# Advertising Agencies — company-by-company sector analysis > Advertising Agencies: AppLovin Corporation owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Advertising Agencies has outperformed S&P 500 by 74.4% over 52 weeks and 17.3% over 13 weeks. 11 of 19 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 19 beat the sector itself. AppLovin Corporation leads with revenue of $6,164 million, based on 14 of 20 comparable companies through Mar 2026. ### Is the Advertising Agencies sector outperforming S&P 500? Advertising Agencies has outperformed S&P 500 by 74.4% over 52 weeks and 17.3% over 13 weeks. 11 of 19 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 19 beat the sector itself. ### Which Advertising Agencies company is largest by revenue? AppLovin Corporation leads with revenue of $6,164 million, based on 14 of 20 comparable companies through Mar 2026. ### Which Advertising Agencies company is growing fastest? AppLovin Corporation has the fastest current revenue growth at 66.4%, across 14 of 20 comparable companies. ### Which Advertising Agencies company has the strongest 4-Factor Sector Score? Entravision Communications Corporation ranks first at 61.9/100 with 58.6% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Advertising Agencies company reports the most CAPEX? The Trade Desk, Inc. reports the largest latest CAPEX at $113 million, with 18 of 20 companies comparable. ### Which Advertising Agencies company has the least gross debt? QMMM Holdings Limited has the lowest comparable gross debt at $0 million. Omnicom Group Inc. has the highest at $11,517 million. ### Which Advertising Agencies company has the lowest comparable PEG? Criteo S.A. has the lowest comparable Guarded PEG at 0.2, among 5 of 20 companies that pass the metric’s comparability rules. ### How much history does this Advertising Agencies comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Advertising Agencies has outperformed S&P 500 by 74.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 17.3%. 11 of 19 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. QMMM Holdings Limited is the strongest against the sector itself at +1192.2%. 13-week sector return versus NIFTY 500: 17% 52-week sector return versus NIFTY 500: 74% Stocks leading NIFTY: 11/19 Stocks leading sector: 5/19 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 20 Combined market value: ₹2.0 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Entravision Communications Corporation (EVC): 62/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 26.2/35 | Capital efficiency 10.7/25 | Valuation 8.5/20 | Relative strength 16.5/20 - Exact sum: 26.2 + 10.7 + 8.5 + 16.5 = 61.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 2. AppLovin Corporation (APP): 58/100 — Mixed-positive evidence; evidence 72% - Growth & earnings 30.3/35 | Capital efficiency 17.8/25 | Valuation 9.6/20 | Relative strength 0.5/20 - Exact sum: 30.3 + 17.8 + 9.6 + 0.5 = 58.2 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -39.2% and the one-year return is 10.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 3. QuinStreet, Inc. (QNST): 53/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 20.6/35 | Capital efficiency 12.4/25 | Valuation 10.8/20 | Relative strength 9.3/20 - Exact sum: 20.6 + 12.4 + 10.8 + 9.3 = 53.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 4. Magnite, Inc. (MGNI): 53/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 19.5/35 | Capital efficiency 10.0/25 | Valuation 10.6/20 | Relative strength 12.8/20 - Exact sum: 19.5 + 10 + 10.6 + 12.8 = 52.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. DoubleVerify Holdings, Inc. (DV): 51/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 24.0/35 | Capital efficiency 15.2/25 | Valuation 7.7/20 | Relative strength 4.5/20 - Exact sum: 24 + 15.2 + 7.7 + 4.5 = 51.4 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -25.1% and the one-year return is -25.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 6. Criteo S.A. (CRTO): 51/100 — Mixed-positive evidence; evidence 73% - Growth & earnings 12.6/35 | Capital efficiency 13.1/25 | Valuation 16.1/20 | Relative strength 9.0/20 - Exact sum: 12.6 + 13.1 + 16.1 + 9 = 50.8 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 7. Stagwell Inc. (STGW): 49/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 15.1/35 | Capital efficiency 7.5/25 | Valuation 8.9/20 | Relative strength 17.1/20 - Exact sum: 15.1 + 7.5 + 8.9 + 17.1 = 48.6 - Decision use: Price leads the evidence: RS versus the benchmark is 26.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 8. Ziff Davis, Inc. (ZD): 48/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 11.3/35 | Capital efficiency 9.7/25 | Valuation 13.4/20 | Relative strength 13.7/20 - Exact sum: 11.3 + 9.7 + 13.4 + 13.7 = 48.1 - Decision use: Price leads the evidence: RS versus the benchmark is 24.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 9. Advantage Solutions Inc. (ADV): 46/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 17.1/35 | Capital efficiency 5.5/25 | Valuation 10.9/20 | Relative strength 12.9/20 - Exact sum: 17.1 + 5.5 + 10.9 + 12.9 = 46.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. Omnicom Group Inc. (OMC): 46/100 — Mixed-negative evidence; evidence 70% - Growth & earnings 15.3/35 | Capital efficiency 11.9/25 | Valuation 9.7/20 | Relative strength 9.2/20 - Exact sum: 15.3 + 11.9 + 9.7 + 9.2 = 46.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. Fluent, Inc. (FLNT): 45/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 18.6/35 | Capital efficiency 3.9/25 | Valuation 10.0/20 | Relative strength 12.7/20 - Exact sum: 18.6 + 3.9 + 10 + 12.7 = 45.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. Clear Channel Outdoor Holdings, Inc. (CCO): 45/100 — Thin evidence · provisional; evidence 53% - Growth & earnings 14.9/35 | Capital efficiency 10.8/25 | Valuation 9.1/20 | Relative strength 10.3/20 - Exact sum: 14.9 + 10.8 + 9.1 + 10.3 = 45.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 13. The Trade Desk, Inc. (TTD): 44/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 21.1/35 | Capital efficiency 14.9/25 | Valuation 5.0/20 | Relative strength 3.1/20 - Exact sum: 21.1 + 14.9 + 5 + 3.1 = 44.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 14. Nexxen International Ltd. (NEXN): 43/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 8.4/35 | Capital efficiency 10.4/25 | Valuation 10.2/20 | Relative strength 13.6/20 - Exact sum: 8.4 + 10.4 + 10.2 + 13.6 = 42.6 - Decision use: Price leads the evidence: RS versus the benchmark is 23.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 15. Emerald Holding, Inc. (EEX): 37/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 9.7/35 | Capital efficiency 11.2/25 | Valuation 8.7/20 | Relative strength 6.9/20 - Exact sum: 9.7 + 11.2 + 8.7 + 6.9 = 36.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. Townsquare Media, Inc. (TSQ): 31/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 10.7/35 | Capital efficiency 5.4/25 | Valuation 11.3/20 | Relative strength 4.0/20 - Exact sum: 10.7 + 5.4 + 11.3 + 4 = 31.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. Unitrend Entertainment Group Limited (INHI): 54/100 — Thin evidence · provisional; evidence 9% - Growth & earnings 17.5/35 | Capital efficiency 16.5/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 17.5 + 16.5 + 10 + 10 = 54 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 18. QMMM Holdings Limited (QMMM): 52/100 — Thin evidence · provisional; evidence 32% - Growth & earnings 15.8/35 | Capital efficiency 9.3/25 | Valuation 10.0/20 | Relative strength 17.0/20 - Exact sum: 15.8 + 9.3 + 10 + 17 = 52.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 19. WPP plc (WPP): 47/100 — Thin evidence · provisional; evidence 35% - Growth & earnings 16.7/35 | Capital efficiency 12.2/25 | Valuation 9.3/20 | Relative strength 8.4/20 - Exact sum: 16.7 + 12.2 + 9.3 + 8.4 = 46.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. National CineMedia, Inc. (NCMI): 39/100 — Thin evidence · provisional; evidence 48% - Growth & earnings 12.7/35 | Capital efficiency 9.3/25 | Valuation 11.5/20 | Relative strength 5.2/20 - Exact sum: 12.7 + 9.3 + 11.5 + 5.2 = 38.