GICS Sector : Technology
Viant Technology Inc.operates as an advertising software company.It provides Adelphic, an enterprise software platform that enables marketers and their advertising agencies to plan, buy, and measure advertising across channels, including desktop, mobile, connected and linear TV, in-game, streaming audio, and digital billboards.
Viant Technology closed Q4 with revenue of $86.2 million, up 22% YoY, and adjusted EBITDA of $24.7 million, a 45% jump. Full‑year 2025 revenue hit $344 million (+19%) while adjusted EBITDA rose to $57.4 million (+29%), pushing the margin to 28%. EPS came in at $0.22 versus the $0.1657 estimate, underscoring the company’s cost discipline and pricing power. Staff noted the margin expansion to 28% as a key driver of upside potential.
Publication Date: Apr -19
Quarterly growth was led by a surge in CTV spend, which reached an all‑time high and now accounts for 46% of total advertiser spend. Digital out‑of‑home and mobile demand also accelerated, lifting contribution ex‑TAC by 19% to $64.6 million.
Revenue of $344.2 million and adjusted EBITDA of $57.4 million reflect robust cross‑vertical expansion. IRIS ID revenue grew 90% YoY, and the company now carries IRIS IDs in roughly 50% of the incoming CTV bidstream, positioning it for 70% penetration this year.
Viant forecasts 2026 revenue of $83‑86 million (+20% YoY) and adjusted EBITDA of $8.5‑9.5 million, a 67% jump. The company expects to outperform the broader programmatic market, driven by a healthy ad environment, new wins like WHOOP, and marquee events such as the World Cup.
New AI‑driven Solutions, Outcomes and the AI Lattice Brain, deliver up to 58% lower cost per conversion in tests. Outcomes achieved 82% cost reduction for UMass Global and 95% for Uqora, signaling a potential inflection in return on ad spend for advertisers.
Multi‑year partnership with WHOOP and wins with Molson Coors underscore Viant’s ability to deliver measurable performance. Customer‑directed CTV purchasing now represents 46% of platform spend, highlighting the shift toward addressable media.
While Amazon’s third‑party inventory pushes and Trade Desk‑OpenAI partnership are notable, Viant’s proprietary IRIS ID network effects and data moat remain its strongest differentiators, limiting replication by competitors.
At the current price, Viant trades at a P/E of 22.83 and a P/B of 2.32, suggesting modest upside if the company sustains its 2026 growth trajectory. The EV/EBITDA of 3.39 and ROIC of 46.13% further reinforce its efficient capital deployment.
Viant Announces Date of First Quarter 2026 Financial Results and Conference Call
Apr -27
Viant Technology to Buy TVision, Pushing Advertisers From CPMs to Attention-Based TV Metrics
Apr -17
Viant Technology Inc. (DSP) M&A Call Transcript
Apr -15
Viant Announces Agreement to Acquire TVision Strengthening Its AI-Powered Programmatic Platform
Apr -15
Larry Madden Sells 7,297 Shares of Viant Technology (NASDAQ:DSP) Stock
Apr -09
Viant Technology Inc: Will This Beaten-Down Ad-Tech Stock Bounce Back? 3 Things To Know
Mar -28
Viant Technology Inc. (NASDAQ:DSP) Receives Average Recommendation of “Buy” from Analysts
Mar -28
Why Viant Technology Stock Raced 12% Higher Today
Mar -12
Adelphic's 12.03% growth is driven by increasing demand for people-based marketing, expansion into new markets, and strategic partnerships. The company's focus on data-driven advertising and cross-channel campaign management also contributes to its growth. Additionally, Viant Technology's investment in Adelphic's product development and sales infrastructure has enabled the company to capitalize on emerging trends in digital marketing.
A people-based demand-side platform (DSP) that enables advertisers to reach their target audiences across multiple devices and channels
A people-based identifier that allows advertisers to target and measure their campaigns at the household level
A connected TV (CTV) advertising platform that enables advertisers to reach their target audiences on streaming devices and smart TVs
A data management platform (DMP) that enables advertisers to collect, organize, and activate their first-party data
A people-based identity graph that enables advertisers to recognize and target their customers across multiple devices and channels
Viant Technology Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the evolving nature of the technology industry.
Viant Technology Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products and services are highly customized, making it difficult for customers to switch to alternative providers.
Viant Technology Inc. relies on a few key suppliers for critical components, which gives them some bargaining power. However, the company's strong relationships with suppliers and its ability to negotiate favorable terms mitigate this risk.
The technology industry is highly competitive, and new entrants can easily disrupt the market. Viant Technology Inc. must continuously innovate and improve its products and services to stay ahead of potential new entrants.
The technology industry is highly competitive, and Viant Technology Inc. faces intense rivalry from established players and new entrants. The company must focus on differentiating its products and services to maintain its market share.
| Value | |
|---|---|
| Debt Weight | 27.15% |
| Debt Cost | 3.95% |
| Equity Weight | 72.85% |
| Equity Cost | 7.39% |
| WACC | 6.46% |
| Leverage | 37.26% |
Value: 1.0
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