TTDTrade Desk, Inc.

Services-Computer Programming, Data Processing, Etc.

Revenue: $2.9B; 18% YoY
Operating margin: 20.3%; 16% YoY
EBITDA: $705M; 37% YoY
Market cap: $5.8B
Employees: 3,843; $754K revenue each
Net debt / EBITDA: —
AI in 10-K: 7.4; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 5 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRYes
$27M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
224% of net income
Cash flow under 80% of net income
Dilutive SBCYes
17% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
139% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
65% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$754K · 71st pct
Bottom quartile of its SIC industry
Quiet on AINo
7.4 per 10K words · 89th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$142M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$1.6B	$1.9B	$2.4B	$2.9B	18%
Operating income	$125M	$114M	$200M	$427M	$589M	38%
Net income	$138M	$53M	$179M	$393M	$443M	13%
Operating cash flow	$379M	$549M	$598M	$739M	$993M	34%
Capex	$55M	$84M	$47M	$98M	$197M	101%
Stock-based comp	$337M	$499M	$492M	$495M	$491M	0.8%
Buybacks	$0	$0	$647M	$235M	$1.4B	488%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $148M · 4
Open-market sells, 12 mo: $6M · 3
Net: $142M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$27M	−$857M	47	138
FY2024	$7M	$589M	147	125
FY2023	$32M	$292M	90	97
FY2022	$5M	−$620M	56	54
FY2021	$835M	$1.2B	114	116