theTradeDesk - Public Comps and Valuation Multiples

theTradeDesk Overview

About theTradeDesk

The Trade Desk provides a self-service platform that helps advertisers and ad agencies programmatically find and purchase digital ad inventory (display, video, audio, and social) on devices like computers, smartphones, and connected TVs. It uses data in an iterative manner to optimize the performance of ad impressions purchased. The firm’s platform is referred to as a demand-side platform in the digital ad industry, and it generates revenue from fees based on a percentage of what its clients spend on advertising.

Founded

2009

HQ

Employees

3.5K+

Website

thetradedesk.com

Sectors

AdTech Software
B2B SaaS
Horizontal SaaS
MarTech

Financials

LTM Revenue $2.6B

LTM EBITDA $1.0B

EV

$22.3B

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theTradeDesk Financials

theTradeDesk has a last 12-month revenue of $2.6B and a last 12-month EBITDA of $1.0B.

In the most recent fiscal year, theTradeDesk achieved revenue of $2.4B and an EBITDA of $515M.

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

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theTradeDesk P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$1.9B	$2.4B	XXX	XXX	XXX
Gross Profit	$1.3B	$1.6B	XXX	XXX	XXX
Gross Margin	67%	65%	XXX	XXX	XXX
EBITDA	$281M	$515M	XXX	XXX	XXX
EBITDA Margin	14%	21%	XXX	XXX	XXX
Net Profit	$53.4M	$179M	XXX	XXX	XXX
Net Margin	3%	7%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

theTradeDesk Stock Performance

As of April 15, 2025, theTradeDesk's stock price is $49.

theTradeDesk has current market cap of $23.9B, and EV of $22.3B.

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theTradeDesk Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$22.3B	$23.9B	XXX	XXX	XXX	XXX	$1.70

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theTradeDesk Valuation Multiples

As of April 15, 2025, theTradeDesk has market cap of $23.9B and EV of $22.3B.

theTradeDesk's trades at 8.7x LTM EV/Revenue multiple, and 21.4x LTM EBITDA.

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

See valuation multiples for theTradeDesk and 10K+ public comps

theTradeDesk Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$22.3B	XXX	XXX	XXX
EV/Revenue	9.1x	XXX	XXX	XXX
EV/EBITDA	43.3x	XXX	XXX	XXX
P/E	60.8x	XXX	XXX	XXX
P/E/Growth	2.5x	XXX	XXX	XXX
EV/FCF	35.3x	XXX	XXX	XXX

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

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

theTradeDesk Valuation Multiples

theTradeDesk's NTM/LTM revenue growth is 18%

theTradeDesk's revenue per employee for the last fiscal year averaged $0.7M, while opex per employee averaged $0.4M for the same period.

Over next 12 months, theTradeDesk'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 theTradeDesk's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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theTradeDesk Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	26%	XXX	XXX	XXX	XXX
EBITDA Margin	21%	XXX	XXX	XXX	XXX
EBITDA Growth	83%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	39%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.7M	XXX	XXX	XXX	XXX
Opex per Employee	$0.4M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	22%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	22%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	19%	XXX	XXX	XXX	XXX
Opex to Revenue	63%	XXX	XXX	XXX	XXX

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

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