What is Trade Desk, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Trade Desk, Inc.'s reported free cash flow gives $55.76 per share. The share price was $15.42 on November 10, 2026, 72% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $34.86 | +126% |
| Base | 15.0% | 9.0% | $55.76 | +262% |
| Bull | 20.0% | 8.0% | $94.68 | +514% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $71.58 | $76.52 | $82.55 | $90.09 | $99.78 |
| 8.0% | $59.69 | $62.89 | $66.68 | $71.21 | $76.76 |
| 9.0% | $51.04 | $53.23 | $55.76 | $58.70 | $62.18 |
| 10.0% | $44.49 | $46.04 | $47.81 | $49.82 | $52.15 |
| 11.0% | $39.35 | $40.50 | $41.77 | $43.20 | $44.83 |
Where the presets come from
Base: years 1 to 5 grow at Trade Desk, Inc.'s revenue growth rate over the last 5 fiscal years (28.2% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions