Quality Investor

Viant Technology Inc.

Rank #211Op. Leverage

DSP · Nasdaq · Technology

Viant Technology Inc. (DSP) — Rank #211 by gross profitability (GP/assets 0.32) · ROE 7.4% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · 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
Accelerated filerSmaller reporting companyEmerging growth company
Fiscal Year End
December 31

Price History

DSP-13.1% · -2.8% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

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

Market Cap

$848.42M

P/E (annual)

35.4

P/S (annual)

2.5

P/B

7.5

P/OCF (annual)

16.1

Shareholder Yield

-227.3%

Employees

470

Industry

Software - Application

Exchange

Nasdaq

Signal Flags

2 green1 yellow
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

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%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

5.1%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 227.3% — per-share value needs a total required return of 232.3% once share-count change is priced in.

vs. own 6-year median revenue growth: 24.4%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

0.9%

r = 10% (base)

5.1%

r = 12%

8.7%

Net debt / market cap: -22.6%

Base FCF: $51.7M3Y mean FCF: $45.8M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

30.8xFair
0.3xmed 15.6x141.1x

P / S

Price / revenue per share

2.2xExpensive
0.0xmed 0.3x2.2x

P / B

Price / book value per share

9.0xExpensive
0.0xmed 1.0x9.0x

P / GP

Price / gross profit per share

4.7xExpensive
0.0xmed 0.7x4.7x

P / FCF

Price / free cash flow per share

14.4xExpensive
0.0xmed 1.9x14.4x

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

Profitability

Gross profitability (GP / assets)

0.32

Primary signal (Novy-Marx).

7th of 14 SIC 7370 peers

Return on equity

7.4%

Gross margin

45.8%

13th of 14 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)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.56

7th of 13 SIC 7370 peers (best = lowest)

Current ratio

2.34×

11th of 14 SIC 7370 peers

Quick ratio

2.26×

Net cash

$193.05M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$51.68M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

5.19

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

7.2%

Stock-based comp intensity.

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth
Decline
Startup
Op. Leverage