The Trade Desk, Inc. Financial Ratios — TTD Stock

Profitability (USD)

	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	110.11	60.76	68.57	25.36	8.36	41.49	142.62	- -
Return on Assets (%)	- -	10.2	5.48	7.61	9.21	7.61	10.81	4.35	1.34	3.86	7.15	7.23
Return on Capital (%)	- -	27.91	47.02	141.14	95.6	39.68	- -	- -	5.86	26.33	71.51	173.21
Return on Invested Capital (%)	- -	33.77	19.66	23.93	26.82	17.54	- -	- -	2.28	5.63	11.74	12.88
Gross Margin (%)	71.81	79.82	80.35	78.51	76.09	76.37	78.61	81.48	82.18	81.21	80.69	78.63
EBITDA Margin (%)	3.24	34.97	30.22	24.84	24.96	20.25	20.67	13.96	10.65	14.43	21.05	24.35
Operating Margin (%)	1.72	33.36	28.34	22.5	22.49	16.97	17.25	10.43	7.2	10.3	17.47	20.35
Incremental Operating Margin (%)	- -	53.71	21.93	11.24	22.46	2.65	18.3	-5.38	-2.93	23.57	45.45	35.92
Pretax Margin (%)	-2.12	26.23	21.6	20.64	22.15	17.58	17.21	10.2	8.07	13.77	20.75	22.74
Profit Margin (%)	0.01	13.99	10.09	16.48	18.47	16.39	28.98	11.51	3.38	9.19	16.08	15.31
Net Income to Common Margin (%)	- -	4.37	10.09	16.48	18.47	16.39	28.98	11.51	3.38	9.19	16.08	15.31
Effective Tax Rate (%)	- -	46.65	53.27	20.16	16.64	6.8	- -	- -	58.09	33.23	22.52	32.71
Dvd Payout Ratio (%)	- -	-220.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	110.11	60.76	68.57	25.36	8.36	41.49	142.62	- -

Credit (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	15	45	26	27	- -	189	292	285	261	236	312	436
ST Debt	- -	- -	- -	- -	- -	15	38	46	52	56	64	76
LT Debt	15	45	26	27	- -	175	255	238	209	180	248	360
Total Debt/EBITDA	10.34	1.13	0.42	0.35	- -	1.42	1.69	1.7	1.55	0.84	0.61	0.62
Net Debt/EBITDA	-1.65	1.03	-1.75	-1.68	-1.74	-0.98	-2.53	-4.51	-6.13	-3.19	-2.66	-0.93
Total Debt/EBIT	19.54	1.18	0.45	0.39	- -	1.69	2.03	2.28	2.3	1.18	0.73	0.74
Net Debt/EBIT	-3.12	1.08	-1.87	-1.86	-1.93	-1.17	-3.03	-6.04	-9.07	-4.46	-3.21	-1.12
EBITDA to Interest Expense	1.71	34.89	19.94	42.75	76.87	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	0.73	30.39	17.7	37.1	64.1	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	0.91	33.29	18.71	38.72	69.24	- -	- -	- -	- -	- -	- -	- -
Interest Expense	1	1	3	2	2	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-6.47	6.23	-2.76	4.51	11.1	13.45	17.23	17.11	15.19	4.03	5.8	-9.6
Long-Term Debt/Equity (%)	68.27	117.06	15.72	10.99	- -	28.55	25.13	15.61	9.86	8.33	8.4	14.49
Long-Term Debt/Capital (%)	41.12	54.61	234.35	42.87	- -	41.45	33.2	26.59	22.51	41.67	37.17	-232.87
Long-Term Debt/Total Assets (%)	14.6	21.35	4.81	3.39	- -	10.12	9.24	6.67	4.76	3.69	4.05	5.85
Total Debt/Equity (%)	68.27	117.06	15.72	10.99	- -	30.93	28.86	18.63	12.34	10.9	10.59	17.56
Total Debt/Capital (%)	41.12	54.61	234.35	42.87	- -	44.91	38.14	31.74	28.17	54.5	46.85	-282.26
Total Debt/Total Assets (%)	14.6	21.35	4.81	3.39	- -	10.96	10.62	7.96	5.96	4.83	5.11	7.09
Net Debt to Equity	-10.91	106.51	-65.43	-52.51	-52.52	-21.37	-43.17	-49.38	-48.72	-41.36	-46.44	-26.49
Net Debt/Capital (%)	-12.56	52.26	87.89	138.7	249.34	-44.97	-132.75	-528.96	990.54	193.63	194.8	80.98
EBITDA	1	40	61	77	119	134	173	167	168	281	515	705
EBITDA-CapEx	1	35	54	66	99	98	99	112	84	234	416	508
Operating Income (Loss)	1	38	58	69	107	112	144	125	114	200	427	589

