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).
Historical Valuation Ratios (Summary)
Trade Desk Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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).
The valuation multiples exhibit a general trajectory of significant compression over the analyzed period. Initial phases were characterized by extreme volatility and elevated ratios, followed by a consistent downward trend toward more conservative valuation levels by the second quarter of 2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both earnings-based ratios demonstrated extreme peaks in mid-2022, with the P/E ratio reaching 788.40 and the P/OP ratio reaching 669.01. Following these peaks, a sustained long-term decline is observed. By the end of the period in June 2026, the P/E ratio contracted to 20.41 and the P/OP ratio to 14.16. This suggests a substantial shift from speculative valuation to a level more closely aligned with fundamental profitability.
- Price to Sales (P/S)
- The P/S ratio remained relatively high and volatile between 2022 and 2024, maintaining a range primarily between 13.17 and 22.90. A notable peak occurred in September 2024 at 28.32. This was followed by a sharp and consistent decline starting in December 2024, ultimately falling to 2.78 by June 2026, representing a significant reduction in the premium paid per unit of revenue.
- Price to Book Value (P/BV)
- The P/BV ratio followed a pattern similar to the P/S ratio, experiencing an upward trend that peaked in September 2024 at 24.91. A subsequent rapid contraction is observed, with the ratio dropping to 3.23 by June 2026. This trend indicates a diminishing premium over the company's net asset value over time.
Across all four metrics, a synchronized contraction is evident starting in late 2024 and accelerating through 2025 and 2026. The convergence of these ratios toward lower values suggests a fundamental re-rating of the equity valuation.
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Price to Earnings (P/E)
Trade Desk Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | 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 | 469,880,194 | 470,108,361 | 475,977,047 | 483,594,867 | 488,942,869 | 491,438,669 | 496,088,557 | 493,573,913 | 491,577,870 | 489,127,033 | 488,936,831 | 490,297,013 | 490,198,405 | 488,849,511 | 490,794,798 | 489,511,127 | 488,255,596 | 486,325,791 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) (in thousands) | 64,394) | 39,997) | 186,950) | 115,547) | 90,129) | 50,678) | 182,229) | 94,158) | 85,029) | 31,660) | 97,323) | 39,352) | 32,939) | 9,326) | 71,187) | 15,869) | (19,073) | (14,598) | ||||||
| Earnings per share (EPS)2 | 0.87 | 0.92 | 0.93 | 0.91 | 0.85 | 0.84 | 0.79 | 0.62 | 0.52 | 0.41 | 0.37 | 0.31 | 0.26 | 0.16 | 0.11 | -0.02 | 0.07 | 0.21 | ||||||
| Share price1, 3 | 17.67 | 23.49 | 23.82 | 45.90 | 88.33 | 59.90 | 72.06 | 132.53 | 88.27 | 87.26 | 75.71 | 76.81 | 80.93 | 64.97 | 66.30 | 39.89 | 54.50 | 43.75 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 20.41 | 25.53 | 25.58 | 50.61 | 103.52 | 71.43 | 90.94 | 212.26 | 171.26 | 212.06 | 206.87 | 246.46 | 306.77 | 410.83 | 609.53 | — | 788.40 | 211.66 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | 15.94 | 28.88 | 30.33 | 27.38 | 20.22 | 17.91 | 23.54 | 22.87 | 24.49 | 26.05 | 23.89 | 23.76 | 26.82 | 22.64 | 22.47 | 18.32 | 20.58 | 20.32 | ||||||
| Comcast Corp. | 6.95 | 6.01 | 5.35 | 4.40 | 5.36 | 7.89 | 7.86 | 11.39 | 9.88 | 9.64 | 12.01 | 10.40 | 28.75 | 29.69 | 31.38 | 25.58 | 12.39 | 13.00 | ||||||
| Meta Platforms Inc. | 20.16 | 22.01 | 30.89 | 28.70 | 27.17 | 21.59 | 27.91 | 25.80 | 24.48 | 24.47 | 30.97 | 24.92 | 35.58 | 28.51 | 21.10 | 9.01 | 12.84 | 14.91 | ||||||
| Netflix Inc. | 21.03 | 30.65 | 33.11 | 45.35 | 50.14 | 44.68 | 47.72 | 41.97 | 38.31 | 37.14 | 45.64 | 38.78 | 44.61 | 34.72 | 36.18 | 23.66 | 19.54 | 19.36 | ||||||
| Walt Disney Co. | 16.72 | 15.10 | 15.49 | 17.93 | 20.60 | 35.59 | 39.74 | 32.64 | 113.35 | 60.90 | 73.44 | 71.09 | 44.85 | 61.51 | 54.90 | 65.23 | 72.29 | 86.97 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
EPS
= (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= (64,394,000 + 39,997,000 + 186,950,000 + 115,547,000)
÷ 469,880,194 = 0.87
3 Closing price as at the filing date of Trade Desk Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 17.67 ÷ 0.87 = 20.41
