Viant Technology Inc. Class A Common Stock (DSP)

FairStock Score: 56/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at Viant as a small ad-tech platform selling programmatic inventory across CTV, audio, mobile and desktop. It has grown revenue briskly: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $104.3 million, up from $77.9 million in fiscal Q2 2025, and FairStock's revenue growth figure is 33.91%. But growth has not translated into durable profit. FY2025 net income was $8.4 million, or $0.36 per diluted share, yet fiscal Q1 2026 lost $455,000 and fiscal Q2 2026 lost $111,000. The balance sheet is conservative, with D/E 0.07, and trailing free cash flow is $47.7 million, a 5.5% FCF yield. Credit metrics are respectable, with Altman Z 3.25 and Piotroski 6/9. Still, returns are weak: ROE 7.52% and ROCE 1.27%. That suggests little pricing power or capital efficiency, and I see no unmistakable moat in a crowded DSP market. Valuation is the problem. At the 2026-10-13 close of $13.23, FairStock shows a P/E of 36.75, P/B of 2.45, EV/EBITDA of 23.08, and a Graham Number of $6.61, creating a negative margin of safety of 100.15%. The Lynch classification is TURNAROUND, but turnarounds need a margin of safety and evidence of durable earnings, not just top-line growth. I would want to see several quarters of positive net income and improving ROCE before treating this as a value opportunity rather than a speculation.

In plain English: Viant helps advertisers buy digital ads automatically across TV, streaming audio, mobile and other screens. Sales are growing quickly and the company generates cash, but profits are very thin and it recently slipped to small losses. At the recent price, the shares look expensive compared with its reported profits and the value of its assets.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer