Viant Technology

DSP · Nasdaq · Information Technology · Financials, fiscal 2019 to 2025

DSP · Last close · November 6, 2026

$12.85

Viant Technology's revenue rose 19.0% to $344 million in fiscal 2025. Its operating margin was 3.5%, up from 1.2% a year earlier. Free cash flow was $52 million, up 4.9%. The diluted share count rose 227.2%.

Viant Technology Inc. Latest fiscal year ended December 31, 2025 10-K filed March 11, 2026 · 0001828791-26-000019 Updated November 7, 2026

Revenue

$344M

19.0%

Operating margin

3.5%

2.3 pts

Net income

$8M

253.6%

Free cash flow

$52M

4.9%

Return on capital

14.5%

9.1 pts

Market cap

$837M

Nov 6 close

P/E

35.7x

On $0.36 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Viant Technology does

Viant Technology runs a cloud-based advertising platform, called a demand side platform, that lets marketers and their ad agencies buy digital ads automatically instead of through salespeople. Customers use it to plan, buy and measure ads in one place across connected TV, streaming audio, digital billboards, mobile and desktop. It is a self-service tool: a marketer sets campaign goals and can control each detail, or let the platform run, adjust and measure the campaign on its own.

Viant earns money from advertisers using its platform to buy ads. It supports several ways of buying, including real-time bidding, private marketplaces and programmatic guaranteed deals, and gives customers forecasts and reports on available ad space for a chosen audience. Its Household ID system connects devices in a household, and it works with more than 70 data partners in fields such as automotive, retail, travel and healthcare.

It receives a significant amount of revenue from a select number of advertising agency holding companies. At the end of 2025 it had approximately 380 employees in 10 offices across North America.

Its biggest risks, as it describes them

Depending on a handful of ad agency holding companies for a significant share of revenue.
The industry move away from cookie-based tracking may not bring the benefits it expects.
Programmatic advertising may develop more slowly or differently than expected.
Long sales cycles and the cost of training self-service customers to use its platform.
Losing access to advertising space or to the data that makes its platform effective.

From Viant Technology's annual report on Form 10-K, filed March 11, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2019 to 2025, earnings per share fell 51.4% a year and net income 2.7% a year.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	238	207	216	205	191
Debt incl. finance leases	18	0	0	0	0
Net debt (negative means net cash)	−221	−207	−216	−205	−191
Net debt to EBITDA	—	—	—	−10.3x	−6.2x
Debt to equity	0.3x	0.0x	0.0x	0.0x	0.0x
Interest coverage	−48.4x	−108.5x	−85.1x	12.3x	42.8x
Current ratio	4.2x	3.6x	3.1x	2.5x	2.4x
Quick ratio	4.2x	3.6x	3.1x	2.5x	2.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Viant Technology's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Viant Technology's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Viant Technology shares on the open market, and 4 insiders sold $7.9 million, $7.3 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 18, 2026	Larry MaddenChief Financial Officer	Sold plan	14,602	$12.10	$176,684	Form 4
Sep 16, 2026	Larry MaddenChief Financial Officer	Sold plan	17,042	$12.52	$213,366	Form 4
Aug 11, 2026	Larry MaddenChief Financial Officer	Sold plan	27,451	$13.06	$358,617	Form 4
Jul 23, 2026	Capital V LLC10% owner	Sold plan	12,912	$10.47	$135,189	Form 4
Jul 23, 2026	Timothy VanderhookCEO and Chairman, Director, 10% owner	Sold plan	4,304	$10.47	$45,063	Form 4
Jul 23, 2026	Larry MaddenChief Financial Officer	Sold plan	2,814	$10.69	$30,082	Form 4
Jul 22, 2026	Capital V LLC10% owner	Sold plan	15,000	$11.03	$165,450	Form 4
Jul 22, 2026	Timothy VanderhookCEO and Chairman, Director, 10% owner	Sold plan	5,000	$11.03	$55,150	Form 4
Jul 21, 2026	Capital V LLC10% owner	Sold plan	9,588	$11.70	$112,180	Form 4
Jul 21, 2026	Timothy VanderhookCEO and Chairman, Director, 10% owner	Sold plan	3,196	$11.70	$37,393	Form 4
Jul 8, 2026	Larry MaddenChief Financial Officer	Sold plan	11,273	$12.69	$143,054	Form 4
Jul 7, 2026	Larry MaddenChief Financial Officer	Sold plan	9,149	$12.86	$117,656	Form 4

The latest 12 of 72 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	5 of 9	6 of 9
Rule of 40	29.5%	46.8%	34.0%
Altman Z''	5.31	4.64	4.20
Accruals ratio	−10.5%	−11.7%	−9.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	5 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Viant Technology side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Viant Technology	FY25	19.0%	3.5%	15.0%	14.5%	−6.2x	6
Amplitude	FY25	14.7%	—	8.2%	—	—	—	Compare
Commerce.com	FY25	2.8%	−4.7%	4.9%	−20.2%	—	6	Compare
Consensus Cloud Solutions	FY25	−0.2%	43.0%	30.3%	22.8%	2.9x	7	Compare
Agilysys	FY26	15.8%	13.5%	21.3%	16.1%	−2.2x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	165	165	224	197	223	289	344
Revenue growth	—	0.2%	35.6%	−12.0%	13.1%	29.7%	19.0%
Gross profit	71	77	94	80	102	132	158
Research and development	—	—	—	—	—	—	—
Operating income	13	22	−43	−49	−18	4	12
Net income	10	21	−8	−12	−3	2	8
Diluted EPS (US$)	27.37	20.64	−0.63	−0.84	−0.23	0.14	0.36
Diluted shares (millions)	0	1	12	14	15	20	67
Cash flow
Cash from operations	13	19	29	−4	38	52	53
Capital expenditure	0	0	0	1	1	2	1
Free cash flow	13	18	28	−4	37	49	52
Dividends paid	0	5	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	10	0
Stock-based compensation	1	0	69	29	32	21	25
Balance sheet at fiscal year end
Cash and short-term investments	—	10	238	207	216	205	191
Debt incl. finance leases	—	24	18	0	0	0	0
Total assets	—	134	389	378	405	441	475
Total liabilities	—	106	107	112	130	167	186
Shareholders' equity	15	20	60	59	68	54	82
Margins and ratios
Gross margin	43.0%	46.6%	42.2%	40.8%	46.0%	45.7%	45.8%
Operating margin	7.8%	13.2%	−19.1%	−25.0%	−8.2%	1.2%	3.5%
Net margin	6.0%	12.5%	−3.5%	−6.0%	−1.5%	0.8%	2.4%
Free cash flow margin	7.7%	11.2%	12.6%	−2.2%	16.4%	17.0%	15.0%
Rule of 40 (growth + FCF margin)	—	11.4%	48.2%	−14.2%	29.5%	46.8%	34.0%
Return on capital	—	—	−70.7%	−64.4%	−24.7%	5.4%	14.5%
Return on equity	—	—	−19.3%	−19.9%	−5.4%	3.9%	12.3%
Return on assets	—	—	−3.0%	−3.1%	−0.9%	0.6%	1.8%
Net debt to EBITDA	—	0.4x	—	—	—	−10.3x	−6.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Viant Technology's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Viant Technology.