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what it is
DoubleVerify sells software that checks whether digital ads are real, viewable, and safe to buy.
how it gets paid
Last year Doubleverify Hldgs made $748M in revenue. Programmatic verification was the main engine at $260M, or 35% of sales.
why it's growing
Revenue grew 13.9% last year. Revenue was $543M, up 188% vs. prior year, and EPS was $0.13, up 117%.
what just happened
DoubleVerify posted $543M in latest-quarter revenue, with $0.13 EPS and 188% vs. prior year growth.
At a glance
B+ balance sheet — decent shape, but not bulletproof
13.5x trailing p/e — the market's not buying it — or you found a deal
5.2% return on capital — nothing to write home about
$0.32 fy2024 eps est
$657M fy2024 rev est
xvary composite: 49/100 — below average
What they do
DoubleVerify sells software that checks whether digital ads are real, viewable, and safe to buy.
DoubleVerify sits between brands and the ad market. That means your client does not just buy software; they buy a referee with $748M of annual revenue behind it. Leaving is painful because the product is wired into programmatic platforms, social channels, and publishers.
How they make money
$748M
annual revenue · their business grew +13.9% last year
Programmatic verification
$260M
Social verification
$170M
Publisher integrations
$138M
Video and CTV
$110M
Analytics dashboard
$70M
The products that matter
ad verification and optimization
Activation & Measurement
$561M listed revenue · +12% growth
this is the largest line item shown here at $561M, and it grew 12% compared to last year. if this slows, the whole story slows with it.
core engine
brand suitability screening
Authentic Brand Suitability
$187M listed revenue · +20% growth
this smaller bucket is growing faster at 20% and gives DV a second way to sell into the same customer base. that matters when your total revenue base is only $657M.
faster growth
media quality authentication
DV Authenticate
launched in 2025
it launched in 2025, which means the product exists but the revenue proof is still thin in this snapshot. against a $657M company, a new product only matters when management starts showing material adoption.
newer bet
Key numbers
$748M
ttm revenue
This is the size of the machine. A $748M base means small changes in growth move real money.
13.5x
trailing p/e
You are paying 13.5 times trailing earnings, which is the market's price for this ad-tech story.
19.4%
op margin
A 19.4% operating margin says the business keeps a meaningful slice of sales after operating costs.
5.2%
return on capital
You get 5.2% back on invested capital, which is not a trophy number and is easy to compare against the cost of capital.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- long-term debt $86M (5% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for DV right now.
source: institutional data · return history unavailable
What just happened
beat estimates
DoubleVerify posted $543M in latest-quarter revenue, with $0.13 EPS and 188% vs. prior year growth.
Revenue was $543M, up 188% vs. prior year, and EPS was $0.13, up 117%. That is a giant quarter beside a $748M annual base.
$543M
revenue
$0.13
eps
188%
revenue growth
revenue
The $543M quarter matters because it is almost the full-year base in one report and it came with $0.13 EPS.
source: company earnings report, 2026
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What could go wrong
the #1 risk is ad-platform in-sourcing by the same companies selling the inventory.
med
Google or Meta decides the referee should work for the league
if major ad platforms build or push their own verification tools, DV loses the independence argument that supports its pricing. this snapshot already frames more than 50% of revenue as exposed over time if that shift gets real.
on a $657M revenue base, that hits the core business, not a side project.
med
82.2% gross margin stops impressing because growth stays ordinary
high gross margin is only half the story. if revenue stays pinned near the $657M estimate instead of accelerating, investors keep treating DV like a niche tool, not a compounding software platform.
cheap software names stay cheap when the market stops believing the next leg of growth exists.
med
new products consume margin without becoming material
DV Authenticate launched in 2025, but this snapshot does not yet show a clean revenue contribution. if management spends against new products and the 34% adjusted EBITDA margin goal slips, you lose the growth story and the efficiency story together.
that would make the current 13.5x p/e look less like an opportunity and more like a fair price for a slower business.
if platforms internalize even part of the verification economics tied to more than half of this revenue base, the premium-margin story gets hit where it matters.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings
expected may 2026. you want evidence that the 14% growth target for 2025 still has a pulse and that the 34% adjusted EBITDA margin goal is holding up.
capital return
$300M buyback execution
a repurchase this large against a roughly $2B market cap matters. pace tells you whether management is merely authorized or actually buying stock.
product trend
DV Authenticate adoption
launched in 2025. if management starts attaching real revenue or customer adoption to it, DV looks less like a one-lane verifier and more like a broader measurement company.
platform risk
signs of in-house verification by major platforms
this is the strategic threat that matters most. any sign that big platforms are pulling verification work inside should change how you think about the multiple.
Analyst rankings
risk profile
below average
risk rank 4 — more volatile than most — brace for bigger swings.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for DV is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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