Top Bucket AI

Business Description

DoubleVerify Holdings, Inc. provides a software platform for digital media measurement, data, and analytics. Operating globally, the company offers solutions that help advertisers verify ad delivery, detect fraud, ensure brand safety, and measure campaign effectiveness. Its proprietary technology is designed to increase transparency and optimize digital advertising investments across various channels, including social media and connected TV.

Financial Statements

In thousands, USD

	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	748,291	656,849	572,543	452,418
Cost of Sales	133,499	116,515	106,631	77,866
Gross Profit	614,792	540,334	465,912	374,552
Selling, General & Administrative Expenses	300,570	259,653	213,924	186,082
Depreciation & Amortization Expenses	56,579	45,215	40,885	34,328
Research & Development Expenses	178,445	153,046	125,376	95,118
Operating Profit	79,198	82,420	85,727	59,024
Interest Expense	(1,733)	(1,118)	(1,066)	(905)
Non-Operating Income	(5,244)	(7,488)	(11,216)	(1,249)
Total Non-Operating Income	(6,977)	(8,606)	(12,282)	(2,154)
Income Before Provision for Income Taxes	82,709	88,790	95,877	59,368
Provision for Income Taxes	32,059	32,559	24,411	16,100
Consolidated Net Income	50,650	56,231	71,466	43,268
Net Income Attributable to Common Shareholders	50,650	56,231	71,466	43,268
Basic EPS	0.31	0.33	0.43	0.26
Diluted EPS	0.30	0.32	0.41	0.25
Basic Weighted Average Shares Outstanding	162,780	170,515	167,803	163,882
Diluted Weighted Average Shares Outstanding	166,683	175,076	173,435	170,755
Shares Outstanding	161,900	167,069	171,146	165,417

	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	259,038	292,820	310,131	267,813
Short-Term Investments	—	17,805	—	—
Total Cash and Cash Equivalents	259,038	310,625	310,131	267,813
Accounts Receivable	221,158	226,225	206,941	167,122
Total Trade Receivables	221,158	226,225	206,941	167,122
Other Current Assets	39,132	22,201	15,930	10,161
Total Current Assets	519,328	559,051	533,002	445,096
Net Property, Plant & Equipment	170,192	137,916	118,490	111,726
Net Intangible Assets	101,616	110,356	140,883	135,429
Goodwill	516,002	427,621	436,008	343,011
Other Long-Term Assets	46,944	41,266	14,648	1,766
Total Assets	1,354,082	1,276,210	1,243,031	1,037,028
Accounts Payable	14,662	11,598	12,932	6,675
Accrued Expenses	73,552	54,532	44,264	33,085
Current Portion of Leases	16,039	13,560	11,963	8,887
Other Current Liabilities	17,310	23,792	14,696	20,263
Total Current Liabilities	121,563	103,482	83,855	68,910
Leases	83,512	78,109	74,428	74,865
Other Long-Term Liabilities	17,675	11,160	10,809	16,394
Total Long-Term Liabilities	101,187	89,269	85,237	91,259
Total Liabilities	222,750	192,751	169,092	160,169
Common Stock	177	174	171	165
Treasury Stock	(247,982)	(131,620)	(743)	(796)
Additional Paid-in Capital	1,059,938	974,383	878,331	756,299
Accumulated Other Comprehensive Income	13,335	(14,692)	(2,803)	(6,326)
Retained Earnings	305,864	255,214	198,983	127,517
Total Common Shareholders' Equity	1,131,332	1,083,459	1,073,939	876,859
Total Shareholders' Equity	1,131,332	1,083,459	1,073,939	876,859
Total Liabilities and Shareholders' Equity	1,354,082	1,276,210	1,243,031	1,037,028

	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	50,650	56,231	71,466	43,268
Depreciation & Amortization	56,579	45,215	40,885	34,328
Share-Based Compensation Expense	104,226	90,658	59,244	42,304
Other Adjustments	16,764	(5,651)	(8,583)	(4,128)
Changes in Trade Receivables	6,453	(26,702)	(43,691)	(49,765)
Changes in Accounts Payable	2,312	(1,067)	5,476	9,004
Changes in Accrued Expenses	(6,504)	12,337	530	16,604
Changes in Other Operating Activities	(19,297)	(11,352)	(5,591)	9,094
Cash from Operating Activities	211,183	159,664	119,741	94,862
Capital Expenditure	(38,529)	(27,149)	(17,009)	(39,981)
Purchases of Investments	(67,240)	(99,629)	—	—
Proceeds from Sale of Investments	17,753	81,937	—	—
Payments for Business Acquisitions	—	—	(82,578)	—
Other Investing Activities	(2,025)	—	—	—
Cash from Investing Activities	(105,379)	(44,841)	(84,249)	(39,981)
Issuance of Short-Term Debt	—	—	50,000	—
Repayments of Short-Term Debt	—	—	(50,000)	—
Net Issuance / (Repayments) of Short-Term Debt	—	—	0	—
Issuance of Common Shares	3,336	6,846	13,389	7,537
Repurchases of Common Shares	(142,733)	(133,821)	(4,586)	(10,244)
Net Issuance / (Repurchases) of Common Shares	(139,397)	(126,975)	8,803	(2,707)
Other Financing Activities	(4,552)	(2,475)	(2,314)	(5,177)
Cash from Financing Activities	(143,949)	(129,450)	6,489	(7,884)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	4,438	(1,889)	338	(784)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(33,707)	(16,516)	42,319	46,213

Key Metrics & Ratios

Metric	Value
Market Cap	$1.85B
P/E	38.13x
P/S	2.48x
EV/EBITDA	12.47x
Return on Equity	4.6%
Return on Invested Capital	5.2%
Current Ratio	4.27x
Free Cash Flow Margin	23.1%

Margins

Gross margin

82.2%

Operating margin

10.6%

Net margin

6.8%

Quarterly Trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q2 2026	$194M	+2.5%	11.9%	$23M
Q1 2026	$181M	+9.6%	8.6%	$16M
Q4 2025	$206M	+7.9%	18.4%	$38M
Q3 2025	$189M	+11.2%	11.2%	$21M
Q2 2025	$189M	—	7.2%	$14M
Q1 2025	$165M	—	4.1%	$7M
Q4 2024	$191M	—	20.3%	$39M
Q3 2024	$170M	—	15.2%	$26M

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DoubleVerify Holdings, Inc. financials