Forensic Analysis · Technology / Software · as of Aug 11, 2026
Viant Technology Inc. (DSP)
A forensic read on Viant Technology Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
7.8
Distress distance
Clean
Earnings quality
6
Forensic signals
95.5
P / E (ttm)
10.2%
ROE
$926M
Market cap
19.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Viant Technology Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 7.8, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+34.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +34.3% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +21% against revenue +19%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 53% of net operating assets, diverging from the balance-sheet accrual read.
7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 7% of revenue and 48% of free cash flow in FY2025 — about $0.37 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 18.8% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
stopped
FY2020→FY2022
Shareholder returns — halted.Capital returns have STOPPED — $5M of buybacks + dividends in FY2020, but ~$0 in FY2022. A halt usually means the company is conserving cash.
172d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 167 to 172 days FY2024→FY2025 (receivables +21% vs revenue +19%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 163 → 197 → 179 → 167 → 172 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue was roughly flat (+0%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.
Key fundamentals
Latest Revenue$344.2M
Revenue Growth YoY+19.0%
Revenue CAGR (3yr)+20.4%
Net Margin2.4%
Free Cash Flow$51.7M
Return on Equity10.2%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Viant Technology Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Viant Technology Inc. (DSP) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
8.6%
FY2025
Return on invested capital.Return on invested capital is 8.6% in the latest fiscal year and rising from -46% — around its ~10% cost of capital, so growth is roughly value-neutral.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +372% over the last 3 years to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +67.8%/yr figure isn't a real buyback/dilution read here.