# DoubleVerify Holdings (DV.US)

Canonical: https://gigainvestors.com/s/DV

Analysis as of: 2026-10-16T07:28:07.589Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $13.54 per share; close as of 2026-10-15.

Estimated value: low $7.33 per share, central $8.17 per share, high $9.29 per share. Buy at or below the central value $8.17 per share. Valuation as of 2026-10-16T07:28:07.589Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.05×

- FY2019: 0.21×

- FY2020: 0.09×

- FY2021: 0.08×

- FY2022: 0.13×

- FY2023: 0.15×

- FY2024: 0.13×

- FY2025: 0.11×

- LTM to Jun 2026: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 11.3%

- Typical minus recent gross margin: 1.8 pp

- Typical gross margin (annual median): 82.3%

- Recent gross margin (lower of latest and 3-year median): 80.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 8.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 3.4%

- FY2019: 16.3%

- FY2020: 11.7%

- FY2021: 11.5%

- FY2022: 12.3%

- FY2023: 15.4%

- FY2024: 12.3%

- FY2025: 11.3%

- LTM to Jun 2026: 13.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.32×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $332M

- Net income, five-year total: $251M

- Return on incremental invested capital: 72.9%

- Working capital / revenue, annual change: -1.0 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.71×

- FY2022: 1.00×

- FY2023: 1.33×

- FY2024: 1.32×

- FY2025: 1.36×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.7% vs 12.3%

- Per-share earnings: 0.14 to 0.32 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.8%

- Diluted shares, 5-year annual growth: 2.8%

- Per-share value growth: 18.0%

- Per-share value change: $0.18

- Per-share value, starting three-year median: $0.14

- Per-share value, ending three-year median: $0.32

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.4%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 11.7%

- ROIC, last three-year median: 12.3%

Chart: Earnings per share; fiscal year observations.

- FY2018: $0.02

- FY2019: $0.16

- FY2020: $0.14

- FY2021: $0.18

- FY2022: $0.25

- FY2023: $0.41

- FY2024: $0.32

- FY2025: $0.30

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -11.9%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 49.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.17×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.55×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -2.2%

- FY2019: -1.3%

- FY2020: -0.1%

- FY2021: -6.0%

- FY2022: -5.0%

- FY2023: -3.9%

- FY2024: -8.1%

- FY2025: -11.9%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 68% since Jul 2023 · "Next quarter’s revenue guidance of $209 million underwhelmed, coming in 0.9% below analysts’ estimates." (finance.yahoo.com, Nov 2025) · sales +2.7%

Story as of 2026-10-16T09:58:39.733Z; price observation 2026-10-15.

Price needs cash profits to grow 8.1% a year for ten years

### Sales · FY2025–2026

sales +2.7%; source https://www.sec.gov/Archives/edgar/data/1819928/000110465926020499/dv-20251231x10k.htm; observed 2026-02-26.

- FY2018: $104M 

- FY2019: $183M 

- FY2020: $244M 

- FY2021: $333M 

- FY2022: $452M 

- FY2023: $573M 

- FY2024: $657M 

- FY2025: $748M 

- FY2026: $769M 

### Gross margin · FY2026

gross margin 80.4%; source https://www.sec.gov/Archives/edgar/data/1819928/000110465926020499/dv-20251231x10k.htm; observed 2026-02-26.

- FY2018: 82.2% 

- FY2019: 86.4% 

- FY2020: 85.3% 

- FY2021: 83.7% 

- FY2022: 82.8% 

- FY2023: 81.4% 

- FY2024: 82.3% 

- FY2025: 82.2% 

- FY2026: 80.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in advertising agencies; annual sales are USD 748.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1819928/000110465926020499/dv-20251231x10k.htm (filed 2026-02-26); FY2025: revenue 748291000; grossProfit 614792000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); DV.US: DoubleVerify Holdings, Inc. provides media effectiveness platforms in the United States. The company offers DV Authentic Ad, a metric of digital media quality, which evaluates the existence of fraud, brand suitability, viewability and geography for each digital ad; DV Authentic Attention that provides data to drive campaign performance; Custom Contextual solution, which allows advertisers to match ads to relevant content to maximize user engagement and drive campaign performance; and Scibids AI, an AI-powered digital campaign optimization solution. It also provides Rockerbox, enables advertisers to unify cross-channel conversion and spend data and apply multi-touch attribution, marketing mix modeling, and incrementality testing to measure and optimize the impact of advertising; DV Authentic AdVantage, an AI-powered performance optimization solution for advertisers to improve campaign outcomes across proprietary video platforms; DV Publisher Suite, a unified solution for digital publishers to manage revenue and increase inventory yield, identifying lost or unfilled sales, and aggregate data across inventory sources; and DV Pinnacle which provides detailed insights into customers' media performance on both direct and programmatic media buying platforms and across all key digital media channels, formats, and devices. Its solutions are integrated across digital advertising ecosystem, including programmatic platforms, social media channels, and digital publishers. The company serves consumer packaged goods, financial services, telecommunications, technology, automotive, and healthcare industry verticals. The company was founded in 2008 and is headquartered in New York, New York.

