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DoubleVerify

DV NYSE Advertising Financials FY2019–FY2025

DoubleVerify's revenue rose 13.9% to $748 million in fiscal 2025. Its operating margin was 10.6%, down from 12.6% a year earlier. Free cash flow was $173 million, up 30.3%. It paid out $132 million in dividends and buybacks, 77% of free cash flow. The diluted share count fell 4.8%.

Last close · Oct 23, 2026

$13.55

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$748M
13.9% vs prior year
Operating margin Operating income as a share of revenue.
10.6%
2.0 pts
Net income Profit after all expenses, interest and tax.
$50.6M
10.0%
Free cash flow Cash from operations minus capital spending.
$173M
30.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$2.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
38.7x
On $0.35 EPS (TTM)

What DoubleVerify does

No business description yet.

Legal name
DoubleVerify Holdings, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-020499
0001819928

Revenue and margins

DoubleVerify had $748M of revenue in fiscal 2025, up 13.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2019 to 2025, diluted EPS grew 11.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $173M in fiscal 2025, 23.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

DoubleVerify returned $132M to shareholders in fiscal 2025, 77% of free cash flow. The diluted share count fell 4.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value DoubleVerify yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 166.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 38.7x · peers 17.8x · sector 17.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably DoubleVerify can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $222M$268M$310M$311M—
Interest coverage 22.8x65.2x80.4x73.7x45.7x
Current ratio 6.5x6.5x6.4x5.4x4.3x
Quick ratio 6.5x6.5x6.4x5.4x4.3x
Total assets $892M$1.0B$1.2B$1.3B$1.4B
Total liabilities $93.1M$160M$169M$193M$223M
Shareholders' equity $799M$877M$1.1B$1.1B$1.1B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.1M

1 insider

Of sales under plans

100%

$0.1M

DateInsiderTradeSharesPriceValueFiling
Mar 2, 2026 Andrew E GrimmigChief Legal Officer Sold plan 1,000 $10.31 $0.0M Form 4
Feb 2, 2026 Andrew E GrimmigChief Legal Officer Sold plan 1,000 $10.71 $0.0M Form 4
Jan 2, 2026 Andrew E GrimmigChief Legal Officer Sold plan 1,000 $11.49 $0.0M Form 4
Dec 16, 2025 Andrew E GrimmigChief Legal Officer Sold plan 3,096 $10.81 $0.0M Form 4
Dec 1, 2025 Andrew E GrimmigChief Legal Officer Sold plan 1,000 $10.46 $0.0M Form 4
Nov 3, 2025 Andrew E GrimmigChief Legal Officer Sold plan 1,000 $11.30 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −4.2%−8.2%−12.2%
Altman Z'' 10.029.338.39

