TTD
The Trade Desk, Inc.
TTD's fundamentals are mixed, but it looks cheap: trading at 22x earnings, less than half its usual 174x. Analysts expect earnings to fall sharply, though they disagree widely on how much.
TTD Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
TTD's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
TTD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 22x | $15.47 | — |
| Forward | 43x | $15.47 | — |
| Cheap | 59x | $40.54 | +162% |
| Fair | 171x | $118 | +661% |
| Expensive | 276x | $190 | +1130% |
Historical ranges are pointers, not guarantees.
TTD's PE is in its cheap range at 22x. Analysts expect earnings to fall, which would put today's price at 43x next year's earnings.
TTD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect TTD's earnings and revenue to decline, with profitability weakening. However, they disagree widely on these estimates.
TTD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.36 | -47% |
| Q3 2026 | $0.69 | -21% |
| Q2 2026 | $0.84 | +1.2% |
| Q1 2026 | $0.88 | +7.3% |
| Q4 2025 | $0.90 | +15% |
| Q3 2025 | $0.87 | +43% |
| Q2 2025 | $0.83 | +66% |
| Q1 2025 | $0.82 | +105% |
| Q4 2024 | $0.78 | +117% |
TTD earned $0.69 per share over the past year, down 21% from the year before.
TTD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $736M | -0.5% |
| Q2 2026 | $715.1M | +3% |
| Q1 2026 | $688.9M | +12% |
| Q4 2025 | $846.8M | +14% |
| Q3 2025 | $739.4M | +18% |
| Q2 2025 | $694M | +19% |
| Q1 2025 | $616M | +25% |
| Q4 2024 | $741M | +22% |
TTD's revenue is growing: $736M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | -9.2 points |
| Q2 2026 | 14% | -2.6 points |
| Q1 2026 | 9.7% | +0.8 points |
| Q4 2025 | 30% | +4 points |
| Q3 2025 | 22% | +4.5 points |
| Q2 2025 | 17% | +0.6 points |
| Q1 2025 | 8.8% | +3 points |
| Q4 2024 | 26% | +2.5 points |
TTD's operating margin was 13% last quarter, down 9.2 points from the same quarter a year ago.
TTD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $157.5M | -0.5% |
| Q2 2026 | $140.4M | +17% |
| Q1 2026 | $279.1M | +20% |
| Q4 2025 | $285.3M | +59% |
| Q3 2025 | $158.4M | -30% |
| Q2 2025 | $119.8M | +103% |
| Q1 2025 | $232.3M | +30% |
| Q4 2024 | $179.2M | +172% |
TTD generated $862M in free cash flow over the past year, up 25% from the year before.
TTD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +249K shares |
| 1 year | -4.6% | -22.8M shares |
| 3 years | -6.3% | -31.7M shares |
| 5 years | -5.8% | -28.7M shares |
| Available history | -1.6% | -7.9M shares |
TTD has 470M diluted shares, down 4.6% from a year ago, with $664M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $77.8M |
| Q1 2026 | $163.5M |
| Q4 2025 | $422.9M |
| Q3 2025 | $310.4M |
| Q2 2025 | $260.8M |
| Q1 2025 | $386.3M |
| Q4 2024 | $57.4M |
TTD spent $664M buying back its own shares over the past year, down 35% from the year before.
TTD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.9x | Net Cash |
| Q2 2026 | -1.6x | Net Cash |
| Q1 2026 | -1.2x | Net Cash |
| Q4 2025 | -0.9x | Net Cash |
| Q3 2025 | -1.0x | Net Cash |
| Q2 2025 | -1.6x | Net Cash |
| Q1 2025 | -2.1x | Net Cash |
| Q4 2024 | -2.7x | Net Cash |
TTD has more cash than debt.
TTD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.8 | Neutral |
| Stochastic | 35.1 | Neutral |
TTD's weekly RSI is 45 (neutral) and its Stochastic is 35 (neutral).
TTD PE vs Technology Sector
| Metric | TTD | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 28x | 20% below |
| PE % | 7 | 35 | 28 pts below |
TTD is trading at 22x earnings, a 20% discount to the Technology sector's median of 28x.
TTD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.8 | 21% above |
| 20 week MA | $14.6 | 5.8% above |
| 50 week MA | $22.1 | 30% below |
| 100 week MA | $45.8 | 66% below |
| 200 week MA | $64.5 | 76% below |
TTD has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 76% below its 200-week average.
TTD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $27.2 | $93.2 | +242% |
| 2021 | $93.2 | $96.1 | +3.1% |
| 2022 | $96.1 | $44.9 | -53% |
| 2023 | $44.9 | $72.0 | +60% |
| 2024 | $72.0 | $121.4 | +69% |
| 2025 | $121.4 | $38.3 | -68% |
| 2026 YTD | $38.3 | $15.5 | -60% |
TTD's yearly returns have swung widely, from +242% in 2020 to −68% in 2025. It's down 60% so far in 2026.