Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2016
- Return on Assets (ROA) since 2016
- Total Asset Turnover since 2016
- Price to Operating Profit (P/OP) since 2016
- Price to Book Value (P/BV) since 2016
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Trade Desk Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
An analysis of valuation multiples between March 2022 and March 2026 reveals a period of initial volatility followed by a sustained and significant contraction across all primary ratios. While the company commanded exceptionally high premiums during the first half of the period, a distinct shift toward more conservative valuation multiples began in late 2024.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both earnings-based ratios exhibit a parallel trajectory, characterized by an extreme peak in mid-2022, with the P/E ratio reaching 788.40 and the P/OP ratio reaching 669.01. Following these peaks, a long-term downward trend is observed. A sharp acceleration in this decline occurred after December 2024, with the P/E ratio falling from 90.94 to 25.53 and the P/OP ratio dropping from 83.69 to 18.36 by March 2026. This suggests a substantial increase in bottom-line profitability relative to the share price or a significant market-driven correction in the valuation premium.
- Price to Sales (P/S)
- The P/S ratio remained elevated and volatile from 2022 through mid-2024, reaching its highest point of 28.32 in September 2024. A rapid contraction followed this peak, with the ratio descending to 3.72 by March 2026. This movement indicates a transition from a high-growth revenue multiple to a valuation more aligned with mature industry standards.
- Price to Book Value (P/BV)
- The P/BV ratio trended generally upward through September 2024, peaking at 24.91. Subsequent to this peak, the ratio underwent a steep decline, ending at 4.50 in March 2026. The correlation between the P/BV decline and the contraction of the P/E and P/S ratios confirms a comprehensive downward adjustment in the company's overall valuation framework.
Price to Earnings (P/E)
Trade Desk Inc., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) (in thousands) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Trade Desk Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics exhibit a significant transition from high-growth speculative pricing to a more compressed valuation multiple over the analyzed period. While earnings performance improved steadily, the equity valuation experienced extreme volatility and an eventual sharp decline.
- Earnings Per Share (EPS) Performance
- A consistent upward trend in profitability is observed, with EPS rising from 0.21 in March 2022 to 0.92 by March 2026. Despite a temporary decline into negative territory in September 2022, the earnings trajectory remained positive for the remainder of the period, indicating sustained growth in bottom-line performance.
- Share Price Volatility
- The share price demonstrated significant instability, peaking at 132.53 in September 2024. Following this peak, a severe downward correction occurred, with the price falling to 23.49 by March 2026. This decline occurred despite the simultaneous increase in earnings per share.
- Price-to-Earnings (P/E) Ratio Compression
- The P/E ratio underwent a dramatic contraction. After reaching a peak of 788.40 in June 2022, the multiple trended downward throughout 2023 and 2024. A rapid decompression is evident from December 2024 onward, where the ratio fell from 90.94 to 25.53. This divergence suggests a fundamental shift in market valuation, moving from a high-growth premium to a significantly lower earnings multiple.
Price to Operating Profit (P/OP)
Trade Desk Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Income (loss) from operations (in thousands) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025
+ Income (loss) from operationsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Trade Desk Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a significant compression in the Price to operating profit (P/OP) ratio over the analyzed period, driven by a divergence between consistent operational growth and volatile equity pricing.
- Operating Profit per Share Trend
- A sustained upward trajectory in operating profit per share is observed. After a temporary decline to -0.02 US$ in September 2022, the metric entered a period of consistent growth. Profitability rose from 0.23 US$ in December 2022 to 1.28 US$ by March 2026, indicating a steady improvement in operational efficiency and earnings capacity.
- Share Price Performance
- The share price exhibited high volatility throughout the period. A significant peak occurred in June 2024 at 132.53 US$, followed by a sharp and sustained decline. By March 2026, the share price had fallen to 23.49 US$, marking a substantial decrease from its peak valuation.
- P/OP Ratio Analysis
- The P/OP ratio underwent a dramatic contraction, moving from extreme highs to significantly lower levels. After peaking at 669.01 in June 2022, the ratio trended generally downward, with a brief spike in September 2024. By March 2026, the ratio reached 18.36. This compression is attributed to the mathematical effect of increasing operating profits occurring simultaneously with a declining share price, resulting in a valuation multiple that is substantially lower at the end of the period than at the beginning.
Price to Sales (P/S)
Trade Desk Inc., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenue (in thousands) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Trade Desk Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the valuation metrics reveals a significant divergence between fundamental revenue growth and market valuation over the observed period. While sales per share exhibited a consistent and linear upward trajectory, the share price experienced high volatility, resulting in substantial fluctuations and an eventual sharp decline in the price-to-sales (P/S) multiple.
- Sales per Share Performance
- A steady increase in sales per share is observed, rising from 2.66 USD in March 2022 to 6.32 USD by March 2026. This represents a consistent growth pattern in revenue generation on a per-share basis throughout the entire duration of the analysis.
- Share Price Volatility
- The share price demonstrated significant instability, characterized by a peak of 132.53 USD in September 2024 followed by a severe correction. By the end of the period in March 2026, the price reached a low of 23.49 USD, despite the continued growth in sales per share.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio remained elevated between March 2022 and June 2024, generally fluctuating between 13.17 and 22.90. A peak valuation occurred in September 2024, where the ratio reached 28.32. However, starting in late 2024 and accelerating through 2025, a strong compression trend emerged. The ratio declined from 14.62 in December 2024 to 3.72 by March 2026.
- Valuation Divergence
- The most notable insight is the decoupling of the P/S ratio from revenue growth. In the final quarters, the P/S ratio plummeted even as sales per share reached their highest levels. This indicates a fundamental shift in market sentiment or a significant re-rating of the valuation multiples, moving from a high-growth premium to a significantly lower valuation basis.
Price to Book Value (P/BV)
Trade Desk Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Stockholders’ equity (in thousands) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Trade Desk Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the valuation ratios reveals a period of significant volatility in the market valuation of the equity relative to its book value, characterized by a sharp expansion followed by a substantial contraction.
- Price to Book Value (P/BV) Trend
- The P/BV ratio exhibited an upward trajectory from March 2022, starting at 12.90 and reaching a peak of 24.91 in September 2024. This period represents a significant premium attributed to the company's market value over its accounting value. However, following this peak, a severe downward reversal occurred, with the ratio declining sharply to 4.50 by March 2026. This suggests a fundamental shift in market sentiment or a correction in valuation multiples.
- Book Value per Share (BVPS) Performance
- In contrast to the volatility of the market price, the book value per share demonstrated a steady growth pattern for much of the observed period. BVPS increased from 3.39 US$ in March 2022 to a peak of 5.94 US$ in December 2024. Although a slight moderation occurred thereafter, ending at 5.22 US$ in March 2026, the underlying asset base per share remained significantly higher than the initial levels recorded in 2022.
- Share Price Volatility and Valuation Impact
- The fluctuations in the P/BV ratio were driven primarily by high volatility in the share price. The share price peaked at 132.53 US$ in September 2024, which coincided with the maximum P/BV ratio. The subsequent collapse in the valuation ratio to 4.50 was almost entirely the result of the share price declining to 23.49 US$ by March 2026, while the book value per share remained relatively stable.
- Comparative Valuation Phases
- The data indicates two distinct phases: a growth and premium phase from early 2022 through mid-2024, where the market aggressively priced in future expectations, and a devaluation phase from late 2024 through early 2026, where the market price converged much closer to the intrinsic book value.