Latest Ratios: P/E Ratio 38.1x · EV/EBITDA 11.8x · ROE 4.6%. (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 | $1.8B | $1.9B | $3.4B | $6.4B | $3.7B | $5.4B | — | — | — |
| Enterprise Value | $1.6B | $1.7B | $3.2B | $6.2B | $3.6B | $5.2B | — | — | — |
| P/E Ratio → | 38.13 | 38.13 | 60.03 | 89.71 | 87.84 | 184.89 | — | — | — |
| P/S Ratio | 2.35 | 2.55 | 5.12 | 11.14 | 8.29 | 16.23 | — | — | — |
| P/B Ratio | 1.69 | 1.69 | 3.10 | 5.94 | 4.28 | 6.76 | — | — | — |
| P/FCF | 10.17 | 11.04 | 25.38 | 62.09 | 68.33 | 73.63 | — | — | — |
| P/OCF | 8.31 | 9.03 | 21.06 | 53.27 | 39.53 | 65.27 | — | — | — |
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 | — | 2.34 | 4.81 | 10.75 | 7.88 | 15.58 | — | — | — |
| EV / EBITDA | 11.76 | 12.87 | 24.77 | 48.61 | 38.20 | 91.00 | — | — | — |
| EV / EBIT | 20.15 | 20.69 | 35.17 | 63.49 | 59.16 | 192.06 | — | — | — |
| EV / FCF | — | 10.12 | 23.86 | 59.92 | 64.97 | 70.68 | — | — | — |
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 | 82.2% | 82.2% | 82.3% | 81.4% | 82.8% | 83.7% | 85.3% | 86.4% | 82.2% |
| Operating Margin | 10.6% | 10.6% | 12.5% | 15.0% | 13.0% | 8.0% | 8.8% | 21.4% | 4.9% |
| Net Profit Margin | 6.8% | 6.8% | 8.6% | 12.5% | 9.6% | 8.8% | 8.4% | 12.8% | 3.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.6% | 4.6% | 5.2% | 7.3% | 5.2% | 4.8% | 5.6% | 7.6% | 1.1% |
| ROA | 3.9% | 3.9% | 4.5% | 6.3% | 4.5% | 4.2% | 4.2% | 5.4% | 0.8% |
| ROIC | 6.4% | 6.4% | 7.1% | 8.3% | 6.9% | 4.0% | 4.0% | 8.3% | 1.2% |
| ROCE | 6.6% | 6.6% | 7.1% | 8.1% | 6.5% | 4.1% | 4.7% | 9.5% | 1.3% |
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 | 0.09 | 0.09 | 0.08 | 0.08 | 0.10 | 0.01 | 0.06 | 0.25 | 0.20 |
| Debt / EBITDA | 0.73 | 0.73 | 0.72 | 0.68 | 0.90 | 0.08 | 0.59 | 1.28 | 2.48 |
| Net Debt / Equity | — | -0.14 | -0.19 | -0.21 | -0.21 | -0.27 | -0.02 | 0.21 | 0.10 |
| Net Debt / EBITDA | -1.17 | -1.17 | -1.58 | -1.77 | -1.97 | -3.81 | -0.14 | 1.10 | 1.21 |
| Debt / FCF | — | -0.92 | -1.52 | -2.18 | -3.35 | -2.96 | -0.59 | 2.86 | 2.75 |
| Interest Coverage | 48.73 | 48.73 | 80.42 | 90.94 | 66.60 | 23.03 | 4.51 | 7.80 | 1.65 |
Net cash position: cash ($259M) exceeds total debt ($100M)
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 | 4.27 | 4.27 | 5.40 | 6.36 | 6.46 | 6.45 | 4.17 | 2.66 | 4.68 |
| Quick Ratio | 4.27 | 4.27 | 5.40 | 6.36 | 6.46 | 6.45 | 4.17 | 2.66 | 4.68 |
| Cash Ratio | 2.13 | 2.13 | 3.00 | 3.70 | 3.89 | 3.89 | 0.98 | 0.34 | 1.97 |
| Asset Turnover | — | 0.55 | 0.51 | 0.46 | 0.44 | 0.37 | 0.48 | 0.39 | 0.26 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 107.88 | 125.71 | 131.93 | 134.83 | 134.86 | 141.68 | 137.24 | 133.18 |
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 | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 2.6% | 1.7% | 1.1% | 1.1% | 0.5% | — | — | — |
| FCF Yield | 9.8% | 9.1% | 3.9% | 1.6% | 1.5% | 1.4% | — | — | — |
| Buyback Yield | 8.1% | 7.5% | 4.0% | 0.1% | 0.3% | 0.0% | — | — | — |
| Total Shareholder Yield | 8.1% | 7.5% | 4.0% | 0.1% | 0.3% | 0.0% | — | — | — |
| Shares Outstanding | — | $167M | $175M | $173M | $171M | $162M | $157M | $157M | $155M |
Revenue growth maturity risk
Based on reported figures, DoubleVerify trades at a forward P/E of 22.01, which suggests that the market is pricing in a transition from high-growth expansion to a more mature, earnings-focused phase compared to the higher multiples historically commanded by pure-play SaaS peers in the ad-tech sector.
