DoubleVerify (DV) Financials

$8.78 -0.10 (-1.07%)

As of 02:19 PM Eastern

Annual Income Statements for DoubleVerify

This table shows DoubleVerify's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	23	22	28	38	75	44	79
Consolidated Net Income / (Loss)	23	20	29	43	71	56	51
Net Income / (Loss) Continuing Operations	23	20	29	43	71	56	51
Total Pre-Tax Income	35	17	26	59	96	89	83
Total Operating Income	39	21	27	59	86	82	79
Total Gross Profit	158	208	278	375	466	540	615
Total Revenue	183	244	333	452	573	657	748
Operating Revenue	183	244	333	452	573	657	748
Total Cost of Revenue	25	36	54	78	107	117	133
Operating Cost of Revenue	25	36	54	78	107	117	133
Total Operating Expenses	119	187	252	316	380	458	536
Selling, General & Admin Expense	27	53	81	79	88	92	110
Marketing Expense	38	62	77	107	126	168	191
Research & Development Expense	32	47	63	95	125	153	178
Depreciation Expense	22	25	30	34	41	45	57
Total Other Income / (Expense), net	-3.74	-4.05	-0.86	0.34	10	6.37	3.51
Interest Expense	5.20	4.93	1.17	0.91	1.07	1.12	1.73
Other Income / (Expense), net	1.46	0.89	0.31	1.25	11	7.49	5.24
Income Tax Expense	12	-3.14	-3.49	16	24	33	32
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	-1.08	1.78	5.56	-3.52	12	-28
Basic Earnings per Share	$0.17	$0.15	$0.20	$0.26	$0.43	$0.33	$0.31
Weighted Average Basic Shares Outstanding	139.65M	138.07M	148.31M	163.88M	167.80M	170.52M	162.78M
Diluted Earnings per Share	$0.16	$0.14	$0.18	$0.25	$0.41	$0.32	$0.30
Weighted Average Diluted Shares Outstanding	143.05M	145.44M	160.26M	170.76M	173.44M	175.08M	166.68M
Weighted Average Basic & Diluted Shares Outstanding	-	-	162.65M	165.54M	171.25M	166.01M	161.99M

This table shows DoubleVerify's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	6.93	42	2.53	5.66	27	8.87	9.85	28	11	30	1.48
Consolidated Net Income / (Loss)	13	33	7.16	7.47	18	23	2.36	8.76	10	29	6.41
Net Income / (Loss) Continuing Operations	13	33	7.16	7.47	18	23	2.36	8.76	10	29	6.41
Total Pre-Tax Income	20	42	8.94	13	30	37	9.52	15	21	37	14
Total Operating Income	18	38	6.90	11	26	39	6.76	14	21	38	16
Total Gross Profit	118	142	114	130	140	156	134	156	155	170	148
Total Revenue	144	172	141	156	170	191	165	189	189	206	181
Operating Revenue	144	172	141	156	170	191	165	189	189	206	181
Total Cost of Revenue	26	30	27	26	29	34	31	33	33	36	33
Operating Cost of Revenue	26	30	27	26	29	34	31	33	33	36	33
Total Operating Expenses	99	105	107	119	114	118	127	142	134	132	132
Selling, General & Admin Expense	23	25	22	23	23	24	27	30	27	27	26
Marketing Expense	33	36	38	45	41	44	44	51	47	49	46
Research & Development Expense	32	33	36	40	39	38	45	47	45	42	45
Depreciation Expense	11	12	11	11	11	12	12	15	15	14	15
Total Other Income / (Expense), net	1.35	4.10	2.04	1.83	3.87	-1.37	2.76	1.66	-0.57	-0.34	-1.41
Interest Expense	0.29	0.28	0.23	0.23	0.35	0.30	0.42	0.44	0.47	0.40	0.41
Other Income / (Expense), net	1.63	4.37	2.27	2.06	4.23	-1.07	3.18	2.11	-0.10	0.06	-0.99
Income Tax Expense	6.23	8.64	1.78	5.41	11	14	7.16	6.45	10	8.11	7.82
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	6.42	-9.12	4.63	1.81	-9.08	15	-7.49	-19	-0.84	-0.31	4.93
Basic Earnings per Share	$0.08	$0.20	$0.04	$0.04	$0.11	$0.14	$0.01	$0.05	$0.06	$0.19	$0.04
Weighted Average Basic Shares Outstanding	168.61M	167.80M	171.31M	171.63M	170.25M	170.52M	165.12M	162.74M	162.03M	162.78M	160.77M
Diluted Earnings per Share	$0.08	$0.19	$0.04	$0.04	$0.10	$0.14	$0.01	$0.05	$0.06	$0.18	$0.04
Weighted Average Diluted Shares Outstanding	173.98M	173.44M	176.12M	175.96M	173.91M	175.08M	168.94M	166.70M	166.50M	166.68M	164.11M
Weighted Average Basic & Diluted Shares Outstanding	169.99M	171.25M	171.80M	170.04M	169.17M	166.01M	162.50M	163.63M	161.11M	161.99M	153.46M

This table details how cash moves in and out of DoubleVerify's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-19	22	188	46	42	-17	-34
Net Cash From Operating Activities	29	21	83	95	120	160	211
Net Cash From Continuing Operating Activities	29	21	83	95	120	160	211
Net Income / (Loss) Continuing Operations	23	20	29	43	71	56	51
Consolidated Net Income / (Loss)	23	20	29	43	71	56	51
Depreciation Expense	22	25	30	34	41	45	57
Amortization Expense	0.30	0.29	0.29	0.29	0.29	0.44	0.43
Non-Cash Adjustments To Reconcile Net Income	5.27	15	43	58	76	103	116
Changes in Operating Assets and Liabilities, net	-21	-39	-20	-41	-69	-45	-12
Net Cash From Investing Activities	-63	-9.75	-159	-40	-84	-45	-105
Net Cash From Continuing Investing Activities	-63	-9.75	-159	-40	-84	-45	-105
Purchase of Property, Plant & Equipment	-5.94	-9.75	-9.40	-40	-17	-27	-39
Acquisitions	-57	0.00	-149	0.00	-67	0.00	-83
Purchase of Investments	-	-	-	0.00	0.00	-100	0.00
Sale and/or Maturity of Investments	-	-	-	0.00	0.00	82	18
Other Investing Activities, net	-	-	-	-	0.00	0.00	-2.03
Net Cash From Financing Activities	15	10	264	-7.88	6.49	-129	-144
Net Cash From Continuing Financing Activities	15	10	264	-7.88	6.49	-129	-144
Repayment of Debt	-2.27	-143	-22	0.00	-50	0.00	0.00
Repurchase of Common Equity	0.00	-3.61	-24	-0.01	0.00	-128	-132
Issuance of Debt	20	90	0.00	0.00	50	0.00	0.00
Issuance of Common Equity	0.00	0.42	300	1.73	2.72	3.53	2.45
Other Financing Activities, net	-2.61	-1.26	11	-9.61	3.77	-4.98	-14
Effect of Exchange Rate Changes	-	0.20	-0.20	-0.78	0.34	-1.89	4.44
Cash Interest Paid	4.66	3.37	0.77	0.55	0.71	0.48	1.20

