Viant Technology

DSP

Software - Application · Technology

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

Viant Technology is a software company that helps advertisers buy digital ads automatically. Its main product is a demand-side platform (DSP) called Adelphic, which lets brands and ad agencies purchase ad space across websites, streaming TV, podcasts, and mobile apps — all in one place. The company competes in the programmatic advertising industry, where software replaces human negotiation to match ads with audiences in real time.

Viant makes money by charging a percentage of the ad spending that flows through its platform, rather than selling subscriptions. It operates primarily in the United States and had a market cap of roughly $0.8 billion as of mid-2026. Its competitive edge comes from owning its own data infrastructure and focusing on connected TV (CTV), which is growing as viewers shift from traditional cable to streaming services. The main risk is intense competition from much larger platforms like The Trade Desk, which dominates the independent DSP market.

Growth Profile

For growth stock investors

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

Revenue Growth

+33.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-317.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

18.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$193M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue accelerating

Viant Technology grew revenue 34% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

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Quality

Profit per sale

Gross Margin

43.7%

Healthy — 43.7% gross margin

Profit after running costs

Operating Margin

-3.7%

Losing money on operations — -3.7%

Return on the money invested

ROCE

36.2%

Exceptional — 36.2% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+22.0%

Fast-growing sales (+22.0% YoY)

Profit growth

EPS YoY

+243.2%

Earnings growing fast (+243.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

776%

Turns 776% of profit into real cash

Spare cash per sale

FCF Margin

13.4%

Converts sales into free cash efficiently (13.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.20

Conservative — low debt load (0.20)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

93.2x

no trend

Expensive — P/E 93.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+76.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (93.2 → 16.8)

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Dividends

Not applicable for this business.

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