One-glance verdict
Undervalued
$40.52 our estimate vs market $13.55
Wall Street consensus: $13.48 (-66.7% lower than our fair-value estimate)
67% below our estimate, below the bear case
Fundamentals snapshot
DoubleVerify Holdings, Inc.
DV · NYQ · Communication Services · Advertising Agencies
Current price
$13.55
52-week range
$7.64 - $13.65
Market cap
$2.12B
Balance sheet
Healthy
45.70x Strong cushion
Net cash $98.34M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 2.7% last year.
- Reward Returns 5.4% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 7/10 years.
- Risk Operating margin compressed from 13.0% to 11.9% over 3 years.
What this company does
DoubleVerify Holdings, Inc.
DoubleVerify sells technology that helps advertisers make sure their ads are seen by real people and placed in appropriate online spaces. Their main money comes from providing these ad verification services, which matters because it gives advertisers confidence their spending is effective and not wasted on fake views or unsuitable content.
How the company got here
DoubleVerify was founded in 2008 by Roberto Bortolotti and Oren Netzer with the goal of increasing transparency and effectiveness in the digital advertising world [8, 14]. The company recognized early on the growing need for independent verification as digital advertising began to boom [12, 14]. Over the years, DoubleVerify has strategically grown by introducing new technologies, such as brand safety software in 2010, viewability measurement tools in 2013, and fraud detection services in 2014 [4]. They've also expanded through key acquisitions, notably bringing Scibids Technology SAS into the fold in July 2023 for its AI-powered campaign optimization capabilities, and Rockerbox in February 2025, which enhances their marketing measurement and analytics [2, 4]. In 2021, DoubleVerify became a publicly traded company on the New York Stock Exchange [4]. More recently, in August 2026, Nielsen Holdings announced its agreement to acquire DoubleVerify for approximately $2.15 billion [4, 5].
What it actually does
DoubleVerify operates as a media effectiveness platform, essentially acting as a quality control service for digital advertising [1, 14]. Think of it like a watchdog for ads. When a company, let's say a shoe brand, wants to advertise online, DoubleVerify helps ensure that their ads are actually seen by real people (not bots), appear in appropriate online environments (brand safety), and are viewed for long enough to be effective (viewability) [1, 4, 6]. They provide data and analytics to advertisers, agencies, and publishers (the companies that create and sell ad space) to make sure ad spending is efficient and delivers results [1, 2, 6].
DV Authentic Ad
This is DoubleVerify's core offering, focusing on the quality of digital ads [1]. DV Authentic Ad is a metric that checks if an ad is real and valuable. It looks at things like whether the ad was actually seen by a human (viewability), if it was placed in a safe and suitable environment for the brand (brand suitability), if it was shown in the right geographic location, and if it was a genuine ad impression (not fraudulent) [1, 4]. Advertisers pay for this service to ensure their ad budgets aren't wasted on fake views or inappropriate placements.
DV Authentic Attention
Building on ad quality, DV Authentic Attention focuses on how much engagement an ad actually gets [1]. This goes beyond just being seen; it provides data to help advertisers understand if their ads are capturing the attention of potential customers, which is crucial for driving campaign performance [1, 17]. Companies use this to see if their ads are not just appearing, but also resonating with people.
Scibids AI
Scibids AI is an artificial intelligence (AI) powered solution designed to optimize digital ad campaigns [1]. Think of it as a smart assistant that constantly analyzes campaign data to make real-time adjustments. This helps advertisers improve how well their ads perform, aiming for better results like more clicks or conversions (when someone takes a desired action, like buying a product) [1, 13]. DoubleVerify acquired Scibids to enhance its AI capabilities in campaign optimization.
Rockerbox
Rockerbox is a platform that helps advertisers understand the full journey of a customer, from seeing an ad to making a purchase [1, 2]. It unifies data from different advertising channels (like social media, video ads, etc.) and analyzes it to show which ads are most effective at driving sales or other desired actions. This is known as attribution modeling, where marketers try to figure out which specific ad or marketing effort led to a customer's action [1, 13]. DoubleVerify acquired Rockerbox to strengthen its capabilities in measuring and optimizing advertising impact across various channels.
DV Publisher Suite
This part of DoubleVerify's business focuses on helping digital publishers, the owners of websites and apps where ads are shown, make more money [1]. The DV Publisher Suite provides tools for publishers to manage their ad inventory (the ad space they have available), increase their revenue, and identify any missed sales opportunities [1]. It helps them get the most value out of the ads they display.