The current P/E of 36.07 relative to a forward P/E of 22.01 implies that investors are anticipating significant margin expansion or earnings stabilization in the coming quarters. This valuation appears to be a middle ground between the aggressive growth pricing of programmatic platforms and the lower multiples assigned to legacy measurement firms, warranting caution if growth continues to decelerate.
As reported in financial statements, DoubleVerify's ROIC has struggled to gain momentum, hovering at a modest 1.2% in 2026Q1, which indicates that the company is currently failing to generate returns on invested capital that exceed the typical cost of capital for a technology-focused enterprise.
The persistent low ROIC suggests that the firm's heavy reinvestment in R&D and recent acquisitions have yet to yield the expected operational efficiencies. Investors should monitor whether the integration of Scibids can drive a meaningful improvement in capital productivity or if the current asset-heavy strategy will continue to dilute returns.
According to recent SEC filings, the company's DSO has fluctuated significantly, reaching 110 days in 2026Q1, which suggests that the firm is experiencing increased friction in its collection cycles compared to the more efficient periods observed in previous fiscal years within the ad-tech industry.
The extended collection period may indicate a shift in customer mix or a reliance on larger, slower-paying enterprise partners that exert greater leverage over payment terms. This trend warrants further investigation into whether these delays are structural or merely a temporary byproduct of the current macroeconomic environment.
Based on reported figures, DoubleVerify maintains a debt-to-equity ratio of 0.09, which, as evidenced by the company's financial disclosures, provides a significant buffer against interest rate volatility and ensures that debt service remains a negligible burden on the firm's overall operational cash flow profile.
The company's minimal reliance on debt is a structural strength that allows for continued investment in R&D despite the current deceleration in top-line growth. This conservative capital structure appears to be a deliberate strategy to maintain independence and agility in a rapidly evolving digital advertising landscape.
As reported in financial statements, the P/E ratio is a frequently misapplied metric for DoubleVerify, as it fails to account for the substantial non-cash stock-based compensation expenses that significantly distort GAAP earnings and mask the underlying cash-generating potential of the core verification business model.
Analysts should prioritize EV/EBITDA or free cash flow metrics to better assess the company's true earning power, as these measures provide a clearer view of operational performance independent of accounting-driven compensation charges. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation relative to its actual cash-flow-generating capabilities.
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Quick answers to the most common questions about buying DV stock.
DoubleVerify Holdings, Inc.'s current P/E ratio is 38.1x. The historical average is 92.1x.
DoubleVerify Holdings, Inc.'s current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 43.1x.
DoubleVerify Holdings, Inc.'s return on equity (ROE) is 4.6%. The historical average is 5.2%.
Based on historical data, DoubleVerify Holdings, Inc. is trading at a P/E of 38.1x. Compare with industry peers and growth rates for a complete picture.
DoubleVerify Holdings, Inc. has 82.2% gross margin and 10.6% operating margin. Operating margin between 10-20% is typical for established companies.
DoubleVerify Holdings, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.