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Internet content & information · Communication Services · Fiscal year ends Dec 31
DoubleVerify reported revenue of $748M in the fiscal year ended Dec 2025, up 13.9% from the year before. Operating income was $79M, an operating margin of 10.6%, and net income was $51M. Operating cash flow of $211M less capital expenditure of $39M left free cash flow of $173M.
Ranks among the 18 internet content & information companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 333 | 452 | 573 | 657 | 748 |
| Cost of revenue | 54.4 | 77.9 | 107 | 117 | 133 |
| Gross profit | 278 | 375 | 466 | 540 | 615 |
| Research & development | 62.7 | 95.1 | 125 | 153 | 178 |
| Selling, general & admin | 159 | 186 | 214 | 260 | 301 |
| Operating income | 26.7 | 59.0 | 85.7 | 82.4 | 79.2 |
| Net interest incomeBanks | −0.1 | −0.1 | −0.1 | −0.1 | −0.3 |
| Interest expense | 1.2 | 0.9 | 1.1 | 1.1 | 1.7 |
| Pre-tax income | 25.8 | 59.4 | 95.9 | 88.8 | 82.7 |
| Income tax | −3.5 | 16.1 | 24.4 | 32.6 | 32.1 |
| Net income | 29.3 | 43.3 | 71.5 | 56.2 | 50.7 |
| Diluted EPS | 0.18 | 0.25 | 0.41 | 0.32 | 0.30 |
| Diluted shares | 160 | 171 | 173 | 175 | 167 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 222 | 268 | 310 | 293 | 259 |
| Receivables | 123 | 167 | 207 | 226 | 221 |
| Current assets | 368 | 445 | 533 | 559 | 519 |
| Net PP&E | 17.6 | 47.0 | 58.0 | 70.2 | 103 |
| Goodwill | 351 | 343 | 436 | 428 | 516 |
| Total assets | 892 | 1,037 | 1,243 | 1,276 | 1,354 |
| Payables | 3.9 | 6.7 | 12.9 | 11.6 | 14.7 |
| Deferred revenue | – | – | – | 0.4 | 5.5 |
| Current liabilities | 57.0 | 68.9 | 83.9 | 103 | 122 |
| Total liabilities | 93.1 | 160 | 169 | 193 | 223 |
| Shareholders' equity | 799 | 877 | 1,074 | 1,083 | 1,131 |
| Backlog (remaining obligations) | – | – | 10.9 | 31.3 | 42.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 82.7 | 94.9 | 120 | 160 | 211 |
| Capital expenditure | 9.4 | 40.0 | 17.0 | 27.1 | 38.5 |
| Free cash flow | 73.4 | 54.9 | 103 | 133 | 173 |
| Depreciation & amortisation | 30.3 | 34.3 | 40.9 | 45.2 | 56.6 |
| Stock-based compensation | 21.9 | 42.3 | 59.2 | 90.7 | 104 |
| Acquisitions | 149 | – | 67.2 | – | 82.6 |
| Share buybacks | 1.8 | 10.2 | 4.6 | 128 | 132 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 36.0% | 26.6% | 14.7% | 13.9% |
| Operating income growth (YoY) | – | 121.2% | 45.2% | −3.9% | −3.9% |
| EPS growth (YoY) | – | 38.9% | 64.0% | −22.0% | −6.3% |
| Gross margin | 83.7% | 82.8% | 81.4% | 82.3% | 82.2% |
| Operating margin | 8.0% | 13.0% | 15.0% | 12.5% | 10.6% |
| Net margin | 8.8% | 9.6% | 12.5% | 8.6% | 6.8% |
| Return on equityBlank when equity is negative | 3.7% | 4.9% | 6.7% | 5.2% | 4.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.2% | 6.1% | 7.4% | 7.0% | 6.4% |
| Free cash flow margin | 22.0% | 12.1% | 17.9% | 20.2% | 23.1% |
| Cash conversion (CFO ÷ net income) | 2.82x | 2.19x | 1.68x | 2.84x | 4.17x |
| Receivable days | 135 | 135 | 132 | 126 | 108 |
| Payable days | 26 | 31 | 44 | 36 | 40 |
| Interest cover | 22.8x | 65.2x | 80.4x | 73.7x | 45.7x |
| Current ratio | 6.45x | 6.46x | 6.36x | 5.40x | 4.27x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.