DoubleVerify Holdings, Inc. DV
We are one of the industry's leading media effectiveness platforms that leverages artificial intelligence ("AI") to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. As the global digital advertising market has evolved, we have continued to expand our capabilities since our founding in 2008 through new product innovation and partnerships across emerging programmatic media buying platforms and digital media channels, including social and CTV.
The advertising industry continues to experience an expanding array of digital channels and platforms. Aggregating self-reported data from a large number of publishers, social channels and programmatic platforms across an advertiser's digital ad spend makes it difficult for the advertiser to form an accurate, unbiased view of how and where its ad budget is spent and the effectiveness of that spend. As ad fraud has proliferated across the Internet and other digital channels and advertisers provide even greater focus on finding content that is aligned with their brand strategy, advertisers are utilizing independent, third-party solutions to protect their brand equity and optimize the performance of their digital media investments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $748.3M | $656.8M | $572.5M | $452.4M | $332.7M | $243.9M | $182.7M | — |
| Cost of revenue | $133.5M | $116.5M | $106.6M | $77.9M | $54.4M | $35.8M | $24.8M | — |
| Gross profit | $614.8M | $540.3M | $465.9M | $374.6M | $278.4M | $208.2M | $157.8M | — |
| R&D | $178.4M | $153.0M | $125.4M | $95.1M | $62.7M | $47.0M | $31.6M | — |
| SG&A | $109.7M | $92.1M | $88.0M | $78.7M | $81.4M | $53.1M | $26.9M | — |
| Operating income | $79.2M | $82.4M | $85.7M | $59.0M | $26.7M | $21.4M | $39.1M | — |
| Interest expense | $1.7M | $1.1M | $1.1M | $905.0K | $1.2M | $4.9M | $5.2M | — |
| Pre-tax income | $82.7M | $88.8M | $95.9M | $59.4M | $25.8M | $17.3M | $35.4M | — |
| Income tax | $32.1M | $32.6M | $24.4M | $16.1M | $3.5M | $3.1M | $12.1M | — |
| Net income | $50.6M | $56.2M | $71.5M | $43.3M | $29.3M | $20.5M | $23.3M | — |
| EPS, basic | 0.31 | 0.33 | 0.43 | 0.26 | 0.20 | 0.15 | 0.17 | — |
| EPS, diluted | 0.30 | 0.32 | 0.41 | 0.25 | 0.18 | 0.14 | 0.16 | — |
| Shares, diluted (wtd. avg.) | $166.7M | $175.1M | $173.4M | $170.8M | $160.3M | $145.4M | $143.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $259.0M | $292.8M | $310.1M | $267.9M | $221.7M | $33.4M | $11.3M | $30.0M |
| Short-term investments | — | $17.8M | — | — | — | — | — | — |
| Receivables | $221.2M | $226.2M | $206.9M | $167.1M | $122.9M | $94.7M | — | — |
| Total current assets | $519.3M | $559.1M | $533.0M | $445.1M | $367.8M | $141.9M | — | — |
| Property, plant and equipment | $103.3M | $70.2M | $58.0M | $47.0M | $17.6M | $18.1M | — | — |
| Goodwill | $516.0M | $427.6M | $436.0M | $343.0M | $350.6M | $227.3M | — | — |
| Other intangibles | $101.6M | $110.4M | $140.9M | $135.4M | $153.4M | $121.7M | — | — |
| Total assets | $1.35B | $1.28B | $1.24B | $1.04B | $892.2M | $511.3M | — | — |
| Accounts payable | $14.7M | $11.6M | $12.9M | $6.7M | $3.9M | $3.5M | — | — |
| Total current liabilities | $121.6M | $103.5M | $83.9M | $68.9M | $57.0M | $34.0M | — | — |
| Long-term debt | — | — | — | — | — | $22.0M | — | — |
| Total liabilities | $222.8M | $192.8M | $169.1M | $160.2M | $93.1M | $94.6M | — | — |
| Retained earnings | $305.9M | $255.2M | $199.0M | $127.5M | $84.2M | $54.9M | — | — |
| Total equity | $1.13B | $1.08B | $1.07B | $876.9M | $799.1M | $416.7M | $318.0M | $292.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $211.2M | $159.7M | $119.7M | $94.9M | $82.7M | $21.2M | $29.4M | — |
| Depreciation and amortisation | $56.6M | $45.2M | $40.9M | $34.3M | $30.3M | $24.6M | $21.8M | — |
| Stock-based compensation | $104.2M | $90.7M | $59.2M | $42.3M | $21.9M | $6.0M | — | — |
| Capital expenditure | $38.5M | $27.1M | $17.0M | $40.0M | $9.4M | $9.8M | $5.9M | — |
| Investing cash flow | -$105.4M | -$44.8M | -$84.2M | -$40.0M | -$158.6M | -$9.8M | -$63.2M | — |
| Financing cash flow | -$143.9M | -$129.4M | $6.5M | -$7.9M | $264.4M | $10.4M | $15.0M | — |
| Buybacks | $132.3M | $128.0M | $4.6M | $10.2M | $1.8M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-040372.
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