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Financial statementsViant Technology Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Viant Technology Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 165 | 165 | 224 | 197 | 223 | 289 | 344 |
| Cost of revenue | 94.1 | 88.3 | 130 | 117 | 120 | 157 | 187 |
| Gross profit | 70.8 | 77 | 94.5 | 80.4 | 102 | 132 | 158 |
| Selling and marketing | 29 | 28.9 | 65 | 64 | 50.7 | 53.8 | 64.8 |
| General and administrative | 19.8 | 17.6 | 46.9 | 44.5 | 45.3 | 51.1 | 50.2 |
| Operating income | 12.8 | 21.8 | -42.8 | -49.3 | -18.3 | 3.48 | 12.1 |
| Interest expense | 4.15 | 1.09 | 0.89 | 0.45 | |||
| Other non-operating income | -2.87 | -1.13 | 5.19 | 1.17 | 8.5 | 9.22 | -1.95 |
| Pre-tax income | -9.79 | 12.7 | 10.1 | ||||
| Income tax | 0 | 0 | 0 | 0 | 0.15 | 0.25 | -14 |
| Net income to minority interests | 0 | -29.9 | -36.2 | -6.5 | 10.1 | 15.7 | |
| Net income | 8.58 | 6.26 | -7.74 | -11.9 | -3.44 | 2.36 | 8.35 |
| EBITDA | 23 | 31.9 | -31.7 | -36.1 | -3.57 | 19.9 | 30.8 |
| EPS, basic | 31.31 | 20.64 | -0.63 | -0.84 | -0.23 | 0.15 | 0.51 |
| EPS, diluted | 27.37 | 20.64 | -0.63 | -0.84 | -0.23 | 0.14 | 0.36 |
| Shares, basic (weighted) | 0 | 0.4 | 12.4 | 14.2 | 15.2 | 16.2 | 16.4 |
| Shares, diluted (weighted) | 0 | 1 | 12.4 | 14.2 | 15.2 | 20.5 | 67 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 9.63 | 238 | 207 | 216 | 205 | 191 | |
| Receivables | 89.8 | 111 | 102 | 117 | 147 | 177 | |
| Other current assets | 4.49 | 2.97 | 6.63 | 6.49 | 10.5 | 7.9 | |
| Total current assets | 104 | 352 | 315 | 340 | 362 | 376 | |
| Property, plant and equipment | 13.8 | 22.3 | 23.1 | 28.3 | 31.5 | 35.1 | |
| Lease right-of-use assets | 0 | 26.4 | 23 | 23.7 | 19.7 | ||
| Goodwill | 12.4 | 12.4 | 12.4 | 12.4 | 19.2 | 19.2 | |
| Intangible assets | 3.02 | 1.79 | 0.67 | 0.2 | 3.05 | 2.9 | |
| Other non-current assets | 0.37 | 0.41 | 0.39 | 0.62 | 0.93 | 4.1 | |
| Total assets | 134 | 389 | 378 | 405 | 441 | 475 | |
| Accounts payable | 29.8 | 32.9 | 37.1 | 47.3 | 71.3 | 83.5 | |
| Accrued liabilities | 24.7 | 34.1 | 35.1 | 39.3 | 47.4 | 50.8 | |
| Deferred revenue | 2.73 | 1.32 | 0.12 | 0.32 | 0.58 | 0.58 | |
| Short-term debt | 3.35 | 0 | 0 | ||||
| Total current liabilities | 79.7 | 83.1 | 87.1 | 109 | 145 | 157 | |
| Long-term debt | 20.2 | 17.5 | 0 | 0 | 0 | 0 | |
| Lease liabilities | 0.5 | 0 | 25 | 21.7 | 21.3 | 16.7 | |
| Other non-current liabilities | 0.45 | 0.77 | 0 | ||||
| Total liabilities | 106 | 107 | 112 | 131 | 167 | 186 | |
| Total debt | 23.5 | 17.5 | 0 | 0 | 0 | 0 | |
| Paid-in capital | 82.9 | 95.9 | 113 | 125 | 183 | ||
| Retained earnings | -20.1 | -36.3 | -43.5 | -50.6 | -91.8 | ||
| Treasury stock | -2.65 | -0.48 | -1.13 | -21 | -8.92 | ||
| Shareholders' equity | 20.1 | 60.2 | 59.2 | 68.3 | 53.8 | 82.1 | |
| Minority interests | 222 | 207 | 206 | 220 | 207 | ||
| Total equity | 15.2 | 20.1 | 283 | 266 | 274 | 274 | 289 |
| Total liabilities and equity | 134 | 389 | 378 | 405 | 441 | 475 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | 9.92 | 20.6 | -37.6 | -48.1 | -9.94 | 12.5 | 24.1 |
| Depreciation and amortization | 10.2 | 10.1 | 11.1 | 13.1 | 14.7 | 16.5 | 18.7 |
| Stock-based compensation | 1.09 | 0 | 68.8 | 28.9 | 32.3 | 21 | 24.8 |
| Deferred income tax | 0 | 0 | 0 | 0 | -14.7 | ||
| Change in receivables | -20.2 | -21.1 | -20.9 | 7.82 | -16.1 | -30.2 | -30.8 |
| Change in payables | 2.75 | 9 | 3.4 | 4.22 | 10 | 23.8 | 12.2 |
| Cash from operations | 13 | 18.9 | 28.7 | -3.53 | 37.8 | 51.8 | 52.6 |
| Capital expenditures | -0.42 | -0.43 | -0.44 | -0.76 | -1.2 | -2.5 | -0.93 |
| Acquisitions | 0 | 0 | -10 | -0.55 | |||
| Purchases of investments | 0 | 0 | -3.5 | ||||
| Cash from investing | -7.81 | -7.84 | -7.37 | -8.83 | -13.5 | -27.7 | -22.3 |
| Stock issued | 0 | 233 | 0 | 0 | 3.07 | 3.77 | |
| Dividends paid | -5 | 0 | 0 | ||||
| Cash from financing | -3.06 | -6.22 | 208 | -19.6 | -14.4 | -35.4 | -44.2 |
| Net change in cash | 2.16 | 4.81 | 229 | -31.9 | 9.89 | -11.4 | -13.9 |
| Free cash flow | 12.6 | 18.4 | 28.2 | -4.29 | 36.6 | 49.3 | 51.7 |
| Interest paid | 0.01 | 1.07 | 0.66 | 0.24 | 0.22 | 0.28 | 0.28 |
| Income taxes paid | 0.31 | 0.16 | 0.41 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 44.5% | Gross profit / revenue. |
| Operating margin | 2.3% | Operating income / revenue. |
| EBITDA margin | 7.5% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Net margin | 2.2% | Net income / revenue. |
| FCF margin | 17.0% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 17.3% | Cash from operations / revenue. |
| Return on equity (ROE) | 7.7% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.7% | Net income / average total assets. |
