DoubleVerify - Public Comps and Valuation Multiples

DoubleVerify Overview

About DoubleVerify

DoubleVerify Holdings Inc is a digital media measurement and analytics software platform. Its solutions provide advertisers with unbiased data analytics that enable them to increase the effectiveness, quality, and return on their digital advertising investments. Its DV Authentic Ad, a proprietary metric of digital media quality, measures whether a digital ad was delivered in a brand-suitable environment, fully viewable, by a real person, and in the intended geography. The company's software interface, DV Pinnacle, delivers these metrics to customers in real time, allowing them to access critical performance data on their digital transactions. Geographically, the company operates in the United States and also has a presence in Germany, Singapore, France, Canada, Japan, and other countries.

Founded

2017

HQ

Employees

1.2K+

Website

doubleverify.com

Sectors

AdTech Software
BI & Analytics Software
B2B SaaS
Horizontal SaaS
MarTech

Financials

LTM Revenue $676M

LTM EBITDA $223M

EV

$1.8B

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DoubleVerify Financials

DoubleVerify has a last 12-month revenue of $676M and a last 12-month EBITDA of $223M.

In the most recent fiscal year, DoubleVerify achieved revenue of $657M and an EBITDA of $135M.

DoubleVerify expects next 12-month revenue of XXX and NTM EBITDA of XXX

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DoubleVerify P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$573M	$657M	XXX	XXX	XXX
Gross Profit	$375M	$466M	XXX	XXX	XXX
Gross Margin	65%	71%	XXX	XXX	XXX
EBITDA	$138M	$135M	XXX	XXX	XXX
EBITDA Margin	24%	21%	XXX	XXX	XXX
Net Profit	$43.3M	$71.5M	XXX	XXX	XXX
Net Margin	8%	11%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

DoubleVerify Stock Performance

As of April 15, 2025, DoubleVerify's stock price is $12.

DoubleVerify has current market cap of $2.0B, and EV of $1.8B.

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DoubleVerify Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.8B	$2.0B	XXX	XXX	XXX	XXX	$0.32

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DoubleVerify Valuation Multiples

As of April 15, 2025, DoubleVerify has market cap of $2.0B and EV of $1.8B.

DoubleVerify's trades at 2.6x LTM EV/Revenue multiple, and 7.9x LTM EBITDA.

Analysts estimate DoubleVerify's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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DoubleVerify Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$1.8B	XXX	XXX	XXX
EV/Revenue	2.7x	XXX	XXX	XXX
EV/EBITDA	13.0x	XXX	XXX	XXX
P/E	35.2x	XXX	XXX	XXX
P/E/Growth	2.7x	XXX	XXX	XXX
EV/FCF	13.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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DoubleVerify Valuation Multiples

DoubleVerify's NTM/LTM revenue growth is 11%

DoubleVerify's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.4M for the same period.

Over next 12 months, DoubleVerify's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate DoubleVerify's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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DoubleVerify Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	15%	XXX	XXX	XXX	XXX
EBITDA Margin	21%	XXX	XXX	XXX	XXX
EBITDA Growth	-2%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	31%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.5M	XXX	XXX	XXX	XXX
Opex per Employee	$0.4M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	26%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	14%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	23%	XXX	XXX	XXX	XXX
Opex to Revenue	70%	XXX	XXX	XXX	XXX

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