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DoubleVerify Holdings

DV on NYSE. DoubleVerify Holdings sells software that checks digital ads for advertisers and publishers. Market value $2.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
7.7%high

For every $100 of what the whole company costs, it produced $7.68 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 76 of 100. Price score: 65 of 100. Our list needs 70 on quality and 60 on price.

$13.48 a share, 76% above its 1-year low

Over the past year the price has ranged from $7.64 to $13.65.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.1
0.1
0.1
0.2
0.2
2021202220232024202512 monthsto Jun '26
Revenue
$333m$452m$573m$657m$748m
Operating margin
8.0%13.0%15.0%12.5%10.6%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.16bn0.17bn0.17bn0.16bn0.15bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsStrong, 22.5% a year
  • Buying back its own sharesYes, 6% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $194 million last quarter, up 3% on a year ago.
  • Profit: $13 million, up 48% on a year ago.
  • It keeps 13 cents of each $1 of sales as operating profit, up from 12 cents a year earlier.
  • Spare cash over the past 12 months: $161 million, up from $150 million.
  • 5% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$170m
December 2024$191m
March 2025$165m
June 2025$189m
September 2025$189m
December 2025$206m
March 2026$181m
June 2026$194m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$18m
December 2024$23m
March 2025$2m
June 2025$9m
September 2025$10m
December 2025$29m
March 2026$6m
June 2026$13m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

4 long-term investors we follow own it, up from 2 last quarter. 317 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

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. 1 sold $87,738, $87,738 of it under preset trading plans.

  • Grimmig Andrew E
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    2 March 2026
    Shares
    1,000
    Price
    $10.31
    Value
    $10,310
  • Grimmig Andrew E
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    2 February 2026
    Shares
    1,000
    Price
    $10.71
    Value
    $10,710
  • Grimmig Andrew E
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    2 January 2026
    Shares
    1,000
    Price
    $11.49
    Value
    $11,490
  • Grimmig Andrew E
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    16 December 2025
    Shares
    3,096
    Price
    $10.81
    Value
    $33,468
  • Grimmig Andrew E
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    1 December 2025
    Shares
    1,000
    Price
    $10.46
    Value
    $10,460
  • Grimmig Andrew E
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    3 November 2025
    Shares
    1,000
    Price
    $11.30
    Value
    $11,300

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 26 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 5 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

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • System failures, security breaches, cyberattacks or other unforeseen events could interrupt the operation of our platform and data centers and significantly harm our business, financial condition and results of operations.

    Could happen
    Additionally, as AI technologies continue to advance, threat actors can leverage these technologies to develop more sophisticated attack methods that are increasingly automated, targeted, coordinated and more difficult to defend against. The proliferation of these technologies could enable less skilled threat actors to initiate attacks and increase the frequency, scale and impact of security incidents.
    Read more

Read it in the annual report

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
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What a finished deep dive looks like

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.