DV Pinnacle
DV Pinnacle offers detailed insights into how well advertising campaigns are performing across different platforms and devices [1]. It gives customers a comprehensive view of their media performance, whether they are buying ads directly from a website or through automated systems (programmatic advertising) [1, 12]. This helps advertisers and agencies understand the effectiveness of their ad spend across the entire digital landscape.
What management is betting on now
DoubleVerify's management is focused on expanding the adoption of their core products, especially within existing clients, while also attracting new large advertisers [3, 6]. A significant part of their strategy involves accelerating growth in solutions for social media, streaming TV, and leveraging artificial intelligence (AI) to improve campaign performance and operational efficiency [3, 17]. They are also emphasizing the "outcomes business," which means proving that their advertising solutions not only get seen but also drive tangible business results for their clients, a capability enhanced by their acquisition of Rockerbox [13]. The company aims to deepen its network effects by increasing the volume of measured transactions and data, ultimately driving higher revenue per customer [6].
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 Q3
$48.39M
FY2024 Q4
$30.03M
FY2025 Q1
$31.38M
FY2025 Q2
$40.09M
FY2025 Q3
$39.04M
FY2025 Q4
$62.15M
FY2026 Q1
$-6.37M
FY2026 Q2
$65.73M
Revenue
$193.79M
Net income
$12.92M
Diluted EPS
0.08
Operating cash flow
$76.24M
Free cash flow
$65.73M
Fetching…
Sources
Revenue
$180.82M
Net income
$6.41M
Diluted EPS
0.04
Operating cash flow
$4.17M
Free cash flow
$-6.37M
Fetching…
Sources
Revenue
$205.59M
Net income
$29.33M
Diluted EPS
0.18
Operating cash flow
$72.73M
Free cash flow
$62.15M
Fetching…
Sources
Revenue
$188.62M
Net income
$10.20M
Diluted EPS
0.06
Operating cash flow
$51.18M
Free cash flow
$39.04M
Fetching…
Sources
Revenue
$189.02M
Net income
$8.76M
Diluted EPS
0.05
Operating cash flow
$49.61M
Free cash flow
$40.09M
Fetching…
Sources
Revenue
$165.06M
Net income
$2.36M
Diluted EPS
0.01
Operating cash flow
$37.66M
Free cash flow
$31.38M
Fetching…
Sources
Revenue
$190.62M
Net income
$23.40M
Diluted EPS
0.14
Operating cash flow
$37.38M
Free cash flow
$30.03M
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Sources
Revenue
$169.56M
Net income
$18.20M
Diluted EPS
0.10
Operating cash flow
$54.62M
Free cash flow
$48.39M
Fetching…
Sources
Is it cheap or expensive?
Fair value $40.52 vs current price $13.55
Wall Street consensus is the average analyst price target: $13.48 (-66.7% lower than our fair-value estimate).
Our most-likely fair value is $40.52 a share — about 199.0% above today's price of $13.55, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $98.3M - more cash than debt. Interest coverage 45.7x.
Net debt
$-98.34M
Interest coverage
45.70x
DoubleVerify Holdings, Inc.'s profit covers its interest bill about 45.7 times over. which is stronger than every peer shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
DV
BASELINE
DoubleVerify Holdings, Inc.
Total debt $111.83M Interest coverage 45.70x This is the baseline the peer rows are being compared against.
Total debt $434.11M Interest coverage 8.58x -81% vs DV Carries about 5.3x less debt cushion than DV.
Total debt $416.98M Interest coverage 5.17x -89% vs DV Carries about 8.8x less debt cushion than DV.
Total debt $40.91M Interest coverage -3.16x -100% vs DV This peer has almost no interest-payment cushion compared with DV.
Total debt $9.31M Interest coverage 0.67x -99% vs DV Carries about 67.8x less debt cushion than DV.
What you should know
The case for and against DV
3 Rewards
1 Risk
Rewards
-
Revenue grew 2.7% last year.
-
Returns 5.4% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 7/10 years.
Risks
-
Operating margin compressed from 13.0% to 11.9% over 3 years.
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)
38.71x
Forward P/E
11.69x
P/B
1.92x
P/S
2.75x
EV/EBITDA
13.94x
PEG ratio
0.54x
Profitability
How much profit each dollar creates
Gross margin
82.4%
Operating margin
11.9%
Net margin
7.7%
ROE
5.4%
ROA
4.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.10x
Current ratio
4.50x
Quick ratio
4.06x
Total debt
$111.83M
Total cash
$210.17M
Growth
How the business has been compounding
Revenue TTM
$768.82M
Revenue 5Y CAGR
22.5%
EPS TTM
0.35
EPS 5Y CAGR
6.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$204.32M
Free CF TTM
$172.65M
FCF margin
22.5%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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