One-glance verdict
Undervalued
$99.81 our estimate vs market $12.34
Wall Street consensus: $19.50 (-80.5% lower than our fair-value estimate)
88% below our estimate, below the bear case
Fundamentals snapshot
Viant Technology Inc.
DSP · NMS · Technology · Software - Application
Current price
$12.34
52-week range
$8.11 - $14.80
Market cap
$820.90M
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 provides a software platform that helps companies automatically buy advertising space on streaming TV, websites, and mobile apps. It makes money primarily by charging fees to the advertising agencies and marketing departments that use its tools to place and manage their digital ad campaigns. This is significant because as people watch less traditional TV and spend more time online, Viant's technology helps advertisers follow those audiences to these newer platforms.
How the company got here
Founded in 1999 by brothers Tim and Chris Vanderhook, Viant has been involved in digital advertising from the early days of the internet. A key moment in their journey was the 2011 acquisition of the social networking site Myspace. The company has evolved significantly since then, focusing on advertising technology and going public on the Nasdaq stock exchange in February 2021. Today, it operates as a software company that helps businesses buy digital ads in a more automated and efficient way.
What it actually does
Imagine a company wants to place video ads on streaming services, commercials on podcasts, or banner ads on websites. Viant provides the software, called a Demand-Side Platform (DSP), that lets them buy and manage all that advertising from one central place. Their system helps advertisers find the right audience for their ads across connected TVs, mobile phones, computers, and even digital billboards. Viant's technology aims to make the ad buying process cheaper and more transparent than traditional methods.
Demand-Side Platform (DSP)
This is the core of Viant's business and accounts for all of its revenue. Think of it as a sophisticated tool that advertisers and their agencies use to purchase ad space across the internet automatically. Instead of calling up individual websites or TV networks, they use Viant's platform to run their campaigns across many different channels at once, like streaming TV, online audio, and mobile apps. Viant makes money by charging fees to these advertisers for using its software to plan, buy, and measure their ad campaigns.
What management is betting on now
Viant is heavily focused on artificial intelligence (AI) to make ad buying smarter and more automated. They've launched a product called "Outcomes" that uses AI to manage campaigns automatically to achieve a specific goal, like a certain number of product sales. The company is also concentrating on the fast-growing area of Connected TV (CTV) advertising, which are ads you see on streaming services. A key strategy is their "Direct Access" program, which creates a more direct and cost-effective way for advertisers to buy ad space on these popular streaming platforms.
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$16.27M
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
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
Revenue
$79.92M
Net income
$1.51M
Diluted EPS
0.09
Operating cash flow
$17.07M
Free cash flow
$16.27M
Fetching…
Sources
Is it cheap or expensive?
Fair value $99.81 vs current price $12.34
Wall Street consensus is the average analyst price target: $19.50 (-80.5% lower than our fair-value estimate).
Our most-likely fair value is $99.81 a share — about 708.8% above today's price of $12.34, 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 $416.98M 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)
34.28x
Forward P/E
15.70x
P/B
2.29x
P/S
2.11x
EV/EBITDA
9.85x
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
—
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
—
Payout ratio
0.0%
Last ex-div date
—