This table details how cash moves in and out of DoubleVerify's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-36	51	-8.12	-45	56	-19	-136	56	-11	58	-85
Net Cash From Operating Activities	36	52	32	36	55	37	38	50	51	73	4.17
Net Cash From Continuing Operating Activities	36	52	32	36	55	37	38	50	51	73	4.17
Net Income / (Loss) Continuing Operations	13	33	7.16	7.47	18	23	2.36	8.76	10	29	6.41
Consolidated Net Income / (Loss)	13	33	7.16	7.47	18	23	2.36	8.76	10	29	6.41
Depreciation Expense	11	12	11	11	11	12	12	15	15	14	15
Amortization Expense	0.07	0.07	0.07	0.07	0.19	0.11	0.11	0.11	0.11	0.11	0.11
Non-Cash Adjustments To Reconcile Net Income	21	21	23	26	27	27	28	30	30	29	28
Changes in Operating Assets and Liabilities, net	-9.35	-14	-9.17	-8.71	-2.36	-25	-4.78	-3.46	-4.17	0.20	-46
Net Cash From Investing Activities	-72	-4.70	-39	-57	26	25	-90	3.16	-7.07	-12	-11
Net Cash From Continuing Investing Activities	-72	-4.70	-39	-57	26	25	-90	3.16	-7.07	-12	-11
Purchase of Property, Plant & Equipment	-4.64	-4.70	-6.39	-7.17	-6.23	-7.36	-6.29	-9.53	-12	-11	-11
Acquisitions	-67	-	0.00	-	-	-	-83	-	-	-	0.00
Other Investing Activities, net	-	-	0.00	-	-	-	-1.00	-	-	-1.03	0.00
Net Cash From Financing Activities	0.53	2.84	-0.91	-24	-26	-79	-86	-0.29	-55	-3.14	-78
Net Cash From Continuing Financing Activities	0.53	2.84	-0.91	-24	-26	-79	-86	-0.29	-55	-3.14	-78
Repurchase of Common Equity	-	-	0.00	-23	-25	-78	-82	-	-50	-	-75
Other Financing Activities, net	0.53	1.26	-0.91	-2.33	-0.69	-2.84	-3.51	-1.87	-4.70	-4.02	-2.99
Effect of Exchange Rate Changes	-0.40	0.73	-0.38	-0.47	1.00	-2.04	1.53	3.02	-0.44	0.33	-0.75
Cash Interest Paid	0.04	0.29	0.07	0.28	0.08	0.05	0.04	0.46	0.38	0.32	0.30

This table presents DoubleVerify's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	511	892	1,037	1,243	1,276	1,354
Total Current Assets	142	368	445	533	559	519
Cash & Equivalents	33	222	268	310	293	259
Accounts Receivable	95	123	167	207	226	221
Prepaid Expenses	14	23	10	16	22	39
Plant, Property, & Equipment, net	18	18	47	58	70	103
Total Noncurrent Assets	351	507	545	652	647	731
Goodwill	227	351	343	436	428	516
Intangible Assets	122	153	135	141	110	102
Noncurrent Deferred & Refundable Income Taxes	0.08	0.06	0.04	13	35	31
Other Noncurrent Operating Assets	2.15	2.78	66	62	73	83
Total Liabilities & Shareholders' Equity	511	892	1,037	1,243	1,276	1,354
Total Liabilities	95	93	160	169	193	223
Total Current Liabilities	34	57	69	84	103	122
Accounts Payable	3.50	3.85	6.68	13	12	15
Accrued Expenses	25	41	33	44	55	74
Current Deferred & Payable Income Tax Liabilities	1.28	1.32	12	5.83	16	3.83
Other Current Liabilities	1.12	8.69	17	21	22	30
Total Noncurrent Liabilities	61	36	91	85	89	101
Capital Lease Obligations	3.45	2.58	0.78	2.87	0.81	5.60
Noncurrent Deferred & Payable Income Tax Liabilities	31	30	13	8.12	8.51	11
Other Noncurrent Operating Liabilities	3.75	3.21	78	74	80	84
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	417	799	877	1,074	1,083	1,131
Total Preferred & Common Equity	417	799	877	1,074	1,083	1,131
Total Common Equity	416	799	877	1,074	1,083	1,131
Common Stock	621	717	756	879	975	1,060
Retained Earnings	55	84	128	199	255	306
Treasury Stock	-261	-1.80	-0.80	-0.74	-132	-248
Accumulated Other Comprehensive Income / (Loss)	1.01	-0.77	-6.33	-2.80	-15	13

