Trade Desk, Inc. (TTD) intrinsic value & 10-year financials
Trade Desk, Inc. (TTD) has a Graham intrinsic value of $29.89 per share. At $12.23 on Oct 17, 2026, the stock trades 59% below that value. Over the last 10 fiscal years revenue grew 34.4% a year to $2.9B, with an average return on invested capital of 17.6%.
- Graham intrinsic value
- $29.89
- Share price (Oct 17, 2026)
- $12.23
- Price vs Graham value
- 59% below
- Market cap
- $6.0B
- Revenue (FY2025)
- $2.9B
- Revenue growth (10-yr CAGR)
- 34.4%
- ROIC (10-yr avg)
- 17.6%
- Free cash flow (FY2025)
- $795.7M
TTD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.9B | $443.3M | $0.90 | $795.7M | 20.3% | 19.8% |
| FY2024 | $2.4B | $393.1M | $0.78 | $641.2M | 17.5% | 20.2% |
| FY2023 | $1.9B | $178.9M | $0.36 | $551.5M | 10.3% | 9.8% |
| FY2022 | $1.6B | $53.4M | $0.11 | $464.6M | 7.2% | 4.9% |
| FY2021 | $1.2B | $137.8M | $0.28 | $323.7M | 10.4% | 13.6% |
| FY2020 | $836.0M | $242.3M | $0.49 | $331.0M | 17.2% | 19.4% |
| FY2019 | $661.1M | $108.3M | $0.23 | $24.5M | 17.0% | 15.9% |
| FY2018 | $477.3M | $88.1M | $0.19 | $66.8M | 22.5% | 28.0% |
| FY2017 | $308.2M | $50.8M | $0.11 | $21.1M | 22.5% | 27.0% |
| FY2016 | $202.9M | $20.5M | -$0.15 | $68.1M | 28.3% | 17.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Trade Desk (The) is a consistent compounder, expanding top-line revenue at 34.4% annually over the past decade.
Trade Desk (The) has earned high returns on invested capital, averaging 17.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Trade Desk (The) has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Trade Desk (The) is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $29.89 per share.