Viant Technology
DSP on Nasdaq. Viant Technology sells ad-buying software to marketers and their advertising agencies. Market value $185m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.87 of spare cash in the past 12 months. A savings account pays about $4.
You pay 68.0 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 66 of 100. Price score: 38 of 100. Our list needs 70 on quality and 60 on price.
$12.14 a share, 50% above its 1-year low
Over the past year the price has ranged from $8.11 to $14.80.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $224m | $197m | $223m | $289m | $344m |
| Operating margin | |||||
| Operating margin | -19.1% | -25.0% | -8.2% | 1.2% | 3.5% |
| Debt to equity | |||||
| Debt to equity | 0.29 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.02bn | 0.02bn | 0.07bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.00× equity
- Revenue growth, five yearsStrong, 11.3% a year
- Buying back its own sharesNo, 442% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $104 million last quarter, up 34% on a year ago.
- A loss of $111,000, after a profit of $290,000 a year ago.
- It keeps 2 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $48 million, up from $33 million.
- 228% more shares than a year ago. Each share owns a bit less of the company.
- It has $193 million more cash than debt, up from $173 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $80m |
| December 2024 | $90m |
| March 2025 | $71m |
| June 2025 | $78m |
| September 2025 | $86m |
| December 2025 | $110m |
| March 2026 | $89m |
| June 2026 | $104m |
| Quarter to | Amount |
|---|---|
| September 2024 | $2m |
| December 2024 | $2m |
| March 2025 | -$1m |
| June 2025 | $290,000 |
| September 2025 | $996,000 |
| December 2025 | $8m |
| March 2026 | -$455,000 |
| June 2026 | -$111,000 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 11 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 121 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $14m | 0.1% | Added |
Largest holders overall
- Punch & Associates Investment Management$19mAdded
- BlackRock$16mAdded
- Royce & Associates$14mAdded
- Vanguard Capital Management$11mAdded
- Potomac Capital Management$7m
- Geode Capital Management$6mAdded
- Renaissance Technologies$5mCut
- State Street$4mAdded
- Norwood Investment Partners, LP$4mAdded
- JPMorgan Chase$4m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Capital V LLCPassive investor62.3%Since 30 September 2025
- Christopher VanderhookPassive investor32.8%−1.8 ptsSince 31 March 2026
- Timothy VanderhookPassive investor32.4%−2.2 ptsSince 31 March 2026
- Punch & Associates Investment Management, Inc.Passive investor7.3%+1.2 ptsSince 30 June 2025
- Royce & AssociatesPassive investor5.5%+1.0 ptsSince 31 December 2025
- Larry MaddenInsider or founder5.1%−1.8 ptsSince 15 June 2026
What they said
10b5-1 Trading Plan - June 2026 On June 17, 2026, the Reporting Person entered into a new trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "June 2026 10b5-1 Trading Plan"). Pursuant to the June 2026 10b5-1 Trading Plan, the Broker…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Capital V LLC Passive investor | 62.3% | 30 September 2025 | |
Christopher Vanderhook Passive investor | 32.8%−1.8 pts | 31 March 2026 | |
Timothy Vanderhook Passive investor | 32.4%−2.2 pts | 31 March 2026 | |
Punch & Associates Investment Management, Inc. Passive investor | 7.3%+1.2 pts | 30 June 2025 | |
Royce & Associates Passive investor | 5.5%+1.0 pts | 31 December 2025 | |
Larry Madden Insider or founder | 5.1%−1.8 pts | 15 June 2026 | What they said10b5-1 Trading Plan - June 2026 On June 17, 2026, the Reporting Person entered into a new trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "June 2026 10b5-1 Trading Plan"). Pursuant to the June 2026 10b5-1 Trading Plan, the Broker… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $6m, $5m of it under preset trading plans.
- MADDEN LARRYChief Financial OfficerSoldunder a preset trading plan
- Date
- 18 September 2026
- Shares
- 14,602
- Price
- $12.10
- Value
- $176,735
- MADDEN LARRYChief Financial OfficerSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 17,042
- Price
- $12.52
- Value
- $213,284
- MADDEN LARRYChief Financial OfficerSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 27,451
- Price
- $13.06
- Value
- $358,514
- MADDEN LARRYChief Financial OfficerSoldunder a preset trading plan
- Date
- 23 July 2026
- Shares
- 2,814
- Price
- $10.69
- Value
- $30,070
- Vanderhook ChristopherChief Operating Officer, DirectorSoldunder a preset trading plan
- Date
- 23 July 2026
- Shares
- 4,304
- Price
- $10.47
- Value
- $45,065
- Vanderhook TimothyCEO and Chairman, DirectorSoldunder a preset trading plan
- Date
- 23 July 2026
- Shares
- 4,304
- Price
- $10.47
- Value
- $45,065
- Vanderhook ChristopherChief Operating Officer, DirectorSoldunder a preset trading plan
- Date
- 22 July 2026
- Shares
- 5,000
- Price
- $11.03
- Value
- $55,173
- Vanderhook TimothyCEO and Chairman, DirectorSoldunder a preset trading plan
- Date
- 22 July 2026
- Shares
- 5,000
- Price
- $11.03
- Value
- $55,173
- Vanderhook ChristopherChief Operating Officer, DirectorSoldunder a preset trading plan
- Date
- 21 July 2026
- Shares
- 3,196
- Price
- $11.70
- Value
- $37,407
- Vanderhook TimothyCEO and Chairman, DirectorSoldunder a preset trading plan
- Date
- 21 July 2026
- Shares
- 3,196
- Price
- $11.70
- Value
- $37,407
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 September 2026 | MADDEN LARRY Chief Financial Officer | Sold under a preset trading plan | 14,602 | $12.10 | $176,735 |
| 16 September 2026 | MADDEN LARRY Chief Financial Officer | Sold under a preset trading plan | 17,042 | $12.52 | $213,284 |
| 11 August 2026 | MADDEN LARRY Chief Financial Officer | Sold under a preset trading plan | 27,451 | $13.06 | $358,514 |
| 23 July 2026 | MADDEN LARRY Chief Financial Officer | Sold under a preset trading plan | 2,814 | $10.69 | $30,070 |
| 23 July 2026 | Vanderhook Christopher Chief Operating Officer, Director | Sold under a preset trading plan | 4,304 | $10.47 | $45,065 |
| 23 July 2026 | Vanderhook Timothy CEO and Chairman, Director | Sold under a preset trading plan | 4,304 | $10.47 | $45,065 |
| 22 July 2026 | Vanderhook Christopher Chief Operating Officer, Director | Sold under a preset trading plan | 5,000 | $11.03 | $55,173 |
| 22 July 2026 | Vanderhook Timothy CEO and Chairman, Director | Sold under a preset trading plan | 5,000 | $11.03 | $55,173 |
| 21 July 2026 | Vanderhook Christopher Chief Operating Officer, Director | Sold under a preset trading plan | 3,196 | $11.70 | $37,407 |
| 21 July 2026 | Vanderhook Timothy CEO and Chairman, Director | Sold under a preset trading plan | 3,196 | $11.70 | $37,407 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 68.0× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.