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Viant Technology
(NASDAQ:DSP)
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Rating:71Outperform
Price Target:
$15.50
▲(44.86% Upside)
Action:Reiterated
Date:08/11/26
DSP scores well on financial quality and outlook: strong free cash flow and a conservative balance sheet support flexibility, and the latest earnings call guided to continued robust growth with expanding adjusted EBITDA. The main offset is valuation, with a very high P/E that leaves less room for execution missteps, while technicals are positive but near overbought.
Positive Factors
Strong free cash flow generation
Sustained TTM free cash flow near ~$57.8M gives Viant durable internal funding to invest in product, scale CTV and AI initiatives, return capital or shield against advertising cyclicality. Reliable cash conversion since 2021 supports strategic optionality and lowers refinancing dependence.
Negative Factors
Thin, volatile net margins
Net margins remain slim and historically volatile, which limits the company's buffer against revenue or spend shocks. Thin profitability increases sensitivity to OpEx and integration costs, making the durability of recent adjusted-EBITDA gains contingent on sustained top-line execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Sustained TTM free cash flow near ~$57.8M gives Viant durable internal funding to invest in product, scale CTV and AI initiatives, return capital or shield against advertising cyclicality. Reliable cash conversion since 2021 supports strategic optionality and lowers refinancing dependence.
Read all positive factors
Viant Technology (DSP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$867.67M
Dividend YieldN/A
Average Volume (3M)265.67K
Price to Earnings (P/E)121.5
Beta (1Y)1.56
Revenue Growth18.15%
EPS Growth331.16%
CountryUS
Employees408
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.13
Shares Outstanding20,021,706
10 Day Avg. Volume239,050
30 Day Avg. Volume265,673
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)9.11
Price to Sales (P/S)2.17
P/FCF Ratio14.48
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$19.50Price Target Upside82.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.31
Revenue Forecast (FY)$257.34M
Viant Technology Business Overview & Revenue Model
Company Description
Viant Technology Inc. specializes in providing advanced advertising technology solutions. Among its key offerings is ViantAI, an artificial intelligence product suite. The company also provides Holistic, an integrated Omnichannel Demand-Side Platf...
How the Company Makes Money
Viant primarily makes money by enabling programmatic advertising transactions through its DSP and related products, earning revenue tied to customers’ use of the platform and the media purchased through it. Its core revenue stream is platform-base...
Viant Technology Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call emphasizes strong, broad-based operational momentum with record Q2 revenue, accelerating contribution ex-TAC, expanding profitability, robust cash generation and a deepening pipeline driven by CTV, proprietary data (Household ID, IRIS Content ID) and AI (Outcomes/Lattice Brain). Near-term headwinds include margin drag and expense growth tied to the TVision acquisition and the fact that some strategic initiatives (TVision revenue, Outcomes scale) are still early-stage. Overall, positive execution and outlook outweigh the short-term integration and scaling risks.Positive Updates
Record Revenue Growth
Q2 revenue of $104.3M, up 34% year-over-year and 18% sequentially, exceeding the high end of quarterly guidance by ~3%.
Negative Updates
Near-Term Margin Drag from TVision Acquisition
Acquisition of TVision increased non-GAAP operating expenses and acted as a headwind to margins: estimated ~150 basis point drag on EBITDA margins in Q2 and ~200 basis point drag baked into Q3 guidance.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue Growth
Q2 revenue of $104.3M, up 34% year-over-year and 18% sequentially, exceeding the high end of quarterly guidance by ~3%.
