Price to FCFE (P/FCFE)
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- 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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Free Cash Flow to Equity (FCFE)
Trade Desk Inc., FCFE calculation
US$ in thousands
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).
The financial information indicates a consistent upward trend in both net cash provided by operating activities and free cash flow to equity (FCFE) over the five-year period. Both metrics demonstrate substantial growth from 2021 to 2025.
- Net Cash from Operations
- Net cash provided by operating activities increased steadily throughout the period, beginning at US$378.513 million in 2021 and reaching US$992.721 million in 2025. This represents a cumulative increase of approximately 162.3% over the five years. The growth rate appears to accelerate in later years, with a larger absolute increase between 2024 and 2025 compared to earlier periods.
- Free Cash Flow to Equity (FCFE)
- FCFE mirrors the trend observed in operating cash flow, exhibiting consistent growth from US$316.616 million in 2021 to US$782.958 million in 2025. This signifies a cumulative increase of approximately 147.4% over the five-year timeframe. The growth in FCFE is substantial, suggesting the company is generating increasing cash available to its equity holders after all expenses and reinvestments are accounted for.
The consistent and positive trends in both metrics suggest improving financial health and increasing capacity for shareholder returns, debt reduction, or further investment in growth initiatives. The parallel growth of operating cash flow and FCFE indicates that increases in operating performance are effectively translating into cash available to equity investors.
Price to FCFE Ratio, Current
Trade Desk Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Alphabet Inc. | |
| Comcast Corp. | |
| Meta Platforms Inc. | |
| Netflix Inc. | |
| Walt Disney Co. | |
| P/FCFE, Sector | |
| Media & Entertainment | |
| P/FCFE, Industry | |
| Communication Services | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Trade Desk Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Alphabet Inc. | ||||||
| Comcast Corp. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Walt Disney Co. | ||||||
| P/FCFE, Sector | ||||||
| Media & Entertainment | ||||||
| P/FCFE, Industry | ||||||
| Communication Services | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Trade Desk Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits a significant declining trend over the observed period. Initially high, the ratio decreased substantially before stabilizing at a lower level. This movement is closely tied to changes in both share price and free cash flow per share.
- Share Price
- The share price began at 80.91 US$ in 2021, decreased to 66.30 US$ in 2022, recovered to 75.71 US$ in 2023, slightly declined to 72.06 US$ in 2024, and then experienced a substantial drop to 23.82 US$ in 2025. This indicates increasing volatility and a pronounced downward shift in investor valuation towards the end of the period.
- FCFE per Share
- Free cash flow to equity per share demonstrated consistent growth throughout the period. Starting at 0.65 US$ in 2021, it increased to 0.93 US$ in 2022, 1.11 US$ in 2023, 1.27 US$ in 2024, and reached 1.64 US$ in 2025. This suggests improving cash generation capabilities for equity holders.
- P/FCFE Ratio
- The P/FCFE ratio started at a high of 123.90 in 2021. It then decreased to 71.23 in 2022 and 68.13 in 2023, continuing to 56.53 in 2024. The most dramatic decline occurred between 2024 and 2025, with the ratio falling to 14.48. The initial decrease can be attributed to a combination of a declining share price and increasing FCFE per share. However, the sharp drop in 2025 is primarily driven by the significant decrease in share price, despite continued growth in FCFE per share. This suggests that the market’s valuation of future cash flows has decreased substantially relative to the current share price.
The divergence between the increasing FCFE per share and the decreasing P/FCFE ratio indicates a potential disconnect between the company’s fundamental cash-generating ability and investor sentiment. The substantial decline in the P/FCFE ratio in the final year warrants further investigation to understand the underlying causes of the diminished market valuation.