The Trade Desk, Inc.TTD
NasdaqGM•Communication Services•Advertising Agencies
The Trade Desk, Inc. operates as a technology company in the United States and internationally. The company creates, manages, and optimizes digital advertising campaigns across ad formats, channels and devices, including CTV and other video, display, audio, and native, on a multitude of devices, such televisions, streaming devices, mobile devices, computers and digital-out-of-home devices. It provides data and other value-added services. It serves advertising agencies, advertisers, and other service providers for agencies or advertisers. The Trade Desk, Inc. was incorporated in 2009 and is headquartered in Ventura, California.
The Trade Desk, Inc. (TTD) reported trailing twelve months revenue of $2.97B as of March 2026, a 15.5% increase year-over-year. Quarterly revenue reached $688.86M, reflecting continued top-line momentum.
The Trade Desk, Inc. generated $432.62M in TTM net income, with quarterly EBITDA of $98.08M. The operating margin expanded from 8.8% to 9.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (9.7%) and net margin (5.8%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 8.2% a year ago, reflecting increased costs or interest expense.
TTD trades at a P/E of 24.1x (in line with broad market averages) and a P/S of 3.5x. The price-to-book ratio of 4.3x reflects a moderate premium to book value.
The company generated $279.06M in free cash flow over the trailing twelve months, a 20.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $5.73B in total assets with no in long-term debt against $2.45B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~18.4%, suggesting durable pricing power and cost discipline.
ROE is positive at ~14.8% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~36.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~19.7% — no sign of cost or pricing stress.
FCF covers net income by 2.5x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.0% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation