DSP · Technology(services-computer programming, data processing, etc.) · 9 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Viant Technology Inc. reported revenue of $344.2 million in fiscal 2025. Of the $199.2 million its operations generated over 9 years, 5.3% went to acquisitions. On the accounting screens, it passes 6 of 9 Piotroski tests, its Altman Z'' of 3.03 is in the safe zone and its Beneish M-score is below the -1.78 line; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2025344.2M
Operating margin3.5%gross margin 45.8%
Return on invested capital-5.6%-8.8% on average over 3 years
Free cash flow after stock pay26.8M7.8% of revenue
Net debt ÷ EBITDA0.0×net debt 0
Piotroski F-score6/9tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
3-for-1 before fiscal 2025.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-100.0M0100.0M200.0M300.0M400.0M
2018
2019Revenue 164.9MOperating income 12.8M
2020Revenue 165.3MOperating income 21.8M
2021Revenue 224.1MOperating income -42.8M
2022Revenue 197.2MOperating income -49.3M
2023
2023Revenue 222.9MOperating income -18.3M
2024Revenue 289.2MOperating income 3.5M
2025Revenue 344.2MOperating income 12.1M
201820192020202120222023202320242025
Compound growth a year
3 yrs
5 yrs
8 yrs
Revenue
—
+9.0%
—
Free cash flow per share
—
+0.3%
—
Shares
—
+12.5%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
10.2%
Return on assets
1.8%
Asset turnover
0.73×
Overheads (SG&A)
14.6% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-50.0M-25.0M025.0M50.0M75.0M
2018
2019Net income 9.9MFree cash flow 12.6MAfter stock-based pay 11.5M
2020Net income 20.6MFree cash flow 18.4MAfter stock-based pay 18.4M
2021Net income -7.7MFree cash flow 28.2MAfter stock-based pay -40.6M
2022Net income -11.9MFree cash flow -4.3MAfter stock-based pay -33.2M
2023
2023Net income -3.4MFree cash flow 36.6MAfter stock-based pay 4.3M
2024Net income 2.4MFree cash flow 49.3MAfter stock-based pay 28.2M
2025Net income 8.4MFree cash flow 51.7MAfter stock-based pay 26.8M
201820192020202120222023202320242025
Where 9 years of operating cash went, 2018–2025
199.2M generated by the business. Each band is its share of that total.
Reinvested in the business 3%6.7M
Acquisitions 5%10.5M
Dividends 3%5.0M
Share buybacks 0%0
Kept, or used to pay down debt 89%176.9M
Over the same years it paid 177.0M in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-2,000.00$0.00$2,000.00$4,000.00$6,000.00
2018
2019Earnings per share $3,308.00Free cash flow per share $4,203.33
2020Earnings per share $6.88Free cash flow per share $6.15Dividend per share $1.67
2021Earnings per share $-0.21Free cash flow per share $0.76Dividend per share $0.00
2022Earnings per share $-0.28Free cash flow per share $-0.10Dividend per share $0.00
2023
2023Earnings per share $-0.08Free cash flow per share $0.80
2024Earnings per share $0.04Free cash flow per share $0.80
2025Earnings per share $0.12Free cash flow per share $0.77
201820192020202120222023202320242025
Shares outstanding
Diluted shares
020.0M40.0M60.0M80.0M
2018
2019Diluted shares 3,000
2020Diluted shares 3.0M
2021Diluted shares 37.1M
2022Diluted shares 42.6M
2023
2023Diluted shares 45.7M
2024Diluted shares 61.4M
2025Diluted shares 67.0M
201820192020202120222023202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
010.0M20.0M30.0M
2018
2019
2020Net debt 23.5M
2021Net debt 17.5M
2022Net debt 0
2023
2023Net debt 0
2024Net debt 0
2025Net debt 0
201820192020202120222023202320242025
Net debt ÷ EBITDA
0.0×
Interest coverage
— operating income ÷ interest
Current ratio
2.40 current assets ÷ current liabilities
Cash conversion cycle
— collects in 188d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
6of 9 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
✕More liquidCurrent ratio higher than a year beforefailed
✕No new sharesShare count did not growfailed
✓Better gross marginGross margin higher than a year beforepassed
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
3.03safe zone
1.12.6
Working capital ÷ assets 0.46 × 6.56+3.03
Retained earnings ÷ assets -0.19 × 3.26-0.63
Operating income ÷ assets 0.03 × 6.72+0.17
Equity ÷ liabilities 0.44 × 1.05+0.46
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.60below the -1.78 line
-1.78
Receivables vs sales 1.01+0.93
Gross margin slipping 1.00+0.53
Soft assets 1.26+0.51
Sales growth 1.19+1.06
Slower depreciation 0.99+0.11
Overheads vs sales 0.82-0.14
Profit not in cash -0.09-0.44
Leverage rising 1.00-0.33
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (1M) is well below depreciation (19M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$748,5344 sale(s) by 1 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Companies like this one
Same SEC industry (services-computer programming, data processing, etc.) first, then the rest of technology.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
