ValueScreener

ValueScreener company report

Viant Technology Inc. (DSP)

NASDAQ / Technology / Software - Application

Share price

12.85 USD Market dataClose of Oct 15, 2026

Market capitalisation

854.5M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 11, 2026
Ratios computed
Oct 15, 2026
Filed years
7, FY2019 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

10.2% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

25.20x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

6.0% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2019 Revenue: 164.9M USDFY2019 Net income: 9.9M USDFY2020 Revenue: 165.3M USDFY2020 Net income: 20.6M USDFY2021 Revenue: 224.1M USDFY2021 Net income: -7.7M USDFY2022 Revenue: 197.2M USDFY2022 Net income: -11.9M USDFY2023 Revenue: 222.9M USDFY2023 Net income: -3.4M USDFY2024 Revenue: 289.2M USDFY2024 Net income: 2.4M USDFY2025 Revenue: 344.2M USDFY2025 Net income: 8.4M USD
Revenue Net income7 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 25.20x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Software - Application industry (100 companies), 25.20x sits at the 43rd percentile; the middle half of that group runs from 15.62x to 50.75x.

Is it good

Return on equity was 10.2% in FY2025, in the band labelled "Ordinary" (8.0% to 15.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Software - Application industry (194 companies), 10.2% sits at the 69th percentile; the middle half of that group runs from -41.2% to 13.6%.

Is it safe

Viant Technology Inc. held more cash than debt at the end of FY2025 (net cash of 169.4m USD), so net debt to EBITDA is a net cash position rather than a leverage reading.

Year by year against peers
Whether Viant Technology Inc.'s return on equity stayed above the median of the Software - Application industry, year by year. (FY2021 to FY2025, 5 fiscal years of Viant Technology Inc. with a comparable figure)
The direction
Which way Viant Technology Inc.'s gross margin has moved, and how steadily. (FY2019 to FY2025, 7 filed years of Viant Technology Inc.)
What could explain it
What in Viant Technology Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines Viant Technology Inc. filed)
What to check next
What to check next on Viant Technology Inc., and where in its filings. (4 questions for Viant Technology Inc.)
In one paragraph
One paragraph on Viant Technology Inc.'s returns, cash, balance sheet and price. (13 of sixteen figures read for Viant Technology Inc.)

These are DSP’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research DSPPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 11, 2026, accession 0001828791-26-000019.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Viant Technology Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/m

Equity plus debt less cash is zero or below, so there is no invested capital to divide by (n/m).

n/m ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Return on equity10.2% ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Return on capital employed, pre-tax3.8% ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Return on assets1.8% ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Gross margin45.8% ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Operating margin3.5% ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Net margin2.4% ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
DSP 2.4%
IBTA 1.0%VTEX 8.3%RSKD -8.0%PUBM -5.1%WBTN -25.0%
-25.0%8.3%
Net margin: DSP against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Viant Technology Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.26 ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Current ratio2.40 ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Quick ratio2.40 ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Altman Z-score3.85 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Net debt-169.4M ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Total assets 474.7MTotal liabilities 185.9MShareholders' equity 82.1MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Viant Technology Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 11, 2026, 0001828791-26-000019).

Viant Technology Inc: balance sheet position
Total assets474.7M FiledFY2025 10-K, filed Mar 11, 2026
Total liabilities185.9M FiledFY2025 10-K, filed Mar 11, 2026
Shareholders' equity82.1M FiledFY2025 10-K, filed Mar 11, 2026
Cash191.2M FiledFY2025 10-K, filed Mar 11, 2026
Total debt21.7M FiledFY2025 10-K, filed Mar 11, 2026
Net debt-169.4M
Current ratio2.40
Debt to equity0.26
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Viant Technology Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings25.20x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
P/E on trailing twelve months37.80x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book10.40x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Price to sales2.48x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Enterprise value to EBIT56.72x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Enterprise value to EBITDA22.26x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Diluted earnings per share0.36 USD FiledFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019

We publish no fair value or price target of our own. Value DSP on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Viant Technology Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Viant Technology Inc: valuation
Share price12.85 USD
Market capitalisation854.5M USD
Enterprise value to EBITDA22.26x
Graham numbern/a
Diluted earnings per share, FY20250.36 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 13, 2021: low 0.29x, median 35.17x, high 370.71x, latest 37.80x. 731 trading days with a meaningful ratio, 566 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Viant Technology Inc

