DoubleVerify Holdings, Inc. (DV)

Price$13.33Cached quoteAs of 2026-09-10 11:53 UTC

AI: Fair-priced

Price checkThe stock trades close to Nielsen’s agreed cash offer, leaving only a modest deal spread.

DoubleVerify Holdings, Inc. is confirmed as NYSE: DV. Nielsen agreed on August 6 to pay $13.60 per share in cash, a 30% premium to the prior 60-trading-day VWAP. The market sits roughly 1.9% below that consideration, suggesting investors expect closing but still charge for time and deal risk. Standalone signals are mixed: price-to-free-cash-flow is about 12.9 times and forward P/E, price versus forecast earnings, is about 12.3 times, while trailing P/E is much higher near 37.9 times. The signed deal is now the stronger valuation anchor.

Big pictureA pending takeover now matters more than standalone valuation, while underlying growth has clearly slowed.

Second-quarter revenue rose 3% year over year to $193.8 million, below the company’s earlier $199-$205 million guide, while Activation revenue fell 1%. Measurement and Supply-side still grew 6% and 13%. Adjusted EBITDA rose to $65.3 million at a 34% margin, and net income was $12.9 million. That mix shows durable profitability but softer top-line momentum. Because advertising volumes drive most revenue, a weak ad cycle or platform spending slowdown can still pressure growth.

Business strengthHigh margins, strong retention, cash generation, and no funded debt support financial resilience.

Liquidity is strong: quarter-end cash was $210.2 million, no borrowings were outstanding under the revolving credit facility, and net working capital excluding cash was $156.4 million. Q2 free cash flow was $65.7 million, though first-half free cash flow fell to $59.4 million from $71.5 million a year earlier, so cash conversion can swing with working capital. Gross revenue retention stayed above 95%. DV also spent $100.2 million repurchasing 9.8 million shares in the first half, while 13.3 million RSUs and 2.35 million performance units remained outstanding, so buybacks reduce but do not eliminate equity-award dilution.

What could change the storyDeal completion is the bull case; regulatory failure and weaker ad spending define downside risk.

Bull case: shareholders approve the transaction, regulators clear it, and the $13.60 cash consideration is paid by the expected first-quarter 2027 closing, making the remaining spread the main return. Bear case: the merger is delayed or breaks, removing the deal anchor just as standalone growth has slowed and Activation has weakened. Beyond the deal, upside would require renewed double-digit growth from social, CTV, AI optimization and cross-selling; downside would deepen if advertising budgets soften or large platforms restrict independent measurement access.

AI: News

Nielsen Deal Sets CeilingNielsen agreed to acquire DoubleVerify in cash, making merger completion the stock’s dominant near-term driver.

On August 6, DoubleVerify signed a definitive all-cash merger agreement with Nielsen. Holders are slated to receive $13.60 per share, representing a 30% premium to the 60-trading-day VWAP through August 5 and implying about $2.15 billion of enterprise value. The deal needs shareholder and regulatory approvals. DoubleVerify later said it expects closing by the first quarter of 2027; completion would end DV’s NYSE listing.

Growth Slows, Margins HoldSecond-quarter growth slowed, but profitability and cash generation remained strong as the company withdrew guidance.

On August 6, DV reported second-quarter revenue of $193.8 million, up 3% year over year. Activation declined 1%, while Measurement rose 6% and Supply-side rose 13%. Net income reached $12.9 million and adjusted EBITDA was $65.3 million, equal to a 34% margin. Free cash flow was $65.7 million. Because of the pending Nielsen transaction, DV suspended future earnings calls and withdrew previously issued financial guidance.

Meta and TikTok ExpansionDoubleVerify expanded its AI-powered optimization suite across Meta and TikTok to deepen social-platform monetization.

On June 22, DoubleVerify expanded DV Authentic AdVantage to Meta and TikTok. The product combines pre-bid media-quality protection, AI-powered campaign optimization and independent measurement in one workflow. The move targets a major growth area for DV: social advertising, where customers increasingly want both performance improvement and independent verification. Successful adoption could support Activation and Measurement growth, although monetization still depends on advertiser budgets and continued platform access.