This table presents DoubleVerify's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,001	1,065	1,083	1,175	1,260	1,273	1,312	1,249	1,297	1,296	1,274
Total Current Assets	405	477	492	469	550	560	580	422	462	477	451
Cash & Equivalents	243	286	295	259	302	256	312	156	212	201	174
Accounts Receivable	141	174	176	191	196	188	193	213	189	218	223
Prepaid Expenses	21	17	21	19	20	33	24	34	57	59	55
Plant, Property, & Equipment, net	43	49	55	56	61	65	67	86	92	98	106
Total Noncurrent Assets	554	539	536	650	649	649	665	741	743	721	717
Goodwill	337	344	344	431	433	431	438	505	517	517	513
Intangible Assets	141	129	123	147	133	125	120	122	116	108	95
Noncurrent Deferred & Refundable Income Taxes	0.06	0.04	4.90	7.98	17	24	32	35	31	14	29
Other Noncurrent Operating Assets	76	66	64	63	67	68	76	79	79	81	81
Total Liabilities & Shareholders' Equity	1,001	1,065	1,083	1,175	1,260	1,273	1,312	1,249	1,297	1,296	1,274
Total Liabilities	161	162	148	164	163	167	182	217	207	220	193
Total Current Liabilities	58	76	66	75	75	80	88	114	105	120	95
Short-Term Debt	0.00	-	-	-	9.84	10	11	7.21	-	-	6.56
Accounts Payable	12	11	8.84	9.64	13	11	13	13	13	13	12
Accrued Expenses	31	25	37	42	34	44	47	42	59	70	50
Current Deferred & Payable Income Tax Liabilities	0.00	23	0.00	0.00	6.06	0.83	0.70	24	0.68	0.55	2.59
Other Current Liabilities	15	17	20	23	12	14	17	28	32	36	23
Total Noncurrent Liabilities	104	86	82	89	88	88	94	103	102	100	99
Noncurrent Deferred & Payable Income Tax Liabilities	24	7.53	1.13	9.33	7.51	7.03	9.64	8.35	8.57	8.32	11
Other Noncurrent Operating Liabilities	78	78	77	76	2.75	2.82	3.04	95	86	85	88
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	840	903	934	1,011	1,097	1,105	1,131	1,032	1,090	1,076	1,081
Total Preferred & Common Equity	840	903	934	1,011	1,097	1,105	1,131	1,032	1,090	1,076	1,081
Total Common Equity	840	903	934	1,011	1,097	1,105	1,131	1,032	1,090	1,076	1,081
Common Stock	744	769	788	858	900	926	950	999	1,029	1,047	1,066
Retained Earnings	109	140	153	166	206	214	232	258	266	277	312
Treasury Stock	-1.00	-0.67	-0.53	-0.40	-1.15	-25	-51	-217	-217	-260	-305
Accumulated Other Comprehensive Income / (Loss)	-13	-5.13	-5.51	-12	-7.43	-9.24	-0.16	-7.20	12	13	8.40