  1. Ibotta, Inc. (IBTA)Market cap 1.14B USD
  2. Vtex (VTEX)Market cap 714.7M USD
  3. Riskified Ltd. (RSKD)Market cap 1.14B USD
  4. PubMatic, Inc. (PUBM)Market cap 812.2M USD
  5. WEBTOON Entertainment Inc. Common stock (WBTN)Market cap 1.21B USD

Same industry (Software - Application) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Viant Technology Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield6.0% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Free cash flow51.7M USD ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Free cash flow margin15.0% ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
FY2019 Free cash flow: 12.6M USDFY2019 Net income: 9.9M USDFY2020 Free cash flow: 18.4M USDFY2020 Net income: 20.6M USDFY2021 Free cash flow: 28.2M USDFY2021 Net income: -7.7M USDFY2022 Free cash flow: -4.3M USDFY2022 Net income: -11.9M USDFY2023 Free cash flow: 36.6M USDFY2023 Net income: -3.4M USDFY2024 Free cash flow: 49.3M USDFY2024 Net income: 2.4M USDFY2025 Free cash flow: 51.7M USDFY2025 Net income: 8.4M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Viant Technology Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
25.20xFY2025Oct 15, 2026
10.40xFY2025Oct 15, 2026
56.72xFY2025Oct 15, 2026
6.0%FY2025Oct 15, 2026
n/mFY2025Mar 11, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.26FY2025Mar 11, 2026
2.40FY2025Mar 11, 2026
2.48xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
3.85FY2025Oct 15, 2026
-2.19FY2025Mar 11, 2026
6/9FY2025Mar 11, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 7 filed fiscal years on record, FY2019 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

7 filed fiscal years, FY2019 to FY2025, read from the annual reports Viant Technology Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Viant Technology Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025344.2M12.1M8.4M0.3651.7M3.5%10.2%10-K, Mar 11, 20260001828791-26-000019
FY2024289.2M3.5M2.4M0.1449.3M1.2%4.4%10-K, Mar 3, 20250001828791-25-000010
FY2023222.9M-18.3M-3.4M-0.2336.6M-8.2%-5.0%10-K, Mar 4, 20240001828791-24-000011
FY2022197.2M-49.3M-11.9M-0.84-4.3M-25.0%-20.1%10-K, Mar 2, 20230001828791-23-000012
FY2021224.1M-42.8M-7.7M-0.6328.2M-19.1%-12.9%10-K, Mar 10, 20220001564590-22-009695
FY2020165.3M21.8M20.6M20.6418.4M13.2%102.6%10-K, Mar 10, 20220001564590-22-009695
FY2019164.9M12.8M9.9M27.3712.6M7.8%n/a10-K, Mar 10, 20220001564590-22-009695
  • Revenue, compound annual growth FY2019 to FY2025: 13.0%
  • Earnings, compound annual growth FY2019 to FY2025: -2.8%
  • Earnings per share, compound annual growth FY2019 to FY2025: -51.4%
  • Free cash flow, compound annual growth FY2019 to FY2025: 26.5%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Viant Technology Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.19 ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Piotroski F-score6/9 ComputedFY2025 10-K, filed Mar 11, 2026, 0001828791-26-000019
Named tests met0 of 30 Computed
Beta1.55 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 23 not met, 7 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Dividends and buybacks; Low beta, profitable; Near the 52-week low; High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
High yield, low payout; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(10)
  • Return on Invested Capital: Equity plus debt less cash is zero or below, so there is no invested capital to divide by (n/m).
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Ncav: The filed share count failed its unit check, so there is no market value we can show you the inputs of.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 10 figures could not be read on this company, among them Return on Invested Capital, PEG Ratio, Interest Coverage. Each blank in the table above names the rest, with its reason. 7 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 7 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolioHow this is computed

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map

Apps

  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.

With your permission, Google Analytics, Microsoft Clarity and HubSpot set cookies to measure how this site and the product are used, including recordings of sessions. Nothing is set unless you allow it. Privacy policy