DV

MKT CAP:$2B

DoubleVerify Holdings, Inc.

Market Cap

$2B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$10.77-$0.09 (-0.83%)

Apr 17, 2026

Company Details

DoubleVerify Holdings, Inc. provides a software platform for digital media measurement, data, and analytics in the United States and internationally. Its solutions provide advertisers unbiased data analytics that enable advertisers to incre...

CEO

Mark S. Zagorski

IPO Date

Apr 21, 2021

Website

www.doubleverify.com

Key Metrics TTM

Revenue

$748M

+13.9% YoY

Net Income

$51M

EPS (Diluted)

$0.30

Free Cash Flow

$173M

Revenue / Share

$4.49

Gross Margin

82.2%

Operating Margin

10.6%

Net Margin

6.8%

FCF Margin

23.1%

P/S

2.3x

P/E

34.3x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$748M+13.9%EPS $0.30

Q4 2025

Feb 26, 2026

$206M+7.9%EPS $0.18

Q3 2025

Nov 7, 2025

$189M+11.2%EPS $0.06

Q2 2025

Aug 5, 2025

$189M+21.3%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$97M	$80M	$3M
Q2 22	$110M	$91M	$13M
Q3 22	$112M	$93M	$14M
Q4 22	$134M	$111M	$29M
Q1 23	$123M	$99M	$15M
Q2 23	$134M	$108M	$15M
Q3 23	$144M	$118M	$18M
Q4 23	$172M	$142M	$38M
Q1 24	$141M	$114M	$7M
Q2 24	$156M	$130M	$11M
Q3 24	$170M	$140M	$26M
Q4 24	$191M	$156M	$39M
Q1 25	$165M	$134M	$7M
Q2 25	$189M	$156M	$14M
Q3 25	$189M	$155M	$21M
Q4 25	$206M	$170M	$38M

Valuation

Quarter	P/S	P/E
Q1 22	11.1x	142.7x
Q2 22	10.0x	77.2x
Q3 22	10.8x	85.6x
Q4 22	8.4x	87.7x
Q1 23	10.8x	101.3x
Q2 23	13.0x	122.3x
Q3 23	8.9x	84.2x
Q4 23	10.5x	84.0x
Q1 24	9.8x	87.4x
Q2 24	5.5x	55.4x
Q3 24	4.5x	43.8x
Q4 24	5.0x	58.6x
Q1 25	3.3x	43.9x
Q2 25	3.5x	46.9x
Q3 25	2.7x	44.1x
Q4 25	2.5x	37.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$2M	-$7M
Q2 22	$29M	$20M
Q3 22	$32M	$18M
Q4 22	$37M	$24M
Q1 23	$21M	$17M
Q2 23	$11M	$7M
Q3 23	$36M	$31M
Q4 23	$52M	$47M
Q1 24	$32M	$25M
Q2 24	$36M	$29M
Q3 24	$55M	$48M
Q4 24	$37M	$30M
Q1 25	$38M	$31M
Q2 25	$50M	$40M
Q3 25	$51M	$39M
Q4 25	$73M	$62M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$9M
Q3 22	$14M
Q4 22	$12M
Q1 23	$4M
Q2 23	$4M
Q3 23	$5M
Q4 23	$5M
Q1 24	$6M
Q2 24	$7M
Q3 24	$6M
Q4 24	$7M
Q1 25	$6M
Q2 25	$10M
Q3 25	$12M
Q4 25	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+43.1%	+59.6%
Q2 22	+43.5%	+11.8%
Q3 22	+35.1%	+37.3%
Q4 22	+26.6%	+17.3%
Q1 23	+26.7%	+14.4%
Q2 23	+21.8%	+23.2%
Q3 23	+28.3%	+28.5%
Q4 23	+28.9%	+28.1%
Q1 24	+14.8%	+24.7%
Q2 24	+16.6%	+21.6%
Q3 24	+17.8%	+14.4%
Q4 24	+10.7%	+12.8%
Q1 25	+17.2%	+18.2%
Q2 25	+21.3%	+21.1%
Q3 25	+11.2%	+16.5%
Q4 25	+7.9%	+10.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$11M	11.4%
Q2 22	$9M	8.4%
Q3 22	$11M	9.8%
Q4 22	$11M	8.3%
Q1 23	$12M	9.6%
Q2 23	$15M	11.3%
Q3 23	$16M	11.0%
Q4 23	$16M	9.6%
Q1 24	$20M	14.4%
Q2 24	$25M	15.9%
Q3 24	$23M	13.5%
Q4 24	$23M	11.9%
Q1 25	$24M	14.7%
Q2 25	$27M	14.3%
Q3 25	$27M	14.5%
Q4 25	$25M	12.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$22M	$20M	$27M
Q2 22	$23M	$22M	$25M
Q3 22	$24M	$19M	$27M
Q4 22	$26M	$18M	$29M
Q1 23	$29M	$20M	$26M
Q2 23	$32M	$20M	$32M
Q3 23	$32M	$23M	$33M
Q4 23	$33M	$25M	$36M
Q1 24	$36M	$22M	$38M
Q2 24	$40M	$23M	$45M
Q3 24	$39M	$23M	$41M
Q4 24	$38M	$24M	$44M
Q1 25	$45M	$27M	$44M
Q2 25	$47M	$30M	$51M
Q3 25	$45M	$27M	$47M
Q4 25	$42M	$27M	$49M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	43.1%	12.3%	55.4
Q2 22	43.5%	19.4%	62.9
Q3 22	35.1%	19.8%	54.9
Q4 22	26.6%	29.3%	55.9
Q1 23	26.7%	22.0%	48.7
Q2 23	21.8%	20.0%	41.8
Q3 23	28.3%	21.2%	49.5
Q4 23	28.9%	31.1%	60.0
Q1 24	14.8%	14.3%	29.1
Q2 24	16.6%	15.5%	32.0
Q3 24	17.8%	24.4%	42.2
Q4 24	10.7%	26.0%	36.6
Q1 25	17.2%	13.5%	30.8
Q2 25	21.3%	16.1%	37.3
Q3 25	11.2%	19.2%	30.4
Q4 25	7.9%	25.4%	33.2

