At a glance
DoubleVerify Holdings Inc is worth $2.11B, about 45 times its fiscal 2025 earnings. Revenue grew 13.9% to $748.3M in fiscal 2025, with 6.8% kept as profit; over 5 years it has grown 25.1% a year. It pays no dividend; it spent $276.9M buying back its shares over FY2021–FY2025. The stock returned +14.3% over the past year with dividends reinvested and −19.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months after the low.
The business in plain English
DoubleVerify provides software that checks digital ads for advertisers. Its tools measure whether each ad appears in a fraud-free setting next to content that suits the brand, is fully viewable and reaches the intended geographic area. These checks roll into one score, the DV Authentic Ad, which customers see through a dashboard called DV Pinnacle. Coverage spans social media, video, mobile apps and connected TV, meaning streaming services watched on internet-connected televisions.
The company earns a fee for each ad it measures, so revenue tends to grow as customers spend more on digital ads and as DoubleVerify adds new channels and products. It measured about 9.5 trillion ad transactions in 2025, up from 8.3 trillion in 2024. Revenue for the year ended December 31, 2025 was about $748 million, 13.9% more than in 2024.
Customers include many of the world's largest brands in consumer packaged goods, financial services, telecommunications, technology, automotive and healthcare. DoubleVerify serves more than 2,500 customers. In 2025, 131 of them each brought in at least $1 million of revenue, and none made up more than 10% of the total. Its largest customers have stayed about nine years on average. It operates from 32 locations in 26 countries, including the US, UK, Israel and Singapore.
Price history
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DV +14.3% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $205.6M, up 9% from a year earlier, and net income was $15.9M (+56.1%).
- For fiscal 2025, revenue was $748.3M (+13.9% year over year; +25.1% a year from FY2020 to FY2025) with a 6.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.1% good |
|---|---|
| Operating margin | 10.6% watch |
| Free cash flow margin | 23.1% good |
| Return on equity (FY2025) | 4.5% weak |
| Return on assets (FY2025) | 3.7% watch |
| Cash and investments | $250.9M (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown) |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $243.9M | $20.5M | $11.5M |
| FY2021 | $332.7M | $29.3M | $73.4M |
| FY2022 | $452.4M | $43.3M | $54.9M |
| FY2023 | $572.5M | $71.5M | $102.7M |
| FY2024 | $656.8M | $56.2M | $132.5M |
| FY2025 | $748.3M | $50.6M | $172.7M |
Valuation snapshot
| Market value | $2.11B |
|---|---|
| P/E ratio | 45.1 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
DoubleVerify Holdings’s market value went from $5.28B at the end of 2021 to $2.11B on Oct 28, 2026, down 60%; since the end of 2025 it is up 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.11B | +14.7% |
| 2025 | $1.84B | -43.3% |
| 2024 | $3.25B | -48.0% |
| 2023 | $6.25B | +72.7% |
| 2022 | $3.62B | -31.4% |
| 2021 | $5.28B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DV price data to Oct 28, 2026 | +18.3% | +14.3% | -20.2% | -19.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.3% |
| 2025 | -40.5% |
| 2024 | -47.8% |
| 2023 | +67.5% |
| 2022 | -34.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.3% over that stretch · deepest drop along the way 44.2%, back to its old high 12.5 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.3% | Jun 30, 2026 |
| Providence VII U.S. Holdings L.P. | 11.4% | Sep 30, 2025 |
| DISCIPLINED GROWTH INVESTORS INC /MN | 6.3% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.93% | Jun 30, 2026 |
| Topline Capital Management, LLC | 5.2% | Dec 31, 2025 |
| AQR Capital Management, LLC | 5.07% | Jun 30, 2026 |
ETFs with the most weight in DV
| FXL First Trust Technology AlphaDEX Fund | 0.68% |
| XSW SPDR S&P Software & Services ETF | 0.67% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 0.42% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.39% |
| TMFM Motley Fool Mid-Cap Growth ETF | 0.37% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 0.37% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.36% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.33% |
What could go wrong
- Depends on access to major ad platforms. DoubleVerify's tools plug into advertising platforms, ad servers and social media sites. If those partners restrict access or change their terms, it could lose the ability to measure ads in important channels.