This table displays calculated financial ratios and metrics derived from DoubleVerify's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	33.53%	36.42%	35.97%	26.55%	14.72%	13.92%
EBITDA Growth	0.00%	-24.82%	22.18%	64.83%	45.55%	-1.85%	4.34%
EBIT Growth	0.00%	-45.17%	21.37%	123.29%	60.84%	-7.26%	-6.08%
NOPAT Growth	0.00%	-2.10%	20.03%	42.03%	48.55%	-18.32%	-7.08%
Net Income Growth	0.00%	-12.25%	43.29%	47.63%	65.17%	-21.32%	-9.93%
EPS Growth	0.00%	-12.50%	28.57%	38.89%	64.00%	-21.95%	-6.25%
Operating Cash Flow Growth	0.00%	-27.92%	290.03%	14.64%	26.23%	33.34%	32.27%
Free Cash Flow Firm Growth	0.00%	0.00%	63.76%	110.69%	-721.17%	148.66%	-223.26%
Invested Capital Growth	0.00%	0.00%	41.38%	4.82%	25.72%	0.91%	13.47%
Revenue Q/Q Growth	0.00%	0.00%	8.79%	6.62%	7.23%	2.88%	2.04%
EBITDA Q/Q Growth	0.00%	0.00%	30.87%	17.54%	11.62%	-2.88%	1.92%
EBIT Q/Q Growth	0.00%	0.00%	76.64%	29.07%	13.79%	-4.60%	0.19%
NOPAT Q/Q Growth	0.00%	0.00%	184.98%	-20.76%	24.31%	-9.31%	11.81%
Net Income Q/Q Growth	0.00%	0.00%	221.01%	-19.14%	26.65%	-14.72%	13.26%
EPS Q/Q Growth	0.00%	0.00%	200.00%	-21.88%	28.13%	-13.51%	15.38%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	33.87%	14.74%	14.93%	-8.42%	20.10%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	112.04%	12.01%	197.02%	-368.91%
Invested Capital Q/Q Growth	0.00%	0.00%	38.55%	1.90%	1.48%	-10.00%	-0.50%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	86.40%	85.34%	83.66%	82.79%	81.38%	82.26%	82.16%
EBITDA Margin	34.31%	19.32%	17.30%	20.98%	24.12%	20.64%	18.90%
Operating Margin	21.41%	8.76%	8.02%	13.05%	14.97%	12.55%	10.58%
EBIT Margin	22.21%	9.12%	8.11%	13.32%	16.93%	13.69%	11.28%
Profit (Net Income) Margin	12.76%	8.39%	8.81%	9.56%	12.48%	8.56%	6.77%
Tax Burden Percent	65.91%	118.16%	113.50%	72.88%	74.54%	63.33%	61.24%
Interest Burden Percent	87.18%	77.83%	95.66%	98.50%	98.90%	98.76%	97.95%
Effective Tax Rate	34.09%	-18.16%	-13.50%	27.12%	25.46%	36.67%	38.76%
Return on Invested Capital (ROIC)	0.00%	12.26%	6.10%	7.22%	9.28%	6.78%	5.87%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	196.36%	6.98%	7.12%	6.65%	5.47%	5.11%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-2.45%	-1.28%	-2.06%	-1.96%	-1.56%	-1.30%
Return on Equity (ROE)	0.00%	9.82%	4.82%	5.16%	7.33%	5.21%	4.57%
Cash Return on Invested Capital (CROIC)	0.00%	-187.74%	-28.19%	2.51%	-13.51%	5.87%	-6.75%
Operating Return on Assets (OROA)	0.00%	4.35%	3.85%	6.25%	8.50%	7.14%	6.42%
Return on Assets (ROA)	0.00%	4.00%	4.18%	4.49%	6.27%	4.46%	3.85%
Return on Common Equity (ROCE)	0.00%	9.80%	4.82%	5.16%	7.33%	5.21%	4.57%
Return on Equity Simple (ROE_SIMPLE)	0.00%	4.91%	3.67%	4.93%	6.65%	5.19%	0.00%
Net Operating Profit after Tax (NOPAT)	26	25	30	43	64	52	48
NOPAT Margin	14.11%	10.35%	9.10%	9.51%	11.16%	7.95%	6.48%
Net Nonoperating Expense Percent (NNEP)	0.00%	-184.09%	-0.88%	0.10%	2.63%	1.31%	0.76%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	4.90%	5.93%	4.81%	4.27%
Cost of Revenue to Revenue	13.60%	14.66%	16.34%	17.21%	18.62%	17.74%	17.84%
SG&A Expenses to Revenue	14.73%	21.75%	24.46%	17.39%	15.37%	14.03%	14.67%
R&D to Revenue	17.30%	19.27%	18.84%	21.02%	21.90%	23.30%	23.85%
Operating Expenses to Revenue	64.99%	76.59%	75.64%	69.74%	66.40%	69.71%	71.58%
Earnings before Interest and Taxes (EBIT)	41	22	27	60	97	90	84
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	63	47	58	95	138	136	141
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.87	6.61	4.13	5.82	3.00	1.63
Price to Tangible Book Value (P/TBV)	0.00	5.37	17.89	9.09	12.58	5.96	3.59
Price to Revenue (P/Rev)	1.97	1.48	15.87	8.00	10.92	4.95	2.46
Price to Earnings (P/E)	15.45	16.72	191.80	96.01	83.37	73.29	23.43
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.47%	5.98%	0.52%	1.04%	1.20%	1.36%	4.27%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.86	8.70	5.50	7.75	3.80	1.81
Enterprise Value to Revenue (EV/Rev)	0.00	1.46	15.21	7.41	10.38	4.48	2.12
Enterprise Value to EBITDA (EV/EBITDA)	0.00	7.54	87.93	35.34	43.04	21.69	11.24
Enterprise Value to EBIT (EV/EBIT)	0.00	15.98	187.54	55.64	61.32	32.70	18.83
Enterprise Value to NOPAT (EV/NOPAT)	0.00	14.08	167.14	77.96	93.03	56.32	32.78
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	16.75	61.18	35.35	49.65	18.41	7.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	224.12	0.00	65.01	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.07	0.01	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.06	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-0.01	-0.18	-0.29	-0.29	-0.29	-0.25
Leverage Ratio	0.00	1.23	1.15	1.15	1.17	1.17	1.19
Compound Leverage Factor	0.00	0.96	1.10	1.13	1.16	1.15	1.16
Debt to Total Capital	0.00%	6.33%	0.53%	0.09%	0.27%	0.07%	0.49%
Short-Term Debt to Total Capital	0.00%	0.61%	0.21%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	5.72%	0.32%	0.09%	0.27%	0.07%	0.49%
Preferred Equity to Total Capital	0.00%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	93.53%	99.47%	99.91%	99.73%	99.93%	99.51%
Debt to EBITDA	0.00	0.60	0.07	0.01	0.02	0.01	0.04
Net Debt to EBITDA	0.00	-0.11	-3.77	-2.81	-2.22	-2.29	-1.79
Long-Term Debt to EBITDA	0.00	0.54	0.04	0.01	0.02	0.01	0.04
Debt to NOPAT	0.00	1.12	0.14	0.02	0.04	0.02	0.12
Net Debt to NOPAT	0.00	-0.21	-7.17	-6.21	-4.81	-5.94	-5.23
Long-Term Debt to NOPAT	0.00	1.01	0.09	0.02	0.04	0.02	0.12
Altman Z-Score	0.00	3.31	35.04	14.80	23.56	11.57	6.39
Noncontrolling Interest Sharing Ratio	0.00%	0.15%	0.05%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	4.17	6.45	6.46	6.36	5.40	4.27
Quick Ratio	0.00	3.76	6.04	6.31	6.17	5.19	3.95
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-386	-140	15	-93	45	-56
Operating Cash Flow to CapEx	495.25%	217.58%	880.59%	237.27%	703.99%	588.10%	548.11%
Free Cash Flow to Firm to Interest Expense	0.00	-78.33	-119.44	16.53	-87.19	40.45	-32.17
Operating Cash Flow to Interest Expense	5.66	4.30	70.60	104.82	112.33	142.81	121.86
Operating Cash Flow Less CapEx to Interest Expense	4.52	2.33	62.59	60.64	96.37	118.53	99.63
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.48	0.47	0.47	0.50	0.52	0.57
Accounts Receivable Turnover	0.00	2.58	3.06	3.12	3.06	3.03	3.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	13.47	18.65	14.00	10.90	10.25	8.63
Accounts Payable Turnover	0.00	10.23	14.80	14.79	10.88	9.50	10.17
Days Sales Outstanding (DSO)	0.00	141.68	119.36	117.01	119.23	120.35	109.11
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	35.68	24.66	24.68	33.56	38.42	35.90
Cash Conversion Cycle (CCC)	0.00	105.99	94.70	92.33	85.68	81.93	73.21
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	412	582	610	767	774	878
Invested Capital Turnover	0.00	1.19	0.67	0.76	0.83	0.85	0.91
Increase / (Decrease) in Invested Capital	0.00	412	170	28	157	6.97	104
Enterprise Value (EV)	0.00	355	5,062	3,354	5,945	2,940	1,590
Market Capitalization	360	360	5,279	3,621	6,252	3,250	1,843
Book Value per Share	$0.00	$3.01	$5.04	$5.32	$6.32	$6.40	$7.02
Tangible Book Value per Share	$0.00	$0.49	$1.86	$2.42	$2.92	$3.22	$3.19
Total Capital	0.00	445	803	878	1,077	1,084	1,137
Total Debt	0.00	28	4.30	0.78	2.87	0.81	5.60
Total Long-Term Debt	0.00	25	2.58	0.78	2.87	0.81	5.60
Net Debt	0.00	-5.19	-217	-267	-307	-310	-253
Capital Expenditures (CapEx)	5.94	9.75	9.40	40	17	27	39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	77	91	108	139	145	139
Debt-free Net Working Capital (DFNWC)	0.00	111	313	376	449	456	398
Net Working Capital (NWC)	0.00	108	311	376	449	456	398
Net Nonoperating Expense (NNE)	2.47	4.78	0.98	-0.25	-7.57	-4.03	-2.15
Net Nonoperating Obligations (NNO)	0.00	-5.19	-217	-267	-307	-310	-253
Total Depreciation and Amortization (D&A)	22	25	31	35	41	46	57
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	31.68%	27.32%	23.95%	24.28%	22.07%	18.54%
Debt-free Net Working Capital to Revenue	0.00%	45.35%	93.92%	83.15%	78.45%	69.36%	53.16%
Net Working Capital to Revenue	0.00%	44.24%	93.40%	83.15%	78.45%	69.36%	53.16%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.20	$0.26	$0.43	$0.33	$0.31
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	148.31M	163.88M	167.80M	170.52M	162.78M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.18	$0.25	$0.41	$0.32	$0.30
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	160.26M	170.76M	173.44M	175.08M	166.68M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	162.65M	165.54M	171.25M	166.01M	161.99M
Normalized Net Operating Profit after Tax (NOPAT)	26	15	19	43	64	52	48
Normalized NOPAT Margin	14.11%	6.13%	5.61%	9.51%	11.16%	7.95%	6.48%
Pre Tax Income Margin	19.36%	7.10%	7.76%	13.12%	16.75%	13.52%	11.05%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	7.80	4.51	23.03	66.60	90.94	80.42	48.73
NOPAT to Interest Expense	4.95	5.12	25.84	47.53	59.94	46.69	27.99
EBIT Less CapEx to Interest Expense	6.65	2.53	15.01	22.42	74.99	56.14	26.49
NOPAT Less CapEx to Interest Expense	3.81	3.14	17.82	3.36	43.99	22.40	5.75
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.30%	10.18%	0.17%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.30%	27.83%	81.62%	0.01%	0.00%	227.63%	261.21%