5 Click competitor name to see calculations.
The valuation trajectory exhibits a significant transition from extreme volatility and high growth premiums to a substantially compressed valuation multiple. While earnings per share demonstrated a consistent long-term upward trend, the share price experienced severe fluctuations, leading to a dramatic contraction in the price-to-earnings (P/E) ratio over the analyzed period.
- Earnings Per Share (EPS) Trend
- A general growth pattern is observed in earnings, rising from 0.21 US$ in March 2022 to a peak of 0.93 US$ in December 2025. Despite a temporary dip into negative territory in September 2022 (-0.02 US$), the EPS maintained a steady climb throughout 2023 and 2024, indicating a strengthening fundamental profit capacity over time.
- Share Price Volatility
- The share price displayed significant instability, characterized by a massive peak of 132.53 US$ in September 2024. This high was followed by a precipitous decline, with the price falling to 17.67 US$ by June 2026. This downward movement in price occurred even as earnings remained relatively stable or grew, creating a diverging relationship between market valuation and actual earnings.
- P/E Ratio Compression
- The P/E ratio underwent a severe compression. Initial valuations were exceptionally high, reaching a peak of 788.40 in June 2022. Following this period of hyper-valuation, the ratio began a long-term descent. After a temporary spike back to 212.26 in September 2024, the ratio collapsed rapidly, ending at 20.41 in June 2026. This represents a shift from a speculative growth valuation to a more conservative earnings-based valuation.
- Correlation Analysis
- The data indicates that the P/E ratio was driven more by share price volatility than by changes in earnings. In the latter half of the period, specifically from December 2024 through June 2026, the P/E ratio declined sharply because the share price fell much faster than the earnings per share, which remained robust near 0.90 US$. This suggests a significant reduction in the market's willingness to pay a premium for future growth.
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Price to Operating Profit (P/OP)
Trade Desk Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 469,880,194 | 470,108,361 | 475,977,047 | 483,594,867 | 488,942,869 | 491,438,669 | 496,088,557 | 493,573,913 | 491,577,870 | 489,127,033 | 488,936,831 | 490,297,013 | 490,198,405 | 488,849,511 | 490,794,798 | 489,511,127 | 488,255,596 | 486,325,791 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Income (loss) from operations (in thousands) | 101,577) | 66,647) | 256,873) | 161,219) | 116,777) | 54,452) | 195,309) | 108,481) | 94,720) | 28,657) | 144,438) | 37,677) | 41,673) | (23,308) | 100,160) | 28,804) | 1,743) | (17,053) | ||||||
| Operating profit per share2 | 1.25 | 1.28 | 1.24 | 1.09 | 0.97 | 0.92 | 0.86 | 0.76 | 0.62 | 0.52 | 0.41 | 0.32 | 0.30 | 0.22 | 0.23 | -0.02 | 0.08 | 0.21 | ||||||
| Share price1, 3 | 17.67 | 23.49 | 23.82 | 45.90 | 88.33 | 59.90 | 72.06 | 132.53 | 88.27 | 87.26 | 75.71 | 76.81 | 80.93 | 64.97 | 66.30 | 39.89 | 54.50 | 43.75 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 14.16 | 18.36 | 19.24 | 42.06 | 90.92 | 64.99 | 83.69 | 173.83 | 142.04 | 169.07 | 184.64 | 241.10 | 269.27 | 295.72 | 286.30 | — | 669.01 | 212.81 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | 26.37 | 33.50 | 31.06 | 27.42 | 19.25 | 16.92 | 20.97 | 20.51 | 21.92 | 23.24 | 20.92 | 20.13 | 21.93 | 18.38 | 18.01 | 15.62 | 17.97 | 18.39 | ||||||