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability What the numbers say: AppLovin Corporation is the scale leader at $6,164 million, 71.7% ahead of Advantage Solutions Inc.. AppLovin Corporation's growth is 66.4% from a $6,164 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: AppLovin Corporation is the scale benchmark; AppLovin Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: AppLovin Corporation's growth falls below AppLovin Corporation's for two consecutive comparable reports while operating margin also compresses. Evidence: AppLovin Corporation · $6,164 million | 71.7% versus #2 · Advantage Solutions Inc. | 6/8 recent comparable periods | 14/20 companies · 326 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. AppLovin Corporation (APP): ₹6.2K Cr 2. Advantage Solutions Inc. (ADV): ₹3.6K Cr 3. The Trade Desk, Inc. (TTD): ₹3.0K Cr 4. Stagwell Inc. (STGW): ₹3.0K Cr 5. Clear Channel Outdoor Holdings, Inc. (CCO): ₹1.6K Cr ### Revenue growth — fastest growers 1. AppLovin Corporation (APP): 66% 2. Entravision Communications Corporation (EVC): 46% 3. The Trade Desk, Inc. (TTD): 16% 4. QuinStreet, Inc. (QNST): 15% 5. Emerald Holding, Inc. (EEX): 14% ### 20-quarter Revenue history - APP: Sep 2021 ₹727 Cr | Dec 2021 ₹793 Cr | Mar 2022 ₹625 Cr | Jun 2022 ₹776 Cr | Sep 2022 ₹713 Cr | Dec 2022 ₹702 Cr | Mar 2023 ₹715 Cr | Jun 2023 ₹750 Cr | Sep 2023 ₹864 Cr | Dec 2023 ₹953 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹711 Cr | Sep 2024 ₹835 Cr | Dec 2024 ₹999 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 — - OMC: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 — | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 — | Mar 2025 ₹3.7K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 — | Mar 2026 ₹6.2K Cr | Jun 2026 — - TTD: Sep 2021 ₹301 Cr | Dec 2021 ₹396 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹377 Cr | Sep 2022 ₹395 Cr | Dec 2022 ₹491 Cr | Mar 2023 ₹383 Cr | Jun 2023 ₹464 Cr | Sep 2023 ₹493 Cr | Dec 2023 ₹606 Cr | Mar 2024 ₹491 Cr | Jun 2024 ₹585 Cr | Sep 2024 ₹628 Cr | Dec 2024 ₹741 Cr | Mar 2025 ₹616 Cr | Jun 2025 ₹694 Cr | Sep 2025 ₹739 Cr | Dec 2025 ₹847 Cr | Mar 2026 ₹689 Cr | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WPP: Sep 2021 — | Dec 2021 ₹6.7K Cr | Mar 2022 — | Jun 2022 ₹6.8K Cr | Sep 2022 — | Dec 2022 ₹7.7K Cr | Mar 2023 — | Jun 2023 ₹7.2K Cr | Sep 2023 — | Dec 2023 ₹7.6K Cr | Mar 2024 — | Jun 2024 ₹7.2K Cr | Sep 2024 — | Dec 2024 ₹7.5K Cr | Mar 2025 — | Jun 2025 ₹6.7K Cr | Sep 2025 — | Dec 2025 ₹6.9K Cr | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 ₹132 Cr | Dec 2021 ₹161 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹130 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹187 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹163 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹194 Cr | Mar 2025 ₹156 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹205 Cr | Mar 2026 ₹164 Cr | Jun 2026 — - STGW: Sep 2021 ₹467 Cr | Dec 2021 ₹612 Cr | Mar 2022 ₹643 Cr | Jun 2022 ₹673 Cr | Sep 2022 ₹664 Cr | Dec 2022 ₹708 Cr | Mar 2023 ₹622 Cr | Jun 2023 ₹632 Cr | Sep 2023 ₹618 Cr | Dec 2023 ₹655 Cr | Mar 2024 ₹670 Cr | Jun 2024 ₹671 Cr | Sep 2024 ₹711 Cr | Dec 2024 ₹789 Cr | Mar 2025 ₹652 Cr | Jun 2025 ₹707 Cr | Sep 2025 ₹743 Cr | Dec 2025 ₹807 Cr | Mar 2026 ₹704 Cr | Jun 2026 — - ZD: Sep 2021 ₹355 Cr | Dec 2021 ₹409 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹337 Cr | Sep 2022 ₹342 Cr | Dec 2022 ₹397 Cr | Mar 2023 ₹307 Cr | Jun 2023 ₹326 Cr | Sep 2023 ₹341 Cr | Dec 2023 ₹390 Cr | Mar 2024 ₹314 Cr | Jun 2024 ₹321 Cr | Sep 2024 ₹354 Cr | Dec 2024 ₹413 Cr | Mar 2025 ₹273 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹364 Cr | Dec 2025 ₹407 Cr | Mar 2026 ₹268 Cr | Jun 2026 — - DV: Sep 2021 ₹83 Cr | Dec 2021 ₹106 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹144 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹156 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹189 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹206 Cr | Mar 2026 ₹181 Cr | Jun 2026 — - CCO: Sep 2021 ₹596 Cr | Dec 2021 ₹743 Cr | Mar 2022 ₹526 Cr | Jun 2022 ₹643 Cr | Sep 2022 ₹503 Cr | Dec 2022 ₹562 Cr | Mar 2023 ₹437 Cr | Jun 2023 ₹531 Cr | Sep 2023 ₹527 Cr | Dec 2023 ₹632 Cr | Mar 2024 ₹327 Cr | Jun 2024 ₹376 Cr | Sep 2024 ₹375 Cr | Dec 2024 ₹427 Cr | Mar 2025 ₹334 Cr | Jun 2025 ₹403 Cr | Sep 2025 ₹406 Cr | Dec 2025 ₹462 Cr | Mar 2026 ₹374 Cr | Jun 2026 — - CRTO: Sep 2021 ₹509 Cr | Dec 2021 ₹653 Cr | Mar 2022 ₹511 Cr | Jun 2022 ₹495 Cr | Sep 2022 ₹447 Cr | Dec 2022 ₹564 Cr | Mar 2023 ₹445 Cr | Jun 2023 ₹469 Cr | Sep 2023 ₹469 Cr | Dec 2023 ₹566 Cr | Mar 2024 ₹450 Cr | Jun 2024 ₹471 Cr | Sep 2024 ₹459 Cr | Dec 2024 ₹553 Cr | Mar 2025 ₹451 Cr | Jun 2025 ₹483 Cr | Sep 2025 ₹470 Cr | Dec 2025 — | Mar 2026 ₹425 Cr | Jun 2026 — - EVC: Sep 2021 ₹199 Cr | Dec 2021 ₹234 Cr | Mar 2022 ₹197 Cr | Jun 2022 ₹222 Cr | Sep 2022 ₹241 Cr | Dec 2022 ₹296 Cr | Mar 2023 ₹239 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹107 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹197 Cr | Jun 2026 — - EEX: Sep 2021 ₹77 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹102 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹107 Cr | Mar 2025 ₹148 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹155 Cr | Jun 2026 — - QNST: Sep 2021 ₹160 Cr | Dec 2021 ₹125 Cr | Mar 2022 ₹151 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹123 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹198 Cr | Sep 2024 ₹279 Cr | Dec 2024 ₹283 Cr | Mar 2025 ₹270 Cr | Jun 2025 ₹262 Cr | Sep 2025 ₹286 Cr | Dec 2025 ₹288 Cr | Mar 2026 ₹346 Cr | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹72 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹78 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹87 Cr | Jun 2026 — - ADV: Sep 2021 ₹929 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹915 Cr | Jun 2022 ₹981 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹944 Cr | Jun 2023 ₹964 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹992 Cr | Mar 2024 ₹861 Cr | Jun 2024 ₹873 Cr | Sep 2024 ₹939 Cr | Dec 2024 ₹892 Cr | Mar 2025 ₹822 Cr | Jun 2025 ₹874 Cr | Sep 2025 ₹915 Cr | Dec 2025 ₹932 Cr | Mar 2026 ₹870 Cr | Jun 2026 — - NCMI: Sep 2021 ₹14 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹25 Cr | Dec 2023 — | Mar 2024 ₹37 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹62 Cr | Dec 2024 — | Mar 2025 ₹35 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹63 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 ₹34 Cr - TSQ: Sep 2021 ₹111 Cr | Dec 2021 ₹111 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹122 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹120 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹115 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹97 Cr | Jun 2026 — - FLNT: Sep 2021 ₹86 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹98 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹45 Cr | Jun 2026 — ### 20-quarter Revenue growth history - APP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 -1.9% | Dec 2022 -11% | Mar 2023 14% | Jun 2023 -3.4% | Sep 2023 21% | Dec 2023 36% | Mar 2024 48% | Jun 2024 -5.2% | Sep 2024 -3.4% | Dec 2024 4.8% | Mar 2025 9.6% | Jun 2025 77% | Sep 2025 68% | Dec 2025 66% | Mar 2026 59% | Jun 2026 — - OMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.1% | Sep 2022 0.2% | Dec 2022 0.3% | Mar 2023 1.0% | Jun 2023 1.2% | Sep 2023 3.9% | Dec 2023 — | Mar 2024 5.5% | Jun 2024 6.8% | Sep 2024 8.5% | Dec 2024 — | Mar 2025 1.6% | Jun 2025 4.2% | Sep 2025 4.0% | Dec 2025 — | Mar 2026 69% | Jun 2026 — - TTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 31% | Dec 2022 24% | Mar 2023 22% | Jun 2023 23% | Sep 2023 25% | Dec 2023 23% | Mar 2024 28% | Jun 2024 26% | Sep 2024 27% | Dec 2024 22% | Mar 2025 25% | Jun 2025 19% | Sep 2025 18% | Dec 2025 14% | Mar 2026 12% | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -50% | Jun 2023 — | Sep 2023 -50% | Dec 2023 — | Mar 2024 100% | Jun 2024 — | Sep 2024 0.0% | Dec 2024 — | Mar 2025 -50% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WPP: Sep 2021 — | Dec 2021 3.9% | Mar 2022 — | Jun 2022 10% | Sep 2022 — | Dec 2022 15% | Mar 2023 — | Jun 2023 6.9% | Sep 2023 — | Dec 2023 -0.7% | Mar 2024 — | Jun 2024 0.1% | Sep 2024 — | Dec 2024 -1.4% | Mar 2025 — | Jun 2025 -7.8% | Sep 2025 — | Dec 2025 -8.3% | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 11% | Dec 2022 8.7% | Mar 2023 10% | Jun 2023 11% | Sep 2023 2.7% | Dec 2023 6.9% | Mar 2024 15% | Jun 2024 6.5% | Sep 2024 8.0% | Dec 2024 3.7% | Mar 2025 4.7% | Jun 2025 6.1% | Sep 2025 10% | Dec 2025 5.7% | Mar 2026 5.1% | Jun 2026 — - STGW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 220% | Sep 2022 42% | Dec 2022 16% | Mar 2023 -3.3% | Jun 2023 -6.1% | Sep 2023 -6.9% | Dec 2023 -7.5% | Mar 2024 7.7% | Jun 2024 6.2% | Sep 2024 15% | Dec 2024 20% | Mar 2025 -2.7% | Jun 2025 5.4% | Sep 2025 4.5% | Dec 2025 2.3% | Mar 2026 8.0% | Jun 2026 — - ZD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.2% | Sep 2022 -3.7% | Dec 2022 -2.9% | Mar 2023 -2.5% | Jun 2023 -3.3% | Sep 2023 -0.3% | Dec 2023 -1.8% | Mar 2024 2.3% | Jun 2024 -1.5% | Sep 2024 3.8% | Dec 2024 5.9% | Mar 2025 -13% | Jun 2025 9.7% | Sep 2025 2.8% | Dec 2025 -1.5% | Mar 2026 -1.8% | Jun 2026 — - DV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 35% | Dec 2022 26% | Mar 2023 27% | Jun 2023 22% | Sep 2023 29% | Dec 2023 28% | Mar 2024 15% | Jun 2024 16% | Sep 2024 18% | Dec 2024 11% | Mar 2025 17% | Jun 2025 21% | Sep 2025 11% | Dec 2025 7.9% | Mar 2026 9.7% | Jun 2026 — - CCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 -16% | Dec 2022 -24% | Mar 2023 -17% | Jun 2023 -17% | Sep 2023 4.8% | Dec 2023 12% | Mar 2024 -25% | Jun 2024 -29% | Sep 2024 -29% | Dec 2024 -32% | Mar 2025 2.1% | Jun 2025 7.2% | Sep 2025 8.3% | Dec 2025 8.2% | Mar 2026 12% | Jun 2026 — - CRTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 -12% | Dec 2022 -14% | Mar 2023 -13% | Jun 2023 -5.3% | Sep 2023 4.9% | Dec 2023 0.4% | Mar 2024 1.1% | Jun 2024 0.4% | Sep 2024 -2.1% | Dec 2024 -2.3% | Mar 2025 0.2% | Jun 2025 2.6% | Sep 2025 2.4% | Dec 2025 — | Mar 2026 -5.8% | Jun 2026 — - EVC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 21% | Dec 2022 27% | Mar 2023 21% | Jun 2023 -67% | Sep 2023 -68% | Dec 2023 -74% | Mar 2024 -67% | Jun 2024 12% | Sep 2024 26% | Dec 2024 37% | Mar 2025 18% | Jun 2025 22% | Sep 2025 25% | Dec 2025 25% | Mar 2026 114% | Jun 2026 — - EEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 373% | Sep 2022 -19% | Dec 2022 129% | Mar 2023 23% | Jun 2023 23% | Sep 2023 18% | Dec 2023 8.5% | Mar 2024 9.0% | Jun 2024 -1.2% | Sep 2024 0.0% | Dec 2024 4.9% | Mar 2025 11% | Jun 2025 23% | Sep 2025 6.9% | Dec 2025 24% | Mar 2026 4.7% | Jun 2026 — - QNST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.7% | Sep 2022 -10% | Dec 2022 7.2% | Mar 2023 15% | Jun 2023 -12% | Sep 2023 -14% | Dec 2023 -8.2% | Mar 2024 -2.3% | Jun 2024 52% | Sep 2024 125% | Dec 2024 130% | Mar 2025 60% | Jun 2025 32% | Sep 2025 2.5% | Dec 2025 1.8% | Mar 2026 28% | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.8% | Jun 2024 6.0% | Sep 2024 13% | Dec 2024 17% | Mar 2025 5.4% | Jun 2025 2.3% | Sep 2025 5.6% | Dec 2025 -9.8% | Mar 2026 12% | Jun 2026 — - ADV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 13% | Dec 2022 6.8% | Mar 2023 3.2% | Jun 2023 -1.7% | Sep 2023 -3.0% | Dec 2023 -10% | Mar 2024 -8.8% | Jun 2024 -9.4% | Sep 2024 -7.9% | Dec 2024 -10% | Mar 2025 -4.5% | Jun 2025 0.1% | Sep 2025 -2.6% | Dec 2025 4.5% | Mar 2026 5.8% | Jun 2026 — - NCMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 293% | Dec 2022 44% | Mar 2023 -2.8% | Jun 2023 -78% | Sep 2023 -55% | Dec 2023 — | Mar 2024 5.7% | Jun 2024 267% | Sep 2024 148% | Dec 2024 — | Mar 2025 -5.4% | Jun 2025 -5.5% | Sep 2025 1.6% | Dec 2025 — | Mar 2026 — | Jun 2026 -35% - TSQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 9.0% | Dec 2022 8.1% | Mar 2023 3.0% | Jun 2023 -0.8% | Sep 2023 -5.0% | Dec 2023 -4.2% | Mar 2024 -2.9% | Jun 2024 -2.5% | Sep 2024 0.0% | Dec 2024 2.6% | Mar 2025 -1.0% | Jun 2025 -2.5% | Sep 2025 -7.0% | Dec 2025 -10% | Mar 2026 -2.0% | Jun 2026 — - FLNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 3.5% | Dec 2022 -15% | Mar 2023 -13% | Jun 2023 -16% | Sep 2023 -26% | Dec 2023 -14% | Mar 2024 -14% | Jun 2024 -28% | Sep 2024 -1.5% | Dec 2024 -11% | Mar 2025 -17% | Jun 2025 -24% | Sep 2025 -28% | Dec 2025 -4.6% | Mar 2026 -18% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: AppLovin Corporation leads opm at 78.2%; Entravision Communications Corporation leads margin change at +68 percentage points. Investor read: AppLovin Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: AppLovin Corporation · 78.2% | 525.6% versus #2 · Emerald Holding, Inc. | 8/8 recent comparable periods | 18/20 companies · 317 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. AppLovin Corporation (APP): 78% 2. Emerald Holding, Inc. (EEX): 13% 3. Clear Channel Outdoor Holdings, Inc. (CCO): 11% 4. Entravision Communications Corporation (EVC): 11% 5. Omnicom Group Inc. (OMC): 10% ### Margin change — fastest expanders 1. Entravision Communications Corporation (EVC): +68.0 pp 2. AppLovin Corporation (APP): +5.7 pp 3. Magnite, Inc. (MGNI): +5.6 pp 4. DoubleVerify Holdings, Inc. (DV): +4.5 pp 5. Fluent, Inc. (FLNT): +4.1 pp ### 20-quarter OPM history - APP: Sep 2021 6.2% | Dec 2021 7.4% | Mar 2022 -21% | Jun 2022 6.9% | Sep 2022 6.9% | Dec 2022 -3.2% | Mar 2023 8.5% | Jun 2023 18% | Sep 2023 22% | Dec 2023 28% | Mar 2024 32% | Jun 2024 54% | Sep 2024 64% | Dec 2024 63% | Mar 2025 73% | Jun 2025 76% | Sep 2025 77% | Dec 2025 77% | Mar 2026 78% | Jun 2026 — - OMC: Sep 2021 16% | Dec 2021 16% | Mar 2022 10% | Jun 2022 15% | Sep 2022 16% | Dec 2022 17% | Mar 2023 10% | Jun 2023 15% | Sep 2023 16% | Dec 2023 — | Mar 2024 13% | Jun 2024 13% | Sep 2024 16% | Dec 2024 — | Mar 2025 12% | Jun 2025 11% | Sep 2025 13% | Dec 2025 — | Mar 2026 10% | Jun 2026 — - TTD: Sep 2021 27% | Dec 2021 -6.4% | Mar 2022 -5.4% | Jun 2022 0.5% | Sep 2022 7.3% | Dec 2022 20% | Mar 2023 -6.1% | Jun 2023 9.0% | Sep 2023 7.6% | Dec 2023 24% | Mar 2024 5.8% | Jun 2024 16% | Sep 2024 17% | Dec 2024 26% | Mar 2025 8.8% | Jun 2025 17% | Sep 2025 22% | Dec 2025 30% | Mar 2026 9.7% | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 -46% | Jun 2023 — | Sep 2023 -47% | Dec 2023 — | Mar 2024 -6.5% | Jun 2024 — | Sep 2024 -220% | Dec 2024 — | Mar 2025 -115% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 -18% | Dec 2021 2.3% | Mar 2022 -34% | Jun 2022 -17% | Sep 2022 -15% | Dec 2022 -16% | Mar 2023 -77% | Jun 2023 -47% | Sep 2023 -12% | Dec 2023 19% | Mar 2024 -9.3% | Jun 2024 5.9% | Sep 2024 9.3% | Dec 2024 21% | Mar 2025 -0.9% | Jun 2025 13% | Sep 2025 14% | Dec 2025 25% | Mar 2026 4.7% | Jun 2026 — - STGW: Sep 2021 -4.2% | Dec 2021 5.5% | Mar 2022 8.5% | Jun 2022 7.2% | Sep 2022 11% | Dec 2022 -2.0% | Mar 2023 2.6% | Jun 2023 3.4% | Sep 2023 5.5% | Dec 2023 2.9% | Mar 2024 3.9% | Jun 2024 3.3% | Sep 2024 5.9% | Dec 2024 5.5% | Mar 2025 2.8% | Jun 2025 3.3% | Sep 2025 8.2% | Dec 2025 7.0% | Mar 2026 1.4% | Jun 2026 — - ZD: Sep 2021 13% | Dec 2021 21% | Mar 2022 9.7% | Jun 2022 14% | Sep 2022 8.5% | Dec 2022 24% | Mar 2023 8.6% | Jun 2023 12% | Sep 2023 -3.9% | Dec 2023 21% | Mar 2024 11% | Jun 2024 8.9% | Sep 2024 -8.3% | Dec 2024 19% | Mar 2025 5.3% | Jun 2025 9.5% | Sep 2025 7.8% | Dec 2025 21% | Mar 2026 1.1% | Jun 2026 — - DV: Sep 2021 14% | Dec 2021 15% | Mar 2022 3.0% | Jun 2022 12% | Sep 2022 13% | Dec 2022 21% | Mar 2023 12% | Jun 2023 11% | Sep 2023 13% | Dec 2023 22% | Mar 2024 4.9% | Jun 2024 7.1% | Sep 2024 15% | Dec 2024 20% | Mar 2025 4.1% | Jun 2025 7.2% | Sep 2025 11% | Dec 2025 18% | Mar 2026 8.6% | Jun 2026 — - CCO: Sep 2021 8.1% | Dec 2021 20% | Mar 2022 -0.7% | Jun 2022 11% | Sep 2022 16% | Dec 2022 15% | Mar 2023 -2.1% | Jun 2023 9.9% | Sep 2023 13% | Dec 2023 20% | Mar 2024 13% | Jun 2024 18% | Sep 2024 18% | Dec 2024 24% | Mar 2025 14% | Jun 2025 19% | Sep 2025 20% | Dec 2025 23% | Mar 2026 11% | Jun 2026 — - CRTO: Sep 2021 6.3% | Dec 2021 10% | Mar 2022 5.4% | Jun 2022 -11% | Sep 2022 1.0% | Dec 2022 8.6% | Mar 2023 -5.3% | Jun 2023 0.2% | Sep 2023 2.4% | Dec 2023 16% | Mar 2024 2.3% | Jun 2024 7.8% | Sep 2024 2.1% | Dec 2024 17% | Mar 2025 11% | Jun 2025 6.3% | Sep 2025 11% | Dec 2025 — | Mar 2026 2.4% | Jun 2026 — - EVC: Sep 2021 10% | Dec 2021 5.3% | Mar 2022 2.1% | Jun 2022 6.1% | Sep 2022 6.6% | Dec 2022 2.3% | Mar 2023 2.8% | Jun 2023 -5.4% | Sep 2023 -4.9% | Dec 2023 -19% | Mar 2024 -9.8% | Jun 2024 -4.0% | Sep 2024 7.8% | Dec 2024 -45% | Mar 2025 -58% | Jun 2025 -0.8% | Sep 2025 -7.5% | Dec 2025 -15% | Mar 2026 11% | Jun 2026 — - EEX: Sep 2021 -9.3% | Dec 2021 -16% | Mar 2022 20% | Jun 2022 9.5% | Sep 2022 204% | Dec 2022 28% | Mar 2023 14% | Jun 2023 -1.2% | Sep 2023 -1.4% | Dec 2023 20% | Mar 2024 18% | Jun 2024 7.4% | Sep 2024 -6.5% | Dec 2024 19% | Mar 2025 24% | Jun 2025 9.7% | Sep 2025 -10% | Dec 2025 -12% | Mar 2026 13% | Jun 2026 — - QNST: Sep 2021 2.5% | Dec 2021 -6.0% | Mar 2022 0.7% | Jun 2022 -1.5% | Sep 2022 -3.4% | Dec 2022 -6.8% | Mar 2023 -0.8% | Jun 2023 -4.1% | Sep 2023 -8.0% | Dec 2023 -9.3% | Mar 2024 -3.2% | Jun 2024 -0.7% | Sep 2024 -0.4% | Dec 2024 -0.5% | Mar 2025 1.8% | Jun 2025 1.5% | Sep 2025 1.7% | Dec 2025 0.4% | Mar 2026 3.0% | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -21% | Jun 2023 -9.4% | Sep 2023 -4.3% | Dec 2023 10% | Mar 2024 -8.8% | Jun 2024 7.2% | Sep 2024 18% | Dec 2024 22% | Mar 2025 4.4% | Jun 2025 9.6% | Sep 2025 7.7% | Dec 2025 13% | Mar 2026 -5.6% | Jun 2026 — - ADV: Sep 2021 7.1% | Dec 2021 8.2% | Mar 2022 2.5% | Jun 2022 2.9% | Sep 2022 4.5% | Dec 2022 3.2% | Mar 2023 0.7% | Jun 2023 1.6% | Sep 2023 0.7% | Dec 2023 2.1% | Mar 2024 -3.5% | Jun 2024 -10% | Sep 2024 -0.3% | Dec 2024 -19% | Mar 2025 -1.8% | Jun 2025 1.1% | Sep 2025 4.4% | Dec 2025 -22% | Mar 2026 0.5% | Jun 2026 — - NCMI: Sep 2021 -211% | Dec 2021 13% | Mar 2022 -63% | Jun 2022 8.3% | Sep 2022 -7.7% | Dec 2022 31% | Mar 2023 -88% | Jun 2023 -33% | Sep 2023 -50% | Dec 2023 — | Mar 2024 -61% | Jun 2024 -17% | Sep 2024 -12% | Dec 2024 — | Mar 2025 -69% | Jun 2025 -23% | Sep 2025 -2.8% | Dec 2025 — | Mar 2026 — | Jun 2026 -79% - TSQ: Sep 2021 21% | Dec 2021 17% | Mar 2022 16% | Jun 2022 14% | Sep 2022 12% | Dec 2022 7.0% | Mar 2023 4.1% | Jun 2023 -4.0% | Sep 2023 -9.3% | Dec 2023 -6.9% | Mar 2024 6.7% | Jun 2024 -18% | Sep 2024 13% | Dec 2024 18% | Mar 2025 7.2% | Jun 2025 18% | Sep 2025 5.6% | Dec 2025 9.5% | Mar 2026 -1.3% | Jun 2026 — - FLNT: Sep 2021 -2.4% | Dec 2021 4.4% | Mar 2022 -1.8% | Jun 2022 -52% | Sep 2022 0.7% | Dec 2022 -79% | Mar 2023 -40% | Jun 2023 8.2% | Sep 2023 -51% | Dec 2023 -2.4% | Mar 2024 -6.0% | Jun 2024 -18% | Sep 2024 -6.0% | Dec 2024 -8.3% | Mar 2025 -13% | Jun 2025 -16% | Sep 2025 -13% | Dec 2025 0.3% | Mar 2026 -8.7% | Jun 2026 — ### 20-quarter Margin change history - APP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.7 pp | Sep 2022 +0.7 pp | Dec 2022 −10.6 pp | Mar 2023 +29.0 pp | Jun 2023 +10.6 pp | Sep 2023 +14.7 pp | Dec 2023 +31.5 pp | Mar 2024 +23.6 pp | Jun 2024 +36.6 pp | Sep 2024 +42.4 pp | Dec 2024 +34.6 pp | Mar 2025 +40.4 pp | Jun 2025 +22.0 pp | Sep 2025 +12.8 pp | Dec 2025 +14.0 pp | Mar 2026 +5.7 pp | Jun 2026 — - OMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.7 pp | Sep 2022 +0.1 pp | Dec 2022 +0.5 pp | Mar 2023 −0.3 pp | Jun 2023 +0.1 pp | Sep 2023 −0.2 pp | Dec 2023 — | Mar 2024 +3.1 pp | Jun 2024 −2.1 pp | Sep 2024 −0.2 pp | Dec 2024 — | Mar 2025 −0.9 pp | Jun 2025 −2.3 pp | Sep 2025 −2.4 pp | Dec 2025 — | Mar 2026 −1.9 pp | Jun 2026 — - TTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −21.6 pp | Sep 2022 −19.4 pp | Dec 2022 +26.8 pp | Mar 2023 −0.7 pp | Jun 2023 +8.5 pp | Sep 2023 +0.3 pp | Dec 2023 +3.4 pp | Mar 2024 +11.9 pp | Jun 2024 +7.2 pp | Sep 2024 +9.7 pp | Dec 2024 +2.6 pp | Mar 2025 +3.0 pp | Jun 2025 +0.6 pp | Sep 2025 +4.5 pp | Dec 2025 +3.9 pp | Mar 2026 +0.9 pp | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −71.2 pp | Jun 2023 — | Sep 2023 −73.0 pp | Dec 2023 — | Mar 2024 +39.7 pp | Jun 2024 — | Sep 2024 −173.5 pp | Dec 2024 — | Mar 2025 −108.4 pp | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +24.1 pp | Sep 2022 +3.7 pp | Dec 2022 −18.6 pp | Mar 2023 −43.5 pp | Jun 2023 −30.2 pp | Sep 2023 +2.6 pp | Dec 2023 +35.1 pp | Mar 2024 +67.9 pp | Jun 2024 +53.0 pp | Sep 2024 +21.2 pp | Dec 2024 +1.9 pp | Mar 2025 +8.4 pp | Jun 2025 +6.8 pp | Sep 2025 +4.7 pp | Dec 2025 +4.6 pp | Mar 2026 +5.6 pp | Jun 2026 — - STGW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.5 pp | Sep 2022 +14.8 pp | Dec 2022 −7.5 pp | Mar 2023 −5.9 pp | Jun 2023 −3.8 pp | Sep 2023 −5.1 pp | Dec 2023 +4.9 pp | Mar 2024 +1.3 pp | Jun 2024 −0.1 pp | Sep 2024 +0.4 pp | Dec 2024 +2.6 pp | Mar 2025 −1.1 pp | Jun 2025 0.0 pp | Sep 2025 +2.3 pp | Dec 2025 +1.5 pp | Mar 2026 −1.4 pp | Jun 2026 — - ZD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.7 pp | Sep 2022 −4.2 pp | Dec 2022 +2.7 pp | Mar 2023 −1.1 pp | Jun 2023 −1.7 pp | Sep 2023 −12.4 pp | Dec 2023 −2.9 pp | Mar 2024 +2.8 pp | Jun 2024 −3.0 pp | Sep 2024 −4.4 pp | Dec 2024 −1.7 pp | Mar 2025 −6.1 pp | Jun 2025 +0.6 pp | Sep 2025 +16.1 pp | Dec 2025 +2.2 pp | Mar 2026 −4.2 pp | Jun 2026 — - DV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +25.0 pp | Sep 2022 −1.4 pp | Dec 2022 +6.2 pp | Mar 2023 +9.4 pp | Jun 2023 −1.1 pp | Sep 2023 −0.1 pp | Dec 2023 +0.5 pp | Mar 2024 −7.5 pp | Jun 2024 −3.8 pp | Sep 2024 +2.5 pp | Dec 2024 −1.6 pp | Mar 2025 −0.8 pp | Jun 2025 +0.1 pp | Sep 2025 −4.0 pp | Dec 2025 −1.9 pp | Mar 2026 +4.5 pp | Jun 2026 — - CCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +8.5 pp | Sep 2022 +7.9 pp | Dec 2022 −4.3 pp | Mar 2023 −1.4 pp | Jun 2023 −1.1 pp | Sep 2023 −2.8 pp | Dec 2023 +4.5 pp | Mar 2024 +15.5 pp | Jun 2024 +8.3 pp | Sep 2024 +4.6 pp | Dec 2024 +3.8 pp | Mar 2025 +0.1 pp | Jun 2025 +1.0 pp | Sep 2025 +2.1 pp | Dec 2025 −0.2 pp | Mar 2026 −2.9 pp | Jun 2026 — - CRTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −15.0 pp | Sep 2022 −5.3 pp | Dec 2022 −1.5 pp | Mar 2023 −10.7 pp | Jun 2023 +11.6 pp | Sep 2023 +1.4 pp | Dec 2023 +7.0 pp | Mar 2024 +7.6 pp | Jun 2024 +7.6 pp | Sep 2024 −0.3 pp | Dec 2024 +1.5 pp | Mar 2025 +8.4 pp | Jun 2025 −1.5 pp | Sep 2025 +8.9 pp | Dec 2025 — | Mar 2026 −8.3 pp | Jun 2026 — - EVC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.0 pp | Sep 2022 −3.7 pp | Dec 2022 −3.0 pp | Mar 2023 +0.7 pp | Jun 2023 −11.5 pp | Sep 2023 −11.5 pp | Dec 2023 −21.7 pp | Mar 2024 −12.6 pp | Jun 2024 +1.4 pp | Sep 2024 +12.7 pp | Dec 2024 −26.0 pp | Mar 2025 −47.7 pp | Jun 2025 +3.2 pp | Sep 2025 −15.3 pp | Dec 2025 +30.0 pp | Mar 2026 +68.0 pp | Jun 2026 — - EEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +219.5 pp | Sep 2022 +213.3 pp | Dec 2022 +44.1 pp | Mar 2023 −5.8 pp | Jun 2023 −10.7 pp | Sep 2023 −205.4 pp | Dec 2023 −8.7 pp | Mar 2024 +4.5 pp | Jun 2024 +8.6 pp | Sep 2024 −5.1 pp | Dec 2024 −0.6 pp | Mar 2025 +6.0 pp | Jun 2025 +2.3 pp | Sep 2025 −3.6 pp | Dec 2025 −30.8 pp | Mar 2026 −11.7 pp | Jun 2026 — - QNST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.8 pp | Sep 2022 −5.9 pp | Dec 2022 −0.8 pp | Mar 2023 −1.5 pp | Jun 2023 −2.6 pp | Sep 2023 −4.6 pp | Dec 2023 −2.5 pp | Mar 2024 −2.4 pp | Jun 2024 +3.4 pp | Sep 2024 +7.6 pp | Dec 2024 +8.8 pp | Mar 2025 +5.0 pp | Jun 2025 +2.2 pp | Sep 2025 +2.1 pp | Dec 2025 +0.9 pp | Mar 2026 +1.2 pp | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +12.4 pp | Jun 2024 +16.6 pp | Sep 2024 +22.3 pp | Dec 2024 +12.0 pp | Mar 2025 +13.2 pp | Jun 2025 +2.4 pp | Sep 2025 −10.3 pp | Dec 2025 −9.1 pp | Mar 2026 −10.0 pp | Jun 2026 — - ADV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.1 pp | Sep 2022 −2.6 pp | Dec 2022 −5.0 pp | Mar 2023 −1.8 pp | Jun 2023 −1.3 pp | Sep 2023 −3.8 pp | Dec 2023 −1.1 pp | Mar 2024 −4.2 pp | Jun 2024 −12.0 pp | Sep 2024 −1.0 pp | Dec 2024 −21.1 pp | Mar 2025 +1.7 pp | Jun 2025 +11.5 pp | Sep 2025 +4.7 pp | Dec 2025 −3.4 pp | Mar 2026 +2.3 pp | Jun 2026 — - NCMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +203.7 pp | Dec 2022 +18.0 pp | Mar 2023 −25.0 pp | Jun 2023 −41.4 pp | Sep 2023 −42.1 pp | Dec 2023 — | Mar 2024 +27.0 pp | Jun 2024 +16.1 pp | Sep 2024 +37.8 pp | Dec 2024 — | Mar 2025 −7.8 pp | Jun 2025 −6.2 pp | Sep 2025 +9.2 pp | Dec 2025 — | Mar 2026 — | Jun 2026 −55.9 pp - TSQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.4 pp | Sep 2022 −8.7 pp | Dec 2022 −10.1 pp | Mar 2023 −11.7 pp | Jun 2023 −17.8 pp | Sep 2023 −21.3 pp | Dec 2023 −13.9 pp | Mar 2024 +2.6 pp | Jun 2024 −14.1 pp | Sep 2024 +22.4 pp | Dec 2024 +25.0 pp | Mar 2025 +0.5 pp | Jun 2025 +36.3 pp | Sep 2025 −7.5 pp | Dec 2025 −8.6 pp | Mar 2026 −8.5 pp | Jun 2026 — - FLNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −45.7 pp | Sep 2022 +3.1 pp | Dec 2022 −83.8 pp | Mar 2023 −38.5 pp | Jun 2023 +60.4 pp | Sep 2023 −51.9 pp | Dec 2023 +77.0 pp | Mar 2024 +34.3 pp | Jun 2024 −25.9 pp | Sep 2024 +45.2 pp | Dec 2024 −5.9 pp | Mar 2025 −6.8 pp | Jun 2025 +1.8 pp | Sep 2025 −7.4 pp | Dec 2025 +8.6 pp | Mar 2026 +4.1 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: AppLovin Corporation leads with $3,964 million of TTM profit, 276.8% above Omnicom Group Inc.. AppLovin Corporation shows ≥100% on the scoring scale (106.6% uncapped) growth from a $3,964 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: AppLovin Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: AppLovin Corporation · $3,964 million | 276.8% versus #2 · Omnicom Group Inc. | 8/8 recent comparable periods | 16/20 companies · 333 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. AppLovin Corporation (APP): ₹4.0K Cr 2. Omnicom Group Inc. (OMC): ₹1.1K Cr 3. The Trade Desk, Inc. (TTD): ₹433 Cr 4. Magnite, Inc. (MGNI): ₹158 Cr 5. Criteo S.A. (CRTO): ₹118 Cr ### Profit growth — fastest growers 1. AppLovin Corporation (APP): 100% 2. DoubleVerify Holdings, Inc. (DV): 8.0% 3. The Trade Desk, Inc. (TTD): 5.1% 4. Omnicom Group Inc. (OMC): -0.4% 5. Criteo S.A. (CRTO): -19% ### 20-quarter Net profit history - APP: Sep 2021 ₹0 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹-115 Cr | Jun 2022 ₹-22 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹-80 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹109 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹236 Cr | Jun 2024 ₹310 Cr | Sep 2024 ₹434 Cr | Dec 2024 ₹599 Cr | Mar 2025 ₹576 Cr | Jun 2025 ₹820 Cr | Sep 2025 ₹836 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 — - OMC: Sep 2021 ₹-2 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹195 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹345 Cr | Sep 2024 ₹410 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹303 Cr | Jun 2025 ₹278 Cr | Sep 2025 ₹355 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹420 Cr | Jun 2026 — - TTD: Sep 2021 ₹59 Cr | Dec 2021 ₹-27 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹-19 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹116 Cr | Dec 2025 ₹187 Cr | Mar 2026 ₹40 Cr | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹-1 Cr | Jun 2023 — | Sep 2023 ₹-1 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹-1 Cr | Dec 2024 — | Mar 2025 ₹-1 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WPP: Sep 2021 — | Dec 2021 ₹433 Cr | Mar 2022 — | Jun 2022 ₹301 Cr | Sep 2022 — | Dec 2022 ₹474 Cr | Mar 2023 — | Jun 2023 ₹149 Cr | Sep 2023 — | Dec 2023 ₹48 Cr | Mar 2024 — | Jun 2024 ₹246 Cr | Sep 2024 — | Dec 2024 ₹383 Cr | Mar 2025 — | Jun 2025 ₹70 Cr | Sep 2025 — | Dec 2025 ₹-242 Cr | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 ₹-24 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-45 Cr | Jun 2022 ₹-25 