Viant Technology (DSP)
NASDAQ:DSP
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Viant Technology
(NASDAQ:DSP)
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Rating:75Outperform
Price Target:
$12.50
▲(10.62% Upside)
Action:ReiteratedDate:03/13/26
The score is driven primarily by improved financial performance and strong cash generation, reinforced by upbeat guidance pointing to continued growth and margin expansion. Valuation (low P/E) adds support, while technicals show an uptrend but with stretched momentum that raises near-term pullback risk.
Positive Factors
Strong free cash flow generation
Sustained free cash flow near parity with net income strengthens financial flexibility to reinvest in product, fund go‑to‑market, repurchase shares, or weather downturns. Durable FCF improves earnings quality and funds margin expansion without relying on external financing over the next several quarters.
Negative Factors
Historical earnings and cash‑flow volatility
Prior multi‑year swings between losses and strong profits imply revenue and margin sensitivity to ad cycles and client behavior. That volatility clouds predictability of reinvestment and margin durability, meaning recent gains may face reversal if demand softens or large clients depart.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Sustained free cash flow near parity with net income strengthens financial flexibility to reinvest in product, fund go‑to‑market, repurchase shares, or weather downturns. Durable FCF improves earnings quality and funds margin expansion without relying on external financing over the next several quarters.
Read all positive factors
Viant Technology (DSP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$715.89M
Dividend YieldN/A
Average Volume (3M)226.29K
Price to Earnings (P/E)8.2
Beta (1Y)1.47
Revenue Growth22.97%
EPS Growth49.49%
CountryUS
Employees386
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.31
Shares Outstanding17,755,758
10 Day Avg. Volume177,334
30 Day Avg. Volume226,291
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)2.41
Price to Sales (P/S)0.57
P/FCF Ratio3.83
Enterprise Value/Market Cap0.73
Enterprise Value/Revenue1.53
Enterprise Value/Gross Profit1.82
Enterprise Value/Ebitda3.14
Forecast
1Y Price Target
$18.07Price Target Upside59.91% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.36
Revenue Forecast (FY)$248.01M
Viant Technology Business Overview & Revenue Model
Company Description
Viant Technology Inc. operates as an advertising technology company. It provides ViantAI, an artificial intelligence product suite; Holistic, Omnichannel DSP, an integrated platform that manages omnichannel campaigns and access metrics; Household ...
How the Company Makes Money
Viant primarily makes money by selling programmatic advertising services through its demand-side platform. In practice, advertisers (brands) and agencies use Viant’s DSP to purchase ad inventory in automated auctions and through direct programmati...
Viant Technology Earnings Call Summary
Earnings Call Date:Mar 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call was strongly positive: management reported record Q4 and full-year 2025 financials with double-digit revenue and contribution ex-TAC growth, sizable adjusted EBITDA and margin expansion, robust cash generation, and a debt-free balance sheet. Strategic momentum in CTV, addressability (Household ID, IRIS ID), and the new Outcomes AI product provide multiple growth levers and demonstrated early case-study performance improvements. Near-term headwinds include difficult political comparisons, some client migration and tariff effects, acquisition-related expense drag, and the seasonal Q1 trough with limited immediate contribution from recent large wins. Management expects sequential acceleration through 2026 driven by client ramps, Outcomes adoption, and H2 political spending, but execution and competitive risks remain.Positive Updates
Record Quarterly Financial Results
Q4 2025 revenue $110.1M, up 22% year-over-year and 29% sequentially; Q4 contribution ex-TAC $64.6M, up 19% year-over-year and 22% sequentially; Q4 adjusted EBITDA $24.7M, up 45% year-over-year and 54% sequentially, exceeding the high end of guidance.
Negative Updates
Political Ad Cycle Comparison Dragged Reported Growth
Prior-year political ad spend created a difficult comparison that weighed on reported Q4 growth by ~600 basis points for revenue and ~500 basis points for contribution ex-TAC; management reports pro forma Q4 growth of +28% revenue and +24% contribution ex-TAC excluding political.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly Financial Results
Q4 2025 revenue $110.1M, up 22% year-over-year and 29% sequentially; Q4 contribution ex-TAC $64.6M, up 19% year-over-year and 22% sequentially; Q4 adjusted EBITDA $24.7M, up 45% year-over-year and 54% sequentially, exceeding the high end of guidance.