| Comcast Corp. | 4.25 | 5.90 | 5.18 | 4.49 | 5.45 | 5.35 | 5.46 | 7.33 | 6.37 | 6.33 | 7.93 | 6.75 | 12.94 | 11.89 | 12.00 | 9.64 | 7.83 | 8.75 | ||||||
| Meta Platforms Inc. | 15.80 | 17.53 | 22.43 | 20.51 | 24.69 | 19.68 | 25.09 | 22.96 | 21.42 | 20.99 | 25.90 | 20.16 | 27.97 | 22.11 | 16.91 | 7.39 | 10.83 | 12.68 | ||||||
| Netflix Inc. | 20.00 | 29.42 | 27.28 | 37.42 | 41.76 | 37.21 | 39.91 | 33.87 | 31.43 | 30.36 | 35.50 | 29.21 | 33.68 | 27.12 | 28.85 | 20.89 | 16.77 | 15.62 | ||||||
| Walt Disney Co. | 14.32 | 14.29 | 14.76 | 17.26 | 15.44 | 21.45 | 23.75 | 19.06 | 39.89 | 29.75 | 33.90 | 34.95 | 26.48 | 32.61 | 26.43 | 31.54 | 35.31 | 53.03 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2026
+ Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025)
÷ No. shares of common stock outstanding
= (101,577,000 + 66,647,000 + 256,873,000 + 161,219,000)
÷ 469,880,194 = 1.25
3 Closing price as at the filing date of Trade Desk Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 17.67 ÷ 1.25 = 14.16
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio demonstrates a significant long-term contraction, transitioning from highly elevated levels in 2022 to a substantially lower valuation by mid-2026. This trend is characterized by a distinct divergence between steady operational growth and a declining equity market valuation.
- Operating Profitability Trends
- Operating profit per share exhibits a consistent upward trajectory over the analyzed period. Following a temporary decline into negative territory in September 2022 (-0.02 US$), the metric grew steadily, rising from 0.21 US$ in March 2022 to 1.25 US$ by June 2026. This progression indicates a sustained improvement in fundamental operational efficiency and profitability per share.
- Share Price Volatility
- The share price experienced significant volatility, characterized by an initial climb to a peak of 132.53 US$ in September 2024. Following this peak, a sharp and sustained downward trend occurred, with the price falling to 17.67 US$ by June 2026. The decline in share price appears decoupled from the positive trend in operating profits.
- Valuation Multiple Compression
- The P/OP ratio reflects the combined impact of increasing profits and a collapsing share price. The ratio reached an extreme peak of 669.01 in June 2022 and remained elevated through 2023. A period of compression began in 2024, accelerating through 2025 and 2026, ending at a ratio of 14.16. This shift indicates a transition from a high-growth valuation premium to a significantly more conservative market pricing of operating earnings.
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Price to Sales (P/S)
Trade Desk Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | 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 | 469,880,194 | 470,108,361 | 475,977,047 | 483,594,867 | 488,942,869 | 491,438,669 | 496,088,557 | 493,573,913 | 491,577,870 | 489,127,033 | 488,936,831 | 490,297,013 | 490,198,405 | 488,849,511 | 490,794,798 | 489,511,127 | 488,255,596 | 486,325,791 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenue (in thousands) | 715,057) | 688,857) | 846,791) | 739,433) | 694,039) | 616,021) | 741,012) | 628,016) | 584,550) | 491,253) | 605,797) | 493,266) | 464,254) | 382,803) | 490,737) | 394,773) | 376,962) | 315,323) | ||||||
| Sales per share2 | 6.36 | 6.32 | 6.08 | 5.77 | 5.48 | 5.23 | 4.93 | 4.68 | 4.42 | 4.20 | 3.98 | 3.73 | 3.53 | 3.37 | 3.21 | 3.03 | 2.84 | 2.66 | ||||||
