Doubleverify Holdings, Inc. (DV)
NYSE:DV
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DoubleVerify Holdings
(NYSE:DV)
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Rating:72Outperform
Price Target:
$10.50
▲(9.95% Upside)
Action:ReiteratedDate:02/28/26
The score is driven primarily by strong financial quality (high gross margins, low leverage, and improving cash generation) and a constructive earnings outlook with planned margin expansion and significant buybacks. These positives are tempered by weaker technical positioning versus longer-term averages and a relatively premium P/E without dividend support, alongside near-term demand/pricing headwinds reflected in measured guidance.
Positive Factors
High gross margins
Sustained ~81–85% gross margins indicate durable unit economics for a software/measurement business. High gross margins provide structural operating leverage, funding for product R&D and sales while preserving EBITDA potential even if revenue growth moderates.
Negative Factors
Margin compression trend
Declining net and EBITDA margins despite high gross margins signal rising operating costs or heavier reinvestment that erodes profitability leverage. If structural, this trend can constrain free cash flow expansion and limit the pace of durable margin recovery as revenue growth moderates.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained ~81–85% gross margins indicate durable unit economics for a software/measurement business. High gross margins provide structural operating leverage, funding for product R&D and sales while preserving EBITDA potential even if revenue growth moderates.
Read all positive factors
DoubleVerify Holdings (DV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.55B
Dividend YieldN/A
Average Volume (3M)3.09M
Price to Earnings (P/E)36.8
Beta (1Y)0.92
Revenue Growth14.86%
EPS Growth-30.25%
CountryUS
Employees1,197
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.18
Shares Outstanding161,987,980
10 Day Avg. Volume2,710,434
30 Day Avg. Volume3,088,744
Financial Highlights & Ratios
PEG Ratio-6.07
Price to Book (P/B)1.65
Price to Sales (P/S)2.49
P/FCF Ratio10.79
Enterprise Value/Market Cap0.90
Enterprise Value/Revenue1.85
Enterprise Value/Gross Profit2.26
Enterprise Value/Ebitda9.84
Forecast
1Y Price Target
$13.67Price Target Upside43.14% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)0.53
Revenue Forecast (FY)$818.47M
DoubleVerify Holdings Business Overview & Revenue Model
Company Description
DoubleVerify Holdings, Inc. provides a software platform for digital media measurement, data, and analytics in the United States and internationally. Its solutions provide advertisers unbiased data analytics that enable advertisers to increase the...
How the Company Makes Money
DoubleVerify primarily makes money by selling access to its measurement and verification platform and related analytics to brands/advertisers and their agencies, generally tied to usage and/or contracted service levels. Key revenue streams include...
DoubleVerify Holdings Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue by different business segments, highlighting which areas drive growth and profitability, and indicating where the company might focus future investments or face challenges.
Breaks down revenue by different business segments, highlighting which areas drive growth and profitability, and indicating where the company might focus future investments or face challenges.
Data provided by:
The Fly
The FlyDoubleVerify Holdings Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: solid revenue growth in 2025, strong profitability (33% adjusted EBITDA margin for the year and 38% in Q4), robust cash generation and an active $300M buyback authorization. Product momentum across Social, CTV and AI was emphasized with notable adoption metrics (Social Activation +60% in Q4, CTV volumes +33% FY, Authentic AdVantage ACV ~$8M). Key risks highlighted include late-quarter campaign pullbacks tied to agency changes, retail softness, modest pricing pressure (MTF -3%), and challenging year-over-year comps early in 2026. Overall, management expects continued product-led growth and margin expansion, but guidance is measured and backloaded, reflecting near-term headwinds alongside long-term opportunity.Positive Updates
Full-Year and Quarterly Revenue Growth
Full year 2025 revenue of $748M, up 14% year-over-year; Q4 2025 revenue $206M, up 8% year-over-year. Q1 2026 guidance implies ~9% year-over-year growth at the midpoint, and full year 2026 guidance of $810M–$826M (8%–10% growth).
Negative Updates
Q4 Revenue Below Expectations Due to Late-Quarter Pullbacks
Revenue in Q4 came in below management expectations due to late-quarter customer campaign pullbacks driven primarily by agency-related changes, contributing to a slowdown in the period.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year and Quarterly Revenue Growth
Full year 2025 revenue of $748M, up 14% year-over-year; Q4 2025 revenue $206M, up 8% year-over-year. Q1 2026 guidance implies ~9% year-over-year growth at the midpoint, and full year 2026 guidance of $810M–$826M (8%–10% growth).