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$212M	$0	$212M
Q2 22	$224M	$0	$224M
Q3 22	$243M	$0	$243M
Q4 22	$268M	$0	$268M
Q1 23	$286M	$0	$286M
Q2 23	$295M	$0	$295M
Q3 23	$259M	$0	$259M
Q4 23	$310M	$0	$310M
Q1 24	$302M	$32M	$334M
Q2 24	$256M	$83M	$339M
Q3 24	$312M	$51M	$363M
Q4 24	$293M	$18M	$311M
Q1 25	$156M	$18M	$174M
Q2 25	$212M	$5M	$217M
Q3 25	$201M	$0	$201M
Q4 25	$259M	$0	$259M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	170M	+2.0%	+9.7%
Q2 22	170M	-0.1%	+13.8%
Q3 22	171M	+0.4%	+2.3%
Q4 22	171M	+0.2%	+2.5%
Q1 23	172M	+0.3%	+0.7%
Q2 23	172M	+0.5%	+1.3%
Q3 23	174M	+0.9%	+1.8%
Q4 23	175M	+0.6%	+2.2%
Q1 24	176M	+0.6%	+2.6%
Q2 24	176M	-0.1%	+2.0%
Q3 24	174M	-1.2%	-0.0%
Q4 24	173M	-0.7%	-1.3%
Q1 25	169M	-2.2%	-4.1%
Q2 25	167M	-1.3%	-5.3%
Q3 25	166M	-0.1%	-4.3%
Q4 25	167M	+0.1%	-3.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$306.1K	316
Q2 22	$347.5K	316
Q3 22	$355.2K	316
Q4 22	$148.2K	902
Q1 23	$135.9K	902
Q2 23	$148.3K	902
Q3 23	$159.6K	902
Q4 23	$384.4K	448
Q1 24	$314.2K	448
Q2 24	$348.0K	448
Q3 24	$378.5K	448
Q4 24	$159.2K	1K
Q1 25	$137.9K	1K
Q2 25	$157.9K	1K
Q3 25	$157.6K	1K
Q4 25	$167.0K	1K

Revenue / Employee