Enterprise Value (EV)
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Trade Desk Inc. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2016
- Return on Assets (ROA) since 2016
- Total Asset Turnover since 2016
- Price to Earnings (P/E) since 2016
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Current Enterprise Value (EV)
Trade Desk Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in thousands | |
| Common equity (market value)1 | |
| Add: Preferred stock, par value $0.000001; zero shares issued and outstanding (per books) | |
| Total equity | |
| Add: Total debt (book value) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments, net | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Trade Desk Inc., EV calculation
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Trade Desk Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The enterprise value (EV) exhibited fluctuations over the five-year period. While generally remaining within a relatively constrained range, a notable decline is observed in the most recent year presented.
- Overall Trend
- From 2021 to 2023, the enterprise value demonstrated a pattern of initial decrease followed by partial recovery. The value decreased from approximately US$38.27 billion in 2021 to US$31.09 billion in 2022, then increased to US$35.64 billion in 2023. This was followed by a slight decrease to US$33.83 billion in 2024, and a substantial decrease to US$10.03 billion in 2025.
- Year-over-Year Changes
- The largest year-over-year decrease occurred between 2024 and 2025, with a reduction of approximately US$23.79 billion. The initial decrease from 2021 to 2022 was approximately US$7.17 billion. The increase from 2022 to 2023 was approximately US$4.54 billion. The decrease from 2023 to 2024 was approximately US$1.81 billion.
- Relationship to Equity Values
- The enterprise value closely mirrors the values reported for common equity, total equity, and total equity and debt throughout the period. This suggests that debt levels have remained relatively stable, and changes in enterprise value are primarily driven by fluctuations in market capitalization. The consistency between these values indicates that the calculation of enterprise value is largely dependent on the market’s assessment of the company’s equity.
The significant decline in enterprise value in 2025 warrants further investigation to determine the underlying causes, such as changes in market conditions, company performance, or investor sentiment.