Supply chain and availabilitynegative · 5 filings
“The decrease in accounts payable was due to the timing and seasonality of payments to suppliers for Supplier Components.”10-Q · Aug 6, 2026 ↗
The Trade Desk, Inc.
TTD
Market read
The Trade Desk, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 21 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
What changed
- Revenue increased 3.0% versus the comparable filing period.
- Operating margin fell 2.6 percentage points.
Company+2.7% todayVolume comparison unavailable
Market group0 of 21 activeEnterprise Software & Services · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- TTD's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if TTD's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 21 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 3.0% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 2.6 percentage points.
- Net income decreased 28.6% versus the comparable filing period.
- Net margin fell 4.0 percentage points.
What would clarify the read
- TTD's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements173
Verified relationships9
Evidence supporting the case
- Latest annual revenue changed +18.5% year over year.
- Operating margin changed +2.9 percentage points in the latest annual period.
- Operating cash flow covered net income at 2.24x in the latest annual period.
Evidence challenging the case
- Supply chain and availability has repeated adverse evidence across 5 filings.
- Foreign exchange has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 64% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 16% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
14.346m-45.9%12m-68.9%24m-85.7%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.2B+43.1%$0.28+1.8%
2022-12-31$1.6B+31.9%$0.11+0.3%
2023-12-31$1.9B+23.3%$0.36+0.1%
2024-12-31$2.4B+25.6%$0.78+0.3%
2025-12-31$2.9B+18.5%$0.90-1.7%
What management says matters
Persistent and emerging business drivers
Foreign exchangenegative · 4 filings
“The decrease was primarily due to lower interest income on our cash and cash equivalents and short-term investments primarily driven by lower amounts invested and falling portfolio interest rates as well as foreign currency transaction losses driven by change…”10-Q · Aug 6, 2026 ↗
Legal and regulatory exposuremixed · 3 filings
“The increase in administrative costs was primarily driven by increases in external professional fees, including legal expenses for various litigation, regulatory and governance matters.”10-K · Feb 27, 2026 ↗
Data center and AI demandpositive · 3 filings
“As a result of an analysis we completed in the second quarter of 2026, we changed the estimated useful lives of certain of our data center computing and networking equipment to better reflect the estimated periods during which these assets will remain in serv…”10-Q · Aug 6, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 2.4× · EV/sales 2.2×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
14.34+2.7% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for TTD. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing shows material pressure
10-Q filed 2026-08-06 against the comparable filing from 2025-08-07.
OperationscautiousEvidence score -1
liquidityneutralEvidence score 0
valuationmixed
Capital and cash conversion
Reported investment and cash context
- Capital spending YoY
- +20.7%
- Capital spending / revenue
- +9.0%
- Free-cash-flow margin
- +29.9%
- FCF margin change
- +3.0 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 3.0% versus the comparable filing period.
What weakened
- Operating margin fell 2.6 percentage points.
- Net income decreased 28.6% versus the comparable filing period.
- Net margin fell 4.0 percentage points.
Filing receipts
“The increase was primarily due to an increase in gross spend on our platform, which was primarily driven by more overall advertising campaigns executed by new and existing clients and increased application of and changes in the mix of revenue-generating value-added services.”
“The decrease was primarily due to lower interest income on our cash and cash equivalents and short-term investments primarily driven by lower amounts invested and falling portfolio interest rates as well as foreign currency transaction losses driven by changes in foreign currency exchange rates against the U.S.”
“The increase in personnel costs was primarily due to an increase in incentive compensation driven by changes in incentive plan targets and structure, commissionable headcount growth and gross spend growth; salary increases in connection with regular merit and promotion cycles; and an increase in headcount to support our sales efforts and to continue to develop and maintain relationships with our clients.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind TTD
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
BTIBritish American Tobacco p.l.c.partnerFeb 27, 2026 ▾
“We have a U.K.”
AMZNAmazon.com, Inc.competitorFeb 27, 2026 ▾
“We compete with other demand-side platform providers, some of which are smaller, privately held companies and others are divisions of large, well-established companies such as Google and Amazon.”
Depended on by
APPSDigital Turbine, Inc.competitorMay 26, 2026 ▾
“7 Table of Contents • We compete with other DSP providers, some of which are smaller, privately held companies, while others are large, well-established companies such as the Trade Desk, or divisions of large companies, such as AT&T, Google, and Adobe.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 13 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
TTD is currently a Follower in the organic co-movement group Enterprise Software & Services. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.