One-glance verdict
Undervalued
$81.39 our estimate vs market $12.85
Wall Street consensus: $19.50 (-76.0% lower than our fair-value estimate)
84% below our estimate, below the bear case
Fundamentals snapshot
Viant Technology Inc.
DSP · NMS · Technology · Software - Application
Current price
$12.85
52-week range
$8.56 - $14.80
Market cap
$854.50M
Balance sheet
Healthy
13.98x Strong cushion
Net cash $170.91M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 12.9% last year.
- Reward Returns 7.5% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 6/10 years.
What this company does
Viant Technology Inc.
Viant Technology Inc. sells a software platform that helps businesses buy digital ads automatically across things like streaming TV and websites. Their main money comes from businesses using their ad-buying tools, which matters because it shows how much demand there is for their technology. This means they help companies advertise more effectively by using smart technology to reach the right people.
How the company got here
Viant Technology Inc. started in 1999, originally as Interactive Media Holdings, before rebranding to Viant Technology in 2015. The company has evolved within the rapidly changing digital advertising landscape. Its journey has been shaped by the shift from traditional advertising to programmatic buying, where software automates the purchase of ad space. This evolution has positioned Viant as a player in the technology that facilitates these automated ad transactions.
What it actually does
Viant Technology provides a sophisticated software platform that helps businesses buy digital advertisements. Think of it like a smart shopping cart for ads, but instead of groceries, it's for ad space on websites, apps, smart TVs, and even digital billboards. This platform uses technology to automatically find and purchase the best ad spots for a company's message, aiming to reach the right audience at the right time. It's all about making the process of advertising online more efficient and effective through technology.
Demand Side Platform (DSP)
This is Viant's core business. A Demand Side Platform (DSP) is a piece of software that advertisers use to buy ad space across the internet. Instead of calling up websites or ad networks, a DSP allows advertisers to bid on ad inventory (available ad slots) in real-time, often in fractions of a second. Viant's DSP helps clients manage their advertising campaigns across various channels like connected TVs, streaming audio, and mobile devices, aiming to optimize spending and reach. This segment is the primary way Viant generates revenue, serving advertising agencies and marketers.
ViantAI and Data Solutions
Viant leverages artificial intelligence (AI) through its ViantAI product suite to enhance its advertising platform. This includes tools that help create more accurate household profiles (Household ID) by combining different digital signals, allowing advertisers to understand who they are reaching. They also offer solutions like IRIS_ID for video data sharing and the Viant Data Platform, which integrates client data with third-party data. These data-centric offerings help advertisers gain insights, improve targeting, and measure the effectiveness of their campaigns, making their ad spend more impactful.
What management is betting on now
Viant's management is focused on expanding its capabilities in programmatic advertising, particularly in high-growth areas like connected TV (CTV). They are investing in their AI and data analytics tools to provide more sophisticated targeting and measurement for advertisers. A key strategy involves offering more direct access to premium ad inventory through programs like 'Direct Access,' aiming to improve efficiency and transparency for their clients. The company is also emphasizing flexible customer engagement models, giving clients more control over their campaigns and data.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$16.27M
FY2025 Q1
$-4.58M
FY2025 Q2
$20.46M
FY2025 Q3
$2.82M
FY2025 Q4
$32.98M
FY2026 Q1
$2.61M
FY2026 Q2
$27.62M
FY2026 Q3
$4.05M
Revenue
$110.43M
Net income
$67.00K
Diluted EPS
0.00
Operating cash flow
$4.45M
Free cash flow
$4.05M
Fetching…
Sources
Revenue
$104.25M
Net income
$-111.00K
Diluted EPS
-0.03
Operating cash flow
$28.34M
Free cash flow
$27.62M
Fetching…
Sources
Revenue
$88.54M
Net income
$-455.00K
Diluted EPS
-0.03
Operating cash flow
$2.92M
Free cash flow
$2.61M
Fetching…
Sources
Revenue
$110.12M
Net income
$8.26M
Diluted EPS
0.35
Operating cash flow
$33.08M
Free cash flow
$32.98M
Fetching…
Sources
Revenue
$85.58M
Net income
$996.00K
Diluted EPS
0.06
Operating cash flow
$3.05M
Free cash flow
$2.82M
Fetching…
Sources
Revenue
$77.85M
Net income
$290.00K
Diluted EPS
0.02
Operating cash flow
$20.93M
Free cash flow
$20.46M
Fetching…
Sources
Revenue
$70.64M
Net income
$-1.19M
Diluted EPS
-0.07
Operating cash flow
$-4.45M
Free cash flow
$-4.58M
Fetching…
Sources
Revenue
$90.05M
Net income
$1.75M
Diluted EPS
0.11
Operating cash flow
$16.49M
Free cash flow
$16.27M
Fetching…
Sources
Is it cheap or expensive?
Fair value $81.39 vs current price $12.85
Wall Street consensus is the average analyst price target: $19.50 (-76.0% lower than our fair-value estimate).
Our most-likely fair value is $81.39 a share — about 533.6% above today's price of $12.85, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $170.9M - more cash than debt. Interest coverage 14.0x.
Net debt
$-170.91M
Interest coverage
13.98x
Viant Technology Inc.'s profit covers its interest bill about 14.0 times over. which is stronger than every peer shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
DSP
BASELINE
Viant Technology Inc.
Total debt $22.14M Interest coverage 13.98x This is the baseline the peer rows are being compared against.
Total debt $434.11M Interest coverage 8.58x -39% vs DSP Carries about 1.6x less debt cushion than DSP.
Total debt $40.91M Interest coverage -3.16x -100% vs DSP This peer has almost no interest-payment cushion compared with DSP.
Total debt $22.09M Interest coverage -20.30x -100% vs DSP This peer has almost no interest-payment cushion compared with DSP.
Total debt $411.94M Interest coverage 5.17x -63% vs DSP Carries about 2.7x less debt cushion than DSP.
Total debt $356.09M Interest coverage 0.58x -96% vs DSP Carries about 24.1x less debt cushion than DSP.
What you should know
The case for and against DSP
3 Rewards
0 Risks
Rewards
-
Revenue grew 12.9% last year.
-
Returns 7.5% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 6/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
35.68x
Forward P/E
16.34x
P/B
2.38x
P/S
2.20x
EV/EBITDA
10.21x
PEG ratio
0.96x
Profitability
How much profit each dollar creates
Gross margin
44.5%
Operating margin
-3.7%
Net margin
2.2%
ROE
7.5%
ROA
1.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.07x
Current ratio
2.34x
Quick ratio
2.26x
Total debt
$22.14M
Total cash
$193.05M
Growth
How the business has been compounding
Revenue TTM
$388.50M
Revenue 5Y CAGR
11.3%
EPS TTM
0.36
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$67.39M
Free CF TTM
$51.68M
FCF margin
13.3%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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