Liquidity (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.28	0.03	0.39	0.3	0.29	0.27	0.42	0.53	0.71	0.55	0.67	0.4
Current Ratio	1.55	1.68	1.5	1.48	1.48	1.56	1.57	1.71	1.9	1.72	1.86	1.61
Quick Ratio	1.52	1.65	1.48	1.46	1.46	1.53	1.5	1.65	1.87	1.69	1.83	1.55
CFO/Avg Current Liab	- -	-0.4	0.32	0.07	0.14	0.07	0.34	0.23	0.29	0.26	0.27	0.32
Common Equity/Total Assets	-6.47	6.23	-2.76	4.51	11.1	13.45	17.23	17.11	15.19	4.03	5.8	-9.6
Long-Term Debt/Equity (%)	68.27	117.06	15.72	10.99	- -	28.55	25.13	15.61	9.86	8.33	8.4	14.49
Long-Term Debt/Capital (%)	41.12	54.61	234.35	42.87	- -	41.45	33.2	26.59	22.51	41.67	37.17	-232.87
Long-Term Debt/Total Assets (%)	14.6	21.35	4.81	3.39	- -	10.12	9.24	6.67	4.76	3.69	4.05	5.85
Total Debt/Equity (%)	68.27	117.06	15.72	10.99	- -	30.93	28.86	18.63	12.34	10.9	10.59	17.56
Total Debt/Capital (%)	41.12	54.61	234.35	42.87	- -	44.91	38.14	31.74	28.17	54.5	46.85	-282.26
Total Debt/Total Assets (%)	14.6	21.35	4.81	3.39	- -	10.96	10.62	7.96	5.96	4.83	5.11	7.09
CFO/Total Liabilities	-18.47	-21.27	20.1	5.66	11.97	5.39	23.27	18.46	24.22	21.96	23.38	27.06
CFO/CapEx	-17.84	-7.13	10.9	3.09	4.37	1.69	5.47	6.91	6.52	12.79	7.53	5.04
Altman's Z-Score	0.78	1.7	1.9	3.12	5.36	7.37	13.87	13.92	6.94	8.79	12.14	4.08

Working Capital (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	0.84	0.71	0.63	0.67	0.66	0.61	0.66	0.72	0.75	0.79	0.82
Days Sales Outstanding	- -	433.35	511.89	578.38	548.44	552.46	600.41	549.85	505.23	489.28	462.86	447.42
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	0.28	0.19	0.17	0.2	0.2	0.16	0.15	0.16	0.17	0.19	0.22
Accounts Payable Turnover Days	- -	1,283.97	1,886.07	2,197.26	1,854.66	1,796.91	2,262.83	2,474.61	2,289.73	2,090.94	1,913.31	1,662.33
Cash Conversion Cycle	- -	-850.62	-1,374.18	-1,618.88	-1,306.23	-1,244.45	-1,662.41	-1,924.76	-1,784.5	-1,601.66	-1,450.45	-1,214.91
Inventory to Cash Days	- -	433.35	511.89	578.38	548.44	552.46	600.41	549.85	505.23	489.28	462.86	447.42
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	506	1,840	4,928	11,570	37,076	43,699	21,829	35,207	57,693	18,535
- Cash & Cash Equivalents	17	4	133	156	207	131	437	754	1,031	895	1,369	658
+ Preferred Equity and Hybrid Capital	28	24	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	15	45	26	27	- -	189	292	285	261	236	312	436
Enterprise Value	26	65	399	1,711	4,720	11,504	36,744	43,024	20,644	34,063	56,084	17,668
Total Capital	36	82	11	63	124	422	767	897	926	433	666	-155
Total Debt/Capital (%)	41.12	54.61	234.35	42.87	- -	44.91	38.14	31.74	28.17	54.5	46.85	-282.26
Total Debt / EV	0.58	0.69	0.06	0.02	- -	0.02	0.01	0.01	0.01	0.01	0.01	0.02
EV/Sales	0.57	0.57	1.97	5.55	9.89	17.4	43.95	35.96	13.08	17.5	22.94	6.1
EV/EBITDA	17.74	1.63	6.5	22.35	39.62	85.94	212.59	257.58	122.82	121.26	108.97	25.06
EV/EBIT	33.52	1.71	6.93	24.67	43.98	102.54	254.8	344.7	181.64	169.91	131.29	29.98
EV/Cash Flow to Firm	- -	- -	5.22	52.4	53.7	191.08	90.71	113.67	37.62	56.93	75.84	17.8
EV/Free Cash Flow to Firm	- -	- -	4.78	40.01	43.83	119.96	76.69	99.29	32.62	52.8	66.95	14.85
Diluted Market Cap	- -	- -	506	2,013	5,317	12,420	39,239	45,686	22,412	35,993	58,991	18,735
Diluted Enterprise Value	26	65	399	1,884	5,109	12,479	39,094	45,217	21,642	35,334	57,934	18,513
EV per Share	0.05	0.14	2.18	4.25	11.12	25.83	79.38	90.23	42.4	69.62	114.25	36.18
TTM Sales	45	114	203	308	477	661	836	1,196	1,578	1,946	2,445	2,896
TTM EBITDA	1	40	61	77	119	134	173	167	168	281	515	705
TTM Operating Income	1	38	58	69	107	112	144	125	114	200	427	589
TTM Cash Flow to Firm	-15	-36	76	33	88	60	405	379	549	598	739	993
TTM Free Cash Flow to Firm	-14	-31	83	43	108	96	479	433	633	645	838	1,190

