Trade Desk (TTD)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $5.8B, Trade Desk's free cash flow of $783M (fiscal 2025) would need to grow about -8% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Trade Desk's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from TTD's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Trade Desk's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.6B | $1.9B | $2.4B | $2.9B |
| Net income | $138M | $53M | $179M | $393M | $443M |
| Free cash flow | $319M | $457M | $543M | $632M | $783M |
| EPS (diluted) | $0.28 | $0.11 | $0.36 | $0.78 | $0.90 |
| Operating margin | 10.4% | 7.2% | 10.3% | 17.5% | 20.3% |
Where the revenue comes from
Revenue by regions, fiscal 2025.
Superinvestors who own TTD
From each investor's latest 13F filing (what a 13F shows). 4 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Philippe Laffont Coatue Management |
Held | $25M | 0.05% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $13M | 0.01% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $6M | 0.02% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $2M | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Trade Desk's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 13, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $27.34 | — |
| Mar 13, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $27.34 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $24.94 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $24.94 | — |
| Feb 10, 2026 | Byron Donalds |
0 | $28.13 | — |
| Feb 10, 2026 | Byron Donalds |
0 | $28.13 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $26.24 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $26.24 | — |
| Jan 9, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $37.29 | — |
| Jan 9, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $37.29 | — |
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In the full deep dive
Questions
What growth does Trade Desk's stock price imply?
At a market value of $5.8B, Trade Desk would need its free cash flow to grow about -8% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 32% a year.
Are Trade Desk insiders buying the stock?
10 open-market insider purchases of TTD in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Trade Desk?
4 of the superinvestors Investingly tracks hold TTD in their latest 13F, including Philippe Laffont, PRIMECAP Management, Joel Greenblatt.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.