Viant Technology Inc.
DSPdata completeness 88%7 fiscal years on fileData notes: no data for concept 'cash'
Viant Technology Inc. earns about 8% on invested capital, below its ~9% cost of capital, but has diluted owners by 442% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $23.98 and $43.87 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $224.1M1 | $197.2M2 | $222.9M3 | $289.2M3 | $344.2M3 |
| Net income | −$7.74M4 | −$11.9M5 | −$3.44M6 | $2.36M6 | $8.35M6 |
| Operating cash flow | $28.7M7 | −$3.53M8 | $37.8M9 | $51.8M9 | $52.6M9 |
| Capital expenditure | $441,00010 | $758,00011 | $1.2M12 | $2.5M12 | $926,00012 |
| Free cash flow (derived) | $28.2M7 | −$4.29M8 | $36.6M9 | $49.3M9 | $51.7M9 |
| Total debt | $35M13 | $014 | $015 | $016 | $016 |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 12.4M | 14.2M | 15.2M | 20.5M | 67.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $12.26 of net worth that earned you $1.25 and generated $7.72 of cash last year, against $0 of debt.
It earned about 8% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 442% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $23.98 and $43.87 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$49.3M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$49.3M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $10.51 |
| Base | 20.0% | $23.98 |
| Bull | 20.0% | $23.98 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001828791-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001828791-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001828791-26-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001828791-24-000011 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001828791-25-000010 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001828791-26-000019 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001828791-24-000011 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001828791-25-000010 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001828791-26-000019 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001828791-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001828791-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001828791-26-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001828791-23-000012 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001828791-24-000011 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001828791-25-000010 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001828791-26-000019 (LongTermDebtNoncurrent)