This table displays calculated financial ratios and metrics derived from DoubleVerify's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	161,987,971.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	161,987,971.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	28.26%	28.88%	14.84%	16.56%	17.77%	10.68%	17.25%	21.25%	11.24%	7.85%	9.55%
EBITDA Growth	37.26%	36.67%	-25.29%	-9.97%	35.79%	-7.50%	11.25%	25.91%	-12.77%	5.38%	34.11%
EBIT Growth	40.26%	38.80%	-48.90%	-23.41%	50.73%	-10.32%	8.45%	19.37%	-29.86%	0.43%	47.28%
NOPAT Growth	16.50%	73.60%	-47.25%	-42.46%	27.27%	-18.74%	-69.63%	21.67%	-33.73%	22.01%	320.02%
Net Income Growth	29.19%	83.22%	-41.22%	-41.79%	36.37%	-29.32%	-67.01%	17.18%	-43.95%	25.34%	171.50%
EPS Growth	33.33%	90.00%	-42.86%	-42.86%	25.00%	-26.32%	-75.00%	25.00%	-40.00%	28.57%	300.00%
Operating Cash Flow Growth	11.66%	42.61%	48.30%	234.15%	53.78%	-28.18%	18.53%	38.27%	-6.30%	94.54%	-88.93%
Free Cash Flow Firm Growth	13.87%	-1,069.78%	-7,798.20%	-534.34%	38.90%	113.61%	94.01%	90.85%	86.23%	-531.81%	-206.25%
Invested Capital Growth	26.24%	25.72%	37.67%	32.96%	13.79%	0.91%	1.80%	3.11%	2.63%	13.47%	5.62%
Revenue Q/Q Growth	7.65%	19.63%	-18.26%	10.73%	8.77%	12.42%	-13.41%	14.52%	-0.21%	9.00%	-12.05%
EBITDA Q/Q Growth	14.07%	74.91%	-62.38%	19.94%	72.05%	19.15%	-54.75%	35.74%	19.20%	43.93%	-42.41%
EBIT Q/Q Growth	16.06%	111.47%	-78.18%	43.05%	128.39%	25.81%	-73.61%	57.44%	34.19%	80.16%	-61.30%
NOPAT Q/Q Growth	11.55%	140.18%	-81.50%	16.10%	146.74%	53.35%	-93.09%	365.20%	34.38%	182.34%	-76.20%
Net Income Q/Q Growth	3.96%	148.03%	-78.38%	4.44%	143.52%	28.56%	-89.91%	270.94%	16.49%	187.48%	-78.14%
EPS Q/Q Growth	14.29%	137.50%	-78.95%	0.00%	150.00%	40.00%	-92.86%	400.00%	20.00%	200.00%	-77.78%
Operating Cash Flow Q/Q Growth	230.81%	46.54%	-38.96%	12.93%	52.24%	-31.56%	0.75%	31.73%	3.16%	42.10%	-94.26%
Free Cash Flow Firm Q/Q Growth	-346.50%	12.18%	-9.40%	9.54%	56.99%	119.57%	-178.64%	-38.30%	35.29%	-513.56%	44.23%
Invested Capital Q/Q Growth	17.54%	1.48%	0.33%	0.53%	0.59%	-10.00%	11.85%	1.83%	0.13%	-0.50%	4.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.62%	82.57%	81.09%	83.26%	82.61%	82.00%	81.24%	82.48%	82.26%	82.52%	81.66%
EBITDA Margin	21.29%	31.13%	14.33%	15.52%	24.55%	26.01%	13.59%	16.11%	19.25%	25.42%	16.64%
Operating Margin	12.67%	21.86%	4.90%	7.09%	15.17%	20.33%	4.10%	7.17%	11.19%	18.38%	8.65%
EBIT Margin	13.80%	24.40%	6.51%	8.41%	17.66%	19.77%	6.02%	8.28%	11.14%	18.41%	8.10%
Profit (Net Income) Margin	9.27%	19.22%	5.08%	4.79%	10.73%	12.28%	1.43%	4.63%	5.41%	14.27%	3.54%
Tax Burden Percent	68.16%	79.31%	80.09%	58.03%	61.50%	62.60%	24.80%	57.58%	49.67%	78.34%	45.05%
Interest Burden Percent	98.55%	99.35%	97.47%	98.22%	98.82%	99.20%	95.78%	97.17%	97.78%	98.94%	97.18%
Effective Tax Rate	31.84%	20.69%	19.91%	41.97%	38.50%	37.40%	75.20%	42.42%	50.33%	21.66%	54.95%
Return on Invested Capital (ROIC)	6.81%	14.42%	3.16%	3.37%	7.38%	10.85%	0.81%	3.40%	4.68%	13.05%	3.35%
ROIC Less NNEP Spread (ROIC-NNEP)	6.44%	13.29%	2.54%	2.98%	6.47%	11.13%	0.48%	2.98%	4.80%	13.14%	3.72%
Return on Net Nonoperating Assets (RNNOA)	-1.73%	-3.91%	-0.68%	-0.79%	-1.59%	-3.18%	-0.09%	-0.62%	-1.01%	-3.34%	-0.59%
Return on Equity (ROE)	5.08%	10.51%	2.48%	2.58%	5.78%	7.67%	0.71%	2.77%	3.67%	9.70%	2.76%
Cash Return on Invested Capital (CROIC)	-15.60%	-13.51%	-23.66%	-21.05%	-5.77%	5.87%	3.74%	2.55%	2.38%	-6.75%	0.72%
Operating Return on Assets (OROA)	6.77%	12.25%	3.31%	4.38%	9.07%	10.31%	3.27%	4.60%	6.26%	10.47%	4.90%
Return on Assets (ROA)	4.55%	9.65%	2.58%	2.50%	5.51%	6.40%	0.78%	2.58%	3.04%	8.12%	2.15%
Return on Common Equity (ROCE)	5.08%	10.51%	2.48%	2.58%	5.78%	7.67%	0.71%	2.77%	3.67%	9.70%	2.76%
Return on Equity Simple (ROE_SIMPLE)	5.58%	0.00%	6.06%	5.53%	5.83%	0.00%	4.98%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	12	30	5.52	6.41	16	24	1.68	7.80	10	30	7.04
NOPAT Margin	8.63%	17.33%	3.92%	4.11%	9.33%	12.73%	1.02%	4.13%	5.56%	14.40%	3.90%
Net Nonoperating Expense Percent (NNEP)	0.37%	1.13%	0.61%	0.39%	0.90%	-0.28%	0.33%	0.42%	-0.12%	-0.10%	-0.38%
Return On Investment Capital (ROIC_SIMPLE)	-	2.77%	-	-	-	2.24%	0.16%	0.71%	0.97%	2.60%	0.65%
Cost of Revenue to Revenue	18.38%	17.43%	18.91%	16.74%	17.39%	18.00%	18.76%	17.53%	17.74%	17.48%	18.34%
SG&A Expenses to Revenue	16.17%	14.37%	15.68%	14.80%	13.59%	12.57%	16.07%	15.65%	14.31%	12.96%	14.22%
R&D to Revenue	22.45%	18.91%	25.85%	25.53%	23.18%	19.69%	27.09%	24.97%	23.77%	20.28%	25.10%
Operating Expenses to Revenue	68.95%	60.71%	76.20%	76.17%	67.44%	61.67%	77.14%	75.31%	71.07%	64.14%	73.02%
Earnings before Interest and Taxes (EBIT)	20	42	9.17	13	30	38	9.94	16	21	38	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	31	54	20	24	42	50	22	30	36	52	30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.63	5.82	5.49	3.03	2.53	3.00	2.15	2.23	1.82	1.63	1.42
Price to Tangible Book Value (P/TBV)	10.81	12.58	11.33	6.10	5.00	5.96	5.47	5.32	4.35	3.59	3.24
Price to Revenue (P/Rev)	8.76	10.92	10.19	5.46	4.49	4.95	3.26	3.41	2.67	2.46	2.01
Price to Earnings (P/E)	81.93	83.37	93.86	58.32	36.85	73.29	42.96	32.81	33.85	23.43	21.89
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.22%	1.20%	1.07%	1.71%	2.71%	1.36%	2.33%	3.05%	2.95%	4.27%	4.57%
Enterprise Value to Invested Capital (EV/IC)	5.85	7.75	6.79	3.62	3.02	3.80	2.37	2.52	2.00	1.81	1.50
Enterprise Value to Revenue (EV/Rev)	8.28	10.38	9.77	5.05	4.06	4.48	3.01	3.11	2.41	2.12	1.80
Enterprise Value to EBITDA (EV/EBITDA)	35.75	43.04	43.98	24.06	18.57	21.69	14.89	15.43	12.73	11.24	9.20
Enterprise Value to EBIT (EV/EBIT)	51.92	61.32	65.49	36.76	27.51	32.70	22.63	23.85	20.96	18.83	15.39
Enterprise Value to NOPAT (EV/NOPAT)	86.05	93.03	97.80	57.05	45.05	56.32	43.34	45.62	40.72	32.78	24.89
Enterprise Value to Operating Cash Flow (EV/OCF)	42.45	49.65	44.39	19.93	14.87	18.41	12.40	12.40	10.04	7.53	7.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	65.01	63.97	100.44	85.21	0.00	213.21
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.08	0.08	0.08	0.00	0.01	0.01	0.01	0.00	0.01
Long-Term Debt to Equity	0.00	0.00	0.07	0.07	0.07	0.00	0.00	0.01	0.01	0.00	0.00
Financial Leverage	-0.27	-0.29	-0.27	-0.27	-0.25	-0.29	-0.19	-0.21	-0.21	-0.25	-0.16
