Trade Desk, Inc. (TTD)

Services-Computer Programming, Data Processing, Etc.

Latest Price

$15.00

TTM P/E

17.86

Normalized P/E

35.71

Div Yield

Book Value

5.46

P/B Ratio

2.75

Valuation metrics

EPS: $0.90

Book value / share: $5.03

Formula: √(22.5 × EPS × BVPS)

Graham Number

$10.10

33% downside

Norm. op. income: $144M (median of 7yr)

Tax rate: 33%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$4.61

69% downside

Base FCF: $552M (median of recent 5yr)

Growth: 21%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$66.75

+345% upside

EPS: $0.90

Target P/E: 36×

Formula: EPS × P/E

P/E Fair Value

$32.40

+116% upside

86.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	32.67M	$590.0M	6.98%	-4.85M	2026-06-30
STATE STREET CORP	31.29M	$565.0M	6.68%	-13.65M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	27.90M	$504.0M	5.96%	-745.6K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	19.38M	$350.0M	4.14%	-3.06M	2026-06-30
TWO SIGMA INVESTMENTS, LP	17.56M	$317.0M	3.75%	--	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	16.13M	$291.0M	3.44%	+2.15M	2026-06-30
Invesco Ltd.	13.76M	$248.0M	2.94%	+5.38M	2026-06-30
GOLDMAN SACHS GROUP INC	13.54M	$244.0M	2.89%	+4.61M	2026-06-30
CITADEL ADVISORS LLC	12.03M	$217.0M	2.57%	+98.7K	2026-06-30
JANE STREET GROUP, LLC	11.19M	$202.0M	2.39%	+2.37M	2026-06-30