TTD - The Trade Desk, Inc.
Price:
--
--
|
CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$29.95
DETAILS
HIGH:
$53.00
LOW:
$20.00
MEDIAN:
$27.00
CONSENSUS:
$29.95
UPSIDE:
33.82%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||
| Revenue | 2,896.3 | 2,444.8 | 1,946.1 | 1,577.8 | 1,196.5 | 836.0 | 661.1 | 477.3 | 308.2 | 202.9 | 113.8 | 44.5 |
| Cost of Revenue | 619.1 | 472.0 | 365.6 | 281.1 | 221.6 | 178.8 | 156.2 | 114.1 | 66.2 | 39.9 | 23.0 | 12.6 |
| Gross Profit | 2,277.2 | 1,972.8 | 1,580.5 | 1,296.7 | 974.9 | 657.2 | 504.9 | 363.2 | 242.0 | 163.1 | 90.9 | 32.0 |
| Operating Expenses | ||||||||||||
| R&D Expenses | 525.1 | 463.3 | 411.8 | 319.9 | 226.1 | 166.7 | 116.8 | 83.9 | 52.8 | 27.3 | 12.8 | 7.2 |
| SG&A Expenses | 1,162.8 | 1,082.3 | 968.2 | 863.1 | 624.0 | 346.4 | 275.9 | 172.0 | 119.8 | 78.2 | 40.1 | 24.0 |
| Other Expenses | 0 | 0 | 0 | 0 | (2.8) | (0.3) | 0 | 0 | 0 | 0 | (0.0) | 0 |
| Operating Expenses | 1,687.9 | 1,545.7 | 1,380.0 | 1,183.0 | 850.1 | 513.0 | 392.7 | 255.9 | 172.6 | 105.5 | 52.9 | 31.2 |
| Operating Income | ||||||||||||
| Operating Income | 589.3 | 427.2 | 200.5 | 113.7 | 124.8 | 144.2 | 112.2 | 107.3 | 69.4 | 57.5 | 38.0 | 0.8 |
| Interest Expense | 0 | 0 | 0 | 0 | 1.0 | 0 | 0 | 0 | 1.8 | 3.1 | 1.1 | 0.8 |
| Interest Income | 0 | 78.8 | 68.5 | 12.8 | 0 | 0.7 | 4.7 | 0.3 | 0.1 | 0 | 0 | 0 |
| Profitability | ||||||||||||
| EBITDA | 774.5 | 514.7 | 280.9 | 168.1 | 167.0 | 172.8 | 133.9 | 119.1 | 76.6 | 50.7 | 32.8 | 0.6 |
| EBIT | 658.8 | 427.2 | 200.5 | 113.7 | 124.8 | 144.2 | 112.2 | 107.3 | 69.4 | 46.9 | 31.0 | (0.1) |
| Income Before Tax | 658.8 | 507.3 | 268.0 | 127.4 | 122.0 | 143.9 | 116.2 | 105.7 | 63.6 | 43.8 | 29.9 | (0.9) |
| Income Tax Expense | 215.5 | 114.2 | 89.1 | 74.0 | (15.7) | (98.4) | 7.9 | 17.6 | 12.8 | 23.4 | 13.9 | (0.9) |
| Net Income | 443.3 | 393.1 | 178.9 | 53.4 | 137.8 | 242.3 | 108.3 | 88.1 | 50.8 | 20.5 | 15.9 | 0.0 |
| Per Share Data | ||||||||||||
| EPS (Basic) | 0.92 | 0.80 | 0.37 | 0.11 | 0.29 | 0.52 | 0.24 | 0.19 | 0.13 | 0.05 | 0.02 | – |
| EPS (Diluted) | 0.91 | 0.78 | 0.36 | 0.11 | 0.28 | 0.49 | 0.23 | 0.19 | 0.12 | 0.05 | 0.01 | – |
| Shares Outstanding | 480.0 | 490.9 | 489.3 | 486.9 | 476.9 | 462.9 | 445.3 | 457.9 | 402.6 | 384.1 | 472.8 | 158.7 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||
| Cash & Cash Equivalents | 658.2 | 1,369.5 | 895.1 | 1,030.5 | 754.2 | 437.4 | 130.9 | 207.2 | 155.9 | 133.4 |
| Short-Term Investments | 644.9 | 552.0 | 485.2 | 416.1 | 204.6 | 186.7 | 124.1 | 0 | 0 | 0 |
| Net Receivables | 3,945.2 | 3,330.3 | 2,870.3 | 2,347.2 | 2,020.7 | 1,584.1 | 1,166.4 | 834.8 | 599.6 | 377.2 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 12.8 | 84.6 | 63.4 | 51.8 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 5,261.0 | 5,336.5 | 4,314.0 | 3,845.6 | 3,091.6 | 2,310.3 | 1,449.2 | 1,056.5 | 765.8 | 516.4 |
