DoubleVerify (DV) | Financial Analysis & Statements
DoubleVerify Holdings Inc. Small-cap Technology
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
205.6M
Gross Profit
169.6M
82.52%
Operating Income
37.8M
18.38%
Net Income
29.3M
14.27%
Balance Sheet Metrics
Total Assets
1.4B
Total Liabilities
222.8M
Shareholders Equity
1.1B
Debt to Equity
0.20
Cash Flow Metrics
Operating Cash Flow
54.3M
Free Cash Flow
62.1M
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
DoubleVerify Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 748.3M | 656.8M | 572.5M | 452.4M | 332.7M |
| Cost of Goods Sold | 133.5M | 116.5M | 106.6M | 77.9M | 54.4M |
| Gross Profit | 614.8M | 540.3M | 465.9M | 374.6M | 278.4M |
| Gross Margin % | 82.2% | 82.3% | 81.4% | 82.8% | 83.7% |
| Operating Expenses | |||||
| Research & Development | 178.4M | 153.0M | 125.4M | 95.1M | 62.7M |
| Selling, General & Administrative | 300.6M | 259.7M | 213.9M | 186.1M | 158.7M |
| Other Operating Expenses | - | - | - | - | - |
| Total Operating Expenses | 479.0M | 412.7M | 339.3M | 281.2M | 221.4M |
| Operating Income | 79.2M | 82.4M | 85.7M | 59.0M | 26.7M |
| Operating Margin % | 10.6% | 12.5% | 15.0% | 13.0% | 8.0% |
| Non-Operating Items | |||||
| Interest Income | 4.6M | 12.7M | - | - | - |
| Interest Expense | 1.7M | 1.1M | 1.1M | 905.0K | 1.2M |
| Other Non-Operating Income | 662.0K | -5.3M | 11.2M | 1.2M | 309.0K |
| Pre-tax Income | 82.7M | 88.8M | 95.9M | 59.4M | 25.8M |
| Income Tax | 32.1M | 32.6M | 24.4M | 16.1M | -3.5M |
| Effective Tax Rate % | 38.8% | 36.7% | 25.5% | 27.1% | -13.5% |
| Net Income | 50.6M | 56.2M | 71.5M | 43.3M | 29.3M |
| Net Margin % | 6.8% | 8.6% | 12.5% | 9.6% | 8.8% |
| Key Metrics | |||||
| EBITDA | 140.4M | 140.4M | 137.8M | 94.6M | 57.3M |
| EPS (Basic) | - | $0.33 | $0.43 | $0.26 | $0.20 |
| EPS (Diluted) | - | $0.32 | $0.41 | $0.25 | $0.18 |
| Basic Shares Outstanding | - | 170515000 | 167803000 | 163882000 | 148309000 |
| Diluted Shares Outstanding | - | 170515000 | 167803000 | 163882000 | 148309000 |
Income Statement Trend
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DoubleVerify Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 259.0M | 292.8M | 310.1M | 267.8M | 221.6M |
| Short-term Investments | 0 | 17.8M | - | - | - |
| Accounts Receivable | 221.2M | 226.2M | 206.9M | 167.1M | 122.9M |
| Inventory | - | - | - | - | - |
| Other Current Assets | 39.1M | 22.2M | 15.9M | 10.2M | 23.3M |
| Total Current Assets | 519.3M | 559.1M | 533.0M | 445.1M | 367.8M |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 66.9M | 67.7M | 60.5M | 64.7M | 0 |
| Goodwill | 1.1B | 965.6M | 1.0B | 843.5M | 869.5M |
| Intangible Assets | 101.6M | 110.4M | 175.9M | 157.5M | 168.4M |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | 46.9M | 41.3M | 14.6M | 1.8M | 2.8M |
| Total Non-Current Assets | 834.8M | 717.2M | 710.0M | 591.9M | 524.4M |
| Total Assets | 1.4B | 1.3B | 1.2B | 1.0B | 892.2M |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 14.7M | 11.6M | 12.9M | 6.7M | 3.9M |