Loading local price history

Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$748.3M	$656.8M	$572.5M	$452.4M	$332.7M	$243.9M	$182.7M
Gross profit	$614.8M	$540.3M	$465.9M	$374.6M	$278.4M	$208.2M	$157.8M
Gross margin	82.16%	82.26%	81.38%	82.79%	83.66%	85.34%	86.40%
Research & development	$178.4M	$153.0M	$125.4M	$95.1M	$62.7M	$47.0M	$31.6M
Operating expenses	$535.6M	$457.9M	$380.2M	$315.5M	$251.7M	$186.8M	$118.7M
Operating income	$79.2M	$82.4M	$85.7M	$59.0M	$26.7M	$21.4M	$39.1M
Operating margin	10.58%	12.55%	14.97%	13.05%	8.02%	8.76%	21.41%
EBITDA	$135.8M	$127.6M	$126.6M	$93.4M	$57.0M	$46.0M	$60.9M
EBITDA margin	18.14%	19.43%	22.11%	20.63%	17.12%	18.84%	33.35%
Net income	$50.6M	$56.2M	$71.5M	$43.3M	$29.3M	$20.5M	$23.3M
Net profit margin	6.77%	8.56%	12.48%	9.56%	8.81%	8.39%	12.76%
Basic EPSper basic share	$0.31	$0.33	$0.43	$0.26	$0.20	$0.15	$0.17
Diluted EPSper diluted share	$0.30	$0.32	$0.41	$0.25	$0.18	$0.14	$0.16

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.94%of listed shares

BlackRock, Inc.23.15M shares · Jun 30, 2026

View holders

Top 20 reported holders of DV
Holder	% owned
BlackRock, Inc.	14.94%23.15M shares
Noell Robert Davis	≈11.86%18.38M shares
Providence Equity Partners L.L.C.	11.84%18.34M shares
Phillips J. David	≈11.82%18.31M shares
Dominguez Michael J	≈11.81%18.29M shares
DISCIPLINED GROWTH INVESTORS INC /MN	6.25%9.69M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.77%8.94M shares
AQR CAPITAL MANAGEMENT LLC	5.02%7.78M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.82%5.91M shares
DIMENSIONAL FUND ADVISORS LP	3.48%5.4M shares
STATE STREET CORP	3.47%5.38M shares
GEODE CAPITAL MANAGEMENT, LLC	2.22%3.44M shares
Topline Capital Management, LLC	2.07%3.21M shares
PRICE T ROWE ASSOCIATES INC /MD/	2.03%3.14M shares
MORGAN STANLEY	2.01%3.12M shares
FORT WASHINGTON INVESTMENT ADVISORS INC /OH/	1.96%3.04M shares
FIRST TRUST ADVISORS LP	1.96%3.03M shares
BANK OF AMERICA CORP /DE/	1.87%2.89M shares
Assenagon Asset Management S.A.	1.77%2.74M shares
JUPITER ASSET MANAGEMENT LTD	1.54%2.39M shares

Percentages use 154.94M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$36.9K disclosed value

Sells (SEC code S)40$2.76M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 2, 2026Form 4 · 10b5-1	Grimmig Andrew EChief Legal Officer	SellCommon Stock	1.0K	$10.31	$10.3K	99.5K
Feb 2, 2026Form 4 · 10b5-1	Grimmig Andrew EChief Legal Officer	SellCommon Stock	1.0K	$10.71	$10.7K	100.5K
Jan 2, 2026Form 4 · 10b5-1	Grimmig Andrew EChief Legal Officer	SellCommon Stock	1.0K	$11.49	$11.5K	101.5K
Dec 16, 2025Form 4 · 10b5-1	Grimmig Andrew EChief Legal Officer	SellCommon Stock	3.1K	$10.81	$33.5K	102.5K
Dec 1, 2025Form 4 · 10b5-1	Grimmig Andrew EChief Legal Officer	SellCommon Stock	1.0K	$10.46	$10.5K	93.3K