Leverage Ratio	1.18	1.17	1.16	1.15	1.16	1.17	1.18	1.17	1.18	1.19	1.19
Compound Leverage Factor	1.16	1.16	1.13	1.13	1.15	1.16	1.13	1.14	1.16	1.18	1.16
Debt to Total Capital	0.34%	0.27%	7.37%	7.39%	7.50%	0.07%	0.69%	0.72%	0.63%	0.49%	0.60%
Short-Term Debt to Total Capital	0.00%	0.00%	0.83%	0.85%	0.88%	0.00%	0.69%	0.00%	0.00%	0.00%	0.60%
Long-Term Debt to Total Capital	0.34%	0.27%	6.54%	6.55%	6.62%	0.07%	0.00%	0.72%	0.63%	0.49%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.66%	99.73%	92.63%	92.61%	92.50%	99.93%	99.31%	99.28%	99.37%	99.51%	99.40%
Debt to EBITDA	0.03	0.02	0.67	0.69	0.66	0.01	0.05	0.06	0.05	0.04	0.04
Net Debt to EBITDA	-2.07	-2.22	-1.88	-1.95	-1.94	-2.29	-1.21	-1.45	-1.40	-1.79	-1.12
Long-Term Debt to EBITDA	0.03	0.02	0.59	0.61	0.58	0.01	0.00	0.06	0.05	0.04	0.00
Debt to NOPAT	0.07	0.04	1.48	1.63	1.59	0.02	0.15	0.16	0.16	0.12	0.12
Net Debt to NOPAT	-4.98	-4.81	-4.18	-4.62	-4.71	-5.94	-3.53	-4.28	-4.47	-5.23	-3.03
Long-Term Debt to NOPAT	0.07	0.04	1.31	1.44	1.41	0.02	0.00	0.16	0.16	0.12	0.00
Altman Z-Score	18.24	23.41	23.32	13.19	10.71	11.44	7.31	8.26	6.60	6.28	6.10
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.28	6.36	7.30	7.04	6.57	5.40	3.72	4.41	3.98	4.27	4.77
Quick Ratio	6.02	6.17	7.03	6.62	6.30	5.19	3.42	3.87	3.49	3.95	4.19
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-145	-127	-227	-205	-88	17	-14	-19	-12	-75	-42
Operating Cash Flow to CapEx	765.89%	1,107.55%	497.01%	500.78%	876.24%	508.14%	599.16%	520.76%	421.62%	687.59%	39.56%
Free Cash Flow to Firm to Interest Expense	-502.09	-461.79	-978.84	-881.68	-250.28	57.62	-32.37	-42.44	-26.05	-185.22	-100.80
Operating Cash Flow to Interest Expense	123.34	189.29	136.96	154.00	154.75	124.61	89.67	111.99	109.60	180.46	10.10
Operating Cash Flow Less CapEx to Interest Expense	107.24	172.20	109.40	123.24	137.09	100.09	74.71	90.49	83.60	154.22	-15.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.50	0.51	0.52	0.51	0.52	0.54	0.56	0.56	0.57	0.61
Accounts Receivable Turnover	3.22	3.06	3.19	3.37	3.33	3.03	3.33	3.79	3.57	3.35	3.51
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	10.87	10.90	10.77	10.27	10.37	10.25	9.28	9.13	8.85	8.63	7.95
Accounts Payable Turnover	8.99	10.88	9.33	11.23	9.75	9.50	9.52	10.78	9.87	10.17	10.82
Days Sales Outstanding (DSO)	113.52	119.23	114.28	108.32	109.76	120.35	109.59	96.23	102.26	109.11	104.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	40.61	33.56	39.13	32.49	37.43	38.42	38.32	33.86	36.98	35.90	33.73
Cash Conversion Cycle (CCC)	72.91	85.68	75.15	75.83	72.33	81.93	71.26	62.37	65.28	73.21	70.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	755	767	850	855	860	774	865	881	882	878	914
Invested Capital Turnover	0.79	0.83	0.81	0.82	0.79	0.85	0.79	0.82	0.84	0.91	0.86
Increase / (Decrease) in Invested Capital	157	157	233	212	104	6.97	15	27	23	104	49
Enterprise Value (EV)	4,423	5,945	5,774	3,094	2,593	2,940	2,052	2,224	1,766	1,590	1,372
Market Capitalization	4,679	6,252	6,021	3,345	2,864	3,250	2,220	2,433	1,960	1,843	1,539
Book Value per Share	$6.04	$6.32	$6.41	$6.43	$6.65	$6.40	$6.22	$6.71	$6.58	$7.02	$6.68
Tangible Book Value per Share	$2.58	$2.92	$3.10	$3.19	$3.37	$3.22	$2.44	$2.81	$2.76	$3.19	$2.93
Total Capital	1,015	1,077	1,184	1,193	1,222	1,084	1,040	1,098	1,083	1,137	1,088
Total Debt	3.41	2.87	87	88	92	0.81	7.21	7.94	6.78	5.60	6.56
Total Long-Term Debt	3.41	2.87	77	78	81	0.81	0.00	7.94	6.78	5.60	0.00
Net Debt	-256	-307	-247	-251	-271	-310	-167	-209	-194	-253	-167
Capital Expenditures (CapEx)	4.64	4.70	6.39	7.17	6.23	7.36	6.29	9.53	12	11	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	135	139	150	151	139	145	141	141	156	139	190
Debt-free Net Working Capital (DFNWC)	395	449	485	490	502	456	315	357	357	398	363
Net Working Capital (NWC)	395	449	475	480	491	456	308	357	357	398	357
Net Nonoperating Expense (NNE)	-0.92	-3.25	-1.63	-1.06	-2.38	0.86	-0.68	-0.96	0.28	0.27	0.63
Net Nonoperating Obligations (NNO)	-256	-307	-247	-251	-271	-310	-167	-209	-194	-253	-167
Total Depreciation and Amortization (D&A)	11	12	11	11	12	12	12	15	15	14	15
Debt-free, Cash-free Net Working Capital to Revenue	25.36%	24.28%	25.47%	24.69%	21.85%	22.07%	20.73%	19.70%	21.31%	18.54%	24.81%
Debt-free Net Working Capital to Revenue	73.90%	78.45%	82.07%	79.97%	78.64%	69.36%	46.32%	50.05%	48.68%	53.16%	47.55%
Net Working Capital to Revenue	73.90%	78.45%	80.40%	78.32%	76.95%	69.36%	45.26%	50.05%	48.68%	53.16%	46.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.08	$0.20	$0.04	$0.04	$0.11	$0.14	$0.01	$0.05	$0.06	$0.19	$0.04
Adjusted Weighted Average Basic Shares Outstanding	168.61M	167.80M	171.31M	171.63M	170.25M	170.52M	165.12M	162.74M	162.03M	162.78M	160.77M
Adjusted Diluted Earnings per Share	$0.08	$0.19	$0.04	$0.04	$0.10	$0.14	$0.01	$0.05	$0.06	$0.18	$0.04
Adjusted Weighted Average Diluted Shares Outstanding	173.98M	173.44M	176.12M	175.96M	173.91M	175.08M	168.94M	166.70M	166.50M	166.68M	164.11M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	169.99M	171.25M	171.80M	170.04M	169.17M	166.01M	162.50M	163.63M	161.11M	161.99M	153.46M
Normalized Net Operating Profit after Tax (NOPAT)	12	30	5.52	6.41	16	24	4.73	7.80	15	30	11
Normalized NOPAT Margin	8.63%	17.33%	3.92%	4.11%	9.33%	12.73%	2.87%	4.13%	7.83%	14.40%	6.05%
Pre Tax Income Margin	13.60%	24.24%	6.35%	8.26%	17.46%	19.61%	5.77%	8.05%	10.89%	18.21%	7.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	68.99	152.79	39.51	56.28	84.84	125.60	23.67	35.33	44.98	93.90	35.46
NOPAT to Interest Expense	43.16	108.56	23.80	27.52	44.82	80.87	3.99	17.61	22.45	73.45	17.05
EBIT Less CapEx to Interest Expense	52.89	135.69	11.96	25.53	67.18	101.07	8.70	13.83	18.99	67.66	9.93
NOPAT Less CapEx to Interest Expense	27.06	91.47	-3.75	-3.23	27.16	56.34	-10.97	-3.90	-3.55	47.20	-8.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.99%	0.00%	8.41%	48.48%	82.87%	227.63%	408.74%	351.31%	470.14%	261.21%	228.91%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor-focused recap of DoubleVerify (DV) using the latest quarterly data (Q4 2025) and the surrounding four-year trend. The focus is on what may matter most to a retail investor: revenue growth, profitability, cash flow quality, and balance-sheet strength.

