Latest Ratios: P/E Ratio 98.3x · EV/EBITDA 4.0x · ROE 8.6%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $839M | $748M | $1.3B | $433M | $248M | $590M | — | — | — |
| Enterprise Value | $669M | $579M | $1.1B | $242M | $70M | $369M | — | — | — |
| P/E Ratio → | 98.31 | 92.62 | 541.03 | — | — | — | — | — | — |
| P/S Ratio | 2.44 | 2.17 | 4.41 | 1.94 | 1.26 | 2.63 | — | — | — |
| P/B Ratio | 2.75 | 2.59 | 4.66 | 1.58 | 0.93 | 2.09 | — | — | — |
| P/FCF | 16.23 | 14.48 | 25.91 | 11.84 | — | 27.72 | — | — | — |
| P/OCF | 15.94 | 14.22 | 24.66 | 11.46 | — | 20.59 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.68 | 3.79 | 1.08 | 0.36 | 1.65 | — | — | — |
| EV / EBITDA | 3.99 | 3.45 | 55.04 | — | — | — | — | — | — |
| EV / EBIT | 4.50 | 3.89 | 315.54 | — | — | — | — | — | — |
| EV / FCF | — | 11.20 | 22.27 | 6.61 | — | 17.34 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 84.0% | 84.0% | 45.7% | 46.0% | 40.8% | 42.2% | 44.9% | 43.0% | 31.4% |
| Operating Margin | 43.3% | 43.3% | 1.2% | -8.2% | -25.0% | -19.1% | 13.2% | 7.8% | -19.1% |
| Net Profit Margin | 7.0% | 7.0% | 0.8% | -1.5% | -6.0% | -3.5% | 6.8% | 6.0% | -23.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.6% | 8.6% | 0.9% | -1.3% | -4.3% | -5.1% | 52.6% | 43.7% | — |
| ROA | 5.3% | 5.3% | 0.6% | -0.9% | -3.1% | -3.0% | 9.4% | 10.3% | -29.5% |
| ROIC | 104.1% | 104.1% | 2.9% | -16.0% | -49.4% | -67.1% | 47.0% | 123.9% | — |
| ROCE | 48.6% | 48.6% | 1.2% | -6.2% | -16.5% | -23.8% | 43.7% | 29.6% | -50.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.08 | 0.08 | 0.09 | 0.09 | 0.11 | 0.06 | 1.17 | 0.77 | — |
| Debt / EBITDA | 0.13 | 0.13 | 1.30 | — | — | — | 0.74 | 0.76 | — |
| Net Debt / Equity | — | -0.59 | -0.65 | -0.70 | -0.67 | -0.78 | 0.69 | 0.56 | — |
| Net Debt / EBITDA | -1.01 | -1.01 | -8.98 | — | — | — | 0.44 | 0.55 | — |
| Debt / FCF | — | -3.28 | -3.63 | -5.23 | — | -10.38 | 0.75 | 1.01 | — |
| Interest Coverage | — | — | 8.70 | -45.74 | -33.26 | -49.53 | 20.88 | 3.24 | -4.85 |
Net cash position: cash ($191M) exceeds total debt ($22M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.40 | 2.40 | 2.49 | 3.13 | 3.61 | 4.24 | 1.30 | 1.22 | 1.15 |
| Quick Ratio | 2.40 | 2.40 | 2.49 | 3.13 | 3.61 | 4.24 | 1.30 | 1.22 | 1.15 |
| Cash Ratio | 1.22 | 1.22 | 1.41 | 1.99 | 2.37 | 2.87 | 0.12 | 0.08 | 0.06 |
| Asset Turnover | — | 0.73 | 0.66 | 0.55 | 0.52 | 0.58 | 1.24 | 1.54 | 1.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 187.84 | 185.44 | 192.33 | 188.19 | 180.34 | 198.27 | 150.71 | 163.36 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 44.4% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.1% | 0.2% | — | — | — | — | — | — |
| FCF Yield | 6.2% | 6.9% | 3.9% | 8.4% | — | 3.6% | — | — | — |
| Buyback Yield | 4.5% | 5.1% | 2.5% | 1.0% | 0.8% | 0.0% | — | — | — |
| Total Shareholder Yield | 4.5% | 5.1% | 2.5% | 1.0% | 0.8% | 0.0% | — | — | — |
| Shares Outstanding | — | $62M | $67M | $63M | $62M | $61M | $59M | $59M | $59M |
Regulatory privacy legislation impact
As reported in recent financial filings, Viant trades at a trailing P/E of 90.69, which appears significantly elevated compared to peers like The Trade Desk, suggesting that the market is pricing in aggressive future growth that may not be fully supported by current GAAP earnings volatility.
The forward P/E of 35.27 implies that investors are banking on a rapid expansion of net margins as the company scales its CTV offerings. However, given the historical inconsistency in profitability, this valuation multiple warrants caution, as any failure to convert top-line growth into sustained bottom-line earnings could lead to significant multiple compression.
Based on reported figures, Viant's ROIC has fluctuated wildly from a low of -4.9% in 2024Q1 to a peak of 21.8% in 2026Q1, indicating that the firm has yet to establish a consistent track record of generating efficient returns on its invested capital base.
The extreme variance in ROIC suggests that the company's capital allocation is highly sensitive to quarterly operational swings rather than a steady compounding process. Investors should monitor whether the recent spike in ROIC is a sustainable structural improvement or merely a temporary artifact of accounting adjustments.
According to recent SEC filings, Viant's DSO remains elevated at 164 days as of 2026Q1, which suggests that the company faces significant friction in its cash conversion cycle compared to industry standards, potentially limiting its ability to reinvest capital efficiently into high-growth initiatives.
The high DSO relative to the company's history indicates that collection cycles are not tightening, which may reflect either aggressive customer credit terms or structural delays in the programmatic payment ecosystem. This inefficiency forces the company to maintain higher liquidity buffers than would otherwise be necessary for a software-based business model.
As evidenced by the quarterly data, the P/E ratio is a frequently misapplied metric for Viant, as it fails to account for the significant distortion caused by stock-based compensation and the company's unique revenue recognition practices between gross and net billings.
Relying on GAAP net income obscures the firm's true economic earning power, as it treats non-cash compensation as a standard operating expense while ignoring the volatility inherent in the 'Contribution ex-TAC' model. Analysts should instead focus on adjusted EBITDA and free cash flow margins to better gauge the underlying health of the Adelphic platform.
Includes 30+ ratios · 8 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DSP stock.
Viant Technology Inc.'s current P/E ratio is 98.3x. The historical average is 92.6x. This places it at the 100th percentile of its historical range.
Viant Technology Inc.'s current EV/EBITDA is 4.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.2x.
Viant Technology Inc.'s return on equity (ROE) is 8.6%. The historical average is 13.6%.
Based on historical data, Viant Technology Inc. is trading at a P/E of 98.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Viant Technology Inc. has 84.0% gross margin and 43.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Viant Technology Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.