DV Communication Services

DoubleVerify Holdings, Inc.

$13.54-0.15%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Communication Services
Industry: Advertising Agencies
Country: United States
Market cap: 2.1B USD
Enterprise value: 2.0B USD
Full-time employees: 1,231

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: its share price swings more than most peers’ (beta 0.99 vs a peer median of 0.65), though less than the overall marketbigger price swings (beta 0.99 vs peers 0.65)
About average: valuation

Ranks #108 of 454 communication services companies (top 24%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 14% of revenue in 2025.
DoubleVerify paid employees $104M in stock in 2025, 14% of its $748M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Sales growing faster than profits. Since 2022: revenue +65%, operating profit +34%.
Since 2022, DoubleVerify's revenue changed +65% but operating profit only +34%: costs are rising faster than sales.
Share count shrinking. Shares outstanding down 6.3% from December 2022 to July 2026.
DoubleVerify had 6.3% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Cash flow well above reported profit. Free cash flow is 2.7× reported profit.
Free cash flow is 2.7× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

StockQuotient Score

64/ 100

Oct 5 64 → Nov 4 64

Valuation

Is the price right?

42/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.8%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.05Sector median: 0.0294 · MAD: 0.0294

EBITDA yield7.2%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.21Sector median: 0.0857 · MAD: 0.0649

Free cash flow yield7.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.04Sector median: 0.0740 · MAD: 0.0593

Other data (not scored)

Book yield52.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.4780 · MAD: 0.3375

Growth

Is it growing?

70/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth
▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth17.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.29Sector median: 0.0878 · MAD: 0.3126

3-year revenue growth15.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.79Sector median: 0.0303 · MAD: 0.0683

Revenue growth7.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.65Sector median: 0.0299 · MAD: 0.0720

Profitability

Does it earn well?

60/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin12.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.57Sector median: 0.0818 · MAD: 0.0789

Return on assets4.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.56Sector median: 0.0272 · MAD: 0.0318

Return on invested capital8.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.39Sector median: 0.0598 · MAD: 0.0706

Other data (not scored)

Gross margin82.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4656 · MAD: 0.1827

Return on equity5.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0529 · MAD: 0.1007

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.99

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.19Sector median: 0.6525 · MAD: 0.2880

Current ratio4.50×

SEC filings · latest balance sheetReported value33% base weight · Z-score 4.48Sector median: 1.3848 · MAD: 0.6948

Debt / equity0.10×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.80Sector median: 0.3697 · MAD: 0.3335

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about DoubleVerify

Is DoubleVerify getting weaker?: Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is unchanged at 64/100 since Oct 28, 2026.
How is DoubleVerify valued vs its peers?: Priced about in line with its peers. Valuation scores 42/100 against 512 communication services peers.
Is DoubleVerify growing?: Yes, faster than most of its peers. Growth scores 70/100 against 512 communication services peers. 3-year revenue growth 15.3% vs a peer median of 3.0% (stronger than 84% of peers).3-year revenue growth 15.3% vs peers 3.0% (stronger than 84% of peers).
How profitable is DoubleVerify?: More profitable than most of its peers. Profitability scores 60/100 against 512 communication services peers. Return on assets 4.5% vs a peer median of 2.7% (stronger than 66% of peers).Return on assets 4.5% vs peers 2.7% (stronger than 66% of peers).
How risky is DoubleVerify?: Lower risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Current ratio 4.50× vs a peer median of 1.38× (stronger than 91% of peers).Current ratio 4.50× vs peers 1.38× (stronger than 91% of peers). Beta 0.99 vs a peer median of 0.65 (weaker than 76% of peers).Beta 0.99 vs peers 0.65 (weaker than 76% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	764.1M USD	768.8M USD	+0.6%
Net income (12 months)	54.7M USD	58.9M USD	+7.6%
Operating margin	11.5%	12.7%	+1.2 pts
Free cash flow (12 months)	134.9M USD	160.5M USD	+19.0%
Cash	173.8M USD	210.2M USD	+20.9%
Shares outstanding	153.5M	155.0M	+1.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Communication Services · 67 companies

Valuations in Communication Services are within their usual range since 2016.

46% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +13% and earnings +11% (medians): earnings grew faster than prices.
Median price-to-sales is −6% vs the whole market, against a usual −7%.

