Last 41 quarters of trend data · Technology · Software - Application
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
The Trade Desk, Inc.'s quarterly P/E stands at 23.7x, down 70.9% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 73.6% YoY to 17.6x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 26.18 | 23.72 | 53.27 | 99.99 | 136.80 | 81.62 | 144.28 | 143.63 | 344.17 | 94.68 | 249.20 | 292.50 | 814.30 |
| — | -70.9% | -63.1% | -30.4% | -60.3% | -13.8% | -42.1% | -50.9% | -57.7% | +18.3% | -47.1% | — | — | |
| P/S Ratio | 3.99 | 5.41 | 8.17 | 12.86 | 11.17 | 20.10 | 21.94 | 20.89 | 22.16 | 14.84 | 19.88 | 20.76 | 19.88 |
| — | -73.1% | -62.8% | -38.4% | -49.6% | +35.4% | +10.4% | +0.6% | +11.5% | +29.8% | +5.0% | +53.7% | -25.2% | |
| P/B Ratio | 4.63 | 7.38 | 9.29 | 13.24 | 10.13 | 20.20 | 20.99 | 20.30 | 20.10 | 16.61 | 18.20 | 18.62 | 15.69 |
| — | -63.5% | -55.7% | -34.8% | -49.6% | +21.6% | +15.3% | +9.1% | +28.2% | +56.7% | +16.5% | +62.6% | -22.9% | |
| P/FCF | 14.51 | 16.55 | 36.81 | 76.46 | 29.96 | 84.09 | 61.96 | 215.42 | 61.76 | 140.92 | 53.34 | 81.18 | 43.01 |
| — | -80.3% | -40.6% | -64.5% | -51.5% | -40.3% | +16.2% | +165.3% | +43.6% | +208.6% | -20.2% | +37.1% | -30.1% | |
| EV / EBITDA | 21.02 | 17.62 | 30.72 | 61.22 | 85.22 | 66.67 | 104.80 | 104.01 | 212.66 | 53.49 | 164.92 | 153.25 | — |
| — | -73.6% | -70.7% | -41.1% | -59.9% | +24.6% | -36.5% | -32.1% | — | +15.6% | -5.5% | -56.4% | — | |
| EV / EBIT | 19.22 | — | 33.26 | 75.22 | 122.76 | 74.90 | 124.86 | 126.94 | 374.00 | 61.10 | 254.79 | 227.05 | — |
| — | — | -73.4% | -40.7% | -67.2% | +22.6% | -51.0% | -44.1% | — | +13.0% | +0.7% | -92.0% | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
The Trade Desk, Inc.'s operating margin was 30.3% in Q4 2025, up 8.5 pp QoQ and up 4.0 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 19.5% lags the current quarter, suggesting the recent improvement is above-trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.6% | 80.7% | 78.1% | 78.2% | 76.8% | 81.7% | 80.5% | 81.1% | 78.9% | 83.4% | 81.1% | 82.4% | 77.8% |
| — | -1.2% | -3.0% | -3.5% | -2.7% | -2.0% | -0.7% | -1.6% | +1.4% | -0.5% | -1.4% | +0.4% | -2.4% | |
| Operating Margin | 20.3% | 30.3% | 21.8% | 16.8% | 8.8% | 26.4% | 17.3% | 16.2% | 5.8% | 23.8% | 7.6% | 9.0% | -6.1% |
| — | +15.1% | +26.2% | +3.8% | +51.5% | +10.5% | +126.1% | +80.5% | +195.8% | +16.8% | +4.7% | +1841.2% | -12.6% | |
| Net Margin | 15.3% | 22.1% | 15.6% | 13.0% | 8.2% | 24.6% | 15.0% | 14.5% | 6.4% | 16.1% | 8.0% | 7.1% | 2.4% |
| — | -10.2% | +4.2% | -10.7% | +27.7% | +53.1% | +87.9% | +105.0% | +164.5% | +10.7% | +98.5% | +240.2% | +152.6% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.3% | 7.4% | 4.4% | 3.3% | 1.8% | 6.5% | 3.7% | 3.7% | 1.5% | 4.5% | 1.9% | 1.6% | 0.5% |
| — | +12.5% | +16.6% | -10.5% | +22.4% | +45.1% | +101.0% | +126.5% | +218.0% | +27.5% | +116.7% | +247.6% | +150.0% | |
| ROA | 7.2% | 3.1% | 1.9% | 1.5% | 0.9% | 3.1% | 1.8% | 1.7% | 0.7% | 2.1% | 0.9% | 0.8% | 0.2% |
| — | -1.5% | +10.0% | -10.7% | +29.4% | +51.7% | +98.9% | +119.3% | +197.8% | +20.7% | +112.4% | +247.0% | +153.4% | |
| ROIC | 21.3% | 8.4% | 5.4% | 4.3% | 2.1% | 8.2% | 4.8% | 4.5% | 1.4% | 7.6% | 2.1% | 2.3% | -1.3% |
| — | +2.9% | +11.7% | -4.8% | +48.6% | +6.9% | +130.7% | +92.2% | +208.8% | +28.7% | +11.9% | +1874.5% | -10.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The Trade Desk, Inc.'s Debt/EBITDA ratio is 1.7x, down from 1.9x last quarter — comfortably within a safe range. The current ratio has weakened 13.3% YoY to 1.61x, tightening the short-term liquidity position. Debt/Equity has risen for 5 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.14 | 0.13 | 0.12 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 |
| — | +65.9% | +29.5% | +16.0% | +12.4% | -2.9% | -3.0% | -10.0% | -16.1% | -11.6% | -17.4% | -18.8% | -22.1% | |
| Debt / EBITDA | 0.81 | 1.70 | 1.93 | 2.39 | 4.27 | 1.42 | 2.27 | 2.29 | 4.72 | 1.43 | 4.26 | 4.10 | — |
| — | +19.4% | -14.7% | +4.7% | -9.4% | -0.5% | -46.8% | -44.2% | — | -35.9% | -33.3% | -78.5% | — | |
| Current Ratio | 1.61 | 1.61 | 1.71 | 1.71 | 1.81 | 1.86 | 1.85 | 1.80 | 1.79 | 1.72 | 1.87 | 1.87 | 1.90 |
| — | -13.3% | -7.6% | -4.6% | +0.9% | +8.1% | -1.0% | -3.9% | -5.5% | -9.3% | -2.3% | -2.7% | -0.7% | |
| Quick Ratio | 1.61 | 1.61 | 1.71 | 1.71 | 1.81 | 1.86 | 1.85 | 1.80 | 1.79 | 1.72 | 1.87 | 1.87 | 1.90 |
| — | -13.3% | -7.6% | -4.6% | +0.9% | +8.1% | -1.0% | -3.9% | -5.5% | -9.3% | -2.3% | -2.7% | -0.7% | |
| Interest Coverage | — | — | 452.86 | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 41 years · Updated daily
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Start ComparisonThe Trade Desk, Inc.'s current P/E is 26.2x. The average P/E over the last 4 quarters is 78.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
The Trade Desk, Inc.'s current operating margin is 20.3%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking The Trade Desk, Inc.'s business trajectory between earnings reports.