- Fierce competition and fast-changing ad technology. The ad measurement market is highly competitive, and standards, formats and advertiser preferences shift quickly. If DoubleVerify's products fall behind in areas like connected TV or social media, they could lose customers or become obsolete.
- Errors in its data or AI models. Advertisers rely on its fraud and brand-suitability ratings. Defects or inaccuracies in its software, or problems with the artificial intelligence models behind it, could damage customer trust and hurt results.
- Revenue growth has slowed. Revenue grew 25.1% a year on average from 2020 to 2025, but 13.9% in 2025 and just 2.5% from a year earlier in the quarter ended June 30, 2026. Past growth rates may not continue.
- Ad budgets shrink in downturns. DoubleVerify is paid per ad measured, so revenue can fall when advertisers cut digital spending in a weak economy. Seasonal swings in advertising can also make quarterly results uneven.
- A major investor holds significant influence. Providence VII U.S. Holdings L.P. owned 11.4% of shares as of September 30, 2025. The annual report says Providence has significant influence and may not always use it to benefit public shareholders.
Recent events
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Major agreement signed; Executive or board change
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released; Other company announcement
- Quarterly results released
For income and retirement investors
DoubleVerify pays no dividend, and its annual report says it does not intend to pay one for the foreseeable future. That leaves an income investor relying entirely on share price gains. Rather than paying dividends, the company repurchased about $277 million of its own stock from 2021 through 2025, including $132.3 million in 2025. That year it generated $172.7 million of free cash flow (cash left after running and investing in the business). The share count fell just 2.3% between November 5, 2021 and July 29, 2026.
The stock has swung sharply. In the 2022 market downturn, it fell 44.2% from January 3 to May 10, 2022, and needed about 12.5 months to recover from its low. Its price history does not cover the 2008 or 2020 crashes. As of October 28, 2026, the shares were down 65% over five years. A single stock like DoubleVerify carries more risk than a diversified fund.
Questions investors ask
How does DoubleVerify make money?
DoubleVerify earns a fee for each digital ad it measures for advertisers. It checks whether ads run in a fraud-free, brand-suitable setting, are fully viewable and reach the intended region. It measured about 9.5 trillion ad transactions in 2025, and revenue for the year ended December 31, 2025 was $748.3 million. Because fees track ad volume, revenue tends to rise when customers spend more on digital advertising and can fall when they cut back.
Does DoubleVerify pay a dividend?
No. DoubleVerify pays no dividend, and its annual report says it does not intend to pay one for the foreseeable future. Instead, it has repurchased its own shares: about $277 million worth from 2021 through 2025, including $132.3 million in 2025. Repurchases can raise each remaining share's slice of future profits, but they pay no cash to shareholders who hold on. Any return depends on the share price rising.
Is DoubleVerify profitable?
Yes. For the year ended December 31, 2025, DoubleVerify earned net income of $50.7 million on revenue of $748.3 million, keeping 6.8 cents of profit per dollar of sales. Net income fell 9.9% from 2024 even though revenue grew 13.9%. Free cash flow, the cash left after running and investing in the business, was higher at $172.7 million. Based on 2025 earnings of $0.30 per share, the stock traded at 45.1 times earnings as of October 28, 2026.
How has DoubleVerify stock performed?
It has fallen sharply over several years despite a partial rebound. As of October 28, 2026, the share price was down 49% over three years and 65% over five years. It fell 47.8% in 2024 and 40.5% in 2025, then rose 18.3% in 2026 through October 28. At its worst, the stock was 81.7% below its earlier peak. Over the year to October 28, its volatility, a measure of how much the price swings, was 43.9%.
Who owns the most DoubleVerify stock?
BlackRock is the largest reported holder, with 13.3% of shares as of June 30, 2026. Providence VII U.S. Holdings L.P. held 11.4% as of September 30, 2025. As of June 30, 2026, Disciplined Growth Investors held 6.3%, Vanguard Portfolio Management 5.93% and AQR Capital Management 5.07%. DoubleVerify's annual report warns that Providence has significant influence over the company and may not always use it in ways that benefit public shareholders.