Quality Investor

Viant Technology Inc.

Rank #203Op. LeverageWatchlistCompare with other stocks

DSP · Nasdaq · Technology

Viant Technology Inc. (DSP) — Rank #203 by gross profitability (GP/assets 0.32) · ROE 7.4% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · CIK 0001828791 · all metrics point-in-time as of the filing date.

About

Viant Technology Inc. operates a cloud-based demand side platform (DSP) that enables the programmatic purchase of digital advertising across multiple channels, including connected TV (CTV), streaming audio, digital out-of-home, mobile, and desktop.

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It provides ViantAI, an artificial intelligence product suite; Holistic, Omnichannel DSP, an integrated platform that manages omnichannel campaigns and access metrics; Household ID, which combines digital and personal identifiers into a normalized household profile; IRIS_ID, a content identifier that allows partners to share video-level data to power planning, targeting, and measurement solutions in ad-supported streaming media; and Viant Data Platform, which offers the ability to integrate first-party data with data from top third-party data providers to obtain key insights, reporting, and attribution opportunities. The company also offers Direct Access, a supply path optimization program that creates a direct path to premium inventory; Advanced Reporting and Measurement that offers conversion lift, multitouch attribution, foot-traffic data reports, digital-out-of-home lift, sales reporting, and ROAS analytics; and Flexible Customer Engagement Model, which offers customers transparency and control over their advertising campaigns and underlying data infrastructure. The company sells its platform through a direct sales team focused on business development in various markets. It serves purchasers of programmatic advertising inventory and large, independent, and mid-market advertising agencies, as well as marketers. The company was formerly known as Interactive Media Holdings and changed its name to Viant Technology Inc. in January 2015.

The company was founded in 1999 and is headquartered in Irvine, California.

Industry
Software - Application
Sector
Technology
State
DE
Filer Category
Emerging growth company
Fiscal Year End
December 31

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

470

Industry

Software - Application

Exchange

Nasdaq

10/11

Flags passed

DSP passes 10/11 quality flags

1 caution to review

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Operating leverage expanding · Deferred revenue growing

No data Balance sheet — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.32
Return on equity
7.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.56
Current ratio
2.34×
Net cash
$193.05M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
7.2%

Growth

1/2 pass
Revenue growth
19.0%
Piotroski F-Score
6 / 9
Share dilution
227.3%

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Does it make money well?

No warning flags · GP/assets 0.32

Gross profitability (GP / assets)

0.32

Primary signal (Novy-Marx).

8th of 15 SIC 7370 peers

Return on equity

7.4%

Gross margin

45.8%

14th of 15 SIC 7370 peers

Revenue growth (YoY)

19.0%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

20.4%

Revenue CAGR (5Y)

15.8%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 519% above net income

Free cash flow

$51.68M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

518.8%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

7.2%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net cash $193.05M, F-Score 6/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.56

9th of 14 SIC 7370 peers (best = lowest)

Current ratio

2.34×

11th of 15 SIC 7370 peers

Quick ratio

2.26×

Net cash

$193.05M

Cash & equivalents minus total debt.

Piotroski F-Score

6 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

1.0 / 5

Weak
Share count trend
227.3%0/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
-11.2%0/5 Weak

Lifecycle Phase History

20202025
Hypergrowth
Decline
Startup
Op. Leverage

Price History

DSP-6.9% · -1.4% CAGRSPY+82.9% · +12.8% CAGR