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-36 Cr | Mar 2023 ₹-99 Cr | Jun 2023 ₹-74 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹-18 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹123 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - STGW: Sep 2021 ₹8 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹-28 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹-14 Cr | Jun 2026 — - ZD: Sep 2021 ₹49 Cr | Dec 2021 ₹739 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹-46 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹67 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹-49 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹21 Cr | Jun 2026 — - DV: Sep 2021 ₹8 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - CCO: Sep 2021 ₹-41 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹-90 Cr | Jun 2022 ₹-65 Cr | Sep 2022 ₹-39 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹-35 Cr | Jun 2023 ₹-37 Cr | Sep 2023 ₹-263 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹-89 Cr | Jun 2024 ₹-39 Cr | Sep 2024 ₹-32 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹-59 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹-48 Cr | Jun 2026 — - CRTO: Sep 2021 ₹24 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹-33 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹9 Cr | Jun 2026 — - EVC: Sep 2021 ₹14 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹-13 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹-56 Cr | Mar 2025 ₹-48 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹12 Cr | Jun 2026 — - EEX: Sep 2021 ₹-9 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - QNST: Sep 2021 ₹3 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-8 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-56 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-18 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹-5 Cr | Jun 2026 — - ADV: Sep 2021 ₹24 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-48 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-23 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-101 Cr | Sep 2024 ₹-43 Cr | Dec 2024 ₹-178 Cr | Mar 2025 ₹-56 Cr | Jun 2025 ₹-30 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹-207 Cr | Mar 2026 ₹-72 Cr | Jun 2026 — - NCMI: Sep 2021 ₹-47 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹-46 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-22 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹-54 Cr | Jun 2023 ₹545 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹-35 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹-31 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹29 Cr | Jun 2026 ₹-29 Cr - TSQ: Sep 2021 ₹13 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹-37 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹-49 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - FLNT: Sep 2021 ₹-2 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-47 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-68 Cr | Mar 2023 ₹-32 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹-36 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-5 Cr | Jun 2026 — ### 20-quarter Profit growth history - APP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -257% | Sep 2022 — | Dec 2022 -358% | Mar 2023 — | Jun 2023 — | Sep 2023 354% | Dec 2023 — | Mar 2024 — | Jun 2024 288% | Sep 2024 298% | Dec 2024 248% | Mar 2025 144% | Jun 2025 165% | Sep 2025 93% | Dec 2025 84% | Mar 2026 109% | Jun 2026 — - OMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -101% | Sep 2022 — | Dec 2022 — | Mar 2023 -100% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -19% | Sep 2025 -13% | Dec 2025 — | Mar 2026 39% | Jun 2026 — - TTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -140% | Sep 2022 -73% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 144% | Dec 2023 37% | Mar 2024 256% | Jun 2024 158% | Sep 2024 141% | Dec 2024 88% | Mar 2025 59% | Jun 2025 5.9% | Sep 2025 23% | Dec 2025 2.8% | Mar 2026 -22% | Jun 2026 — - WPP: Sep 2021 — | Dec 2021 60% | Mar 2022 — | Jun 2022 4.9% | Sep 2022 — | Dec 2022 9.5% | Mar 2023 — | Jun 2023 -51% | Sep 2023 — | Dec 2023 -90% | Mar 2024 — | Jun 2024 65% | Sep 2024 — | Dec 2024 698% | Mar 2025 — | Jun 2025 -72% | Sep 2025 — | Dec 2025 -163% | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -168% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 16% | Mar 2025 — | Jun 2025 — | Sep 2025 300% | Dec 2025 242% | Mar 2026 — | Jun 2026 — - STGW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 338% | Dec 2022 -660% | Mar 2023 -109% | Jun 2023 -120% | Sep 2023 -91% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 367% | Dec 2024 -65% | Mar 2025 — | Jun 2025 — | Sep 2025 71% | Dec 2025 6.3% | Mar 2026 — | Jun 2026 — - ZD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -63% | Dec 2022 -91% | Mar 2023 -132% | Jun 2023 — | Sep 2023 -272% | Dec 2023 -6.0% | Mar 2024 — | Jun 2024 118% | Sep 2024 — | Dec 2024 1.6% | Mar 2025 209% | Jun 2025 -30% | Sep 2025 — | Dec 2025 -100% | Mar 2026 -38% | Jun 2026 — - DV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 -36% | Mar 2023 140% | Jun 2023 30% | Sep 2023 30% | Dec 2023 83% | Mar 2024 -42% | Jun 2024 -46% | Sep 2024 38% | Dec 2024 -30% | Mar 2025 -71% | Jun 2025 29% | Sep 2025 -44% | Dec 2025 26% | Mar 2026 200% | Jun 2026 — - CCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 50% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -80% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -185% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -176% | Jun 2026 — - CRTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -320% | Sep 2022 -71% | Dec 2022 -79% | Mar 2023 -157% | Jun 2023 — | Sep 2023 0.0% | Dec 2023 288% | Mar 2024 — | Jun 2024 — | Sep 2024 -14% | Dec 2024 16% | Mar 2025 344% | Jun 2025 -18% | Sep 2025 567% | Dec 2025 -36% | Mar 2026 -78% | Jun 2026 — - EVC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 -36% | Dec 2022 -75% | Mar 2023 0.0% | Jun 2023 -175% | Sep 2023 -167% | Dec 2023 -1,400% | Mar 2024 -500% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -200% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - EEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -56% | Jun 2023 — | Sep 2023 -88% | Dec 2023 -42% | Mar 2024 57% | Jun 2024 — | Sep 2024 -200% | Dec 2024 0.0% | Mar 2025 36% | Jun 2025 — | Sep 2025 — | Dec 2025 -327% | Mar 2026 -53% | Jun 2026 — - QNST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -267% | Sep 2022 -267% | Dec 2022 — | Mar 2023 -100% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 75% | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 150% | Mar 2025 — | Jun 2025 200% | Sep 2025 -73% | Dec 2025 -56% | Mar 2026 -350% | Jun 2026 — - ADV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 -4.2% | Dec 2022 -113% | Mar 2023 -367% | Jun 2023 -300% | Sep 2023 -200% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -1,089% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - NCMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 150% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 140% | Mar 2024 — | Jun 2024 -102% | Sep 2024 -102% | Dec 2024 4.2% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TSQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 -77% | Dec 2022 100% | Mar 2023 -167% | Jun 2023 -160% | Sep 2023 -1,333% | Dec 2023 -150% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -200% | Jun 2025 — | Sep 2025 -145% | Dec 2025 -120% | Mar 2026 — | Jun 2026 — - FLNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -1,800% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -263% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: The Trade Desk, Inc. reports $113 million of CAPEX; The Trade Desk, Inc. has the highest covered intensity at 16.4%. Coverage is only 18 of 20 companies and 294 reported observations, so this is partial evidence—not a complete sector rank. