -0.30 | -0.36 | -0.31 | -0.14 | 0.10 | -0.53 | -0.53 | -0.65 |
| Net Debt / EBITDA | -0.31 | -0.31 | -2.05 | -2.35 | -4.58 | -2.81 | -0.84 | 0.44 | -1.74 | -1.68 | -1.75 |
| Debt / FCF | — | -0.28 | -1.67 | -1.21 | -1.68 | -1.47 | -0.45 | 2.99 | -3.37 | -7.10 | -1.63 |
| Interest Coverage | — | — | — | — | — | 121.18 | — | — | — | 38.72 | 15.25 |
Net cash position: cash ($658M) exceeds total debt ($436M)
TTD Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.61x means The Trade Desk, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.72x to 1.61x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.61 | 1.61 | 1.86 | 1.72 | 1.90 | 1.71 | 1.57 | 1.56 | 1.48 | 1.48 | 1.50 |
| Quick Ratio | 1.61 | 1.61 | 1.86 | 1.72 | 1.90 | 1.71 | 1.57 | 1.56 | 1.48 | 1.48 | 1.50 |
| Cash Ratio | 0.40 | 0.40 | 0.67 | 0.55 | 0.71 | 0.53 | 0.42 | 0.27 | 0.29 | 0.30 | 0.39 |
| Asset Turnover | — | 0.47 | 0.40 | 0.40 | 0.36 | 0.33 | 0.30 | 0.38 | 0.43 | 0.39 | 0.38 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 497.19 | 497.20 | 538.33 | 542.99 | 616.45 | 691.60 | 644.01 | 638.37 | 710.02 | 678.54 |
TTD Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
The Trade Desk, Inc. returns 15.9% to shareholders annually primarily through share buybacks. The earnings yield of 4.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 2.4% | 0.7% | 0.5% | 0.2% | 0.3% | 0.6% | 0.9% | 1.6% | 2.6% | 1.8% |
| FCF Yield | 9.1% | 4.3% | 1.1% | 1.5% | 2.0% | 0.7% | 0.8% | 0.2% | 1.2% | 0.9% | 5.8% |
| Buyback Yield | 15.9% | 7.5% | 0.4% | 1.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.8% |
| Total Shareholder Yield | 15.9% | 7.5% | 0.4% | 1.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 4.8% |
| Shares Outstanding | — | $483M | $502M | $500M | $500M | $499M | $490M | $478M | $458M | $441M | $406M |
Peer Comparison
Compare TTD with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TTDYou | $9B | 20.3 | 12.0 | 10.9 | 78.6% | 20.3% | 16.3% | 21.3% | 0.6 |
 MGNI | $3B | 18.8 | 15.1 | 15.5 | 62.7% | 13.7% | 17.1% | 9.5% | 1.8 |
 IAS | $2B | 45.0 | 13.7 | 22.4 | 78.5% | 11.4% | 3.9% | 4.6% | 0.5 |
 DV | $2B | 34.4 | 10.5 | 9.2 | 82.2% | 10.6% | 4.6% | 6.4% | 0.7 |
 CRTO | $876M | 6.6 | 2.1 | 4.2 | 54.0% | 10.4% | 12.8% | 16.1% | 0.5 |
 PUBM | $528M | -36.5 | 16.1 | 7.9 | 63.6% | -6.1% | -5.4% | -6.8% | 1.7 |
 GOOGL | $4.5T | 34.0 | 29.8 | 60.8 | 59.7% | 32.1% | 35.7% | 25.1% | 0.4 |
 META | $1.5T | 24.6 | 14.8 | 31.7 | 82.0% | 41.4% | 30.2% | 27.6% | 0.8 |
 AMZN | $2.6T | 34.1 | 18.5 | 341.6 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
 APP | $158B | 48.2 | 36.5 | 40.0 | 87.9% | 75.8% | 206.8% | 87.8% | 0.8 |
 APPS | $1B | -26.1 | — | 92.9 | 48.6% | 6.0% | -21.8% | 4.8% | — |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 12 years · Updated daily
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TTD — Frequently Asked Questions
Quick answers to the most common questions about buying TTD stock.
What is The Trade Desk, Inc.'s P/E ratio?
The Trade Desk, Inc.'s current P/E ratio is 20.3x. The historical average is 102.9x.
What is The Trade Desk, Inc.'s EV/EBITDA?
The Trade Desk, Inc.'s current EV/EBITDA is 12.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 40.6x.
What is The Trade Desk, Inc.'s ROE?
The Trade Desk, Inc.'s return on equity (ROE) is 16.3%. The historical average is 19.2%.
Is TTD stock overvalued?
Based on historical data, The Trade Desk, Inc. is trading at a P/E of 20.3x. Compare with industry peers and growth rates for a complete picture.
What are The Trade Desk, Inc.'s profit margins?
The Trade Desk, Inc. has 78.6% gross margin and 20.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does The Trade Desk, Inc. have?
The Trade Desk, Inc.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.