Question 1

What is Trade Desk's P/FCF ratio?

Accepted Answer

Trade Desk (TTD) P/FCF ratio is 10.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Trade Desk?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Trade Desk specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is Trade Desk's P/FCF ratio high or low?

Accepted Answer

Trade Desk's P/FCF ratio of 10.0× is below its own 5-year average of 70.1× and below the sector median of 21.8×. That places the current reading at the 0th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Trade Desk's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Trade Desk (TTD) P/FCF ratio has ranged from a low of 9.9× in 2026 to a high of 596.9× in 2019. The 5-year average is 70.1× and the 5-year median is 64.2×.

Question 7

What was Trade Desk's P/FCF ratio in 2025?

Accepted Answer

Trade Desk (TTD) P/FCF ratio at the end of 2025 was 23.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Trade Desk's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$18.2B	$787M	23.1×	-68.7×	Dec 31, 2025
2024	$58.1B	$632M	91.8×	+27.0×	Dec 31, 2024
2023	$35.2B	$543M	64.8×	+16.8×	Dec 31, 2023
2022	$21.9B	$457M	48.0×	-90.3×	Dec 31, 2022
2021	$44.1B	$319M	138.3×	+22.7×	Dec 31, 2021
2020	$37.6B	$325M	115.6×	-481.3×	Dec 31, 2020
2019	$11.7B	$19.6M	596.9×	+515.2×	Dec 31, 2019
2018	$5.02B	$61.4M	81.7×	-21.7×	Dec 31, 2018
2017	$1.88B	$18.2M	103.4×	+87.2×	Dec 31, 2017
2016	$1.07B	$65.8M	16.2×	—	Dec 31, 2016
2015	$1.42B	-$42.8M	—	—	Dec 31, 2015


Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for Trade Desk (TTD) 2016-2026

P/FCF Ratio daily chart for Trade Desk (TTD)

Historical P/FCF Ratio for Trade Desk (TTD) from 2015 to 2025

About P/FCF Ratio at Trade Desk (TTD)

Trade Desk P/FCF Ratio by Year

Trade Desk P/FCF Ratio 2025: 23.1×

Trade Desk P/FCF Ratio 2024: 91.8×

Trade Desk P/FCF Ratio 2023: 64.8×

Trade Desk P/FCF Ratio 2022: 48.0×

Trade Desk P/FCF Ratio 2021: 138.3×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Trade Desk (TTD) Key Financials