Trade Desk Inc. (NASDAQ:TTD)

The share price of the company exhibited a general upward trend from February 2017 to February 2021, rising significantly from $3.34 to a peak of $90.34. Following this peak, the share price demonstrated a downward correction through the subsequent years, decreasing to $66.30 by February 2023, before experiencing a moderate recovery to $75.71 in February 2024, and then a slight decline to $72.06 projected for February 2025.

The book value per share (BVPS) consistently increased over the entire period under review, starting at $0.42 in February 2017 and rising steadily each year to reach $5.94 by February 2025. This represents a continuous strengthening of the company’s net asset base on a per-share basis, indicating persistent growth in net assets relative to the number of shares outstanding.

The price-to-book value (P/BV) ratio revealed significant variability and fluctuations throughout the period. Initially, the ratio was relatively moderate at 7.96 in 2017 and increased slightly to 9.59 in 2018. From 2019 to 2021, the ratio escalated sharply to a very high level, peaking at 42.25 in February 2021. This shift implies that market valuation increased substantially relative to the underlying book value per share during those years, possibly reflecting high investor expectations or overvaluation. After 2021, the P/BV ratio declined markedly, dropping to 25.68 in 2022 and further to 15.38 and 17.10 in 2023 and 2024 respectively. The ratio is projected to decrease further to 12.12 by February 2025, which could indicate a market repricing that better aligns with book value, or a moderation in growth expectations.

Overall, the data suggests a period of marked share price appreciation leading to an elevated market valuation relative to book value through early 2021, followed by a phase of correction and valuation normalization. Meanwhile, the company's fundamental book value per share has shown resilient and steady growth across all years assessed.