Rising revenue with a healthy gross margin: Q4 2025 operating revenue was $205.6M, up about 8% from Q4 2024 ($190.6M). The gross profit was $169.6M, yielding a X%. gross margin around 82% across recent quarters, signaling strong core profitability on revenue growth.
Strong quarterly operating cash flow and free cash flow: Net cash from continuing operating activities in Q4 2025 was $72.7M, up from $37.4M in Q4 2024. After subtracting roughly $10.6M in capex, approximate free cash flow for the quarter was about $62M.
Solid quarterly net income and EPS development: Q4 2025 reported net income attributable to common shareholders was about $29.6M, a notable uplift from Q4 2024’s ~$8.9M and contributing to improved earnings per share metrics for the period.
Healthy balance-sheet liquidity and asset base: Cash and equivalents hovered around $200M+ in recent quarters (e.g., $200.7M in Q3 2025), with total assets generally exceeding $1.2B. This provides liquidity to fund operations, buybacks, and growth investments without needing near-term external financing.
Shareholder-friendly capital actions: The company pursued sizable share repurchases in 2025 (about $50M in Q3 and roughly another $50M in Q4), which can be accretive to per-share metrics and signal confidence in the business by management. These buybacks occurred while cash remained ample.
Expense structure and non-cash charges remain substantial but align with growth: Operating expenses (SG&A, marketing, and R&D) consistently run at a meaningful level relative to revenue (e.g., total operating expenses around $131.9M in Q4 2025 on $205.6M revenue). Depreciation and amortization are non-cash and part of ongoing accounting to monitor for cash-flow quality, but they do not affect cash directly.
Balance-sheet leverage modest and equity-heavy: Total liabilities in the latest period are well below total equity, yielding a comfortable equity cushion. This suggests limited near-term leverage risk and a strong ability to absorb shocks if growth slows.
Significant intangible assets and goodwill on the books: Goodwill (~$517M) and intangible assets (~$108M) as of mid-2025 reflect past acquisitions and brand/IP value. While this supports scale, it also introduces impairment risk if growth slows or market conditions deteriorate.
Near-term financing outflows and potential liquidity trade-offs: The company has engaged in substantial share repurchases, which reduce cash on hand and can limit liquidity for other uses. Net cash from financing activities has been negative in several periods, reflecting these buybacks and related financing actions.
Operating margins can face incremental pressure as SG&A/R&D scale with revenue: While gross margins are strong, total operating expenses remain a meaningful share of revenue, contributing to an operating margin in the mid-to-high teens in recent quarters. This indicates margin headwinds if growth slows or if pricing/volume shifts occur.

