The Trade Desk, Inc. (TTD)

NASDAQ: TTD · USD

$12.8

+0.05 (+0.4%)· Recorded snapshot

英語版にフォールバックJA

翻訳中のため英語版を表示しています

このレポートはまだ翻訳されていません。翻訳キューが追いついたら数分後に更新してください。

StockMarketAgent Research · Analyzed 2026-05-20

Our latest published analysis: TTD rated Buy

The Trade Desk, Inc.'s published Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$26.9 / share

Potential value

$38.3 / share

Upside to FV

+27.0%

from $12.8

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$9.9B
Revenue (ttm)	3B
Net income (ttm)	406.9M
EPS (ttm)	$0.85
Shares out	472.8M
P/E (trailing)	15.0x
P/E (forward)	9.8x
Volume	10,097,151
Beta	0.99

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 3B
Net income (ttm): 406.9M
EPS (ttm): $0.85
P/E (trailing): 15.0x
P/E (forward): 9.8x
Market cap: $9.9B

Item	P1	P2	P3	P4	Trend
Period	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$1.58B	$1.95B	$2.44B	$2.90B	+22.4%
Gross profit	$1.30B	$1.58B	$1.97B	$2.28B	+20.6%
Operating income	$113.7M	$200.5M	$427.2M	$589.3M	+73.1%
Net income	$53.4M	$178.9M	$393.1M	$443.3M	+102.5%
EPS (diluted)	$0.11	$0.36	$0.78	$0.90	+101.5%
EBITDA	$168.1M	$280.9M	$514.7M	$705.1M	+61.3%
R&D	$319.9M	$411.8M	$463.3M	$525.1M	+18.0%
SG&A	$863.1M	$968.2M	$1.08B	$1.16B	+10.4%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ARM	Arm Holdings plc	252B	240.8x	48.2x	14.2%	—	+31.0%	売り
ASML	ASML Holding N.V.	647.9B	42.6x	14.2x	92.1%	+17.2%	+57.7%	売り
DDOG	Datadog, Inc.	100B	567.7x	25.6x	2.9%	+39.0%	+75.6%	売り
APP	AppLovin Corporation	87B	20.0x	12.7x	132.7%	+25.8%	-59.6%	ホールド
BIDU	Baidu, Inc.	27.1B	—	1.4x	3.4%	+1.5%	-38.7%	買い
CHTR	Charter Communications, Inc.	17.2B	2.7x	0.3x	8.5%	+1.7%	-57.3%	強い買い

Base and Bull scenarios

Bull25%

Price target

$38.28

+80.9% from spot

CTV adoption accelerates, Retail Media networks expand their partnership, and UID2.0 becomes the default industry standard for identity, driving sustained growth and massive operating leverage.

CTV adoption accelerates rapidly.
UID2.0 becomes default industry standard.
Sustained 15%+ revenue growth and massive operating leverage.

Base55%

Price target

$26.88

+27.0% from spot

The company benefits from the structural shift toward programmatic advertising and CTV. Long-term secular tailwinds and high ROIC provide a strong moat, balancing cyclicality.

Stable CTV migration and programmatic share gains.
Normalized operating margin of 22%.
Terminal PE of 25x with WACC of 11.38%.

Sensitivity: Ke × terminal growth

The highlighted base cell is anchored to valuation synthesis sensitivity reference ($26.88). It is the reference value for this grid, not a separate standalone fair-value claim.

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
9.7%	$30.4	$32.5	$34.9	$37.7	$41.0
10.7%	$26.9	$28.5	$30.4	$32.5	$34.9
11.7%	$24.1	$25.4	$26.9	$28.5	$30.4
12.7%	$21.9	$22.9	$24.1	$25.4	$26.9
13.7%	$20.0	$20.9	$21.9	$22.9	$24.1

