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1. Company Snapshot

1.a. 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 effectiveness, quality and return on their digital advertising investments.


The company's solutions include DV Authentic Ad, a metric of digital media quality, which evaluates the existence of fraud, brand safety, viewability, and geography for each digital ad; DV Authentic Attention solution that provides exposure and engagement predictive analytics to drive campaign performance; and Custom Contextual solution, which allows advertisers to match their ads to relevant content to maximize user engagement and drive campaign performance.Its solutions also comprise DV Publisher suite, a solution for digital publishers to manage revenue and increase inventory yield by improving video delivery, identifying lost or unfilled sales, and aggregate data across all inventory sources; and DV Pinnacle, a service and analytics platform user interface that allows its customers to adjust and deploy controls for their media plan and track campaign performance metrics across channels, formats, and devices.The company's software solutions are integrated in the digital advertising ecosystem, including programmatic platforms, connected TV, social media channels, and digital publishers.


It serves brands, publishers, and other supply-side customers covering various industry verticals, including consumer packaged goods, financial services, telecommunications, technology, automotive, and healthcare.The company was founded in 2008 and is headquartered in New York, New York.

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1.b. Last Insights on DV

DoubleVerify Holdings, Inc.'s recent performance was negatively impacted by its Q4 earnings miss, with quarterly earnings of $0.31 per share, falling short of the Zacks Consensus Estimate of $0.33 per share. Despite a 14% year-over-year revenue growth to $748.3 million, the company's net income was $50.7 million. Analysts have a "Hold" rating on the stock, with 2 sell, 6 hold, and 11 buy ratings. A $300 million share repurchase authorization, the largest in the company's history, is a positive development.

1.c. Company Highlights

2. DoubleVerify's Q4 2025 Earnings: Strong Margin, Revenue Growth, and AI-Driven Opportunities

DoubleVerify reported a revenue of $206 million for Q4 2025, representing an 8% year-over-year growth, although it fell short of expectations. The company's adjusted EBITDA margin stood strong at 38%. For the full year 2025, revenue grew by 14% to $748 million. Earnings per share (EPS) came in at $0.31, slightly below the estimated $0.33. The revenue growth was driven by multiple sectors, including healthcare and technology, with the company's Programmatic business continuing to expand.

Publication Date: Mar -01

📋 Highlights
  • Strong EBITDA Margin & Revenue Growth:: Achieved 38% adjusted EBITDA margin and 8% YoY revenue growth in Q4 2025, with full-year revenue up 14% to $748M, exceeding initial 10% guidance.
  • Exceptional Customer Retention:: No deactivations among Top 100 customers in Q4, with 90% greenfield win ratio, the highest in company history.
  • Product-Led Growth Acceleration:: 60% YoY growth in Social Activation and 25% supply-side revenue growth, driven by AI, CTV, and streaming TV solutions.
  • AI-Driven Efficiency & Margin Expansion:: Plans to maintain >80% revenue-over-COGS, reduce equity compensation by 40%, and target 34% adjusted EBITDA margin in 2026.
  • Strategic Cash Position & Buybacks:: Ended 2025 with $260M cash, zero debt, and $300M share repurchase authorization, with Q1 2026 revenue guidance of $177–$183M (8–10% YoY growth).

Revenue Growth Drivers

The company's product-led growth cycle accelerated across social, CTV, and AI platforms, with significant releases in Q4 2025. This led to a diversified revenue mix, driven by a broader product offering. The new solutions fueled two main growth engines: expanding within the existing customer base and winning new customers with proprietary solutions. DoubleVerify's leadership in digital advertising areas like social, CTV, and AI-enabled performance optimization is expanding its relevance and competitiveness.

AI Impact and Future Opportunities

DoubleVerify views the AI evolution as accretive to future opportunities, with the ad ecosystem's constant flux presenting new chances for growth. As Mark Zagorski mentioned, "We're early in the first inning, with opportunities to improve efficiency, build new products, and add new platforms to our mix." The company is investing in AI capabilities, expecting to maintain revenue less cost of sales over 80% and accelerate product development.

Valuation and Outlook

With a P/E Ratio of 33.87 and an EV/EBITDA of 11.1, the market seems to have priced in a certain level of growth. For 2026, DoubleVerify expects revenue to range between $810 million and $826 million, representing an 8-10% year-over-year increase. Analysts estimate a revenue growth of 9.9% for the next year. The company's focus on scaling existing solutions, expanding into new areas, and investing in AI is expected to drive long-term shareholder value.

Financial Position and Capital Return Strategy

DoubleVerify ended 2025 with approximately $260 million in cash and no long-term debt, providing significant flexibility to invest in growth and return capital to shareholders. The company has $300 million authorized for share repurchases, which it plans to deploy in 2026 at increased levels versus prior years.

