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Runs a demand-side platform letting ad buyers plan, bid on and measure digital ad campaigns across the open internet.
Runs a demand-side platform letting ad buyers plan, bid on and measure digital ad campaigns across the open internet.
Takes a share of the advertising money that agencies and brands spend through its platform rather than selling ad space itself, so revenue moves with total spend placed and the percentage it keeps. Advertisers use it to reach audiences on connected TV, websites and apps outside the closed platforms of Google and Meta. Founder Jeff Green holds control through special voting shares.
Moat: narrow (switching costs, data, scale). Sticky agency workflows and proprietary bidding/identity data across a huge ad-exchange footprint.
Headquarters: Ventura, California, United States · Founded: 2009 · Employees: 3,843
Size Trade Desk (The) (TTD) is a United States Communication Services company (Packaged Software) with a market value of $6.11B, the 1051st largest of 3,117 United States companies the cockpit tracks. Shares closed at $12.93 on 6 Nov 2026.
Performance Over six months the shares fell 44.0%, against -13.3% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 7 in its peer set.
Growth Revenue grew 11.6% over the last twelve months (peer median +22.9%); the operating margin is 19.6% (peer median 15.4%).
Valuation It trades at 121.4× forward earnings against a peer median of 14.0× (most expensive of 7).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -34 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 21.0 points above its cost of capital (9.4% WACC).
Short interest Short interest is 19.4% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.99B | $2.90B | $2.44B | $1.95B | $1.58B |
| Revenue growth | — | +18% | +26% | +23% | — |
| Gross profit | $2.30B | $2.28B | $1.97B | $1.58B | $1.30B |
| EBITDA | $713M | $707M | $515M | $281M | $168M |
| Net income | $407M | $443M | $393M | $179M | $53.4M |
| Free cash flow | $863M | $796M | $641M | $552M | $465M |
| Capital expenditure | $233M | $210M | $107M | $55.0M | $91.9M |
| Total debt | $434M | $436M | $312M | $236M | $261M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Trade Desk (The) TTD | $6.11B | -44% | +12% | 20% | 121.4× | -5.8% |
| Alphabet Inc. (Class A) GOOGL | $3.47T | -29% | +22% | 33% | 20.5× | 18.5% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| Meta Platforms META | $1.56T | 0% | +28% | 33% | 19.0× | 16.6% |
| PubMatic PUBM | $811M | +82% | -1% | -5% | 360.6× | 7.8% |
| Magnite MGNI | $3.93B | +94% | +8% | 16% | 20.9× | 31.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TTD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.8% | +2.5% | 3rd highest of 7 |
| 6-month return | -44.0% | -13.3% | lowest of 7 |
| Distance from 52-week high | -73.0% | -32.4% | lowest of 7 |
| Revenue growth (TTM) | +11.6% | +22.9% | 2nd lowest of 7 |
| Operating margin | 19.6% | 15.4% | 3rd highest of 7 |
| Forward P/E | 121.4× | 14.0× | most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | -5.8% | -3.2% | 3rd least demanding of 7 |
| Growth delivered (Del g) | +28.2% | +13.7% | highest of 7 |
| Hurdle (Req g minus delivered) | -34.0 pp | -12.4 pp | least demanding of 7 |
| ROIC minus cost of capital | +21.0 pp | +7.5 pp | 3rd highest of 7 |
| EV / EBITDA | 7.1× | 7.6× | 4th cheapest of 7 |
| Net debt / EBITDA | -1.5× | -1.4× | 3rd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Trade Desk (The) TTD | United States | $6.11B | -44% | +12% | 20% | 121.4× | -5.8% | +28.2% |
| Krafton 259960.KS | South Korea | $6.94B | -17% | +55% | 30% | 12.4× | -18.5% | +14.8% |
| NC 036570.KS | South Korea | $2.98B | -23% | +35% | 14% | 9.3× | -4.8% | -9.0% |
| Netmarble 251270.KS | South Korea | $2.02B | -30% | +10% | 11% | 5.7× | -8.0% | +2.7% |
| Naver 035420.KS | South Korea | $20.3B | -10% | +15% | 17% | 15.5× | -0.6% | +17.8% |
| Konami 9766.T | Japan | $23.5B | +45% | +25% | 33% | 25.7× | -1.5% | +12.6% |
| Roku ROKU | United States | $23.9B | +24% | +21% | 8% | 39.1× | 39.6% | +21.6% |