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
DoubleVerify DV $2.1B 13.9% 10.6% 23.1% — 38.7x —
Ziff Davis ZD $2.1B 3.5% 12.6% 19.8% 6.0% 3.3x 6 Compare →
The Trade Desk TTD $6.1B 18.5% 20.4% 27.5% — 15.7x — Compare →
AppLovin APP $87.7B 70.0% 75.8% — 98.2% 20.0x 9 Compare →
Omnicom Group OMC $22.8B 10.1% 2.6% 16.1% 2.0% 80.3x 3 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $183M $244M $333M $452M $573M $657M $748M
Gross profit $158M $208M $278M $375M $466M $540M $615M
Research and development $31.6M $47.0M $62.7M $95.1M $125M $153M $178M
Operating income $39.1M $21.4M $26.7M $59.0M $85.7M $82.4M $79.2M
Interest expense $5.2M $4.9M $1.2M $0.9M $1.1M $1.1M $1.7M
Pretax income $35.4M $17.3M $25.8M $59.4M $95.9M $88.8M $82.7M
Income tax $12.1M −$3.1M −$3.5M $16.1M $24.4M $32.6M $32.1M
Net income $23.3M $20.5M $29.3M $43.3M $71.5M $56.2M $50.6M
Diluted EPS $0.16 $0.14 $0.18 $0.25 $0.41 $0.32 $0.30
Diluted shares 0.14B 0.15B 0.16B 0.17B 0.17B 0.18B 0.17B
Cash flow
Cash from operations $29.4M $21.2M $82.7M $94.9M $120M $160M $211M
Capital expenditure $5.9M $9.8M $9.4M $40.0M $17.0M $27.1M $38.5M
Free cash flow $23.5M $11.5M $73.4M $54.9M $103M $133M $173M
Depreciation and amortization $21.8M $24.6M $30.3M $34.3M $40.9M $45.2M $56.6M
Stock-based compensation $1.7M $6.0M $21.9M $42.3M $59.2M $90.7M $104M
Acquisitions $57.3M $0.0M $149M $0.0M $67.2M $0.0M $82.6M
Share buybacks $0.0M $0.0M $1.8M $10.2M $4.6M $128M $132M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $1.8M $10.2M $4.6M $128M $132M
Balance sheet
Cash and short-term investments $10.9M $33.4M $222M $268M $310M $311M —
Total debt — $22.0M — — — — —
Finance lease liabilities $0.0M $0.0M $4.5M $2.6M $5.8M $3.3M $12.6M
Current assets — $142M $368M $445M $533M $559M $519M
Current liabilities — $34.0M $57.0M $68.9M $83.9M $104M $122M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $18.1M $17.6M $47.0M $58.0M $70.2M $103M
Total assets — $511M $892M $1.0B $1.2B $1.3B $1.4B
Total liabilities — $94.6M $93.1M $160M $169M $193M $223M
Shareholders' equity $318M $417M $799M $877M $1.1B $1.1B $1.1B
Margins
Gross margin 86.4% 85.3% 83.7% 82.8% 81.4% 82.3% 82.2%
Operating margin 21.4% 8.8% 8.0% 13.1% 15.0% 12.6% 10.6%
EBITDA margin 33.4% 18.8% 17.1% 20.6% 22.1% 19.4% 18.1%
Net margin 12.8% 8.4% 8.8% 9.6% 12.5% 8.6% 6.8%
FCF margin 12.9% 4.7% 22.0% 12.1% 17.9% 20.2% 23.1%
Returns
Return on capital employed — — 4.1% 6.6% 8.1% 7.1% 6.6%
Return on equity — — 4.8% 5.2% 7.3% 5.2% 4.6%
Return on assets — — 4.2% 4.5% 6.3% 4.5% 3.9%
Growth
Revenue growth — 33.5% 36.4% 36.0% 26.6% 14.7% 13.9%
Net income growth — −12.3% 43.3% 47.6% 65.2% −21.3% −9.9%
EPS growth — −12.5% 28.6% 38.9% 64.0% −22.0% −6.3%
FCF growth — −51.2% 539.8% −25.2% 87.2% 29.0% 30.3%
Share count change — 1.7% 10.2% 6.6% 1.6% 1.0% −4.8%
Financial health
Net debt / EBITDA — −0.3x — — — — —
Debt / equity — 0.1x — — — — —
Interest coverage 7.5x 4.3x 22.8x 65.2x 80.4x 73.7x 45.7x
Current ratio — 4.2x 6.5x 6.5x 6.4x 5.4x 4.3x
Quick ratio — 4.2x 6.5x 6.5x 6.4x 5.4x 4.3x
Capital allocation
Capex / revenue 3.3% 4.0% 2.8% 8.8% 3.0% 4.1% 5.2%
Stock comp / revenue 0.9% 2.5% 6.6% 9.4% 10.4% 13.8% 13.9%
Payouts / FCF 0.0% 0.0% 2.5% 18.7% 4.5% 96.6% 76.6%
Quality scores
Altman Z'' — 6.6 11.8 8.9 10.0 9.3 8.4
Accruals ratio — — −7.6% −5.4% −4.2% −8.2% −12.2%

Source: SEC EDGAR XBRL filings (CIK 0001819928). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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