DoubleVerify Holdings, Inc. (DV) stock analysis
Close on Nov 11, 2026Market cap $2.12BP/E 33.9Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed14 of 30 checks passed
DoubleVerify passes 14 of the 30 checks behind our score; 9 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 5/6
- Growth
- 3/6
- Past performance
- 3/6
- Financial health
- 3/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 32.2% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $13.57 is below our fair value estimate of $20.01.
Earnings grew over 5 years
Net income grew 19.9% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 18.3% a year over the last three fiscal years.
What to watch
Return on equity under 15%
Return on equity was 5.8% over the last twelve months and averaged 5.4% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 7.6%, below the 10% that usually covers the cost of capital.
EPS growing under 10% a year
Diluted EPS grew 6.3% a year over the last three fiscal years.
P/E above the industry
DoubleVerify's P/E of 33.9 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 27.6.
Valuation5/6
P/E below its 5-year median
DoubleVerify's P/E of 33.9 is below its own 5-year median of 67.8.
P/E above the industry
DoubleVerify's P/E of 33.9 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 27.6.
EV/EBITDA below its 5-year median
DoubleVerify's EV/EBITDA of 11.0 is below its 5-year median of 26.8.
P/B below the industry
DoubleVerify's price-to-book of 1.87 is below the Computer Programming, Data Processing, and Other Computer Related Services median of 3.32.
Trading below fair value
The share price of $13.57 is below our fair value estimate of $20.01.
Margin of safety over 20%
The price is 32.2% below fair value, more than the 20% cushion we look for.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 18.3% a year over the last three fiscal years.
EPS growing under 10% a year
Diluted EPS grew 6.3% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 44.4% over the last twelve months, against a 5-year average of 19.9% a year.
Growing slower than the industry
Revenue grew 7.2% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
Guidance issued
The latest outlook (Second Quarter 2026 Revenue, May 6, 2026) was issued for the first time, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 82.2% over the last twelve months, against 82.0% a year earlier.
Past performance3/6
Return on equity under 15%
Return on equity was 5.8% over the last twelve months and averaged 5.4% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 7.6%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
DoubleVerify's return on equity of 5.8% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -1.2%.
Earnings grew over 5 years
Net income grew 19.9% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 8.2% over the last twelve months, against a 5-year average of 9.2%.
Net margin above the industry
DoubleVerify's net margin of 8.2% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -4.8%.
Financial health3/6
Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest well covered
Operating income covers interest expense 53.9 times.
Short-term assets cover short-term debts
Current assets are 4.69 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 7.43; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
DoubleVerify has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$20.01
The share price is 32% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 45.0× | 67.8× | 27.6× | $18.00 | 40% |
| EV/EBITDA | 22.8× | 26.8× | 18.8× | $26.38 | 35% |
| P/B | 3.4× | 3.4× | 3.3× | $24.43 | 10% |
| Earnings power | 11.5% cost of equity | – | – | $7.57 | 15% |
| Fair value | $20.01 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 67.8
- Computer Programming, Data Processing, and Other Computer Related Services median 27.6
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $27.14M
- Value traded per 1% price move
- $168.94M
Downside
Medium risk
- Typical loss in a bad month
- 15.8%
- Volatility (annualized)
- 40%
- Sharpe ratio, 1 year
- 0.67
- Beta to the S&P 500 (5Y)
- 1.32
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.9% | +18.3% | +25.1% | – | |
| Gross profit | +13.8% | +18.0% | +24.2% | – | |
| Operating income | -3.9% | +10.3% | +30.0% | – | |
| Net income | -9.9% | +5.4% | +19.9% | – | |
| EPS, diluted | -6.3% | +6.3% | +16.5% | – | |
| Free cash flow | +30.3% | +46.5% | +72.0% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 5.6% | 4.6% | |
| Return on assets | – | – | 3.9% | |
| Current ratio | – | 4.17 | 4.27 | |
| Interest coverage | – | 4.3× | 45.7× | |
| Capex to revenue | – | 4.0% | 5.1% | |
| Diluted shares | – | 145M | 167M |
Where the cash went
Fiscal 2021 to 2025, five years combined
DoubleVerify generated $668.20M from operations and spent $409.00M on capital expenditure, dividends and share buybacks. 32% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.8% | 0.57× | 1.19× | 4.6% |
| FY2024 | 8.6% | 0.52× | 1.17× | 5.2% |
| FY2023 | 12.5% | 0.50× | 1.17× | 7.3% |
| FY2022 | 9.6% | 0.47× | 1.15× | 5.2% |
| FY2021 | 8.8% | 0.47× | 1.15× | 4.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$50.65M
- Cash generatingOperating cash flow above zero$211.18M
- Return on assets improvedROA up on the prior year4.5% → 4.0%
- Earnings backed by cashOperating cash flow above net income$211.18M vs $50.65M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose5.40 → 4.27
- No dilutionShare count did not rise175M → 167M
- Gross margin improvedGross margin up on the prior year82.26% → 82.16%
- More efficientAsset turnover rose0.53 → 0.59
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