| Share price1, 3 | 17.67 | 23.49 | 23.82 | 45.90 | 88.33 | 59.90 | 72.06 | 132.53 | 88.27 | 87.26 | 75.71 | 76.81 | 80.93 | 64.97 | 66.30 | 39.89 | 54.50 | 43.75 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 2.78 | 3.72 | 3.91 | 7.95 | 16.12 | 11.46 | 14.62 | 28.32 | 19.95 | 20.77 | 19.02 | 20.57 | 22.90 | 19.30 | 20.62 | 13.17 | 19.16 | 16.47 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | 8.73 | 10.95 | 9.95 | 8.82 | 6.29 | 5.53 | 6.73 | 6.34 | 6.54 | 6.75 | 5.74 | 5.34 | 5.65 | 4.66 | 4.76 | 4.35 | 5.33 | 5.60 | ||||||
| Comcast Corp. | 0.62 | 0.90 | 0.87 | 0.81 | 0.99 | 1.00 | 1.03 | 1.36 | 1.23 | 1.22 | 1.52 | 1.30 | 1.55 | 1.40 | 1.39 | 1.14 | 1.43 | 1.55 | ||||||
| Meta Platforms Inc. | 6.02 | 7.23 | 9.29 | 8.87 | 10.87 | 8.45 | 10.58 | 9.17 | 8.41 | 7.84 | 8.98 | 5.84 | 6.65 | 5.21 | 4.20 | 2.20 | 3.62 | 4.65 | ||||||
| Netflix Inc. | 5.94 | 8.74 | 8.05 | 10.91 | 12.32 | 10.31 | 10.66 | 8.69 | 7.49 | 6.84 | 7.32 | 5.36 | 5.90 | 4.57 | 5.14 | 3.79 | 3.21 | 3.19 | ||||||
| Walt Disney Co. | 1.93 | 1.93 | 2.03 | 2.19 | 1.95 | 2.16 | 2.16 | 1.73 | 2.15 | 2.04 | 1.94 | 1.82 | 2.12 | 2.42 | 2.09 | 2.53 | 2.50 | 3.67 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= (715,057,000 + 688,857,000 + 846,791,000 + 739,433,000)
÷ 469,880,194 = 6.36
3 Closing price as at the filing date of Trade Desk Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 17.67 ÷ 6.36 = 2.78
5 Click competitor name to see calculations.
The analysis of valuation metrics reveals a significant divergence between fundamental revenue growth and market valuation over the observed period from March 2022 to June 2026. While sales per share maintained a consistent and linear upward trajectory, the share price experienced extreme volatility, leading to a dramatic compression of the Price-to-Sales (P/S) ratio in the latter half of the timeline.
- Revenue Performance per Share
- A steady and uninterrupted growth pattern is observed in sales per share, which increased from 2.66 US$ in March 2022 to 6.36 US$ by June 2026. This represents a consistent expansion of the underlying business fundamentals, indicating a strong capacity to generate increasing revenue on a per-share basis regardless of market sentiment.
- Valuation Volatility and Peak
- Between March 2022 and June 2024, the P/S ratio remained elevated and volatile, generally fluctuating between 13.17 and 22.90. A valuation peak occurred on September 30, 2024, where the P/S ratio reached 28.32, driven by a share price spike to 132.53 US$. This period reflects a phase of high market expectations and premium valuation relative to sales.
- Valuation Compression Trend
- Following the September 2024 peak, a severe downward trend in the P/S ratio is evident. Despite the continued growth in sales per share, the share price declined sharply, falling from 132.53 US$ to 17.67 US$ by June 2026. Consequently, the P/S ratio contracted from 28.32 to 2.78. This trajectory indicates a fundamental shift in market pricing, moving from a high-growth premium valuation to a significantly more conservative multiple.
In summary, the data demonstrates a decoupling of business performance from equity valuation. The linear growth in sales per share suggests operational strength, yet the collapsing P/S ratio indicates a substantial reduction in the multiple the market is willing to pay for those sales, resulting in a valuation that is a fraction of its 2024 peak.