| Short-term Debt | 16.0M | 13.6M | 12.0M | 8.9M | 2.0M |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | 13.5M | 8.2M | 8.9M | 8.3M | 8.4M |
| Total Current Liabilities | 121.6M | 103.5M | 83.9M | 68.9M | 57.0M |
| Non-Current Liabilities | |||||
| Long-term Debt | 83.5M | 78.1M | 74.4M | 74.9M | 2.6M |
| Deferred Tax Liabilities | 11.5M | 8.5M | 8.1M | 12.9M | 30.3M |
| Other Non-Current Liabilities | 6.2M | 2.7M | 2.7M | 3.5M | 3.2M |
| Total Non-Current Liabilities | 101.2M | 89.3M | 85.2M | 91.3M | 36.1M |
| Total Liabilities | 222.8M | 192.8M | 169.1M | 160.2M | 93.1M |
| Equity | |||||
| Common Stock | 177.0K | 174.0K | 171.0K | 165.0K | 162.0K |
| Retained Earnings | 305.9M | 255.2M | 199.0M | 127.5M | 84.2M |
| Treasury Stock | 248.0M | 131.6M | 743.0K | 796.0K | 1.8M |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 1.1B | 1.1B | 1.1B | 876.9M | 799.1M |
| Key Metrics | |||||
| Total Debt | 99.6M | 91.7M | 86.4M | 83.8M | 4.5M |
| Working Capital | 397.8M | 455.6M | 449.1M | 376.2M | 310.8M |
Balance Sheet Composition
DoubleVerify Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 50.6M | 56.2M | 71.5M | 43.3M | 29.3M |
| Depreciation & Amortization | 56.6M | 45.2M | 40.9M | 34.3M | 30.3M |
| Stock-Based Compensation | 104.2M | 90.7M | 59.2M | 42.3M | 21.9M |
| Working Capital Changes | 8.8M | -27.8M | -38.2M | -46.9M | -20.3M |
| Operating Cash Flow | 233.7M | 153.7M | 114.7M | 61.3M | 76.6M |
| Investing Activities | |||||
| Capital Expenditures | -38.5M | -27.1M | -17.0M | -40.0M | -9.4M |
| Acquisitions | -82.6M | 0 | -67.2M | 0 | -149.2M |
| Investment Purchases | 0 | -99.6M | - | - | - |
| Investment Sales | 17.8M | 81.9M | - | - | - |
| Investing Cash Flow | -105.4M | -44.8M | -84.2M | -40.0M | -158.6M |
| Financing Activities | |||||
| Share Repurchases | -142.1M | -133.8M | -4.6M | -10.2M | -1.8M |
| Dividends Paid | - | - | - | - | - |
| Debt Issuance | 0 | 0 | - | 0 | 0 |
| Debt Repayment | -4.6M | -2.5M | -52.3M | -1.9M | -23.9M |
| Financing Cash Flow | -147.3M | -136.3M | -56.9M | -15.4M | 251.6M |
| Free Cash Flow | 172.7M | 132.5M | 102.7M | 54.9M | 73.4M |
| Net Change in Cash | -19.0M | -27.5M | -26.4M | 5.9M | 169.5M |
Cash Flow Trend
DoubleVerify Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
35.53
Forward P/E
8.17
Price to Book
1.53
Price to Sales
2.31
PEG Ratio
8.17
Profitability Ratios
Profit Margin
6.77%
Operating Margin
18.38%
Return on Equity
4.57%
Return on Assets
3.83%
Financial Health
Current Ratio
4.27
Debt to Equity
8.80
Beta
0.99
Per Share Data
EPS (TTM)
$0.30
Book Value per Share
$6.99
Revenue per Share
$4.60
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| DV | 1.7B | 35.53 | 1.53 | 4.57% | 6.77% | 8.80 |
| Salesforce | 160.0B | 23.99 | 2.94 | 12.40% | 17.96% | 29.95 |
| Uber Technologies | 153.6B | 15.78 | 5.71 | 39.93% | 19.33% | 43.81 |
| nCino | 1.9B | 364.60 | 1.96 | 0.90% | 0.87% | 26.08 |
| Agilysys | 1.9B | 62.39 | 5.97 | 10.68% | 9.79% | 6.48 |
| Alkami Technology | 1.7B | -35.27 | 4.76 | -13.25% | -10.74% | 101.79 |
Financial data is updated regularly. All figures are in the company's reporting currency.