Read all positive updates
Company Guidance
Viant guided Q1 2026 revenue of $83.0M–$86.0M (midpoint implying ~20% YoY growth), contribution ex‑TAC of $49.0M–$51.0M (midpoint ≈17% YoY growth), non‑GAAP operating expenses of $40.5M–$41.5M (midpoint ≈10% YoY increase), and adjusted EBITDA of $8.5M–$9.5M (midpoint ≈67% YoY increase), with an adjusted‑EBITDA margin of ~18% of contribution ex‑TAC at the midpoint (over a 500‑basis‑point YoY improvement); management said the midpoint assumes record Q1 performance across revenue, contribution ex‑TAC and adjusted EBITDA and expects contribution ex‑TAC to outpace the ~13% projected U.S. programmatic market growth and to accelerate sequentially through 2026 as revenue and contribution grow faster than non‑GAAP operating expenses, driving further margin expansion.Viant Technology Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 344.20M | 289.24M | 222.93M | 197.17M | 224.13M |
| Gross Profit | 289.28M | 132.07M | 102.45M | 80.44M | 94.52M |
| EBITDA | 167.57M | 19.94M | -3.56M | -36.13M | -31.65M |
| Net Income | 24.10M | 2.36M | -3.44M | -11.91M | -7.74M |
Balance Sheet | |||||
| Total Assets | 474.66M | 440.80M | 404.91M | 377.88M | 389.13M |
| Cash, Cash Equivalents and Short-Term Investments | 191.15M | 205.05M | 216.46M | 206.57M | 238.48M |
| Total Debt | 21.75M | 26.01M | 25.43M | 28.71M | 17.50M |
| Total Liabilities | 185.86M | 166.73M | 130.52M | 112.11M | 106.56M |
| Stockholders Equity | 82.14M | 53.84M | 68.26M | 59.25M | 60.16M |
Cash Flow | |||||
| Free Cash Flow | 51.68M | 49.27M | 36.56M | -4.29M | 21.29M |
| Operating Cash Flow | 52.61M | 51.77M | 37.75M | -3.53M | 28.66M |
| Investing Cash Flow | -22.34M | -27.74M | -13.48M | -8.83M | -7.37M |
| Financing Cash Flow | -44.16M | -35.43M | -14.39M | -19.55M | 207.56M |
Viant Technology Technical Analysis
Positive
11.30
Price Trends
10.83
Positive
11.05
Positive
10.91
Positive
Market Momentum
0.10
Positive
54.09
Neutral
62.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DSP, the sentiment is Positive. The current price of 11.3 is above the 20-day moving average (MA) of 11.26, above the 50-day MA of 10.83, and above the 200-day MA of 10.91, indicating a bullish trend. The MACD of 0.10 indicates Positive momentum. The RSI at 54.09 is Neutral, neither overbought nor oversold. The STOCH value of 62.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DSP.
Viant Technology Risk Analysis
Viant Technology disclosed 54 risk factors in its most recent earnings report. Viant Technology reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Viant Technology Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $715.89M | 8.21 | 19.72% | ― | 22.97% | 49.49% | |
73 Outperform | $515.86M | 60.77 | 13.47% | ― | 22.27% | 117.93% | |
66 Neutral | $348.25M | -11.71 | -19.64% | ― | -6.23% | 28.57% | |
64 Neutral | $402.94M | ― | -5.64% | ― | -0.68% | -146.14% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $447.86M | -0.53 | -106.91% | ― | -7.43% | 61.36% | |
52 Neutral | $363.30M | 28.37 | -25.84% | ― | 6.82% | 75.26% |
* Technology Sector Average
DSP
Viant Technology
11.30
-1.12
-9.02%
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BMBL
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.