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: The Trade Desk, Inc. · $113 million | 85.2% versus #2 · Omnicom Group Inc. | 8/8 recent comparable periods | 18/20 companies · 294 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. The Trade Desk, Inc. (TTD): ₹113 Cr 2. Omnicom Group Inc. (OMC): ₹61 Cr 3. WPP plc (WPP): ₹49 Cr — older report 4. Ziff Davis, Inc. (ZD): ₹33 Cr 5. Clear Channel Outdoor Holdings, Inc. (CCO): ₹16 Cr ### CAPEX intensity — highest reinvestment intensity 1. The Trade Desk, Inc. (TTD): 16% 2. Ziff Davis, Inc. (ZD): 12% 3. DoubleVerify Holdings, Inc. (DV): 6.1% 4. Magnite, Inc. (MGNI): 5.5% 5. Clear Channel Outdoor Holdings, Inc. (CCO): 4.3% ### 20-quarter CAPEX history - APP: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - OMC: Sep 2021 ₹20 Cr | Dec 2021 ₹623 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹61 Cr | Jun 2026 — - TTD: Sep 2021 ₹25 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹113 Cr | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WPP: Sep 2021 — | Dec 2021 ₹152 Cr | Mar 2022 — | Jun 2022 ₹102 Cr | Sep 2022 — | Dec 2022 ₹107 Cr | Mar 2023 — | Jun 2023 ₹81 Cr | Sep 2023 — | Dec 2023 ₹96 Cr | Mar 2024 — | Jun 2024 ₹82 Cr | Sep 2024 — | Dec 2024 ₹107 Cr | Mar 2025 — | Jun 2025 ₹42 Cr | Sep 2025 — | Dec 2025 ₹49 Cr | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹9 Cr | Jun 2026 — - STGW: Sep 2021 ₹6 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - ZD: Sep 2021 ₹30 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹33 Cr | Jun 2026 — - DV: Sep 2021 ₹2 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - CCO: Sep 2021 ₹33 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹16 Cr | Jun 2026 — - EVC: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - EEX: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - QNST: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - ADV: Sep 2021 ₹11 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - NCMI: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 — | Mar 2026 ₹2 Cr | Jun 2026 ₹0 Cr - TSQ: Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - FLNT: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - APP: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - OMC: Sep 2021 0.6% | Dec 2021 16% | Mar 2022 0.7% | Jun 2022 0.5% | Sep 2022 0.7% | Dec 2022 0.3% | Mar 2023 0.7% | Jun 2023 0.5% | Sep 2023 0.7% | Dec 2023 — | Mar 2024 0.6% | Jun 2024 1.0% | Sep 2024 0.8% | Dec 2024 — | Mar 2025 0.8% | Jun 2025 1.0% | Sep 2025 1.0% | Dec 2025 — | Mar 2026 1.0% | Jun 2026 — - TTD: Sep 2021 8.3% | Dec 2021 2.8% | Mar 2022 2.5% | Jun 2022 1.1% | Sep 2022 6.1% | Dec 2022 9.8% | Mar 2023 2.3% | Jun 2023 1.5% | Sep 2023 1.0% | Dec 2023 4.1% | Mar 2024 1.4% | Jun 2024 3.8% | Sep 2024 7.8% | Dec 2024 2.7% | Mar 2025 9.6% | Jun 2025 6.5% | Sep 2025 8.9% | Dec 2025 3.1% | Mar 2026 16% | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 0.0% | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WPP: Sep 2021 — | Dec 2021 2.3% | Mar 2022 — | Jun 2022 1.5% | Sep 2022 — | Dec 2022 1.4% | Mar 2023 — | Jun 2023 1.1% | Sep 2023 — | Dec 2023 1.3% | Mar 2024 — | Jun 2024 1.1% | Sep 2024 — | Dec 2024 1.4% | Mar 2025 — | Jun 2025 0.6% | Sep 2025 — | Dec 2025 0.7% | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 2.3% | Dec 2021 2.5% | Mar 2022 5.9% | Jun 2022 0.7% | Sep 2022 6.2% | Dec 2022 7.4% | Mar 2023 3.1% | Jun 2023 5.2% | Sep 2023 2.7% | Dec 2023 5.3% | Mar 2024 4.0% | Jun 2024 5.5% | Sep 2024 8.6% | Dec 2024 2.1% | Mar 2025 9.0% | Jun 2025 7.5% | Sep 2025 10% | Dec 2025 12% | Mar 2026 5.5% | Jun 2026 — - STGW: Sep 2021 1.3% | Dec 2021 1.5% | Mar 2022 0.8% | Jun 2022 1.2% | Sep 2022 0.6% | Dec 2022 1.0% | Mar 2023 0.5% | Jun 2023 0.8% | Sep 2023 0.6% | Dec 2023 0.3% | Mar 2024 0.7% | Jun 2024 1.3% | Sep 2024 0.4% | Dec 2024 0.3% | Mar 2025 0.9% | Jun 2025 1.1% | Sep 2025 2.0% | Dec 2025 2.1% | Mar 2026 1.6% | Jun 2026 — - ZD: Sep 2021 8.5% | Dec 2021 6.4% | Mar 2022 9.8% | Jun 2022 6.8% | Sep 2022 7.9% | Dec 2022 6.3% | Mar 2023 9.8% | Jun 2023 7.7% | Sep 2023 7.9% | Dec 2023 6.7% | Mar 2024 8.9% | Jun 2024 8.1% | Sep 2024 7.3% | Dec 2024 6.5% | Mar 2025 9.5% | Jun 2025 8.5% | Sep 2025 8.2% | Dec 2025 8.1% | Mar 2026 12% | Jun 2026 — - DV: Sep 2021 2.4% | Dec 2021 3.8% | Mar 2022 5.2% | Jun 2022 8.2% | Sep 2022 13% | Dec 2022 9.0% | Mar 2023 3.3% | Jun 2023 3.0% | Sep 2023 3.5% | Dec 2023 2.9% | Mar 2024 4.3% | Jun 2024 4.5% | Sep 2024 3.5% | Dec 2024 3.7% | Mar 2025 3.6% | Jun 2025 5.3% | Sep 2025 6.3% | Dec 2025 5.3% | Mar 2026 6.1% | Jun 2026 — - CCO: Sep 2021 5.5% | Dec 2021 8.9% | Mar 2022 6.8% | Jun 2022 7.0% | Sep 2022 8.5% | Dec 2022 11% | Mar 2023 8.7% | Jun 2023 7.0% | Sep 2023 7.0% | Dec 2023 8.5% | Mar 2024 8.0% | Jun 2024 6.9% | Sep 2024 8.8% | Dec 2024 13% | Mar 2025 7.8% | Jun 2025 4.2% | Sep 2025 3.7% | Dec 2025 5.6% | Mar 2026 4.3% | Jun 2026 — - EVC: Sep 2021 0.5% | Dec 2021 0.9% | Mar 2022 1.0% | Jun 2022 0.9% | Sep 2022 2.1% | Dec 2022 1.4% | Mar 2023 2.9% | Jun 2023 11% | Sep 2023 6.5% | Dec 2023 9.0% | Mar 2024 3.8% | Jun 2024 2.4% | Sep 2024 2.1% | Dec 2024 1.9% | Mar 2025 3.3% | Jun 2025 2.0% | Sep 2025 0.8% | Dec 2025 0.7% | Mar 2026 2.0% | Jun 2026 — - EEX: Sep 2021 0.0% | Dec 2021 2.4% | Mar 2022 1.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.9% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — - QNST: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 1.3% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.7% | Mar 2023 0.0% | Jun 2023 0.8% | Sep 2023 1.6% | Dec 2023 0.8% | Mar 2024 0.6% | Jun 2024 0.5% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.4% | Jun 2025 0.4% | Sep 2025 0.3% | Dec 2025 0.3% | Mar 2026 0.3% | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.4% | Jun 2023 1.2% | Sep 2023 1.3% | Dec 2023 2.1% | Mar 2024 4.1% | Jun 2024 1.1% | Sep 2024 1.1% | Dec 2024 3.6% | Mar 2025 2.6% | Jun 2025 3.3% | Sep 2025 4.2% | Dec 2025 3.0% | Mar 2026 3.4% | Jun 2026 — - ADV: Sep 2021 1.2% | Dec 2021 0.7% | Mar 2022 1.1% | Jun 2022 1.1% | Sep 2022 0.9% | Dec 2022 0.9% | Mar 2023 0.6% | Jun 2023 0.8% | Sep 2023 1.0% | Dec 2023 0.4% | Mar 2024 1.7% | Jun 2024 1.1% | Sep 2024 2.7% | Dec 2024 4.8% | Mar 2025 1.8% | Jun 2025 0.2% | Sep 2025 1.2% | Dec 2025 2.4% | Mar 2026 1.3% | Jun 2026 — - NCMI: Sep 2021 7.1% | Dec 2021 3.1% | Mar 2022 2.8% | Jun 2022 1.5% | Sep 2022 1.8% | Dec 2022 1.1% | Mar 2023 2.9% | Jun 2023 0.0% | Sep 2023 4.0% | Dec 2023 — | Mar 2024 5.4% | Jun 2024 1.8% | Sep 2024 1.6% | Dec 2024 — | Mar 2025 2.9% | Jun 2025 3.8% | Sep 2025 1.6% | Dec 2025 — | Mar 2026 — | Jun 2026 0.0% - TSQ: Sep 2021 2.7% | Dec 2021 4.5% | Mar 2022 3.0% | Jun 2022 4.1% | Sep 2022 4.1% | Dec 2022 2.5% | Mar 2023 3.9% | Jun 2023 2.5% | Sep 2023 3.5% | Dec 2023 3.5% | Mar 2024 4.0% | Jun 2024 3.4% | Sep 2024 4.3% | Dec 2024 3.4% | Mar 2025 4.0% | Jun 2025 3.5% | Sep 2025 3.7% | Dec 2025 2.8% | Mar 2026 4.1% | Jun 2026 — - FLNT: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: The Trade Desk, Inc. has the clearest covered balance-sheet capacity with $982 million net cash and gross debt of $424 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: QMMM Holdings Limited · $0 million | 100% versus #2 · National CineMedia, Inc. | 6/6 recent comparable periods | 18/20 companies · 321 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. QMMM Holdings Limited (QMMM): ₹0 Cr — older report 2. National CineMedia, Inc. (NCMI): ₹21 Cr 3. Nexxen International Ltd. (NEXN): ₹30 Cr 4. Fluent, Inc. (FLNT): ₹31 Cr 5. QuinStreet, Inc. (QNST): ₹76 Cr ### Net debt — lowest net debt 1. The Trade Desk, Inc. (TTD): ₹-982 Cr 2. Criteo S.A. (CRTO): ₹-204 Cr 3. DoubleVerify Holdings, Inc. (DV): ₹-78 Cr 4. Nexxen International Ltd. (NEXN): ₹-65 Cr 5. National CineMedia, Inc. (NCMI): ₹-28 Cr ### 20-quarter Gross debt history - APP: Sep 2021 ₹1.8K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - OMC: Sep 2021 ₹2.0K Cr | Dec 2021 ₹6.7K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹6.5K Cr | Sep 2022 ₹6.4K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹6.5K Cr | Sep 2023 ₹6.4K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹7.1K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹7.1K Cr | Sep 2025 ₹7.1K Cr | Dec 2025 ₹10.7K Cr | Mar 2026 ₹11.5K Cr | Jun 2026 — - TTD: Sep 2021 ₹294 Cr | Dec 2021 ₹285 Cr | Mar 2022 ₹277 Cr | Jun 2022 ₹268 Cr | Sep 2022 ₹267 Cr | Dec 2022 ₹261 Cr | Mar 2023 ₹254 Cr | Jun 2023 ₹253 Cr | Sep 2023 ₹248 Cr | Dec 2023 ₹236 Cr | Mar 2024 ₹238 Cr | Jun 2024 ₹264 Cr | Sep 2024 ₹293 Cr | Dec 2024 ₹312 Cr | Mar 2025 ₹335 Cr | Jun 2025 ₹344 Cr | Sep 2025 ₹376 Cr | Dec 2025 ₹436 Cr | Mar 2026 ₹424 Cr | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 ₹794 Cr | Dec 2021 ₹809 Cr | Mar 2022 ₹806 Cr | Jun 2022 ₹808 Cr | Sep 2022 ₹809 Cr | Dec 2022 ₹814 Cr | Mar 2023 ₹760 Cr | Jun 2023 ₹719 Cr | Sep 2023 ₹680 Cr | Dec 2023 ₹607 Cr | Mar 2024 ₹626 Cr | Jun 2024 ₹623 Cr | Sep 2024 ₹619 Cr | Dec 2024 ₹609 Cr | Mar 2025 ₹617 Cr | Jun 2025 ₹619 Cr | Sep 2025 ₹625 Cr | Dec 2025 ₹626 Cr | Mar 2026 ₹430 Cr | Jun 2026 — - STGW: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - ZD: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹999 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹864 Cr | Dec 2024 ₹864 Cr | Mar 2025 ₹865 Cr | Jun 2025 ₹865 Cr | Sep 2025 ₹866 Cr | Dec 2025 ₹867 Cr | Mar 2026 ₹867 Cr | Jun 2026 — - DV: Sep 2021 ₹5 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹90 Cr | Jun 2024 ₹91 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹103 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹96 Cr | Jun 2026 — - CCO: Sep 2021 ₹7.4K Cr | Dec 2021 ₹7.2K Cr | Mar 2022 ₹7.2K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹7.0K Cr | Mar 2023 ₹7.2K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹7.2K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹6.5K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 — - CRTO: Sep 2021 ₹125 Cr | Dec 2021 ₹129 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹119 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹117 