RTB Digital
RTB on Nasdaq. Market value $125m.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-20.61 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -38 cents a year. Above 10 is good.
Quality score: 8 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
Five years of cash, in billions
| Revenue | |||||
| Revenue | $26m | $33m | $66m | $18m | $11m |
| Operating margin | |||||
| Operating margin | -111.0% | -115.0% | -18.7% | -149.9% | -118.1% |
| Debt to equity | |||||
| Debt to equity | 2.01 | n/a | 0.68 | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.05bn | 0.01bn | 0.01bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt25.99× equity
- Revenue growth, five yearsShrinking, 19.3% a year
- Buying back its own sharesYes, 80% fewer since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 15 April 2026
- Next quarterly (estimated, 10-Q)
- 13 November 2026
Who owns it
None of the long-term investors we follow own it. 18 funds in all.
Largest holders overall
- Armistice Capital$5mNew
- Geode Capital Management$2mAdded
- State Street$678,283New
- Millennium Management$632,440New
- BlackRock$476,332Added
- Northern Trust$444,664New
- Vanguard Capital Management$303,002Added
- NewEdge Advisors$302,188
- Jane Street Group$228,085New
- Vanguard Fiduciary Trust$163,422Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Comer James Lamar WaltonInsider or founder31.7%Since 12 May 2026
What they said
The information set forth or incorporated by reference in Items 3 and 6 of this Statement is incorporated by reference into this Item 4. The Reporting Person intends to continuously review his investment in the Issuer and may in the future determine (1) to acquire additional…
Read the filing - Dorsett Jason ChristopherPassive investor30.0%+0.1 ptsSince 21 September 2026
- RTB DIGITAL INC.Strategic holder16.6%−83.4 ptsSince 29 October 2025
What they said
RTB Digital acquired 50,000 shares of RYVYL Series C Convertible Preferred Stock as part of a planned reverse merger transaction with RYVYL Inc. pursuant to the Agreement and Plan of Merger dated September 28, 2025 (the "Merger Agreement"). The Series C Preferred Stock currently…
Read the filing - Dawson Wendy RaePassive investor7.8%+0.9 ptsSince 21 July 2025
- S8 Global Fintech & Regtech FundPassive investorSold down below 5%Since 9 April 2026
What they said
Item 4 is hereby amended and restated as follows: As of April 9, 2026, the Reporting Person sold 102,995 shares of the Issuer's common stock, representing all shares of the Issuer's common stock then owned by the Reporting Person, in a private transaction. Accordingly, as of…
Read the filing - Arena Investors, LPPassive investorSold down below 5%Since 31 December 2025
- CVI Investments, Inc.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Comer James Lamar Walton Insider or founder | 31.7% | 12 May 2026 | What they saidThe information set forth or incorporated by reference in Items 3 and 6 of this Statement is incorporated by reference into this Item 4. The Reporting Person intends to continuously review his investment in the Issuer and may in the future determine (1) to acquire additional… Read the filing |
Dorsett Jason Christopher Passive investor | 30.0%+0.1 pts | 21 September 2026 | |
RTB DIGITAL INC. Strategic holder | 16.6%−83.4 pts | 29 October 2025 | What they saidRTB Digital acquired 50,000 shares of RYVYL Series C Convertible Preferred Stock as part of a planned reverse merger transaction with RYVYL Inc. pursuant to the Agreement and Plan of Merger dated September 28, 2025 (the "Merger Agreement"). The Series C Preferred Stock currently… Read the filing |
Dawson Wendy Rae Passive investor | 7.8%+0.9 pts | 21 July 2025 | |
S8 Global Fintech & Regtech Fund Passive investor | Sold down below 5% | 9 April 2026 | What they saidItem 4 is hereby amended and restated as follows: As of April 9, 2026, the Reporting Person sold 102,995 shares of the Issuer's common stock, representing all shares of the Issuer's common stock then owned by the Reporting Person, in a private transaction. Accordingly, as of… Read the filing |
Arena Investors, LP Passive investor | Sold down below 5% | 31 December 2025 | |
CVI Investments, Inc. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It carries a lot of debt: 26.0× its equity.
- Sales have shrunk: 19.3% a year.
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.