The Trade Desk, Inc. — Earnings Quality Grade B
TTD · Communication Services
Generally healthy
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 475 days, change -22 days YoY
AR growth 13.2% vs revenue growth 18.5%
Revenue 18.5%, CFFO 34.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 95.9% is >2x revenue growth 18.5%
SG&A/Gross Profit = 51.1%. Normal
Gross margin 78.6%, change -2.1pp. Stable
Cash Flow Quality
CFFO/NI = 2.24. Profits backed by cash
FCF $0.8B, FCF/NI = 1.77
Accruals ratio = -8.9%. Low accruals
Cash $1.3B covers debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 1% of equity. Manageable
Debt/EBITDA = 0.6x. Healthy
Other assets 35.0% vs revenue 18.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 36% YoY
Manipulation Score
M-Score = -2.97 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25