2016Shaded: most expensive fifth of its range2026

Shown for Communication Services: too few Advertising Agencies companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	83.7%	82.8%	81.4%	82.3%	82.2%	▼ 0.1 pts
Operating margin	8.0%	13.0%	15.0%	12.5%	10.6%	▼ 2.0 pts
Net margin	8.8%	9.6%	12.5%	8.6%	6.8%	▼ 1.8 pts
Return on assets (ROA)	3.3%	4.2%	5.7%	4.4%	3.7%	▼ 0.7 pts
Return on equity (ROE)	3.7%	4.9%	6.7%	5.2%	4.5%	▼ 0.7 pts
Free cash flow margin	22.0%	12.1%	17.9%	20.2%	23.1%	▲ 2.9 pts
Current ratio	6.45×	6.46×	6.36×	5.40×	4.27×	▼ 21%
Debt to equity	—	—	—	—	—	—
Interest coverage	22.77×	65.22×	80.42×	73.72×	45.70×	▼ 38%

DV price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: its share price swings more than most peers’ (beta 0.99 vs a peer median of 0.65), though less than the overall marketbigger price swings (beta 0.99 vs peers 0.65)

About average: valuation

Ranks #108 of 454 communication services companies (top 24%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 14% of revenue in 2025.

DoubleVerify paid employees $104M in stock in 2025, 14% of its $748M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Sales growing faster than profits. Since 2022: revenue +65%, operating profit +34%.

Since 2022, DoubleVerify's revenue changed +65% but operating profit only +34%: costs are rising faster than sales.

Share count shrinking. Shares outstanding down 6.3% from December 2022 to July 2026.

DoubleVerify had 6.3% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Cash flow well above reported profit. Free cash flow is 2.7× reported profit.

Free cash flow is 2.7× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Questions investors ask about DoubleVerify

Is DoubleVerify getting weaker?

Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is unchanged at 64/100 since Oct 28, 2026.

How is DoubleVerify valued vs its peers?

Priced about in line with its peers. Valuation scores 42/100 against 512 communication services peers.

Is DoubleVerify growing?

Yes, faster than most of its peers. Growth scores 70/100 against 512 communication services peers. 3-year revenue growth 15.3% vs a peer median of 3.0% (stronger than 84% of peers).3-year revenue growth 15.3% vs peers 3.0% (stronger than 84% of peers).

How profitable is DoubleVerify?

More profitable than most of its peers. Profitability scores 60/100 against 512 communication services peers. Return on assets 4.5% vs a peer median of 2.7% (stronger than 66% of peers).Return on assets 4.5% vs peers 2.7% (stronger than 66% of peers).

How risky is DoubleVerify?

Lower risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Current ratio 4.50× vs a peer median of 1.38× (stronger than 91% of peers).Current ratio 4.50× vs peers 1.38× (stronger than 91% of peers). Beta 0.99 vs a peer median of 0.65 (weaker than 76% of peers).Beta 0.99 vs peers 0.65 (weaker than 76% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

764.1M USD

768.8M USD

+0.6%

Net income (12 months)

54.7M USD

58.9M USD

+7.6%

Operating margin

11.5%

12.7%

+1.2 pts

Free cash flow (12 months)

134.9M USD

160.5M USD

+19.0%

Cash

173.8M USD

210.2M USD

+20.9%

Shares outstanding

153.5M

155.0M

+1.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

83.7%

82.8%

81.4%

82.3%

82.2%

▼ 0.1 pts

Operating margin

8.0%

13.0%

15.0%

12.5%

10.6%

▼ 2.0 pts

Net margin

8.8%

9.6%

12.5%

8.6%

6.8%

▼ 1.8 pts

Return on assets (ROA)

3.3%

4.2%

5.7%

4.4%

3.7%

▼ 0.7 pts

Return on equity (ROE)

3.7%

4.9%

6.7%

5.2%

4.5%

▼ 0.7 pts

Free cash flow margin

22.0%

12.1%

17.9%

20.2%

23.1%

▲ 2.9 pts

Current ratio

6.45×

6.46×

6.36×

5.40×

4.27×

▼ 21%

Debt to equity

—

Interest coverage

22.77×

65.22×

80.42×

73.72×

45.70×

▼ 38%