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MNTN, Inc Class A
(NYSE:MNTN)
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Rating:75Outperform
Price Target:
$11.50
▲(34.03% Upside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by the improved financial profile (profitability, strong cash generation, and a debt-free balance sheet) and a supportive earnings call with reiterated guidance and continued margin expansion. Offsetting factors are only moderate technical strength (below the 200-day moving average with slightly negative MACD) and a valuation (P/E ~29 with no dividend) that requires continued execution to justify.
Positive Factors
Strong cash generation
Sustained operating cash flow and material free cash flow indicate the business now converts earnings into cash, supporting reinvestment, product development, and shareholder returns. Over 2–6 months this underpins capital flexibility and reduces refinancing risk versus prior loss years.
Negative Factors
Decelerating revenue growth
A material slowdown from prior high-growth stages means the investment story relies more on margin expansion and execution than rapid top-line expansion. Over the next several months, sustaining revenue momentum matters for justifying current operating investment levels and FCF trajectory.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained operating cash flow and material free cash flow indicate the business now converts earnings into cash, supporting reinvestment, product development, and shareholder returns. Over 2–6 months this underpins capital flexibility and reduces refinancing risk versus prior loss years.
Read all positive factors
MNTN, Inc Class A (MNTN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$681.58M
Dividend YieldN/A
Average Volume (3M)1.37M
Price to Earnings (P/E)29.1
Beta (1Y)1.13
Revenue Growth21.51%
EPS GrowthN/A
CountryUS
Employees542
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.77
Shares Outstanding61,013,454
10 Day Avg. Volume864,881
30 Day Avg. Volume1,369,984
Financial Highlights & Ratios
PEG Ratio1.72
Price to Book (P/B)2.88
Price to Sales (P/S)3.04
P/FCF Ratio20.06
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$20.67Price Target Upside140.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.84
Revenue Forecast (FY)$352.10M
MNTN, Inc Class A Business Overview & Revenue Model
Company Description
MNTN, Inc. operates a technology platform that brings performance marketing to Connected TV. Its self-serve technology makes running TV ads as easy as search and social and helps brands to drive measurable conversions, revenue, site visits, and mo...
How the Company Makes Money
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MNTN, Inc Class A Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed a decidedly positive operating and financial trajectory: above-guidance revenue and adjusted EBITDA growth, meaningful margin expansion, strong active-customer growth and expansion rates, substantial AI and SMB product traction, and a healthy balance sheet with a $100M buyback authorization. Primary risks flagged were that nascent initiatives (Express and QuickFrame) currently contribute limited revenue and require successful monetization and conversion to paid customers, and that growth depends on continued investment in sales and marketing. On balance, the positives (robust growth, margin improvement, product momentum, and capital strength) materially outweigh the manageable execution and monetization risks discussed.Positive Updates
Revenue and Adjusted EBITDA Growth
Q2 revenue of $82.5M, up 21% year-over-year; adjusted EBITDA of $21.5M, up 48% year-over-year (from $14.5M in Q2 2025). Both metrics finished at the high end of guidance. GAAP net income of $6.7M and GAAP EPS of $0.09.
Negative Updates
Express Revenue Still Small Today
While Express has strong early signups (7,000+), management noted the revenue contribution from Express is small today relative to overall business and the meaningful impact is expected mainly in 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Adjusted EBITDA Growth
Q2 revenue of $82.5M, up 21% year-over-year; adjusted EBITDA of $21.5M, up 48% year-over-year (from $14.5M in Q2 2025). Both metrics finished at the high end of guidance. GAAP net income of $6.7M and GAAP EPS of $0.09.
Read all positive updates
Company Guidance
Management reiterated 2026 guidance and provided Q3 targets: Q3 revenue $86.0–$89.0M (midpoint $87.5M, ~25% YoY) and adjusted EBITDA $22–$25M; full‑year revenue reiterated at $347–$357M (midpoint $352M, >24% YoY, excl. the Maximum Effort divestiture) with adjusted EBITDA $96–$101M. They noted Q2 finished at the high end of guidance with revenue of $82.5M (21% YoY), adjusted EBITDA $21.5M (48% YoY) and an adjusted EBITDA margin of 26.1% (up 490 bps), gross margin of 80% (up 350 bps), 4,225 active PTV customers (trailing 12 months, ~40% YoY), an expansion rate well north of 115%, $237.3M in cash at quarter start, 74.2M shares outstanding, and a board‑authorized $100M share repurchase program through Aug 5, 2027.MNTN, Inc Class A Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 313.33M | 290.09M | 225.57M | 176.30M | 134.19M | 99.31M |
| Gross Profit | 252.36M | 221.31M | 161.52M | 123.41M | 72.42M | 65.97M |
| EBITDA | 72.24M | -2.65M | -11.83M | -25.28M | -76.18M | -15.18M |
| Net Income | 56.40M | -6.43M | -32.88M | -53.28M | -94.47M | -12.16M |
Balance Sheet | ||||||
| Total Assets | 402.74M | 378.30M | 238.74M | 194.80M | 203.40M | 249.14M |
| Cash, Cash Equivalents and Short-Term Investments | 237.28M | 210.16M | 82.56M | 54.97M | 50.91M | 97.03M |
| Total Debt | 0.00 | 0.00 | 50.25M | 49.33M | 53.55M | 48.62M |
| Total Liabilities | 68.41M | 72.57M | 346.34M | 300.71M | 291.36M | 280.67M |
| Stockholders Equity | 334.33M | 305.74M | -107.60M | -105.91M | -87.97M | -31.53M |
Cash Flow | ||||||
| Free Cash Flow | 66.71M | 43.97M | 32.60M | -3.05M | -61.02M | -5.02M |
| Operating Cash Flow | 80.02M | 56.47M | 42.55M | -3.05M | -56.95M | -1.10M |
| Investing Cash Flow | -11.75M | -17.11M | -9.95M | 37.79M | -4.07M | -1.36M |
| Financing Cash Flow | -2.41M | 88.24M | -5.00M | -34.88M | 14.90M | 91.71M |
MNTN, Inc Class A Risk Analysis
MNTN, Inc Class A disclosed 68 risk factors in its most recent earnings report. MNTN, Inc Class A 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 1 New Risks
1.
Our development of proprietary AI Technologies is costly and complex, and we face significant risks related to technological challenges, competitive pressures, and dependence on third-party resources and data. Q1, 2026
MNTN, Inc Class A Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $890.40M | 13.53 | 48.82% | ― | 14.75% | ― | |
75 Outperform | $681.58M | 29.06 | 18.41% | ― | 21.51% | ― | |
74 Outperform | $2.76B | 17.41 | 18.62% | ― | 7.10% | 404.29% | |
70 Outperform | $1.17B | 9.96 | 9.20% | ― | -0.86% | -16.21% | |
58 Neutral | $2.09B | 130.40 | 2.16% | ― | 6.17% | 351.09% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | $21.72M | -0.21 | -870.86% | ― | -24.54% | 42.74% |
* General Sector Average
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MNTN, Inc Class A Corporate Events
Executive/Board ChangesShareholder Meetings
MNTN Stockholders Reelect Directors and Ratify Auditor at Meeting
Positive
Jun 17, 2026
On June 11, 2026, MNTN, Inc. held its annual meeting of stockholders, with approximately 90.38% of the voting power represented in person or by proxy, reflecting strong shareholder engagement in the company’s governance. Stockholders voting ...
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.