Read all positive updates
Company Guidance
Viant guided Q3 2026 revenue of $107.5–$110.5M (≈+27% YoY, +5% sequential at the midpoint), contribution ex‑TAC of $65–$67M (+25% YoY, +10% q/q at midpoint), non‑GAAP operating expenses of $46.5–$47.5M (+27% YoY, +2% q/q at midpoint) and adjusted EBITDA of $18.5–$19.5M (+19% YoY, +34% q/q at midpoint), implying an adjusted‑EBITDA margin of ~29% of contribution ex‑TAC at the midpoint; management said the midpoint assumes record Q3 performance, expects the TVision acquisition to be roughly a 200‑bp drag on Q3 margins, believes contribution ex‑TAC will continue to outpace the broader programmatic market (~13%), and reiterated longer‑term goals of consistent 20%+ annual top‑line growth with an opportunity to reach ~40%+ adjusted‑EBITDA margins over the next several years.Viant Technology Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
76
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 388.50M | 344.20M | 289.24M | 222.93M | 197.17M | 224.13M |
| Gross Profit | 210.64M | 289.28M | 132.07M | 102.45M | 80.44M | 94.52M |
| EBITDA | 27.76M | 28.83M | 29.56M | 5.34M | -36.44M | -25.60M |
| Net Income | 8.69M | 24.10M | 2.36M | -3.44M | -11.91M | -7.74M |
Balance Sheet | ||||||
| Total Assets | 498.44M | 474.66M | 440.80M | 404.91M | 377.88M | 389.13M |
| Cash, Cash Equivalents and Short-Term Investments | 193.05M | 191.15M | 205.05M | 216.46M | 206.57M | 238.48M |
| Total Debt | 22.14M | 21.75M | 26.01M | 25.43M | 28.71M | 17.50M |
| Total Liabilities | 179.61M | 185.86M | 166.73M | 130.52M | 112.11M | 106.56M |
| Stockholders Equity | 113.45M | 82.14M | 53.84M | 68.26M | 59.25M | 60.16M |
Cash Flow | ||||||
| Free Cash Flow | 57.79M | 51.68M | 49.27M | 36.56M | -4.29M | 21.29M |
| Operating Cash Flow | 67.39M | 52.61M | 51.77M | 37.75M | -3.53M | 28.66M |
| Investing Cash Flow | -35.09M | -22.34M | -27.74M | -13.48M | -8.83M | -7.37M |
| Financing Cash Flow | -12.06M | -44.16M | -35.43M | -14.39M | -19.55M | 207.56M |
Viant Technology Technical Analysis
Positive
10.70
Price Trends
12.10
Positive
11.54
Positive
11.14
Positive
Market Momentum
0.28
Negative
67.15
Neutral
80.78
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DSP, the sentiment is Positive. The current price of 10.7 is below the 20-day moving average (MA) of 11.99, below the 50-day MA of 12.10, and below the 200-day MA of 11.14, indicating a bullish trend. The MACD of 0.28 indicates Negative momentum. The RSI at 67.15 is Neutral, neither overbought nor oversold. The STOCH value of 80.78 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DSP.
Viant Technology Risk Analysis
Viant Technology disclosed 57 risk factors in its most recent earnings report. Viant Technology reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Viant Technology Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $923.92M | 56.59 | 16.24% | ― | 20.17% | 85.93% | |
72 Outperform | $825.70M | -59.20 | -5.41% | ― | -1.04% | -710.67% | |
71 Outperform | $867.67M | 121.47 | 6.87% | ― | 18.15% | 331.16% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $1.74B | -63.70 | -14.77% | ― | 19.24% | 60.41% | |
52 Neutral | $373.47M | -0.71 | -110.37% | ― | -13.33% | 45.52% |
* Technology Sector Average
DSP
Viant Technology
13.19
3.45
35.42%
APPS
Digital Turbine
13.04
8.76
204.67%
RDVT
Red Violet
71.22
28.53
66.83%
PUBM
PubMatic
17.65
9.31
111.63%
BMBL
Bumble
2.78
-3.74
-57.36%
Viant Technology Corporate Events
Business Operations and StrategyExecutive/Board Changes
Viant Technology Appoints Craig Abrahams to Board
Positive
Aug 10, 2026
On August 5, 2026, Viant Technology Inc.’s Board of Directors elected Craig Abrahams as a Class I director, with his appointment becoming effective on August 10, 2026. Abrahams was also named to the Board’s Audit Committee, strengtheni...
Executive/Board ChangesShareholder Meetings
Viant Technology Stockholders Back Board and Auditor Choices
Positive
Jun 5, 2026
On June 4, 2026, Viant Technology held its 2026 annual meeting of stockholders, with holders of approximately 94.55% of the voting power of its Class A and Class B common stock represented either virtually or by proxy. Stockholders elected Class I...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.