| Stock-based pay / revenue | 7.6% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.3% | Capital expenditures / revenue. |
| D&A / revenue | 5.2% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 19.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 20.4% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 15.8% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 19.3% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 25.1% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 15.4% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 247.3% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 5y | -11.1% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 54.4% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 5y | -0.7% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 253.6% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 5y | 6.0% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 157.1% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 5y | -55.5% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 1.6% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 5y | 22.8% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 4.9% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 5y | 22.9% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 52.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 11.5% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 32.5% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 7.7% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 7.9% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 28.9% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 227.3% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 67.8% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 131.8% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 2.34x | Current assets / current liabilities. |
| Quick ratio | 2.26x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.29x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.00x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 0.0% | Total debt / total assets. |
| Liabilities / assets | 36.0% | Total liabilities / total assets. |
| Net debt | -$193.1M | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | -6.60x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Working capital | $200.6M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 9.4% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $66.3M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.78x | Revenue / average total assets. |
| Fixed asset turnover | 10.3x | Revenue / average property, plant and equipment. |
| Receivables turnover | 2.68x | Revenue / average receivables. |
| Days sales outstanding | 136 days | 365 x average receivables / revenue. |
| Days payables | 113 days | 365 x average accounts payable / cost of revenue. |
| FCF conversion | 760.2% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 2.0% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.13 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $5.96 | Revenue / diluted weighted shares. |
| FCF per share | $1.01 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $1.03 | Cash from operations / diluted weighted shares. |
| Book value per share | $1.74 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $1.02 | Tangible book value / shares outstanding. |
| Cash per share | $2.96 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $810.3M | Share price x shares outstanding. |
| Enterprise value | $617.3M | Market cap + total debt - cash - short-term investments. |
| P/E | 93.3x | Market cap / net income. Only when net income is positive. |
| P/S | 2.09x | Market cap / revenue. |
| P/B | 7.14x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 12.2x | Market cap / tangible book value, when positive. |
| P/FCF | 12.3x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 12.0x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.59x | Enterprise value / revenue. |
| EV/EBIT | 67.7x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 21.1x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 9.35x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 8.1% | Free cash flow / market cap. |
| Earnings yield | 1.1% | Net income / market cap (the inverse of P/E). |
What was Viant Technology Inc.'s revenue in fiscal 2025?
Viant Technology Inc. reported revenue of $344.2M for fiscal 2025, 19% higher than the year before.
Was Viant Technology Inc. profitable in fiscal 2025?
Yes. Net income was $8.4M, a net margin of 2.4%.
How much free cash flow did Viant Technology Inc. generate in fiscal 2025?
Cash from operations of $52.6M minus capital expenditures of $926.0K left free cash flow of $51.7M.