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E9.8

P25 n/aP50 n/aP75 n/a

Trailing P/E24.1

P25 n/aP50 n/aP75 n/a

ROE15.4

P25 n/aP50 n/aP75 n/a

ROIC24.8

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All TTD indicators

Market & fundamental data

Available fields

271

Groups with data

Currency

USD

Showing 271 of 271 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001671933
Company name	The Trade Desk, Inc.
Country	United States
Country code	US
CUSIP number	88339J105
Earnings date	2026-11-09
Earnings time	amc
Employees	3,843
Employees change	291
Employees growth	8.19%
Enterprise value	$5B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	2009
Industry	Advertising Agencies
IPO date	2016-09-21
Is primary listing	Yes
Is SPAC	No
ISIN number	US88339J1051
Last 10-K release date	2026-02-27
Last earnings date	2026-08-06
Last refreshed	2026-10-28
Last stock split date	2021-06-17
Last stock split type	Forward
Market cap	$6B
Market cap category	Mid-Cap
Next earnings date	2026-11-09
Options	Yes
Price	$12.75
Price currency	USD
Sector	Communication Services
SIC code	7370
Stock price date	2026-10-28
Symbol	TTD
Tags	artificial-intelligence
U.S. state	California
Website	https://www.thetradedesk.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	7.68x
Average P/E ratio (10Y)	152.42x
Average P/E ratio (3Y)	122.03x
Average P/E ratio (5Y)	206.88x
Earnings yield	6.67%
EV/Earnings	12.07x
EV/EBIT	8.38x
EV/EBITDA	7.04x
EV/FCF	5.69x
EV/Sales	1.64x
FCF / EV yield	17.57%
FCF yield	14.48%
Forward EV/Sales	1.93x
Forward P/E	13.8x
Forward P/S	2.34x
Graham number	10.2393
Graham upside	-18.8%
Industry forward P/E	11.49x
Industry P/E	24.05x
Lynch fair value	$7.72
Lynch upside	-38.79%
P/(FCF - SBC) ratio	14.51x
P/(OCF - SBC) ratio	9.47x
P/B ratio	2.32x
P/E ratio	15x
P/FCF ratio	6.91x
P/OCF ratio	5.51x
P/S ratio	1.99x
PEG ratio	2.58x
Price / tangible book value	2.32x
Price/EBITDA ratio	8.54x
Sector forward P/E	18.37x
Sector P/E	19.08x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	19.61%
EBITDA margin	23.34%
Effective tax rate	36.61%
FCF margin	28.86%
Gross margin	76.87%
Operating margin	19.61%
Pretax margin	21.47%
Profit margin	13.61%
Profit per employee	$105,878
Profitable quarters	16
Profitable years	9
Revenue per employee	$778,074
ROA	6.25%
ROA (5Y)	3.56%
ROCE	19.74%
ROE	15.44%
ROE (5Y)	10.77%
ROIC	24.83%
ROIC (5Y)	18.04%
SBC / revenue	15.12%
Tax / revenue	7.86%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	2.46%
EPS growth (Q)	-23.62%
EPS growth (QoQ)	71.86%
EPS growth 3Y	49.53%
EPS growth 5Y	10.06%
EPS growth years	3
FCF growth	14.17%
FCF growth (Q)	17.2%
FCF growth (QoQ)	-49.7%
FCF growth 3Y	17.04%
FCF growth 5Y	24.67%
Gross profit growth	8.05%
Gross profit growth (Q)	-2.27%
Gross profit growth 3Y	17.66%
Gross profit growth 5Y	22.36%
Net income growth	-2.47%
Net income growth (Q)	-28.55%
Net income growth (QoQ)	61%
Net income growth 3Y	46.53%
Net income growth 5Y	9.08%
Net income growth years	3
OCF growth	16.41%
OCF growth (Q)	-6.92%
OCF growth (QoQ)	-60.8%
OCF growth 10Y	148.39%
OCF growth 3Y	19.97%
OCF growth 5Y	25.94%
Operating income growth	23.43%
Operating income growth (Q)	-13.02%
Operating income growth 3Y	58.47%
Operating income growth 5Y	21.78%
Revenue growth	11.61%
Revenue growth (Q)	3.03%
Revenue growth (QoQ)	3.8%
Revenue growth 10Y	34.98%
Revenue growth 3Y	19.95%
Revenue growth 5Y	23.62%
Revenue growth quarters	24
Revenue growth years	11

