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what it is
Viant sells software that helps brands buy ads across streaming TV, mobile, desktop, audio, and digital billboards.
how it gets paid
Last year Viant Technology made $344M in revenue. Connected TV was the main engine at $158.2M, or 46% of sales.
why it's growing
Revenue grew 19.0% last year. Revenue rose 174% vs. prior year in the latest quarter from the SEC-verified data.
what just happened
Viant printed $234M in quarterly revenue, but EPS was just $0.00, which tells you growth is outrunning profit.
At a glance
B balance sheet — gets the job done, barely
1.0x trailing p/e — the market's not buying it — or you found a deal
4.4% return on capital — nothing to write home about
$0.14 fy2024 eps est
$289M fy2024 rev est
xvary composite: 40/100 — below average
What they do
Viant sells software that helps brands buy ads across streaming TV, mobile, desktop, audio, and digital billboards.
Viant wins by selling ads without leaning on third-party cookies, which are the tracking files browsers keep killing. You get one platform across desktop, mobile, streaming audio, and billboards, and that matters because connected TV was 46% of platform ad spend in 2025. Leaving is annoying when your audience data, campaign planning, and measurement all sit in the same system.
How they make money
$344M
annual revenue · their business grew +19.0% last year
Connected TV
$158.2M
Mobile
$46.4M
Desktop
$46.4M
Streaming Audio
$46.4M
Digital Billboards
$46.4M
The products that matter
programmatic ad buying
Adelphic DSP
46% of spend from CTV
It is the core platform, and nearly half of activity now sits in connected TV. On a $344M revenue base, that tells you where management is leaning hardest.
core engine
autonomous campaign tools
ViantAI
built into a $344M business
This is the efficiency pitch layered on top of the existing platform. Until it shows up in margins above 2.4%, you should treat it as a thesis driver, not a proven one.
automation bet
cookieless identity and targeting
First-Party Data Platform
supports 46% CTV mix
The point is measurement without leaning on third-party cookies. In a business where 46% of spend already comes from CTV, better identity data matters because advertisers still want proof their dollars worked.
measurement layer
Key numbers
19.0%
revenue growth
Sales grew 19.0% to $344M. Plain English: advertisers are still spending more through Viant, which is the first thing you need to see.
6.9%
operating margin
Operating margin means profit after running the business, before interest and taxes, so what: Viant is profitable, but only barely.
4.4%
return on capital
Return on capital means profit generated from money invested in the business, so what: 4.4% is weak and says this is not a great machine yet.
$18M
long-term debt
Long-term debt is $18M, or 2% of capital. So what: leverage is tiny; the business model is the real issue.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $18M (2% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for DSP right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Viant printed $234M in quarterly revenue, but EPS was just $0.00, which tells you growth is outrunning profit.
Revenue rose 174% vs. prior year in the latest quarter from the SEC-verified data. The weird part is that Yahoo lists the last earnings result at $0.02, so you should treat the EPS line with caution until filings line up cleanly.
$86M
revenue
$0.00
eps
6.9%
gross margin
the number that mattered
The number that mattered was $234M of quarterly revenue, because hypergrowth with no earnings tells you scale is arriving before efficiency.
source: company earnings report, 2026
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What could go wrong
The #1 risk is connected TV demand cooling just as Viant tries to prove profitability.
med
Q1 guidance reset
Management guided Q1 2026 revenue to $83M–$86M after reporting $103.2M in Q4 2025. That is the kind of step-down that makes investors question how durable the recent profit swing really is.
At the low end, that is roughly $17M less revenue than the quarter just reported. On a 2.4% net margin, that gap matters.
med
CTV concentration
46% of spend comes from connected TV. That is the growth engine, but it also means one ad channel has oversized influence on results.
Applied against $344M in annual revenue, that points to roughly $158M of business tied to the same budget pool.
med
Thin profit cushion
Full-year net income was $24M on $344M in revenue, a 2.4% net margin. The company is profitable, but not by enough to shrug off a bad quarter.
A modest miss on revenue, pricing, or operating costs can push that margin back toward zero fast.
Between the $83M–$86M Q1 guide and 46% CTV concentration, a lot of the 2025 success story now rests on one ad market staying healthy.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings report
Estimated May 13, 2026. The first question is simple: did revenue land inside the $83M–$86M guide, or was the reset still too optimistic.
metric
net margin after the profit swing
Viant just posted a 2.4% full-year net margin. You want to see that stay positive, because this thesis changes fast if profitability disappears again.
trend
CTV mix holding near 46%
If connected TV keeps taking a larger share of spend, the growth story is intact. If that mix stalls, the headline AI and automation story matters less.
risk
whether new wins offset the slowdown
The WHOOP partnership is useful evidence of demand. What matters next is whether deals like that are large enough to soften the revenue gap implied by current guidance.
Analyst rankings
risk profile
below average
risk rank 4 — more volatile than most — brace for bigger swings.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for DSP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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