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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 downbeat Q3 results, leading analysts to lower their forecasts. The company's revenue growth expectations were tempered, with modest growth of 10% expected for next year. Despite exceeding Q3 Adjusted EBITDA guidance, full-year sales guidance was cut below estimates. However, some analysts view the repositioned portfolio as a potential catalyst for high-teens growth. Q3 earnings beat estimates, with $0.22 per share reported. (Source: Bloomberg)

1.c. Company Highlights

2. DoubleVerify's Q3 2025 Earnings: Strong Revenue Growth and Margin Expansion

DoubleVerify reported revenue of $189 million for Q3 2025, representing an 11% year-over-year growth, which was within the company's guidance range. The adjusted EBITDA margin was 35%, exceeding the high end of the guidance range, driven by cost discipline, operating leverage, and AI-driven efficiency gains. The company's EPS was $0.22, significantly beating estimates of $0.09. The strong financial performance was driven by growth across social, streaming TV, and programmatic environments, with the number of advertisers generating over $200,000 in annual revenue growing by 11% year-over-year to 347.

Publication Date: Nov -15

📋 Highlights
  • Revenue Growth and Profitability:: Q3 revenue reached $189 million (+11% YoY), with adjusted EBITDA margin at 35%, exceeding guidance and driven by AI-driven efficiency gains.
  • AI Product Traction:: DV Authentic AdVantage achieved $8 million ACV in early weeks, and AI tools like Agent ID Measurement and SlopStopper are scaling automation and monetization.
  • Diversification Success:: Prebid Verified Streaming TV and Do Not Air list added $10 million in incremental annual activation revenue, while supply-side revenue grew 27% YoY.
  • Customer Expansion:: Advertisers spending >$200K rose 11% YoY to 347, with 73% of top 500 customers activating Absolute Brand Safety (up from 68% in 2024).
  • Financial Strength and Guidance:: $51 million net cash from operations and $50 million in share repurchases, with full-year 2025 guidance raised to 14% growth and 33% EBITDA margin.

Revenue Diversification and Growth Drivers

The company's revenue diversification efforts are paying off, with social measurement revenue accounting for 48% of total measurement revenue and growing 9% year-over-year. Supply side revenue grew 27% in the third quarter, driven by growth on existing platforms and new platform and publisher partnerships. The company's focus on innovation, driven by AI, is enabling it to launch new products and services, such as its AI Verification offering, which includes tools like Agent ID Measurement and AI SlopStopper.

Guidance and Outlook

For Q4 2025, the company expects revenue to range between $207 million and $211 million, representing 10% growth at the midpoint. The adjusted EBITDA margin is expected to be around 38% at the midpoint. For full year 2025, the company expects to deliver approximately 14% year-over-year growth at the midpoint and is raising its adjusted EBITDA margin guidance from approximately 32% to approximately 33%. The company's medium-term goal is to grow social, streaming CTV, and AI verification solutions from less than 30% of total revenue today to approximately 50%.

Valuation and Growth Prospects

With a P/E Ratio of 32.17 and an EV/EBITDA of 11.2, the market is pricing in significant growth expectations for DoubleVerify. The company's ROE is 4.86%, and ROIC is 4.03%, indicating a relatively efficient use of capital. Analysts estimate next year's revenue growth at 10.6%, which is slightly lower than the current year's growth rate. Given the company's strong track record of execution and its focus on innovation and diversification, it is well-positioned to achieve its growth objectives.

3. NewsRoom

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Dolly Varden Silver Intersects 14.50 g/t Gold over 21.18 Meters, Including 113 g/t Gold and 997 g/t Silver over 0.68 Meters at Homestake Silver Deposit

Dec -04

Source: newsfilecorp.com

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19,487 Shares in DoubleVerify Holdings, Inc. $DV Acquired by Connor Clark & Lunn Investment Management Ltd.

Nov -21

Source: defenseworld.net

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DoubleVerify Holdings, Inc. (DV) Presents at Global Technology, Internet, Media & Telecommunications Conference 2025 Transcript

Nov -18

Source: seekingalpha.com

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DoubleVerify Releases 2025 Global Insights Report on Walled Gardens, Unpacking Consumer and Marketer Trends Across the World's Most Influential Platforms

Nov -18

Source: businesswire.com

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Acadian Asset Management LLC Buys 152,472 Shares of DoubleVerify Holdings, Inc. $DV

Nov -14

Source: defenseworld.net

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DoubleVerify's Repositioned Portfolio Could Unlock High-Teens Growth, Analyst Says

Nov -10

Source: benzinga.com

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These Analysts Lower Their Forecasts On DoubleVerify Holdings After Downbeat Q3 Results

Nov -10

Source: benzinga.com

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Dolly Varden Silver Intersects 26.74 g/t Gold over 14.76 meters, including 122 g/t Gold over 2.85 meters at Homestake Silver Deposit

Nov -10

Source: newsfilecorp.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
Blackbaud

A-Score: 4.5/10

Value: 7.1

Growth: 3.4

Quality: 7.4

Yield: 0.0

Momentum: 2.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
DoubleVerify Holdings

A-Score: 4.2/10

Value: 4.2

Growth: 9.0

Quality: 7.1

Yield: 0.0

Momentum: 1.0

Volatility: 4.0

1-Year Total Return ->

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Bill.com

A-Score: 4.0/10

Value: 2.9

Growth: 9.4

Quality: 4.6

Yield: 0.0

Momentum: 4.0

Volatility: 3.0

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Intapp

A-Score: 4.0/10

Value: 5.0

Growth: 7.8

Quality: 4.5

Yield: 0.0

Momentum: 2.0

Volatility: 4.7

1-Year Total Return ->

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Asana

A-Score: 3.7/10

Value: 4.4

Growth: 6.3

Quality: 3.7

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

1-Year Total Return ->

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Instructure Holdings

A-Score: 3.7/10

Value: 3.1

Growth: 7.8

Quality: 3.1

Yield: 0.0

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

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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

10.82$

Current Price

10.82$

Potential

-0.00%

Expected Cash-Flows