The Trade Desk, Inc. (TTD)
UnterbewertetFundamental
82
Kurs
$12.17
Marktkapitalisierung
$5.97B
Teil 1 · Was das Unternehmen wert ist
Übersicht
The Trade Desk operates a self-service platform that lets advertising agencies and brands buy digital ad inventory programmatically — in real time, auction by auction — instead of negotiating deals directly with publishers. It does not sell or own the ad space itself: it is pure software sitting on the buy side of digital advertising, spanning display, video, audio, connected TV and retail media. The company positions itself as the neutral alternative to the "walled gardens" — Google, Amazon and Meta — that control both the ad exchanges and the inventory.
Wie das Geld verdient wird
Revenue is a platform fee taken as a percentage of the ad spend that flows through the system — historically around a fifth of every dollar an advertiser commits, whether or not the underlying campaign actually converts. The Trade Desk never buys or resells inventory on its own account, so it carries no media risk; its costs are mostly R&D and data infrastructure, not marketing spend. Growth in connected TV, where ad rates run higher than display, has been pulling that platform fee's dollar value up for several years.
Wettbewerbsvorteil
Wechselkosten · SchmalAgencies that build campaign workflows, audience data and the UID2 identity graph into The Trade Desk's platform face real switching costs: moving years of targeting history and integrations to a rival demand-side platform takes time and risks disrupting live campaigns. The advantage is real but not absolute — large agencies routinely run several DSPs at once and can shift budget between them.
Was die Nachfrage antreibt
ZyklischDemand tracks total digital advertising budgets, which are among the most discretionary line items a company has and among the first cut when growth expectations sour. The Trade Desk's own revenue growth has already slowed sharply from the rates it posted a few years ago, even though total ad spending kept rising, showing how sensitive its business is to advertiser sentiment, not just to the size of the market.
Wichtigste Risiken
- Competition from walled gardens — Google, Amazon and Meta control both the largest ad exchanges and vast troves of first-party data, and can direct advertiser budgets to their own inventory instead of the open internet The Trade Desk depends on.
- Dependence on third-party data and cookie deprecation — Ad targeting and measurement have long relied on browser cookies and mobile ad identifiers that platforms and regulators are progressively restricting; The Trade Desk's own identity alternative, UID2, has not yet replaced them industry-wide.
- Cyclical, discretionary ad budgets — Marketing spending is one of the first costs companies cut when the economy weakens or growth expectations disappoint, so a slowdown in advertiser confidence flows almost immediately into The Trade Desk's revenue.
- Concentration among agency holding companies — A large share of ad spend flowing through the platform is placed by a handful of global agency holding companies; losing one of those relationships, or seeing it consolidate onto a rival platform, removes volume the company cannot easily replace.
Die Argumente dafür
Buyers argue that programmatic advertising still has room to take share from walled gardens as connected TV and retail media grow, and that UID2 gives The Trade Desk a durable answer to the end of third-party cookies that few rivals can match.
Die Argumente dagegen
Sellers worry that Google, Amazon and Meta can starve the open internet of the premium inventory and data The Trade Desk needs, and that decelerating growth already shows advertisers are not as loyal to any single demand-side platform as the switching-cost story implies.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilanz & Liquidität
Umsatz
$2.99B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$407M
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$796M
Gesamtes Eigenkapital
$2.48B
Gesamtverbindlichkeiten
$3.67B
Current Ratio
1.72
Zinsdeckungsgrad
277.87
Schulden/EBITDA
0.62
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$631.07
Aktueller Kurs
$12.17
Sicherheitsmarge
+98.1%
Innerer-Wert-Spanne
$410.20 - $851.95
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
14.49
ROE
17.8%
P/B-Verhältnis
2.03
P/FCF
6.06
Bruttomarge
76.9%
ROIC
15.6%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
15.6%
WACC
9.3%
ROIC − WACC
+6.3 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (21)
- EPS shows upward trend
- EPS CAGR 8.72%
- Price CAGR 16.44%
- ROIC 15.6%
- Gross Margin 76.9%
- P/FCF 6.06
- P/B Ratio 2.03
- Debt/Equity ratio
- Operating Margin 19.6%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 16.1%
- Revenue Growth 5Y 28.2%
- PEG Ratio 1.14
- Earnings Quality (OCF/NI) 2.66
- Share Dilution -2.3%
- Piotroski F-Score 6/9
Nicht bestanden (6)
- CapEx intensity
- Price below Graham Number
- DCF valuation (Unknown)
- Analyst Consensus 13% Buy
- Earnings Surprise avg -6.7%
- Net Margin Trend 13.6% vs 15.6%
Nicht verfügbar (1)
- Dividend Payout NaN%
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Jeffrey Terry Green | Co-Founder, CEO, President & Chairman | 48 |
| Mr. Vivek Kundra | Chief Operating Officer | 49 |
| Mr. Jay R. Grant | Chief Legal Officer & Secretary | 57 |
| Mr. Nathan Olmstead | Chief Financial Officer | 53 |
| Ms. Tahnil Davis | Chief Accounting Officer & Executive VP | 54 |
| Mr. Chris Toth | Vice President of Investor Relations | - |
| Ms. Sarah Gavin | Executive VP & Chief Marketing Officer | - |
| Mr. Terry Kane | Managing Director of Middle East & Africa | - |
| Mr. Will Platt-Higgins | Executive Vice President of Business Development for North America | - |
| Ms. Anna Sayre | Senior Vice President of Global Brand Marketing | - |
Prüfungsrisiko
10
Vorstandsrisiko
10
Vergütungsrisiko
10
Aktionärsrechterisiko
10
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-27
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-08-06
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-09-15
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for TTD, sourced from Markets Gazette.