| Non-Current Assets | ||||||||||
| Property, Plant & Equipment | 738.9 | 473.1 | 359.2 | 394.2 | 369.9 | 364.0 | 237.5 | 33.0 | 17.4 | 14.8 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 19.9 | 14.6 | 16.9 | 18.5 | 14.3 | 11.5 | 9.1 | 8.1 | 4.4 | 2.8 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 77.7 | 57.6 | 43.8 | 28.3 | 33.2 | 17.6 | 14.0 | 11.7 | 6.2 | 1.9 |
| Total Non-Current Assets | 892.2 | 775.5 | 574.7 | 535.1 | 485.7 | 443.3 | 279.5 | 61.3 | 31.4 | 21.2 |
| Total Assets | 6,153.2 | 6,112.0 | 4,888.7 | 4,380.7 | 3,577.3 | 2,753.6 | 1,728.8 | 1,117.9 | 797.2 | 537.6 |
| Current Liabilities | ||||||||||
| Account Payables | 3,007.7 | 2,631.2 | 2,317.3 | 1,871.4 | 1,655.7 | 1,348.5 | 868.6 | 669.1 | 490.4 | 321.2 |
| Short-Term Debt | 76.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 182.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 3,266.0 | 2,873.5 | 2,510.8 | 2,029.3 | 1,803.3 | 1,474.7 | 930.4 | 714.0 | 518.5 | 344.1 |
| Non-Current Liabilities | ||||||||||
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27 | 25.8 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 42.9 | 41.6 | 33.3 | 27.5 | 8.3 | 11.3 | 11.0 | 9.3 | 6.0 | 3.2 |
| Total Non-Current Liabilities | 402.8 | 289.3 | 213.6 | 236.0 | 246.7 | 265.8 | 185.9 | 9.3 | 33.0 | 29.1 |
| Total Liabilities | 3,668.8 | 3,162.8 | 2,724.5 | 2,265.3 | 2,050.0 | 1,740.5 | 1,116.2 | 723.3 | 551.6 | 373.2 |
| Stockholders' Equity | ||||||||||
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | (590.9) | 354.2 | 197.0 | 665.5 | 612.1 | 474.4 | 232.4 | 124.1 | 36.0 | (14.8) |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Stockholders' Equity | 2,484.4 | 2,949.1 | 2,164.2 | 2,115.3 | 1,527.3 | 1,013.1 | 612.5 | 394.6 | 245.6 | 164.4 |
| Total Liabilities & Equity | 6,153.2 | 6,112.0 | 4,888.7 | 4,380.7 | 3,577.3 | 2,753.6 | 1,728.8 | 1,117.9 | 797.2 | 537.6 |
| Debt Metrics | ||||||||||
| Total Debt | 436.3 | 312.2 | 235.9 | 261.0 | 284.6 | 292.4 | 189.4 | 0 | 27 | 25.8 |
| Net Debt | (221.8) | (1,057.2) | (659.2) | (769.5) | (469.6) | (144.9) | 58.6 | (207.2) | (128.9) | (107.6) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 443.3 | 393.1 | 178.9 | 53.4 | 137.8 | 242.3 | 108.3 | 88.1 | 50.8 | 20.5 |
| Depreciation & Amortization | 115.8 | 87.5 | 80.4 | 54.4 | 42.2 | 28.6 | 21.7 | 11.8 | 7.2 | 3.8 |
| Stock-Based Compensation | 490.6 | 494.7 | 491.6 | 498.6 | 337.4 | 111.8 | 80.8 | 42.2 | 21.3 | 5.1 |
| Change in Working Capital | (275.1) | (209.3) | (122.6) | (94.2) | (169.7) | 15.0 | (162.7) | (55.5) | (49.5) | 33.8 |
| Other Non-Cash Items | 50.4 | 50.4 | 31.5 | 47.9 | 47.6 | 38.6 | 22.7 | 5.0 | 3.0 | 12.5 |
| Operating Cash Flow | 992.7 | 739.5 | 598.3 | 548.7 | 378.5 | 405.1 | 60.2 | 86.6 | 31.2 | 75.0 |
| Investing Activities | ||||||||||