Multiples (USD)

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	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	6.18	48.71	49.97	129.51	81.9	105.43	35.41	55.79	70.42	15.75
EV/EBIT	33.52	1.71	6.93	24.67	43.98	102.54	254.8	344.7	181.64	169.91	131.29	29.98
Enterprise Value	26	65	399	1,711	4,720	11,504	36,744	43,024	20,644	34,063	56,084	17,668
Low Price	- -	- -	2.2	2.64	4.07	10.94	13.6	46.71	39	41.2	61.48	35.65
EV/Sales	0.57	0.57	1.97	5.55	9.89	17.4	43.95	35.96	13.08	17.5	22.94	6.1
EV/EBITDA	17.74	1.63	6.5	22.35	39.62	85.94	212.59	257.58	122.82	121.26	108.97	25.06
Price/Earnings	- -	- -	24.72	36.22	55.91	106.81	153.01	317.2	408.9	196.75	146.77	41.81
Price/Earnings Average	- -	- -	24.27	37.54	44.11	86.74	85.01	265.01	534.55	188.31	121.96	71.75
Price/Earnings High	- -	- -	29.81	53.34	77.77	119.02	185.82	394.91	850.65	251.14	176.74	140.53
Price/Earnings Low	- -	- -	19.63	20.92	19.6	44.98	25.98	161.68	355.73	112.65	76.78	39.27
Price/Book Value	- -	- -	-34.17	51.14	39.7	49.78	78.16	71.39	32.8	178.76	162.86	-31.37
Price/Book Value Average	- -	- -	-33.55	53	31.32	40.42	43.42	59.64	42.88	171.08	135.32	-53.83
Price/Book Value High	- -	- -	-41.2	75.31	55.22	55.47	94.92	88.88	68.24	228.17	196.12	-105.43
Price/Book Value Low	- -	- -	-27.14	29.54	13.92	20.96	13.27	36.39	28.54	102.35	85.19	-29.46
Price/Tangible Book Value	- -	- -	3.13	7.63	12.75	19.17	37.02	28.88	10.41	16.4	19.66	7.52
Price/Tangible Book Value Average	- -	- -	3.08	7.91	10.06	15.57	20.56	24.13	13.61	15.69	16.34	12.91
Price/Tangible Book Value High	- -	- -	3.78	11.23	17.74	21.36	44.95	35.96	21.66	20.93	23.67	25.28
Price/Tangible Book Value Low	- -	- -	2.49	4.41	4.47	8.07	6.28	14.72	9.06	9.39	10.28	7.06
Price/Sales	- -	- -	2.5	5.97	10.32	17.5	44.35	36.52	13.84	18.09	23.6	6.4
Price/Sales Average	- -	- -	2.45	6.19	8.15	14.21	24.64	30.51	18.09	17.31	19.61	10.98
Price/Sales High	- -	- -	3.01	8.79	14.36	19.5	53.86	45.47	28.78	23.09	28.42	21.51
Price/Sales Low	- -	- -	1.98	3.45	3.62	7.37	7.53	18.62	12.04	10.36	12.34	6.01
Price/Cash Flow	- -	- -	6.75	58.93	56.9	192.17	91.53	115.45	39.78	58.84	78.02	18.67
Price/Cash Flow Average	- -	- -	6.63	61.07	44.89	156.06	50.85	96.45	52.01	56.32	64.83	32.04
Price/Cash Flow High	- -	- -	8.14	86.78	79.15	214.14	111.16	143.73	82.76	75.11	93.95	62.76
Price/Cash Flow Low	- -	- -	5.36	34.04	19.95	80.92	15.54	58.85	34.61	33.69	40.81	17.53
Price/Free Cash Flow Average	- -	- -	6.07	50.48	39.42	105.17	45.5	88.08	46.29	53.4	58.51	27.02
Price/Free Cash Flow High	- -	- -	7.45	71.73	69.51	144.32	99.46	131.26	73.67	71.22	84.8	52.93
Price/Free Cash Flow Low	- -	- -	4.91	28.14	17.52	54.54	13.91	53.74	30.81	31.94	36.84	14.79
EV/Sales Average	0.57	0.57	1.92	5.77	7.71	14.3	24.46	30.12	17.6	16.98	19.18	10.91
EV/Sales High	0.57	0.57	2.48	8.37	13.93	19.59	53.69	45.08	28.29	22.75	27.98	21.43
EV/Sales Low	0.57	0.57	1.45	3.03	3.18	7.46	7.36	18.22	11.55	10.02	11.91	5.93
EV/EBITDA Average	17.74	1.63	6.35	23.22	30.89	70.63	118.34	215.75	165.21	117.61	91.09	44.79
EV/EBITDA High	17.74	1.63	8.2	33.71	55.79	96.75	259.68	322.89	265.6	157.64	132.94	88.04
EV/EBITDA Low	17.74	1.63	4.8	12.2	12.76	36.83	35.58	130.54	108.41	69.41	56.59	24.37
EV/EBIT Average	33.52	1.71	6.77	25.63	34.29	84.26	141.83	288.73	244.32	164.79	109.75	53.6
EV/EBIT High	33.52	1.71	8.75	37.21	61.94	115.43	311.24	432.11	392.79	220.87	160.16	105.34
EV/EBIT Low	33.52	1.71	5.12	13.47	14.16	43.95	42.65	174.69	160.32	97.26	68.17	29.16
Last Price	- -	- -	2.77	4.57	11.61	25.98	80.1	91.64	44.83	71.96	117.53	37.96
High Price	- -	- -	3.34	6.73	16.15	28.95	97.28	114.09	93.26	91.85	141.53	127.59
Enterprise Value Average	26	65	390	1,778	3,680	9,454	20,454	36,039	27,768	33,036	46,881	31,585
Enterprise Value High	26	65	503	2,581	6,647	12,951	44,883	53,934	44,642	44,279	68,417	62,078
Enterprise Value Low	26	65	295	934	1,520	4,930	6,150	21,804	18,221	19,498	29,122	17,185