Takeaway for investors: DoubleVerify has shown consistent top-line growth and strong gross margins alongside solid cash-generation in recent quarters. The company’s cash position remains ample, and buybacks provide EPS visibility, but investors should watch the expense trajectory (SG&A/Marketing/R&D) and impairment risk tied to large goodwill/intangible assets. If DV can sustain revenue growth while keeping OpEx as a manageable share of revenue, the business could compound earnings and cash flow quality over the next few years. However, the premium implied by ongoing buybacks and the balance-sheet’s intangible assets mean sensitivity to slower growth or macro shifts should be monitored.

05/14/26 12:08 PM ETAI Generated. May Contain Errors.

DoubleVerify Financials - Frequently Asked Questions

According to the most recent income statement we have on file, DoubleVerify's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

DoubleVerify's net income appears to be on an upward trend, with a most recent value of $50.65 million in 2025, rising from $23.31 million in 2019. The previous period was $56.23 million in 2024. Find out what analysts predict for DoubleVerify in the coming months.

DoubleVerify's total operating income in 2025 was $79.20 million, based on the following breakdown:

Total Gross Profit: $614.79 million
Total Operating Expenses: $535.59 million

Over the last 6 years, DoubleVerify's total revenue changed from $182.66 million in 2019 to $748.29 million in 2025, a change of 309.7%.

DoubleVerify's total liabilities were at $222.75 million at the end of 2025, a 15.6% increase from 2024, and a 135.4% increase since 2020.

In the past 5 years, DoubleVerify's cash and equivalents has ranged from $33.35 million in 2020 to $310.13 million in 2023, and is currently $259.04 million as of their latest financial filing in 2025.

Over the last 6 years, DoubleVerify's book value per share changed from 0.00 in 2019 to 7.02 in 2025, a change of 702.2%.

Related Companies

Financial statements for NYSE:DV last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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DoubleVerify (DV) Financials

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DoubleVerify (DV) Financials

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How has DoubleVerify's revenue changed over the last 6 years?

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How has DoubleVerify's book value per share changed over the last 6 years?

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