TTD
Trade Desk, Inc.
Next earnings Aug 5, 2026 (after close) · consensus $0.40 EPS, $760M rev
Last earnings -2.2% on 2026-05-07
$19.10
▲ +2.41%$19.10▼ -73.47%
over 1Y
L $17.33H $89.76
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.4%
1W+10.2%
1M-9.5%
3M-13.4%
YTD-49.3%
1Y-73.5%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 43 analysts
Hold
Profitable adtech leader still growing ~18% with $1B cash flow, now at a rare 21x after a sharp de-rating.
Revenue $2.90B · FY2025
The read
Quality fundamentals and an attractive price line up (~50% below fair value) — the rarer case where both the business and the entry look good.
The Trade Desk is the leading independent demand-side advertising platform, and after a steep share-price decline the fundamentals look attractive relative to the multiple. FY2025 revenue grew 18.5% to $2.90B, operating income jumped 38.0% to $589M (operating margin expanding to 20.3%), net income rose 12.8% to $443M, and Adjusted EBITDA reached $1.20B. Gross spend on the platform grew 11% to $13.4B, evidencing continued share gains. ROE is a healthy 17.8%.
The cash engine is the standout: operating cash flow surged 34.3% to $993M, and the company is debt-free (no balance under its $445M-available credit facility). It returned capital aggressively, repurchasing $1.4B of stock (26.2M shares retired) — the reason equity fell 15.8% and retained earnings went negative, a capital-return artifact rather than distress. A further $350M was authorized in February 2026, bringing $500M available.
Is TTD a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread (wide)~90d expiry
- Long call 19 @ ~2.38 est
- Short call 22 @ ~1.29 est
debit $109max +$191max −$109BE 20.09
High-conviction BUY: a wider spread keeps more of the upside while the short call still cuts cost and decay.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.20B | $1.58B | $1.95B | $2.44B | $2.90B |
| Gross profit | — | — | — | — | — |
| Operating income | $125M | $114M | $200M | $427M | $589M |
| Net income | $138M | $53.4M | $179M | $393M | $443M |
| Diluted EPS | $0.28 | $0.11 | $0.36 | $0.78 | $0.90 |
| Net margin | 11.5% | 3.4% | 9.2% | 16.1% | 15.3% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$8.32B
EV / EBITDA11.8
EV / Sales2.9
EV / FCF10.5
P / FCF11.3
PEG (trailing)1.66
Earnings yield4.9%
FCF yield8.9%
Quality & risk
ROIC (est.)18.7%
Free cash flow$796M
Total debt—
Net cash$658M
Altman Z-Score2.51 grey
Piotroski F-Score6/7
Capital returns
Buyback yield15.4%
Dividend yield (est.)—
Shareholder yield15.4%
Shares Δ YoY-0.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
- 8-K Officer / director change2026-06-09
- 8-K Officer / director change2026-06-01
- 8-K Officer / director change2026-05-29
- 8-K Officer / director change2026-05-08
- 8-K Shareholder vote2026-05-08
- 8-K Earnings results2026-05-07
- 10-Q Quarterly report2026-05-07
- DEF 14A Proxy statement2026-04-09
- 10-K Annual report2026-02-27
Recent filings
all on EDGAR ↗4Period ending 2026-06-112026-06-15open ↗3Period ending 2026-06-112026-06-15open ↗8-KPeriod ending 2026-06-052026-06-09open ↗4Period ending 2026-05-282026-06-01open ↗8-KPeriod ending 2026-06-012026-06-01open ↗8-KPeriod ending 2026-05-242026-05-29open ↗144Filing2026-05-28open ↗4Period ending 2026-05-242026-05-27open ↗4Period ending 2026-05-152026-05-19open ↗4Period ending 2026-05-152026-05-19open ↗4Period ending 2026-05-152026-05-19open ↗4Period ending 2026-05-152026-05-19open ↗
Frequently asked
- Is Trade Desk, Inc. (TTD) a buy?
- TTD currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Profitable adtech leader still growing ~18% with $1B cash flow, now at a rare 21x after a sharp de-rating.
- What is TTD's fair value?
- A Modified-Graham model based on TTD's SEC fundamentals estimates a fair value of about $28.74. It is an estimate from reported earnings, not a price target.
- Is TTD overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, TTD currently appears undervalued relative to its SEC-grounded earnings power.
- What is Trade Desk, Inc.'s quality score?
- TTD scores 68.83518953371146/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001671933, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 6/21/2026, 8:50:36 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:50 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.