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Trade Desk, Inc. key statistics and ratios

In fiscal 2025, Trade Desk, Inc. had return on equity of 16.3% and a net margin of 15.3%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin10.1%16.5%18.5%16.4%29.0%11.5%3.4%9.2%16.1%15.3%13.6%
Return on equity12.5%24.8%27.5%21.5%29.8%10.8%2.9%8.4%15.4%16.3%16.1%
Return on assets3.8%7.6%9.2%7.6%10.8%4.4%1.3%3.9%7.1%7.2%6.8%
Effective tax rate53.3%20.2%16.6%6.8%—−12.9%58.1%33.2%22.5%32.7%36.6%
R&D as % of revenue13.5%17.1%17.6%17.7%19.9%18.9%20.3%21.2%19.0%18.1%18.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $5.8bn
Short-term assets $4.8bnLonger-term assets $949m
What it owes, and who funded it · $5.8bn
Short-term liabilities $2.8bnLonger-term liabilities $396mShareholders' equity $2.6bn
  • Short-term assets cover short-term liabilities $4.8bn of assets due within a year against $2.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.8bn short-term assets against $396m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $586m against $2m of interest.

From Trade Desk, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

52 /100

Moderate moat

How hard Trade Desk's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Cash operating profit has been a median 11.1% of total assets over 9 years.

  • Pricing power 20 / 20

    Gross margin has been a median 79.4%, moving by 2.5 percentage points (standard deviation) across 9 years.

  • Durability 7 / 20

    Operating margin has been a median 17.7%; its worst year was 2.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 27.0% of revenue.

  • Discipline 6 / 20

    The diluted share count rose 2.0% over five years; stock-based pay has been a median 15.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (67 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: PTC vs TTDNICE vs TTDSABR vs TTDDOCU vs TTD

More: Application Software stocks compared, Technology sector, rankings of US companies

Figures from Trade Desk, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Trade Desk, Inc.