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-218.6M
Depreciation and amortization	$111.7M
EBIT	$586.3M
EBITDA	$698M
EPS	$0.85
FCF per share	$1.83
Financing cash flow	$-1.1B
Free cash flow	$863M
Free cash flow minus SBC	$411M
Gross profit	$2.3B
Income taxes	$234.9M
Investing cash flow	$218.4M
Net borrowing	$-74.2M
Net cash flow	$226.6M
Net income	$406.9M
Operating cash flow minus SBC	$629.6M
Operating income	$586.3M
Revenue	$3B
Stock-based compensation	$452.1M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	4.72
Book value per share	$5.48
Debt / EBITDA	0.54
Debt / equity	0.17
Debt / FCF	0.5
Interest coverage	277.87
Long-term assets	$948.6M
Long-term liabilities	$396.4M
Net cash (debt)	$1.1B
Net cash / market cap	17.63%
Net cash growth	-21.77%
Net debt / EBITDA	-1.51
Net debt / equity	-0.41
Net debt / FCF	-1.22
Piotroski F-Score	6
Property, plant and equipment	$790.4M
Shareholders' equity	$2.6B
Tangible book value	$2.6B
Tangible book value per share	$5.48
Total assets	$5.8B
Total cash	$1.5B
Total debt	$434.1M
Total liabilities	$3.2B
WACC	9.07%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.51
Current assets	$4.8B
Current liabilities	$2.8B
Current ratio	1.72
Net working capital	$617.7M
Quick ratio	1.68
Working capital	$2B
Working capital turnover	1.45

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	4.27%
Dividend yield	0%
Shareholder yield	4.27%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	395.3%
10Y return CAGR	17.35%
10Y total return	395.3%
150-day SMA	$17.71
1D price change	0.39%
1M price change	0.32%
1M total return	0.32%
1W price change	-0.08%
1W total return	-0.08%
1Y price change	-76.42%
1Y return CAGR	-76.45%
1Y total return	-76.42%
20-day SMA	$12.39
200-day SMA	$20.31
3M price change	-29.31%
3M total return	-29.31%
3Y price change	-81.09%
3Y return CAGR	-42.6%
3Y total return	-81.09%
50-day SMA	$13.13
50-day SMA vs 200-day SMA	50under200
52-week high	$53.94
52-week high date	2025-10-28
52-week low	$11.62
52-week low date	2026-10-07
5Y price change	-82.7%
5Y return CAGR	-29.59%
5Y total return	-82.7%
6M price change	-45.38%
6M total return	-45.38%
All-time high	$141.53
All-time high date	2024-12-04
All-time low	$2.20
All-time low date	2016-11-09
Average true range (ATR)	$0.50
Average volume	14.9M
Beta (1Y)	0.47
Beta (2Y)	0.88
Beta (5Y)	0.99
Change from 52-week high	-76.36%
Change from 52-week low	9.73%
Change from all-time high	-91.07%
Change from all-time low	474.55%
Change from open	1.59%
Day's gap	-1.18%
Dollar volume	$128.7M
High price	$12.77
Low price	$12.40
Monthly RSI	30.8
Open price	$12.55
Position in 52-week range	94.59%
Premarket change	-1.18%
Premarket close	$12.70
Premarket price	$12.55
Premarket volume	37.8K
Previous close	$12.70
Price vs 150-day SMA	-28.63%
Price vs 20-day SMA	1.98%
Price vs 200-day SMA	-37.77%
Price vs 50-day SMA	-3.72%
Relative volume	0.68
RSI	47.84
Sharpe ratio	-2.33
Sharpe ratio (3Y)	-0.71
Sharpe ratio (5Y)	-0.26
Sortino ratio	-2.91
Sortino ratio (3Y)	-0.82
Sortino ratio (5Y)	-0.29
Volume	10.1M
Weekly RSI	31.02
YTD price change	-66.7%
YTD total return	-66.7%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	419.2M
Float percentage	88.67%
Shares change (QoQ)	-1.45%
Shares change (YoY)	-4.27%
Shares held by insiders	11.05%
Shares held by institutions	80.16%
Shares outstanding	472.8M
Short % of float	20.06%
Short % of shares	17.78%
Short ratio	3.3 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	204

Deeper analysis on TTD

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this TTD report

What is the latest published TTD stock rating?

The Trade Desk, Inc. is shown with Buy in the latest published report, analyzed 2026-05-20. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full TTD analysis?

The full latest published report, analyzed 2026-05-20, lives at /stocks/TTD/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for TTD?

The latest published report analyzed 2026-05-20 gives TTD a fair value of USD 27 and a potential value of USD 38. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the TTD page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-05-20). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

BuyTTD · Fair value $26.9+27.0%

Read full analysis →

Category	Score	Reading
Valuation	7.5
Management	6.9
Balance Sheet	8.0
Profitability	6.5
Revenue Growth	6.0
Risk Assessment	7.5
Competitive Moat	9.0
Earnings Quality	6.0
Capital Efficiency	5.5

The Trade Desk, Inc. (TTD)

Our latest published analysis: TTD rated Buy

Price

Financial snapshot

Fair-value bridge

Latest news · TTD

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All TTD indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on TTD

Frequently asked questions

レーティング履歴