DoubleVerify Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data DoubleVerify Holdings, 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	183	244	333	452	573	657	748
Cost of revenue	24.8	35.8	54.4	77.9	107	117	133
Gross profit	158	208	278	375	466	540	615
Research and development	31.6	47	62.7	95.1	125	153	178
Selling and marketing	38.4	62.2	77.3	107	126	168	191
General and administrative	26.9	53.1	81.4	78.7	88	92.1	110
Operating income	39.1	21.4	26.7	59	85.7	82.4	79.2
Interest expense	5.2	4.93	1.17	0.91	1.07	1.12	1.73
Interest income			0.01	2.31	10.8
Other non-operating income	1.46	0.89	0.31	1.25	11.2	7.49	5.24
Pre-tax income	35.4	17.3	25.8	59.4	95.9	88.8	82.7
Income tax	12.1	-3.14	-3.49	16.1	24.4	32.6	32.1
Net income	23.3	20.5	29.3	43.3	71.5	56.2	50.7
EBITDA	60.9	46	57	93.4	127	128	136
EPS, basic	0.17	0.15	0.20	0.26	0.43	0.33	0.31
EPS, diluted	0.16	0.14	0.18	0.25	0.41	0.32	0.30
Shares, basic (weighted)	140	138	148	164	168	171	163
Shares, diluted (weighted)	143	145	160	171	173	175	167

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10.9	33.4	222	268	310	293	259
Short-term investments						17.8
Receivables		94.7	123	167	207	226	221
Other current assets		13.9	23.3	10.2	15.9	22.2	39.1
Total current assets		142	368	445	533	559	519
Property, plant and equipment		18.1	17.6	47	58	70.2	103
Lease right-of-use assets				64.7	60.5	67.7	66.9
Goodwill		227	351	343	436	428	516
Intangible assets		122	153	135	141	110	102
Other non-current assets		2.15	2.78	1.73	1.57	5.78	16
Total assets		511	892	1,037	1,243	1,276	1,354
Accounts payable		3.5	3.85	6.68	12.9	11.6	14.7
Accrued liabilities		25.4	41.5	33.1	44.3	54.5	73.6
Deferred revenue						0.4	5.5
Total current liabilities		34	57	68.9	83.9	103	122
Long-term debt		22
Lease liabilities				74.1	71.6	77.3	77.9
Other non-current liabilities		3.29	3.21	3.5	2.69	2.65	6.21
Total liabilities		94.6	93.1	160	169	193	223
Total debt		22
Paid-in capital		621	717	756	878	974	1,060
Retained earnings		54.9	84.2	128	199	255	306
Treasury stock		-261	-1.8	-0.8	-0.74	-132	-248
Other comprehensive income		1.01	-0.77	-6.33	-2.8	-14.7	13.3
Shareholders' equity	318	417	799	877	1,074	1,083	1,131
Total equity	318	417	799	877	1,074	1,083	1,131
Total liabilities and equity		511	892	1,037	1,243	1,276	1,354
Shares outstanding		125	162	165	171	167	162

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	23.3	20.5	29.3	43.3	71.5	56.2	50.7
Depreciation and amortization	21.8	24.6	30.3	34.3	40.9	45.2	56.6
Stock-based compensation	1.68	5.98	21.9	42.3	59.2	90.7	104
Deferred income tax	2	-5.14	-7.82	-19.6	-25.1	-21.6	4.13
Change in receivables	-32.7	-30.4	-22	-49.8	-43.7	-26.7	6.45
Cash from operations	29.4	21.2	82.7	94.9	120	160	211
Capital expenditures	-5.94	-9.75	-9.4	-40	-17	-27.1	-38.5
Acquisitions	-57.3		-149		-67.2		-82.6
Purchases of investments						-99.6
Cash from investing	-63.2	-9.75	-159	-40	-84.2	-44.8	-105
Debt issued	20	89.7
Debt repaid	-0.75	-142	-22
Stock issued	0.18	0.78	12.4	5.8	10.7	3.32	0.89
Share buybacks			-1.8	-10.2	-4.59	-128	-132
Cash from financing	15	10.4	264	-7.88	6.49	-129	-144
Exchange rate effect	0.02	0.2	-0.2	-0.78	0.34	-1.89	4.44
Net change in cash	-18.7	22.1	188	46.2	42.3	-16.5	-33.7
Free cash flow	23.5	11.5	73.4	54.9	103	133	173
Interest paid	4.66	3.37	0.77	0.55	0.71	0.48	1.2
Income taxes paid	1.96	16.2	7.7	12.4	60.9	41.9	60.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.41 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	82.4%	Gross profit / revenue.
Operating margin	12.7%	Operating income / revenue.
EBITDA margin	20.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.2%	Pre-tax income / revenue.
Net margin	7.7%	Net income / revenue.
FCF margin	20.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.6%	Cash from operations / revenue.
Effective tax rate	37.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.5%	Net income / average total assets.
Return on invested capital (ROIC)	6.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	23.2%	Research and development expense / revenue.
Stock-based pay / revenue	13.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.7%	Capital expenditures / revenue.
D&A / revenue	8.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.0%	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	24.2%	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	-3.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	30.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	13.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	24.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-9.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	19.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-6.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.5%	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	32.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	30.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	58.3%	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	30.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	46.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	72.0%	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	4.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.9%	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	22.1%	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	6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.3%	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	21.5%	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	-4.8%	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	-0.8%	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	2.8%	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	4.50x	Current assets / current liabilities.
Quick ratio	4.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.01x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	16.5%	Total liabilities / total assets.
Interest coverage	55.5x	Operating income / interest expense.
Working capital	$366.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	45.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$495.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	5.96x	Revenue / average property, plant and equipment.
Receivables turnover	3.58x	Revenue / average receivables.
Days sales outstanding	102 days	365 x average receivables / revenue.
Days payables	35 days	365 x average accounts payable / cost of revenue.
FCF conversion	272.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	21.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.37	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	$4.87	Revenue / diluted weighted shares.
FCF per share	$1.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.29	Cash from operations / diluted weighted shares.
Book value per share	$7.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.19	Tangible book value / shares outstanding.
Cash per share	$1.36	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	93.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.08B	Share price x shares outstanding.
Enterprise value	$1.87B	Market cap + total debt - cash - short-term investments.
P/E	35.3x	Market cap / net income. Only when net income is positive.
P/S	2.70x	Market cap / revenue.
P/B	1.90x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.20x	Market cap / tangible book value, when positive.
P/FCF	12.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.2x	Market cap / cash from operations, when positive.
EV/Sales	2.43x	Enterprise value / revenue.
EV/EBIT	19.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.7%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	7.2%	(Dividends paid + share buybacks) / market cap.
PEG	5.64x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DoubleVerify Holdings, Inc.'s revenue in fiscal 2025?

DoubleVerify Holdings, Inc. reported revenue of $748.3M for fiscal 2025, 13.9% higher than the year before.

Was DoubleVerify Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $50.7M, a net margin of 6.8%.

How much free cash flow did DoubleVerify Holdings, Inc. generate in fiscal 2025?

Cash from operations of $211.2M minus capital expenditures of $38.5M left free cash flow of $172.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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