3. NewsRoom

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DoubleVerify Holdings, Inc. (DV) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript

Mar -05

Source: seekingalpha.com

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DoubleVerify Holdings, Inc. (DV) Presents at Citizens JMP Technology Conference 2026 Transcript

Mar -03

Source: seekingalpha.com

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Touchstone Small Cap Fund Q4 2025 Portfolio Review

Mar -02

Source: seekingalpha.com

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DoubleVerify Holdings, Inc. (NYSE:DV) Receives Average Rating of “Hold” from Brokerages

Mar -02

Source: defenseworld.net

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DoubleVerify Holdings, Inc. (DV) Q4 2025 Earnings Call Transcript

Feb -27

Source: seekingalpha.com

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DoubleVerify (DV) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

Feb -27

Source: zacks.com

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DoubleVerify Holdings (DV) Misses Q4 Earnings and Revenue Estimates

Feb -27

Source: zacks.com

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DoubleVerify Reports Fourth Quarter and Full Year 2025 Financial Results

Feb -26

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.33%)

6. Segments

Activitation (Formerly Known as Advertiser - Programmactic)

Expected Growth: 14.37%

DoubleVerify's Activation (formerly Advertiser - Programmactic) growth of 14.37% is driven by increasing demand for brand safety and ad verification, expansion into new markets, and growing adoption of programmatic advertising. Additionally, the company's innovative solutions and partnerships with major platforms have contributed to its growth.

Measurement (Formerly Known as Advertiser - Direct)

Expected Growth: 14.37%

DoubleVerify's Measurement segment, formerly known as Advertiser-Direct, grew 14.37% driven by increasing adoption of its verification and measurement solutions, expansion into new markets, and growing demand for brand safety and fraud protection. Additionally, the company's partnerships with major advertisers and agencies, as well as its innovative product offerings, contributed to this growth.

Supply-side Customer

Expected Growth: 13.93%

DoubleVerify Holdings' Supply-side Customer segment growth of 13.93% is driven by increasing adoption of digital advertising, rising demand for brand safety and fraud protection, and growing need for transparency and accountability in the digital media ecosystem.

7. Detailed Products

Brand Safety and Suitability

A solution that helps advertisers to ensure their ads are displayed in a brand-safe and suitable environment, avoiding harmful or inappropriate content.

Viewability and Attention

A solution that measures the viewability and attention of digital ads, providing insights into how users interact with ads.

Fraud and Waste Detection

A solution that detects and prevents fraudulent activity in digital advertising, ensuring that advertisers' budgets are not wasted on invalid traffic.

Ad Placement and Contextual Targeting

A solution that enables advertisers to target specific contexts and placements for their ads, increasing relevance and effectiveness.

Custom and Advanced Analytics

A solution that provides custom and advanced analytics capabilities, enabling advertisers to gain deeper insights into their digital ad campaigns.

8. DoubleVerify Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

DoubleVerify Holdings, Inc. operates in a niche market, providing digital media solutions, which reduces the threat of substitutes. However, the company faces competition from other digital media companies, which increases the threat of substitutes.

Bargaining Power Of Customers

DoubleVerify Holdings, Inc. has a diverse customer base, which reduces the bargaining power of customers. Additionally, the company's solutions are specialized, making it difficult for customers to switch to alternative providers.

Bargaining Power Of Suppliers

DoubleVerify Holdings, Inc. has a diversified supply chain, which reduces the bargaining power of suppliers. The company's suppliers are also relatively small, which further reduces their bargaining power.

Threat Of New Entrants

The digital media solutions market has high barriers to entry, including significant capital requirements and the need for specialized expertise. This reduces the threat of new entrants.

Intensity Of Rivalry

The digital media solutions market is moderately competitive, with several established players. However, DoubleVerify Holdings, Inc. has a strong market position and differentiated solutions, which reduces the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 7.45%
Debt Cost 3.95%
Equity Weight 92.55%
Equity Cost 9.49%
WACC 9.08%
Leverage 8.04%

11. Quality Control: DoubleVerify Holdings, Inc. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
DoubleVerify Holdings

A-Score: 4.2/10

Value: 4.3

Growth: 8.9

Quality: 7.1

Yield: 0.0

Momentum: 1.0

Volatility: 3.7

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Instructure Holdings

A-Score: 4.1/10

Value: 3.7

Growth: 7.8

Quality: 3.5

Yield: 0.0

Momentum: 6.0

Volatility: 3.3

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Intapp

A-Score: 3.8/10

Value: 4.7

Growth: 7.8

Quality: 4.1

Yield: 0.0

Momentum: 1.5

Volatility: 4.7

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Blackbaud

A-Score: 3.6/10

Value: 6.2

Growth: 3.3

Quality: 3.2

Yield: 0.0

Momentum: 2.0

Volatility: 7.0

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Bill.com

A-Score: 3.6/10

Value: 2.8

Growth: 9.4

Quality: 5.1

Yield: 0.0

Momentum: 1.5

Volatility: 3.0

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Asana

A-Score: 3.4/10

Value: 4.4

Growth: 6.3

Quality: 3.8

Yield: 0.0

Momentum: 3.0

Volatility: 3.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.21$

Current Price

10.21$

Potential

-0.00%

Expected Cash-Flows