DoubleVerify Holdings, Inc. (DV) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1.6%

$13.35

vs $13.57 price

Levered DCF

$28.53

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

7.43

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	36.9×	58.21×	85.53×	84.46×	184.89×	276.92×	240×	1,756.1×
P/B	1.65×	3.02×	5.75×	4.1×	6.76×	13.54×	17.74×	19.09×
P/S	2.49×	4.99×	10.78×	7.95×	16.23×	23.12×	30.88×	53.61×
EV / EBITDA	12.07×	22.75×	43.16×	36.1×	90.51×	120.3×	91.51×	237.51×
Gross margin	82.2%	82.3%	81.4%	82.8%	83.7%	85.3%	86.4%	82.2%
Operating margin	10.6%	12.5%	15.0%	13.0%	8.0%	8.8%	21.4%	4.9%
Net margin	6.8%	8.6%	12.5%	9.6%	8.8%	8.4%	12.8%	3.0%
Current ratio	4.27×	5.4×	6.36×	6.46×	6.45×	4.17×	2.66×	4.68×
Debt / equity	0.09×	0.08×	0.08×	0.1×	0.01×	0.06×	0.25×	0.2×
Interest coverage	45.7×	73.72×	80.42×	65.22×	22.77×	4.33×	7.52×	1.66×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	5.2%	6.7%	4.9%	3.7%	4.9%	7.3%	1.1%
Return on invested capital	3.9%	4.4%	5.5%	4.4%	3.2%	4.5%	5.9%	1.3%
Return on assets	3.7%	4.4%	5.7%	4.2%	3.3%	4.0%	5.0%	0.8%
Free cash flow yield	9.3%	4.0%	1.7%	1.5%	1.4%	0.2%	0.4%	0.2%
Earnings yield	2.7%	1.7%	1.2%	1.2%	0.5%	0.4%	0.4%	0.1%
Enterprise value	$1.7B	$3.1B	$5.9B	$3.4B	$5.2B	$5.6B	$5.7B	$5.6B
Net debt / EBITDA	-1.13×	-1.49×	-1.62×	-1.95×	-3.79×	-0.14×	1.08×	1.21×
Cash conversion cycle (days)	68	89	88	104	109	106	120	110