The Trade Desk, Inc. (TTD)
被低估基本面
82
价格
$12.17
市值
$5.97B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
护城河
转换成本 · 狭窄Agencies 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.
需求驱动因素
周期性Demand 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.
主要风险
- 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.
看多理由
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.
看空理由
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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资产负债表与流动性
营收
$2.99B
最近12个月(截至2026/6/30)
净利润
$407M
最近12个月(截至2026/6/30)
自由现金流
$796M
股东权益合计
$2.48B
负债合计
$3.67B
流动比率
1.72
利息覆盖率
277.87
债务/EBITDA
0.62
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$631.07
当前价格
$12.17
安全边际
+98.1%
公允价值区间
$410.20 - $851.95
所用估值方法之间的离散区间,并非经过统计校准的置信区间。
估算方法
估值指标
市盈率(P/E)
14.49
ROE
17.8%
市净率(P/B)
2.03
P/FCF
6.06
毛利率
76.9%
ROIC
15.6%
盈利能力雷达图
价值创造(经济护城河)
ROIC
15.6%
WACC
9.3%
ROIC − WACC
+6.3 pp
ROIC 超过资本成本:公司正在为股东创造价值。
基本面分析标准
通过(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
未通过(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%
不可用(1)
- Dividend Payout NaN%
Piotroski F-评分
信号混杂:部分领域需关注
盈利质量
高质量:盈利有现金流支撑
股权稀释
正在回购股份,对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
10
董事会风险
10
薪酬风险
10
股东权利风险
10
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
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