### Why customers stay

Margins ranged from 81.4% to 82.3% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 81.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 82.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1819928/000110465926020499/dv-20251231x10k.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 82.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 9-year return on capital observations [[2018,0.034365264136728],[2019,0.16330425196251735],[2020,0.11672332936147885],[2021,0.11528358621643106],[2022,0.12298138385391286],[2023,0.15427729182437114],[2024,0.12262578911468085],[2025,0.11293076783015205],[2026,0.13086367773533036]]; median 0.12262578911468085. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 8 years; bought back USD 142.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 1640000; owner earnings 20163000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 5943000; owner earnings 39177000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 9751000; owner earnings 35297000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 9397000; owner earnings 50196000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 5653000; upkeep 34328000; owner earnings 43268000. Growth capex / owner earnings = 0.13065082740131276.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 17009000; owner earnings 95342000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 27149000; owner earnings 74297000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1819928/000110465926020499/dv-20251231x10k.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 38529000; owner earnings 68700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2018,0],[2019,0],[2020,421074000],[2021,12844000],[2022,0],[2023,6900000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1819928/000110465926020499/dv-20251231x10k.htm (filed 2026-02-26); FY2025: cash repurchases 142065000 USD.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); DV.US SharesStats.PercentInsiders = 1.254 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 8.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.10334782262925904. Price 13.54; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-04: $35.21 per share

- 2021-05: $36.89 per share

- 2021-06: $42.34 per share

- 2021-07: $34.60 per share

- 2021-08: $36.33 per share

- 2021-09: $34.16 per share

- 2021-10: $39.53 per share

- 2021-11: $30.88 per share

- 2021-12: $33.28 per share

- 2022-01: $27.66 per share

- 2022-02: $27.65 per share

- 2022-03: $25.17 per share

- 2022-04: $21.75 per share

- 2022-05: $22.25 per share

- 2022-06: $22.67 per share

- 2022-07: $22.93 per share

- 2022-08: $25.85 per share

- 2022-09: $27.35 per share

- 2022-10: $29.23 per share

- 2022-11: $26.20 per share

- 2022-12: $21.96 per share

- 2023-01: $27.19 per share

- 2023-02: $26.27 per share

- 2023-03: $30.15 per share

- 2023-04: $29.42 per share

- 2023-05: $34.87 per share

- 2023-06: $38.92 per share

- 2023-07: $42.10 per share

- 2023-08: $33.81 per share

- 2023-09: $27.95 per share

- 2023-10: $27.83 per share

- 2023-11: $33.20 per share

- 2023-12: $36.78 per share

- 2024-01: $40.01 per share

- 2024-02: $30.89 per share

- 2024-03: $35.16 per share

- 2024-04: $29.30 per share

- 2024-05: $18.20 per share

- 2024-06: $19.47 per share

- 2024-07: $21.12 per share

- 2024-08: $19.70 per share

- 2024-09: $16.84 per share

- 2024-10: $17.05 per share

- 2024-11: $20.33 per share

- 2024-12: $19.21 per share

- 2025-01: $20.61 per share

- 2025-02: $13.90 per share

- 2025-03: $13.37 per share

- 2025-04: $13.26 per share

- 2025-05: $13.74 per share

- 2025-06: $14.97 per share

- 2025-07: $15.32 per share

- 2025-08: $16.27 per share

- 2025-09: $11.98 per share

- 2025-10: $11.38 per share

- 2025-11: $10.54 per share

- 2025-12: $11.44 per share

- 2026-01: $10.82 per share

- 2026-02: $10.54 per share

- 2026-03: $9.50 per share

- 2026-04: $11.02 per share

- 2026-05: $9.70 per share

- 2026-06: $10.84 per share

- 2026-07: $11.25 per share

- 2026-08: $13.40 per share

- 2026-09: $13.49 per share

- 2026-10: $13.54 per share

## Annual estimated value (USD per share)

- FY2022: low $5.88 per share, central $6.49 per share, high $7.29 per share

- FY2023: low $7.17 per share, central $7.92 per share, high $8.92 per share

- FY2024: low $7.63 per share, central $8.45 per share, high $9.54 per share

- FY2025: low $7.01 per share, central $7.78 per share, high $8.80 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1819928/000110465926020499/dv-20251231x10k.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.