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Price to Book Value (P/BV)
Trade Desk Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | 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 | 469,880,194 | 470,108,361 | 475,977,047 | 483,594,867 | 488,942,869 | 491,438,669 | 496,088,557 | 493,573,913 | 491,577,870 | 489,127,033 | 488,936,831 | 490,297,013 | 490,198,405 | 488,849,511 | 490,794,798 | 489,511,127 | 488,255,596 | 486,325,791 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | 2,574,352) | 2,453,486) | 2,484,391) | 2,600,786) | 2,695,833) | 2,716,684) | 2,949,145) | 2,625,750) | 2,405,406) | 2,166,555) | 2,164,219) | 2,155,526) | 2,071,410) | 1,940,807) | 2,115,339) | 1,914,288) | 1,779,831) | 1,649,103) | ||||||
| Book value per share (BVPS)2 | 5.48 | 5.22 | 5.22 | 5.38 | 5.51 | 5.53 | 5.94 | 5.32 | 4.89 | 4.43 | 4.43 | 4.40 | 4.23 | 3.97 | 4.31 | 3.91 | 3.65 | 3.39 | ||||||
| Share price1, 3 | 17.67 | 23.49 | 23.82 | 45.90 | 88.33 | 59.90 | 72.06 | 132.53 | 88.27 | 87.26 | 75.71 | 76.81 | 80.93 | 64.97 | 66.30 | 39.89 | 54.50 | 43.75 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 3.23 | 4.50 | 4.56 | 8.53 | 16.02 | 10.84 | 12.12 | 24.91 | 18.04 | 19.70 | 17.10 | 17.47 | 19.15 | 16.36 | 15.38 | 10.20 | 14.95 | 12.90 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | 6.08 | 9.67 | 9.65 | 8.79 | 6.44 | 5.76 | 7.25 | 6.86 | 7.14 | 7.33 | 6.22 | 5.80 | 6.12 | 5.08 | 5.26 | 4.84 | 5.80 | 5.96 | ||||||
| Comcast Corp. | 0.87 | 1.28 | 1.10 | 1.03 | 1.27 | 1.43 | 1.49 | 1.95 | 1.79 | 1.80 | 2.24 | 1.91 | 2.22 | 2.04 | 2.08 | 1.72 | 1.90 | 1.97 | ||||||
| Meta Platforms Inc. | 5.26 | 6.37 | 8.60 | 8.66 | 9.96 | 7.78 | 9.53 | 8.71 | 8.03 | 7.49 | 7.91 | 5.19 | 5.98 | 4.90 | 3.89 | 2.09 | 3.43 | 4.52 | ||||||
| Netflix Inc. | 9.52 | 13.17 | 13.66 | 18.23 | 20.59 | 17.24 | 16.80 | 14.37 | 12.29 | 11.19 | 11.99 | 7.94 | 8.30 | 6.68 | 7.82 | 5.81 | 5.22 | 5.53 | ||||||
| Walt Disney Co. | 1.73 | 1.71 | 1.75 | 1.90 | 1.76 | 1.96 | 1.96 | 1.55 | 1.94 | 1.81 | 1.74 | 1.64 | 1.89 | 2.12 | 1.82 | 2.22 | 2.11 | 2.98 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 2,574,352,000 ÷ 469,880,194 = 5.48
3 Closing price as at the filing date of Trade Desk Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 17.67 ÷ 5.48 = 3.23
5 Click competitor name to see calculations.
The valuation of the common stock exhibits a period of significant expansion followed by a severe contraction in the Price to Book Value (P/BV) ratio over the analyzed period. While the underlying book value per share remained relatively stable with a gradual upward trajectory for several years, the market valuation fluctuated aggressively, leading to extreme volatility in the P/BV multiple.
- Price to Book Value (P/BV) Trend
- The P/BV ratio experienced a sustained increase from early 2022, rising from 12.90 to a peak of 24.91 by September 30, 2024. This indicates a period where the market placed a substantial premium on the company's assets. However, this trend reversed sharply starting in late 2024, with the ratio falling to 12.12 by December 31, 2024, and continuing a steep decline to reach a period low of 3.23 by June 30, 2026.
- Book Value per Share (BVPS) Performance
- The BVPS demonstrated consistent growth for the majority of the term, increasing from 3.39 in March 2022 to a peak of 5.94 in December 2024. Following this peak, the BVPS entered a period of mild volatility and slight decline, stabilizing at 5.48 by June 30, 2026. The relative stability of the BVPS suggests that the dramatic shifts in the P/BV ratio were driven almost exclusively by changes in the market share price rather than fluctuations in the company's net asset value.
- Share Price Volatility and Valuation Impact
- A strong positive correlation is observed between share price movements and the P/BV ratio. The valuation peak coincided with the maximum share price of 132.53 in September 2024. Conversely, the subsequent collapse in the P/BV ratio was precipitated by a sharp decline in the share price, which fell from 132.53 to 17.67 by the end of the period. This divergence indicates a significant market repricing, shifting the stock from a high-growth premium valuation to a level much closer to its intrinsic book value.
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