Shares Outstanding	382	385	391	416	439	455	473	483	490	489	496	476
Diluted Weighted Avg Shares	498	498	183	441	458	478	490	499	500	500	502	494
Basic Weighted Avg Shares	473	473	183	403	424	445	463	477	487	489	491	488
Revenue per Share	0.09	0.24	1.11	0.77	1.12	1.48	1.81	2.51	3.24	3.98	4.98	5.93
EBITDA per Share	- -	0.08	0.34	0.19	0.28	0.3	0.37	0.35	0.35	0.57	1.05	1.44
Operating Income per Share	- -	0.08	0.31	0.17	0.25	0.25	0.31	0.26	0.23	0.41	0.87	1.21
Basic EPS, GAAP	- -	0.01	0.11	0.13	0.21	0.24	0.52	0.29	0.11	0.37	0.8	0.91
Basic EPS from Cont Ops	- -	0.03	0.11	0.13	0.21	0.24	0.52	0.29	0.11	0.37	0.8	0.91
Diluted EPS, GAAP	- -	0.01	0.11	0.12	0.19	0.23	0.49	0.28	0.11	0.36	0.78	0.9
Diluted EPS from Cont Ops	- -	0.03	0.11	0.12	0.19	0.23	0.49	0.28	0.11	0.36	0.78	0.9
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.03	-0.08	0.41	0.08	0.2	0.14	0.88	0.79	1.13	1.22	1.51	2.03
Free Cash Flow per Basic Share	-0.03	-0.09	0.37	0.05	0.16	0.06	0.72	0.68	0.95	1.13	1.31	1.63
Cash & Equivalents per Share	0.04	0.01	0.73	0.39	0.49	0.57	1.35	2.01	2.97	2.82	3.91	2.67
Book Value per Share	-0.01	0.03	-0.08	0.09	0.29	0.52	1.02	1.28	1.37	0.4	0.72	-1.21
Tangible Book Value per Share	-0.01	0.03	0.88	0.6	0.91	1.36	2.16	3.17	4.31	4.39	5.98	5.05

The Trade Desk, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)