- 8/31/2026POSITIVEAzioni The Trade Desk: segnali rialzisti nonostante le difficoltà
The Trade Desk Inc. (TTD) shares have experienced a significant decline, falling from a peak of $141 to $13.5, with market capitalization shrinking from $63.35 billion to $6.38 billion. Despite the steep year-to-date drop, technical indicators suggest a potential bottom formation. A notable 'island reversal' pattern hints at a possible rebound. The stock's current valuation, coupled with these technical signals, indicates that TTD may be poised for a strong upward breakout in the short term, presenting a contrarian buying opportunity for investors.
- 8/6/2026NEGATIVETrade Desk shares tumble on earnings miss and weak outlook
The Trade Desk Inc. reported a second-quarter earnings and revenue miss, signaling a deepening growth struggle for the ad-tech company. While specific figures were not provided in the summary, the guidance issued was also disappointing, suggesting continued headwinds. This performance raises concerns among investors about the company's ability to maintain its growth trajectory in the competitive digital advertising market. The weak outlook could lead to downward revisions in analyst estimates and potentially pressure the stock price further.
- 6/1/2026POSITIVEThe Trade Desk Stock Is On The Move: The Chart Tells An Interesting Story
The Trade Desk Inc. (TTD) is experiencing upward momentum on Monday, driven by a broader market rotation back into higher-beta technology stocks. This shift follows a prolonged period of underperformance for the sector. The Nasdaq Composite gained 0.81% and the S&P 500 rose 0.41%, indicating a positive sentiment for growth-oriented equities. For investors, this rotation suggests a potential resurgence in demand for companies like The Trade Desk, which are sensitive to market sentiment and economic growth prospects.
- 5/28/2026NEGATIVETrade Desk Stock's Momentum Plummets As Amazon And AI Squeeze Market Share— Rothschild Eyes 51% Downside
Rothschild & Co. has issued a stark warning on The Trade Desk (TTD), initiating coverage with a sell rating and a price target of $11, implying a potential 51% downside from current levels. The firm cites increasing competitive pressures from Amazon's advertising business and the broader advancement of Artificial Intelligence as key threats to TTD's market share and future growth prospects. This bearish outlook suggests significant headwinds for the ad-tech company, potentially impacting its valuation and investor sentiment.
- 5/27/2026POSITIVEThe Trade Desk Shares Are Edging Higher Wednesday: What's Going On?
The Trade Desk Inc. shares are experiencing an upward trend on Wednesday, indicating renewed investor interest. This move suggests buyers are capitalizing on a broader market sentiment favoring riskier assets, potentially re-evaluating the recent sell-off. The sell-off was previously attributed to softer near-term guidance and rating pressures, with ongoing debates surrounding the company's near-term growth visibility. The current price action implies that market participants are looking past the immediate concerns and leaning into the company's long-term prospects.
- 5/13/2026NEGATIVEThe Trade Desk Stock Is Moving Today — Here's What The Chart Is Signaling
The Trade Desk Inc. (TTD) shares experienced a notable decline today, continuing a downward trend observed over recent months. This movement occurred even as broader market indices like the Nasdaq and S&P 500 posted gains, suggesting specific headwinds for the company. Investors are closely monitoring the stock's performance against the backdrop of a generally positive market, indicating potential underlying issues or sector-specific pressures affecting TTD.
- 5/8/2026NEGATIVETrade Desk Stock Slides After EPS Miss, Soft Q2 Outlook
The Trade Desk Inc. (TTD) experienced a significant stock decline following its Q1 earnings report and Q2 revenue guidance. While specific Q1 figures were not detailed in the provided snippet, the market reacted negatively to a reported earnings per share (EPS) miss and a soft outlook for the second quarter. Investors are likely concerned about the company's near-term growth prospects and its ability to meet future revenue expectations. This news suggests potential headwinds for the digital advertising technology sector and may lead to a reassessment of TTD's valuation.
- 5/7/2026NEGATIVETrade Desk’s stock falls as earnings suggest the company’s problems are intensifying
The Trade Desk's stock experienced a significant downturn following its latest quarterly report, which revealed a further deceleration in growth and a miss on profit expectations. This suggests that the company's previously identified challenges are not only persisting but potentially worsening. Investors are likely concerned about the sustainability of its growth trajectory and its ability to meet market expectations in the competitive ad-tech landscape. The disappointing results may lead to downward revisions in earnings forecasts and price targets, impacting investor sentiment.
- 4/27/2026POSITIVETrade Desk Teams Up With DramaBox To Boost Ad Reach Across Platforms
The Trade Desk (TTD) has announced a strategic partnership with DramaBox, a platform specializing in short-form dramas. This collaboration aims to integrate Trade Desk's advanced advertising solutions into DramaBox's content, significantly expanding the reach and effectiveness of advertising campaigns within the burgeoning short-form video market. The move comes just ahead of Trade Desk's upcoming earnings report and analyst outlook, suggesting a proactive strategy to bolster growth prospects. Investors will be watching to see how this partnership translates into increased ad spend and revenue for Trade Desk, potentially enhancing its competitive position in the digital advertising landscape.
via Markets Gazette