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The Trade Desk, Inc.
S&P 500
$6.8B
Market Cap
42.2
P/E
0.95
PEG
26.8%
ROCE
16.3%
ROE
0.18
D/E
20.4%
OPM
8
α RS
🔍 TTD is showing a high-conviction setup because it matches 17 of 39 tracked screener presets, Sector RRG has Communication Services in the Leading quadrant with the trail still strengthening, and an ECS of 66.5 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RRG ECS
Sources
Conviction 17/39 · Communication Services in Leading quadrant · ECS 66.5
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🌏 Global Investor Returns
Currency-adjusted total returns for TTD including FX impact
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📈 Price History
Ratio Health
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By Category
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About

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.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding TTD
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 5.44M $123.4M 0.19% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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🎙 Management Tone Confident Vague ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →
📊 MIXED TTD Q1 2026: Revenue $689M, 12% YoY; 30% EBITDA margin; CTV and audio strong
Revenue & Profitability
Q1 2026 revenue was $689 million, up 12% year-over-year. Adjusted EBITDA was $206 million, a 30% margin. Net income was $40 million ($0.08 per diluted share), and adjusted net income was $134 million ($0.28 per diluted share). Operating expenses were $622 million, up 11% year-over-year. For Q2 2026, revenue is expected to be at least $750 million, with adjusted EBITDA of approximately $260 million.
Outlook
Management sees the macro environment as complex but full of opportunity. The advertising ecosystem has a historic supply-demand imbalance, creating a buyer's market. Measurement is broken and is being reformed, which benefits the open internet. AI and agentic AI are expected to unlock significant growth, and the long-term structural drivers for the open internet remain very strong.
Growth Drivers
Key growth levers include CTV and audio (audio grew faster than any other channel in Q1), retail media, AI-driven decisioning, and international expansion (EMEA and APAC). Verticals showing strong growth are medical health, automotive, and events. The company also highlighted its Audience Unlimited product, which delivered 30% lower CPMs, 38% lower data costs, and a 2.7x increase in conversion rate compared to control.
Balance Sheet & CapEx
Not discussed in detail. Management noted that 2026 is a year of disciplined reinvestment, with investments in platform operations, AI-powered tools, retail media, and measurement. No specific CapEx figures were provided.
Margins
Q1 2026 adjusted EBITDA margin was 30%. The company expects full year 2026 adjusted EBITDA margin to be at least 40%, approximately in line with 2025. Headcount growth is expected to remain below revenue growth, reflecting a focus on productivity and operating leverage.
Key Risks
Risks include geopolitical uncertainty, tariffs, broader consumer pressures, and softness in CPG and automotive verticals. The company also faces measurement challenges and industry noise around agency relationships (e.g., Publicis negotiations). Additionally, the departure of Chief Strategy Officer Samantha Jacobson to OpenAI was noted, though she remains on the board.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Q2 revenue grew 3% year-over-year to $715 million, but fell short of expectations due to macroeconomic and execution challenges, especially in CPG and auto sectors. Despite this, most segments and regions are growing, with strong gains in audio, CTV, and international markets.
Q1 2026 Q1 2026 2026-05-07
Q1 2026 saw 12% revenue growth to $689M, strong CTV and audio momentum, and robust cash flow. Despite macro headwinds, the outlook remains positive with a focus on AI, retail media, and disciplined investment.
Q4 2025 Q4 2025 2026-02-25
Revenue grew 14% year-over-year in Q4 2025 (19% excluding political), with strong profitability and record full-year results. CPG and auto verticals remained soft, but growth in CTV, audio, and international markets, plus AI-driven innovation, offset headwinds.
Q3 2025 Q3 2025 2025-11-06
Q3 2025 revenue grew 18% year-over-year (22% ex-political), driven by CTV and retail media, with adjusted EBITDA at 43% of revenue. Major platform innovations and leadership changes position the company for continued growth, with Q4 revenue expected to reach at least $840 million.
Q2 2025 Q2 2025 2025-08-07
Q2 revenue grew 19% year-over-year to $694M, led by CTV and strong Kokai platform adoption, with adjusted EBITDA at $271M. The company expects Q3 revenue of at least $717M and continues to invest in AI, supply chain efficiency, and global expansion.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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