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The Trade Desk

TTD
71
Advertising Agencies · Communication Services
Also trades as: 0LF5.L GBP 0.13 (-0.03%)
Price
$13.00
-0.16 (-1.22%)
Market Cap
$6.15B
Exchange
NASDAQ
Winston Score
71
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
23/30
Growth
Good
10/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Mixed
4/10
Ownership
Good
10/15
Dividends
Not counted
n/a

67 of 95 counted points = Winston Score 71. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−3.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 498.5M (2021) → 482.7M (2025)

§Winston Score History

The full picture

The Trade Desk is a technology company that helps advertisers buy digital ads automatically using software. Its platform lets brands and ad agencies purchase ads across websites, streaming TV, podcasts, and mobile apps — all in one place. It is one of the largest independent demand-side advertising platforms in the world, meaning it works for the buyers of ads rather than the sellers.

The company makes money by charging a percentage fee on the ad spending that flows through its platform. It operates mainly in the United States but has a growing international presence across Europe and Asia. Its competitive edge comes from being independent — unlike Google or Amazon, it does not own media properties, so advertisers trust it to spend their budgets without bias. The key growth driver is the ongoing shift of TV advertising budgets from traditional broadcast to connected TV streaming, but the main risk is increasing competition from large tech platforms that control both the ad tools and the media inventory.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.0% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

-22.2% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.18

30 Jun 2026: $0.14

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$525M/ year

↑ Rising (+13% vs prior year)

18.1% of revenue

1.5x the sector average (12%)

Investing heavily in future products and technology

Insider Activity

11.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

The Trade Desk is putting 18% of revenue into R&D and that number is rising. That's 1.5x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
74.2%
Premium pricing power — 74.2% gross margin
Profit after running costs
Operating Margin
14.2%
Healthy — 14.2% operating margin
Return on the money invested
ROCE
19.5%
Strong — 19.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+11.6%
Steady sales growth (+11.6% YoY)
Profit growth
EPS YoY
-0.0%
Earnings shrinking (-0.0% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
266%
Turns 266% of profit into real cash
Spare cash per sale
FCF Margin
28.8%
Converts sales into free cash efficiently (28.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.17
Conservative — low debt load (0.17)
Covers its interest
Interest Cover
401.86x
Comfortably covers interest (401.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.5x
Fair value — P/E 15.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-12.0
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.
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