Read all positive updates
Company Guidance
DoubleVerify guided Q1 2026 revenue of $177–183 million (about +9% YoY at the midpoint) and adjusted EBITDA of $48–52 million (≈28% margin at the midpoint), with Q1 stock‑based compensation of ~$23–26 million and ~164 million weighted average diluted shares outstanding; for full‑year 2026 the company expects revenue of $810–826 million (+8–10% YoY), an adjusted EBITDA margin of ~34%, stock‑based compensation of $102–107 million, capital expenditures of ≈$46 million, and to maintain revenue less cost of sales above 80%. The guide is built off a 109% net revenue retention base, assumes product‑led contribution from Social/CTV/AI as volumes (MTMs) remain the primary driver amid tough comps (Q1'25 +17%, Q2'25 +21%) with stronger H2 cadence anticipated, and is supported by ~ $260 million cash, no long‑term debt and a $300 million share‑repurchase authorization.DoubleVerify Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
82
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 748.29M | 656.85M | 572.54M | 452.42M | 332.74M |
| Gross Profit | 614.79M | 540.33M | 465.91M | 374.55M | 278.36M |
| EBITDA | 141.02M | 135.12M | 137.83M | 94.60M | 57.28M |
| Net Income | 50.65M | 56.23M | 71.47M | 43.27M | 29.31M |
Balance Sheet | |||||
| Total Assets | 1.35B | 1.28B | 1.24B | 1.04B | 892.19M |
| Cash, Cash Equivalents and Short-Term Investments | 259.04M | 310.63M | 310.13M | 267.81M | 221.59M |
| Total Debt | 99.55M | 91.67M | 86.39M | 83.75M | 4.55M |
| Total Liabilities | 222.75M | 192.75M | 169.09M | 160.17M | 93.13M |
| Stockholders Equity | 1.13B | 1.08B | 1.07B | 876.86M | 799.07M |
Cash Flow | |||||
| Free Cash Flow | 172.65M | 132.51M | 102.73M | 54.88M | 73.35M |
| Operating Cash Flow | 211.18M | 159.66M | 119.74M | 94.86M | 82.75M |
| Investing Cash Flow | -105.38M | -44.84M | -84.25M | -39.98M | -158.61M |
| Financing Cash Flow | -143.95M | -129.45M | 6.49M | -7.88M | 264.39M |
DoubleVerify Holdings Technical Analysis
Negative
9.55
Price Trends
9.94
Negative
10.41
Negative
12.03
Negative
Market Momentum
-0.09
Positive
41.15
Neutral
51.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DV, the sentiment is Negative. The current price of 9.55 is below the 20-day moving average (MA) of 9.88, below the 50-day MA of 9.94, and below the 200-day MA of 12.03, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 41.15 is Neutral, neither overbought nor oversold. The STOCH value of 51.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DV.
DoubleVerify Holdings Risk Analysis
DoubleVerify Holdings disclosed 41 risk factors in its most recent earnings report. DoubleVerify Holdings 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
DoubleVerify Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $601.85M | 8.21 | 19.72% | ― | 22.97% | 49.49% | |
72 Outperform | $1.55B | 36.77 | 4.68% | ― | 14.86% | -30.25% | |
70 Outperform | $698.02M | 10.53 | 73.23% | ― | 9.63% | -112.71% | |
64 Neutral | $1.34B | 69.87 | 3.93% | ― | 6.48% | 168.94% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $441.37M | -0.53 | -106.91% | ― | -7.43% | 61.36% |
* Technology Sector Average
DV
DoubleVerify Holdings
9.55
-2.62
-21.53%
OPFI
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DSP
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-3.37
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CXM
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DoubleVerify Holdings Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
DoubleVerify Announces Record Buyback After Strong 2025 Results
Positive
Feb 26, 2026
On February 26, 2026, DoubleVerify reported that 2025 revenue rose 14% year over year to $748.3 million, with net income of $50.7 million and a 33% adjusted EBITDA margin, driven by growth in social, connected TV measurement and programmatic activ...
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.