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹107 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹144 Cr | Jun 2026 — - EVC: Sep 2021 ₹250 Cr | Dec 2021 ₹241 Cr | Mar 2022 ₹240 Cr | Jun 2022 ₹238 Cr | Sep 2022 ₹258 Cr | Dec 2022 ₹260 Cr | Mar 2023 ₹263 Cr | Jun 2023 ₹265 Cr | Sep 2023 ₹264 Cr | Dec 2023 ₹259 Cr | Mar 2024 ₹252 Cr | Jun 2024 ₹239 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹235 Cr | Jun 2025 ₹224 Cr | Sep 2025 ₹218 Cr | Dec 2025 ₹214 Cr | Mar 2026 ₹210 Cr | Jun 2026 — - EEX: Sep 2021 ₹536 Cr | Dec 2021 ₹535 Cr | Mar 2022 ₹532 Cr | Jun 2022 ₹531 Cr | Sep 2022 ₹530 Cr | Dec 2022 ₹429 Cr | Mar 2023 ₹428 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹417 Cr | Dec 2023 ₹416 Cr | Mar 2024 ₹415 Cr | Jun 2024 ₹414 Cr | Sep 2024 ₹413 Cr | Dec 2024 ₹407 Cr | Mar 2025 ₹515 Cr | Jun 2025 ₹515 Cr | Sep 2025 ₹515 Cr | Dec 2025 ₹509 Cr | Mar 2026 ₹508 Cr | Jun 2026 — - QNST: Sep 2021 ₹7 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹76 Cr | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹136 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹30 Cr | Jun 2026 — - ADV: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - NCMI: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹11 Cr | Dec 2025 — | Mar 2026 ₹21 Cr | Jun 2026 ₹21 Cr - TSQ: Sep 2021 ₹589 Cr | Dec 2021 ₹588 Cr | Mar 2022 ₹587 Cr | Jun 2022 ₹576 Cr | Sep 2022 ₹578 Cr | Dec 2022 ₹579 Cr | Mar 2023 ₹566 Cr | Jun 2023 ₹566 Cr | Sep 2023 ₹550 Cr | Dec 2023 ₹550 Cr | Mar 2024 ₹551 Cr | Jun 2024 ₹537 Cr | Sep 2024 ₹524 Cr | Dec 2024 ₹519 Cr | Mar 2025 ₹500 Cr | Jun 2025 ₹490 Cr | Sep 2025 ₹489 Cr | Dec 2025 ₹483 Cr | Mar 2026 ₹484 Cr | Jun 2026 — - FLNT: Sep 2021 ₹55 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹31 Cr | Jun 2026 — ### 20-quarter Net debt history - APP: Sep 2021 ₹786 Cr | Dec 2021 ₹738 Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹755 Cr | Jun 2026 — - OMC: Sep 2021 ₹-2.4K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹-2.6K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹-1.1K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹-1.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹7.2K Cr | Jun 2026 — - TTD: Sep 2021 ₹-505 Cr | Dec 2021 ₹-674 Cr | Mar 2022 ₹-828 Cr | Jun 2022 ₹-945 Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-1.2K Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹-1.3K Cr | Dec 2023 ₹-1.1K Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹-1.2K Cr | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹-1.6K Cr | Mar 2025 ₹-1.4K Cr | Jun 2025 ₹-1.3K Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-867 Cr | Mar 2026 ₹-982 Cr | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹-1 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 ₹606 Cr | Dec 2021 ₹579 Cr | Mar 2022 ₹601 Cr | Jun 2022 ₹575 Cr | Sep 2022 ₹555 Cr | Dec 2022 ₹488 Cr | Mar 2023 ₹523 Cr | Jun 2023 ₹453 Cr | Sep 2023 ₹369 Cr | Dec 2023 ₹281 Cr | Mar 2024 ₹373 Cr | Jun 2024 ₹297 Cr | Sep 2024 ₹232 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹245 Cr | Jun 2026 — - STGW: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - ZD: Sep 2021 ₹1.2K Cr | Dec 2021 ₹167 Cr | Mar 2022 ₹332 Cr | Jun 2022 ₹450 Cr | Sep 2022 ₹383 Cr | Dec 2022 ₹288 Cr | Mar 2023 ₹239 Cr | Jun 2023 ₹285 Cr | Sep 2023 ₹311 Cr | Dec 2023 ₹236 Cr | Mar 2024 ₹251 Cr | Jun 2024 ₹315 Cr | Sep 2024 ₹478 Cr | Dec 2024 ₹358 Cr | Mar 2025 ₹434 Cr | Jun 2025 ₹408 Cr | Sep 2025 ₹363 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹347 Cr | Jun 2026 — - DV: Sep 2021 ₹-315 Cr | Dec 2021 ₹-217 Cr | Mar 2022 ₹-129 Cr | Jun 2022 ₹-139 Cr | Sep 2022 ₹-159 Cr | Dec 2022 ₹-184 Cr | Mar 2023 ₹-202 Cr | Jun 2023 ₹-206 Cr | Sep 2023 ₹-171 Cr | Dec 2023 ₹-224 Cr | Mar 2024 ₹-244 Cr | Jun 2024 ₹-248 Cr | Sep 2024 ₹-269 Cr | Dec 2024 ₹-219 Cr | Mar 2025 ₹-69 Cr | Jun 2025 ₹-113 Cr | Sep 2025 ₹-98 Cr | Dec 2025 ₹-159 Cr | Mar 2026 ₹-78 Cr | Jun 2026 — - CCO: Sep 2021 ₹6.8K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.8K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹6.8K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹6.8K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹6.8K Cr | Dec 2023 ₹6.6K Cr | Mar 2024 ₹7.0K Cr | Jun 2024 ₹7.0K Cr | Sep 2024 ₹7.0K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹6.3K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.3K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹6.3K Cr | Jun 2026 — - CRTO: Sep 2021 ₹-419 Cr | Dec 2021 ₹-437 Cr | Mar 2022 ₹-501 Cr | Jun 2022 ₹-458 Cr | Sep 2022 ₹-209 Cr | Dec 2022 ₹-264 Cr | Mar 2023 ₹-209 Cr | Jun 2023 ₹-136 Cr | Sep 2023 ₹-97 Cr | Dec 2023 ₹-222 Cr | Mar 2024 ₹-161 Cr | Jun 2024 ₹-119 Cr | Sep 2024 ₹-114 Cr | Dec 2024 ₹-210 Cr | Mar 2025 ₹-203 Cr | Jun 2025 ₹-93 Cr | Sep 2025 ₹-160 Cr | Dec 2025 ₹-215 Cr | Mar 2026 ₹-204 Cr | Jun 2026 — - EVC: Sep 2021 ₹66 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹178 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹144 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹156 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹151 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹138 Cr | Jun 2026 — - EEX: Sep 2021 ₹232 Cr | Dec 2021 ₹304 Cr | Mar 2022 ₹278 Cr | Jun 2022 ₹299 Cr | Sep 2022 ₹164 Cr | Dec 2022 ₹190 Cr | Mar 2023 ₹211 Cr | Jun 2023 ₹213 Cr | Sep 2023 ₹217 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹228 Cr | Jun 2024 ₹221 Cr | Sep 2024 ₹224 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹238 Cr | Jun 2025 ₹359 Cr | Sep 2025 ₹420 Cr | Dec 2025 ₹408 Cr | Mar 2026 ₹387 Cr | Jun 2026 — - QNST: Sep 2021 ₹-99 Cr | Dec 2021 ₹-109 Cr | Mar 2022 ₹-104 Cr | Jun 2022 ₹-92 Cr | Sep 2022 ₹-85 Cr | Dec 2022 ₹-77 Cr | Mar 2023 ₹-62 Cr | Jun 2023 ₹-73 Cr | Sep 2023 ₹-52 Cr | Dec 2023 ₹-37 Cr | Mar 2024 ₹-32 Cr | Jun 2024 ₹-42 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-51 Cr | Mar 2025 ₹-74 Cr | Jun 2025 ₹-94 Cr | Sep 2025 ₹-94 Cr | Dec 2025 ₹-101 Cr | Mar 2026 ₹-26 Cr | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-98 Cr | Dec 2023 ₹-98 Cr | Mar 2024 ₹-118 Cr | Jun 2024 ₹-118 Cr | Sep 2024 ₹-131 Cr | Dec 2024 ₹-150 Cr | Mar 2025 ₹-131 Cr | Jun 2025 ₹-99 Cr | Sep 2025 ₹-85 Cr | Dec 2025 ₹-101 Cr | Mar 2026 ₹-65 Cr | Jun 2026 — - ADV: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - NCMI: Sep 2021 ₹949 Cr | Dec 2021 ₹997 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-25 Cr | Mar 2024 ₹-47 Cr | Jun 2024 ₹-44 Cr | Sep 2024 ₹-28 Cr | Dec 2024 ₹-52 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹-19 Cr | Dec 2025 — | Mar 2026 ₹-14 Cr | Jun 2026 ₹-28 Cr - TSQ: Sep 2021 ₹558 Cr | Dec 2021 ₹537 Cr | Mar 2022 ₹536 Cr | Jun 2022 ₹553 Cr | Sep 2022 ₹551 Cr | Dec 2022 ₹536 Cr | Mar 2023 ₹524 Cr | Jun 2023 ₹516 Cr | Sep 2023 ₹512 Cr | Dec 2023 ₹489 Cr | Mar 2024 ₹494 Cr | Jun 2024 ₹508 Cr | Sep 2024 ₹502 Cr | Dec 2024 ₹486 Cr | Mar 2025 ₹494 Cr | Jun 2025 ₹487 Cr | Sep 2025 ₹486 Cr | Dec 2025 ₹478 Cr | Mar 2026 ₹482 Cr | Jun 2026 — - FLNT: Sep 2021 ₹39 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹21 Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: AppLovin Corporation leads ROCE at 27.4%, 3.9 percentage points above Unitrend Entertainment Group Limited. Entravision Communications Corporation has the strongest latest improvement at +18.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: AppLovin Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: AppLovin Corporation · 27.4% | 16.6% versus #2 · Unitrend Entertainment Group Limited | 8/8 recent comparable periods | 20/20 companies · 341 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. AppLovin Corporation (APP): 27% 2. Unitrend Entertainment Group Limited (INHI): 24% 3. Entravision Communications Corporation (EVC): 6.4% 4. Omnicom Group Inc. (OMC): 3.4% 5. QuinStreet, Inc. (QNST): 2.9% ### ROCE change — fastest improvers 1. Entravision Communications Corporation (EVC): +18.1 pp 2. Unitrend Entertainment Group Limited (INHI): +15.2 pp 3. AppLovin Corporation (APP): +8.3 pp 4. Fluent, Inc. (FLNT): +8.3 pp 5. QuinStreet, Inc. (QNST): +0.9 pp ### 20-quarter ROCE history - APP: Sep 2021 1.6% | Dec 2021 1.7% | Mar 2022 -3.4% | Jun 2022 1.1% | Sep 2022 1.1% | Dec 2022 -0.4% | Mar 2023 1.1% | Jun 2023 2.6% | Sep 2023 3.9% | Dec 2023 5.6% | Mar 2024 6.9% | Jun 2024 8.2% | Sep 2024 12% | Dec 2024 14% | Mar 2025 19% | Jun 2025 20% | Sep 2025 22% | Dec 2025 24% | Mar 2026 27% | Jun 2026 — - OMC: Sep 2021 4.6% | Dec 2021 5.1% | Mar 2022 2.9% | Jun 2022 4.6% | Sep 2022 4.7% | Dec 2022 5.3% | Mar 2023 2.9% | Jun 2023 4.7% | Sep 2023 4.8% | Dec 2023 5.4% | Mar 2024 4.0% | Jun 2024 4.2% | Sep 2024 4.7% | Dec 2024 5.5% | Mar 2025 3.5% | Jun 2025 3.5% | Sep 2025 4.1% | Dec 2025 -5.1% | Mar 2026 3.4% | Jun 2026 — - TTD: Sep 2021 6.0% | Dec 2021 -1.7% | Mar 2022 -1.1% | Jun 2022 0.1% | Sep 2022 1.6% | Dec 2022 4.9% | Mar 2023 -1.1% | Jun 2023 1.9% | Sep 2023 1.7% | Dec 2023 6.1% | Mar 2024 1.3% | Jun 2024 3.8% | Sep 2024 4.1% | Dec 2024 7.0% | Mar 2025 2.0% | Jun 2025 4.1% | Sep 2025 5.5% | Dec 2025 