Trade Desk Inc., current enterprise value calculation

Current share price (P)	$17.67
No. shares of common stock outstanding	469,880,194
US$ in thousands
Common equity (market value)¹	8,302,783)
Add: Preferred stock, par value $0.000001; zero shares issued and outstanding (per books)	—)
Total equity	8,302,783)
Add: Total debt (book value)	—)
Total equity and debt	8,302,783)
Less: Cash and cash equivalents	658,175)
Less: Short-term investments, net	644,882)
Enterprise value (EV)	6,999,726)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 17.67 × 469,880,194

Trade Desk Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$23.82	$72.06	$75.71	$66.30	$80.91
No. shares of common stock outstanding¹	475,977,047	496,088,557	488,936,831	490,794,798	484,832,580
US$ in thousands
Common equity (market value)³	11,337,773)	35,748,141)	37,017,407)	32,539,695)	39,227,804)
Add: Preferred stock, par value $0.000001; zero shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	11,337,773)	35,748,141)	37,017,407)	32,539,695)	39,227,804)
Add: Total debt (book value)	—)	—)	—)	—)	—)
Total equity and debt	11,337,773)	35,748,141)	37,017,407)	32,539,695)	39,227,804)
Less: Cash and cash equivalents	658,175)	1,369,463)	895,129)	1,030,506)	754,154)
Less: Short-term investments, net	644,882)	552,026)	485,159)	416,080)	204,625)
Enterprise value (EV)	10,034,716)	33,826,652)	35,637,119)	31,093,109)	38,269,025)

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
= 23.82 × 475,977,047

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.

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Trade Desk Inc. (NASDAQ:TTD)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)