The Trade Desk
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
52.3535.0415.6412.61
Price/Sales ratio
9.287.656.465.16
Earnings per Share (EPS)
$0.99$1.49$3.34$4.14

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
284.63K89.3424.7236.2260.31106.81153.00317.20408.90196.75563.6760.31
Price/Sales ratio
31.9412.502.495.9611.1317.5044.3436.5213.8318.0919.0711.13
Price/Book Value ratio
65.0837.113.087.4913.4718.8836.5928.6110.3116.2614.2213.47
Price/Cash Flow ratio
-95.86-38.926.7458.9261.39192.1791.52115.4439.7858.8454.83192.17
Price/Free Cash Flow ratio
-86.24-32.727.69101.3286.57590.25114.09137.1847.7864.8065.86590.25
Price/Earnings Growth ratio
N/AN/A-0.02-0.191.304.051.31-7.17-6.580.83-8.824.05
Dividend Yield
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Profitability Indicator Ratios
Gross Profit Margin
71.80%79.82%80.34%78.51%76.09%76.37%78.61%81.48%82.18%81.21%82.18%76.09%
Operating Profit Margin
1.71%33.36%28.34%22.50%22.48%16.97%17.24%10.43%7.20%10.30%7.20%16.97%
Pretax Profit Margin
-2.11%26.22%21.60%20.64%22.15%17.58%17.21%10.19%8.07%13.77%8.07%17.58%
Net Profit Margin
0.01%13.99%10.09%16.48%18.46%16.38%28.98%11.51%3.38%9.19%3.38%16.38%
Effective Tax Rate
100.53%46.64%53.27%20.16%16.64%6.79%-68.38%-12.88%58.08%33.23%58.08%16.64%
Return on Assets
0.00%7.57%3.80%6.37%7.88%6.26%8.79%3.85%1.21%3.66%1.21%6.26%
Return On Equity
0.02%41.54%12.46%20.68%22.33%17.68%23.91%9.01%2.52%8.26%2.86%17.68%
Return on Capital Employed
1.93%41.58%29.73%24.89%26.57%14.05%11.27%7.03%4.83%8.43%4.83%14.05%
Liquidity Ratios
Current Ratio
N/AN/A1.501.471.471.551.56N/AN/AN/A1.891.47
Quick Ratio
1.541.681.501.471.471.551.561.711.891.711.861.47
Cash ratio
0.270.030.380.300.290.140.290.410.500.350.500.29
Days of Sales Outstanding
642.06615.43678.53710.02638.36644.00691.59616.45542.98538.33542.98644.00
Days of Inventory outstanding
0.000.00N/AN/AN/A0.00N/A0.000.00N/AN/A0.00
Operating Cycle
642.06615.43678.53710.02638.36644.00691.59616.45542.98538.33133.88644.00
Days of Payables Outstanding
1.69K1.72K2.93K2.70K2.14K2.03K2.75K2.72K2.42K2.31K2.42K2.14K
Cash Conversion Cycle
-1.05K-1.10K-2.26K-1.99K-1.50K-1.38K-2.06K-2.11K-1.88K-1.77K-1.88K-1.38K
Debt Ratios
Debt Ratio
0.140.210.040.03N/A0.000.010.010.010.010.510.51
Debt Equity Ratio
0.681.170.150.10N/A0.020.030.030.020.021.071.07
Long-term Debt to Capitalization
0.400.530.130.09N/AN/AN/AN/AN/AN/A0.08N/A
Total Debt to Capitalization
0.400.530.130.09N/A0.020.030.020.020.020.100.10
Interest Coverage Ratio
N/AN/A18.7038.7269.24N/AN/AN/AN/AN/A8.91N/A
Cash Flow to Debt Ratio
-0.98-0.812.901.15N/A4.1310.698.2010.4610.772.104.13
Company Equity Multiplier
4.675.483.273.242.832.822.712.342.072.252.072.82
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
-0.33-0.320.360.100.180.090.480.310.340.300.340.18
Free Cash Flow / Operating Cash Flow Ratio
1.111.180.870.580.700.320.800.840.830.900.830.70
Cash Flow Coverage Ratio
-0.98-0.812.901.15N/A4.1310.698.2010.4610.772.104.13
Short Term Coverage Ratio
-218.30N/AN/AN/AN/A4.1310.698.2010.4610.7710.4610.46
Dividend Payout Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A