DVDoubleVerify Holdings, Inc.
Services-Computer Programming, Data Processing, Etc.
- Revenue
- $748M
- 14% YoY
- Operating margin
- 10.6%
- 16% YoY
- EBITDA
- $136M
- 6.4% YoY
- Market cap
- $2.1B
- Employees
- 362
- $2M revenue each
- Net debt / EBITDA
- -1.7×
- −$229M net debt
- AI in 10-K
- 9.4
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo417% of net incomeCash flow under 80% of net income
- Dilutive SBCYes14% of revenueOver 10% of revenue
- Payouts exceed cash flowNo63% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo38% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$2M · 93rd pctBottom quartile of its SIC industry
- Quiet on AINo9.4 per 10K words · 92nd pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 1.7× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.1B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$88K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $333M | $452M | $573M | $657M | $748M | 14% |
| Operating income | $27M | $59M | $86M | $82M | $79M | 3.9% |
| Net income | $29M | $43M | $71M | $56M | $51M | 9.9% |
| Operating cash flow | $83M | $95M | $120M | $160M | $211M | 32% |
| Capex | $9M | $40M | $17M | $27M | $39M | 42% |
| Stock-based comp | $22M | $42M | $59M | $91M | $104M | 15% |
| Buybacks | $2M | $10M | $5M | $128M | $132M | 3.4% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Sep 29, 2026 | DEFM14A | Neptune BidCo US Inc. | $14.00 | 21.93% |
| Sep 11, 2026 | PREM14A | Neptune BidCo US Inc. | $13.60 | 20.13% |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $88K · 6
- Net
- −$88K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $12M | $7M | 32 | 173 |
| FY2024 | $1M | −$18M | 53 | 142 |
| FY2023 | $11M | $31M | 102 | 110 |
| FY2022 | $9M | −$9M | 61 | 76 |
| FY2021 | $7M | $47M | 92 | 113 |