| Capital Expenditure | (197.0) | (107.1) | (55.0) | (91.9) | (60.0) | (80.1) | (40.6) | (25.2) | (13.1) | (9.2) |
| Acquisitions | (4.3) | 0 | 0 | 0 | (13.3) | 0 | 0 | 0 | (3) | 0 |
| Purchases of Investments | (954.3) | (679.5) | (608.4) | (553.3) | (278.4) | (230.8) | (212.8) | 0 | 0 | 0 |
| Sales/Maturities of Investments | 875.8 | 629.1 | 555.8 | 340.8 | 258.0 | 167.6 | 89.5 | 0 | 0 | 0 |
| Other Investing Activities | (12.8) | (8.8) | (8.2) | (7.7) | (5.2) | (6.1) | (4.9) | (5.4) | (3.0) | (2.3) |
| Investing Cash Flow | (292.6) | (157.5) | (107.6) | (304.4) | (93.6) | (143.3) | (163.8) | (25.2) | (16.1) | (9.2) |
| Financing Activities | ||||||||||
| Net Debt Issuance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (27) | 0 | (19.2) |
| Stock Repurchased | (1,380.4) | (234.8) | (646.6) | 0 | 0 | 0 | 0 | 0 | 0 | (54.3) |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (97.7) | 127.2 | 20.5 | 32.0 | 31.9 | 44.7 | 27.3 | 16.9 | 7.4 | (1.1) |
| Financing Cash Flow | (1,411.4) | (107.6) | (626.1) | 32.0 | 31.9 | 44.7 | 27.3 | (10.1) | 7.4 | 63.5 |
| Cash Position | ||||||||||
| Net Change in Cash | (711.3) | 474.3 | (135.4) | 276.4 | 316.8 | 306.5 | (76.4) | 51.3 | 22.6 | 129.4 |
| Cash at Beginning | 1,369.5 | 895.1 | 1,030.5 | 754.2 | 437.4 | 130.9 | 207.2 | 155.9 | 133.4 | 4.0 |
| Cash at End | 658.2 | 1,369.5 | 895.1 | 1,030.5 | 754.2 | 437.4 | 130.9 | 207.2 | 155.9 | 133.4 |
| Free Cash Flow | 795.7 | 632.4 | 543.3 | 456.8 | 318.5 | 325.0 | 19.6 | 61.4 | 18.2 | 65.8 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 2,896.3 | 2,444.8 | 1,946.1 | 1,577.8 | 1,196.5 | 836.0 | 661.1 | 477.3 | 308.2 | 202.9 | 113.8 | 44.5 |
| Gross Profit | 2,277.2 | 1,972.8 | 1,580.5 | 1,296.7 | 974.9 | 657.2 | 504.9 | 363.2 | 242.0 | 163.1 | 90.9 | 32.0 |
| Operating Income | 589.3 | 427.2 | 200.5 | 113.7 | 124.8 | 144.2 | 112.2 | 107.3 | 69.4 | 57.5 | 38.0 | 0.8 |
| Net Income | 443.3 | 393.1 | 178.9 | 53.4 | 137.8 | 242.3 | 108.3 | 88.1 | 50.8 | 20.5 | 15.9 | 0.0 |
| EPS (Diluted) | 0.91 | 0.78 | 0.36 | 0.11 | 0.28 | 0.49 | 0.23 | 0.19 | 0.12 | 0.05 | 0.01 | – |
| Balance Sheet | ||||||||||||
| Cash & Equivalents | 658.2 | 1,369.5 | 895.1 | 1,030.5 | 754.2 | 437.4 | 130.9 | 207.2 | 155.9 | 133.4 | ||
| Total Assets | 6,153.2 | 6,112.0 | 4,888.7 | 4,380.7 | 3,577.3 | 2,753.6 | 1,728.8 | 1,117.9 | 797.2 | 537.6 | ||
| Total Debt | 436.3 | 312.2 | 235.9 | 261.0 | 284.6 | 292.4 | 189.4 | 0 | 27 | 25.8 | ||
| Stockholders' Equity | 2,484.4 | 2,949.1 | 2,164.2 | 2,115.3 | 1,527.3 | 1,013.1 | 612.5 | 394.6 | 245.6 | 164.4 | ||
| Cash Flow | ||||||||||||
| Operating Cash Flow | 992.7 | 739.5 | 598.3 | 548.7 | 378.5 | 405.1 | 60.2 | 86.6 | 31.2 | 75.0 | ||
| Capital Expenditure | (197.0) | (107.1) | (55.0) | (91.9) | (60.0) | (80.1) | (40.6) | (25.2) | (13.1) | (9.2) | ||
| Free Cash Flow | 795.7 | 632.4 | 543.3 | 456.8 | 318.5 | 325.0 | 19.6 | 61.4 | 18.2 | 65.8 | ||