8.4% | Mar 2026 2.3% | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 232% | Dec 2022 — | Mar 2023 87% | Jun 2023 — | Sep 2023 171% | Dec 2023 — | Mar 2024 82% | Jun 2024 — | Sep 2024 -30% | Dec 2024 — | Mar 2025 -73% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WPP: Sep 2021 3.1% | Dec 2021 3.1% | Mar 2022 2.2% | Jun 2022 2.2% | Sep 2022 3.6% | Dec 2022 3.6% | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 1.0% | Dec 2023 1.0% | Mar 2024 1.9% | Jun 2024 1.9% | Sep 2024 4.4% | Dec 2024 4.4% | Mar 2025 1.1% | Jun 2025 1.1% | Sep 2025 0.8% | Dec 2025 0.8% | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 -2.3% | Dec 2021 0.3% | Mar 2022 -3.3% | Jun 2022 -1.4% | Sep 2022 -1.3% | Dec 2022 -1.7% | Mar 2023 -6.5% | Jun 2023 -4.8% | Sep 2023 -1.2% | Dec 2023 2.4% | Mar 2024 -1.0% | Jun 2024 0.7% | Sep 2024 1.1% | Dec 2024 3.0% | Mar 2025 -0.1% | Jun 2025 1.8% | Sep 2025 2.0% | Dec 2025 3.9% | Mar 2026 0.6% | Jun 2026 — - STGW: Sep 2021 -1.0% | Dec 2021 2.0% | Mar 2022 3.0% | Jun 2022 2.6% | Sep 2022 2.5% | Dec 2022 -0.5% | Mar 2023 0.6% | Jun 2023 0.8% | Sep 2023 1.2% | Dec 2023 0.8% | Mar 2024 1.0% | Jun 2024 0.8% | Sep 2024 1.6% | Dec 2024 1.8% | Mar 2025 0.7% | Jun 2025 0.9% | Sep 2025 2.2% | Dec 2025 2.1% | Mar 2026 0.4% | Jun 2026 — - ZD: Sep 2021 1.7% | Dec 2021 2.8% | Mar 2022 1.0% | Jun 2022 1.6% | Sep 2022 1.0% | Dec 2022 2.9% | Mar 2023 0.8% | Jun 2023 1.3% | Sep 2023 -0.4% | Dec 2023 2.6% | Mar 2024 1.2% | Jun 2024 0.9% | Sep 2024 -1.0% | Dec 2024 2.7% | Mar 2025 0.5% | Jun 2025 1.1% | Sep 2025 1.0% | Dec 2025 3.2% | Mar 2026 0.1% | Jun 2026 — - DV: Sep 2021 1.9% | Dec 2021 2.4% | Mar 2022 0.4% | Jun 2022 1.6% | Sep 2022 1.7% | Dec 2022 3.2% | Mar 2023 1.6% | Jun 2023 1.5% | Sep 2023 1.8% | Dec 2023 3.5% | Mar 2024 0.6% | Jun 2024 1.0% | Sep 2024 2.2% | Dec 2024 3.3% | Mar 2025 0.6% | Jun 2025 1.1% | Sep 2025 1.8% | Dec 2025 3.1% | Mar 2026 1.4% | Jun 2026 — - CCO: Sep 2021 1.1% | Dec 2021 3.3% | Mar 2022 -0.1% | Jun 2022 1.7% | Sep 2022 2.0% | Dec 2022 2.1% | Mar 2023 -0.2% | Jun 2023 1.3% | Sep 2023 1.8% | Dec 2023 3.2% | Mar 2024 1.1% | Jun 2024 1.8% | Sep 2024 1.8% | Dec 2024 2.7% | Mar 2025 1.3% | Jun 2025 2.2% | Sep 2025 2.3% | Dec 2025 3.2% | Mar 2026 1.2% | Jun 2026 — - CRTO: Sep 2021 2.6% | Dec 2021 5.1% | Mar 2022 2.2% | Jun 2022 -4.5% | Sep 2022 0.4% | Dec 2022 3.8% | Mar 2023 -1.9% | Jun 2023 0.1% | Sep 2023 0.9% | Dec 2023 7.0% | Mar 2024 0.9% | Jun 2024 3.1% | Sep 2024 0.8% | Dec 2024 7.7% | Mar 2025 3.9% | Jun 2025 2.4% | Sep 2025 4.1% | Dec 2025 5.6% | Mar 2026 0.8% | Jun 2026 — - EVC: Sep 2021 3.5% | Dec 2021 2.0% | Mar 2022 0.7% | Jun 2022 2.2% | Sep 2022 2.5% | Dec 2022 1.1% | Mar 2023 1.1% | Jun 2023 -0.7% | Sep 2023 -0.6% | Dec 2023 -2.5% | Mar 2024 -1.3% | Jun 2024 -0.6% | Sep 2024 1.4% | Dec 2024 -9.5% | Mar 2025 -12% | Jun 2025 -0.2% | Sep 2025 -2.3% | Dec 2025 -6.0% | Mar 2026 6.4% | Jun 2026 — - EEX: Sep 2021 -0.8% | Dec 2021 -0.7% | Mar 2022 2.2% | Jun 2022 0.8% | Sep 2022 14% | Dec 2022 3.0% | Mar 2023 1.9% | Jun 2023 -0.1% | Sep 2023 -0.1% | Dec 2023 2.3% | Mar 2024 2.9% | Jun 2024 0.8% | Sep 2024 -0.6% | Dec 2024 2.5% | Mar 2025 4.1% | Jun 2025 1.2% | Sep 2025 -0.9% | Dec 2025 -1.8% | Mar 2026 2.1% | Jun 2026 — - QNST: Sep 2021 1.2% | Dec 2021 -2.3% | Mar 2022 0.3% | Jun 2022 -0.7% | Sep 2022 -1.5% | Dec 2022 -2.9% | Mar 2023 -0.4% | Jun 2023 -1.9% | Sep 2023 -3.7% | Dec 2023 -4.3% | Mar 2024 -2.0% | Jun 2024 -0.6% | Sep 2024 -0.5% | Dec 2024 -0.6% | Mar 2025 2.0% | Jun 2025 1.5% | Sep 2025 1.9% | Dec 2025 0.4% | Mar 2026 2.9% | Jun 2026 — - NEXN: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -1.0% | Dec 2023 2.8% | Mar 2024 -2.4% | Jun 2024 2.3% | Sep 2024 2.7% | Dec 2024 4.0% | Mar 2025 0.6% | Jun 2025 1.7% | Sep 2025 1.4% | Dec 2025 2.5% | Mar 2026 -1.0% | Jun 2026 — - ADV: Sep 2021 2.3% | Dec 2021 1.6% | Mar 2022 0.4% | Jun 2022 0.5% | Sep 2022 0.9% | Dec 2022 0.8% | Mar 2023 0.2% | Jun 2023 0.3% | Sep 2023 0.2% | Dec 2023 0.6% | Mar 2024 -0.9% | Jun 2024 -2.8% | Sep 2024 -0.1% | Dec 2024 -5.8% | Mar 2025 -0.5% | Jun 2025 0.4% | Sep 2025 1.5% | Dec 2025 -8.4% | Mar 2026 0.2% | Jun 2026 — - NCMI: Sep 2021 -2.1% | Dec 2021 1.0% | Mar 2022 -2.8% | Jun 2022 0.9% | Sep 2022 -0.7% | Dec 2022 17% | Mar 2023 -20% | Jun 2023 -1.8% | Sep 2023 -2.5% | Dec 2023 41% | Mar 2024 -144% | Jun 2024 -3.6% | Sep 2024 -1.6% | Dec 2024 4.0% | Mar 2025 -5.1% | Jun 2025 -2.7% | Sep 2025 -0.4% | Dec 2025 — | Mar 2026 5.2% | Jun 2026 -6.3% - TSQ: Sep 2021 3.4% | Dec 2021 2.8% | Mar 2022 2.5% | Jun 2022 2.6% | Sep 2022 2.2% | Dec 2022 1.3% | Mar 2023 0.6% | Jun 2023 -0.7% | Sep 2023 -1.7% | Dec 2023 -1.3% | Mar 2024 1.1% | Jun 2024 -3.8% | Sep 2024 2.8% | Dec 2024 3.9% | Mar 2025 1.4% | Jun 2025 4.3% | Sep 2025 1.2% | Dec 2025 2.1% | Mar 2026 -0.3% | Jun 2026 — - FLNT: Sep 2021 -0.8% | Dec 2021 1.7% | Mar 2022 -0.6% | Jun 2022 -22% | Sep 2022 0.3% | Dec 2022 -34% | Mar 2023 -17% | Jun 2023 4.5% | Sep 2023 -28% | Dec 2023 -1.8% | Mar 2024 -6.0% | Jun 2024 -16% | Sep 2024 -12% | Dec 2024 -12% | Mar 2025 -25% | Jun 2025 -26% | Sep 2025 -24% | Dec 2025 0.6% | Mar 2026 -17% | Jun 2026 — ### 20-quarter ROCE change history - APP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −2.1 pp | Mar 2023 +4.5 pp | Jun 2023 +1.5 pp | Sep 2023 +2.8 pp | Dec 2023 +6.0 pp | Mar 2024 +5.8 pp | Jun 2024 +5.6 pp | Sep 2024 +8.2 pp | Dec 2024 +8.0 pp | Mar 2025 +12.2 pp | Jun 2025 +12.2 pp | Sep 2025 +9.6 pp | Dec 2025 +10.2 pp | Mar 2026 +8.3 pp | Jun 2026 — - OMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.2 pp | Mar 2023 0.0 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.1 pp | Mar 2024 +1.1 pp | Jun 2024 −0.5 pp | Sep 2024 −0.1 pp | Dec 2024 +0.1 pp | Mar 2025 −0.5 pp | Jun 2025 −0.7 pp | Sep 2025 −0.6 pp | Dec 2025 −10.6 pp | Mar 2026 −0.1 pp | Jun 2026 — - TTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.4 pp | Dec 2022 +6.6 pp | Mar 2023 0.0 pp | Jun 2023 +1.8 pp | Sep 2023 +0.1 pp | Dec 2023 +1.2 pp | Mar 2024 +2.4 pp | Jun 2024 +1.9 pp | Sep 2024 +2.4 pp | Dec 2024 +0.9 pp | Mar 2025 +0.7 pp | Jun 2025 +0.3 pp | Sep 2025 +1.4 pp | Dec 2025 +1.4 pp | Mar 2026 +0.3 pp | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −61.3 pp | Dec 2023 — | Mar 2024 −5.0 pp | Jun 2024 — | Sep 2024 −200.7 pp | Dec 2024 — | Mar 2025 −154.4 pp | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WPP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.5 pp | Mar 2023 −0.9 pp | Jun 2023 −0.9 pp | Sep 2023 −2.6 pp | Dec 2023 −2.6 pp | Mar 2024 +0.6 pp | Jun 2024 +0.6 pp | Sep 2024 +3.4 pp | Dec 2024 +3.4 pp | Mar 2025 −0.8 pp | Jun 2025 −0.8 pp | Sep 2025 −3.6 pp | Dec 2025 −3.6 pp | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 −2.0 pp | Mar 2023 −3.2 pp | Jun 2023 −3.4 pp | Sep 2023 +0.1 pp | Dec 2023 +4.1 pp | Mar 2024 +5.5 pp | Jun 2024 +5.5 pp | Sep 2024 +2.3 pp | Dec 2024 +0.6 pp | Mar 2025 +0.9 pp | Jun 2025 +1.1 pp | Sep 2025 +0.9 pp | Dec 2025 +0.9 pp | Mar 2026 +0.7 pp | Jun 2026 — - STGW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.5 pp | Dec 2022 −2.5 pp | Mar 2023 −2.4 pp | Jun 2023 −1.8 pp | Sep 2023 −1.3 pp | Dec 2023 +1.3 pp | Mar 2024 +0.4 pp | Jun 2024 0.0 pp | Sep 2024 +0.4 pp | Dec 2024 +1.0 pp | Mar 2025 −0.3 pp | Jun 2025 +0.1 pp | Sep 2025 +0.6 pp | Dec 2025 +0.3 pp | Mar 2026 −0.3 pp | Jun 2026 — - ZD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 +0.1 pp | Mar 2023 −0.2 pp | Jun 2023 −0.3 pp | Sep 2023 −1.4 pp | Dec 2023 −0.3 pp | Mar 2024 +0.4 pp | Jun 2024 −0.4 pp | Sep 2024 −0.6 pp | Dec 2024 +0.1 pp | Mar 2025 −0.7 pp | Jun 2025 +0.2 pp | Sep 2025 +2.0 pp | Dec 2025 +0.5 pp | Mar 2026 −0.4 pp | Jun 2026 — - DV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +0.8 pp | Mar 2023 +1.2 pp | Jun 2023 −0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.3 pp | Mar 2024 −1.0 pp | Jun 2024 −0.5 pp | Sep 2024 +0.4 pp | Dec 2024 −0.2 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 −0.4 pp | Dec 2025 −0.2 pp | Mar 2026 +0.8 pp | Jun 2026 — - CCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 −1.2 pp | Mar 2023 −0.1 pp | Jun 2023 −0.4 pp | Sep 2023 −0.2 pp | Dec 2023 +1.1 pp | Mar 2024 +1.3 pp | Jun 2024 +0.5 pp | Sep 2024 0.0 pp | Dec 2024 −0.5 pp | Mar 2025 +0.2 pp | Jun 2025 +0.4 pp | Sep 2025 +0.5 pp | Dec 2025 +0.5 pp | Mar 2026 −0.1 pp | Jun 2026 — - CRTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −1.3 pp | Mar 2023 −4.1 pp | Jun 2023 +4.6 pp | Sep 2023 +0.5 pp | Dec 2023 +3.2 pp | Mar 2024 +2.8 pp | Jun 2024 +3.0 pp | Sep 2024 −0.1 pp | Dec 2024 +0.7 pp | Mar 2025 +3.0 pp | Jun 2025 −0.7 pp | Sep 2025 +3.3 pp | Dec 2025 −2.1 pp | Mar 2026 −3.1 pp | Jun 2026 — - EVC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −0.9 pp | Mar 2023 +0.4 pp | Jun 2023 −2.9 pp | Sep 2023 −3.1 pp | Dec 2023 −3.6 pp | Mar 2024 −2.4 pp | Jun 2024 +0.1 pp | Sep 2024 +2.0 pp | Dec 2024 −7.0 pp | Mar 2025 −10.4 pp | Jun 2025 +0.4 pp | Sep 2025 −3.7 pp | Dec 2025 +3.5 pp | Mar 2026 +18.1 pp | Jun 2026 — - EEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +14.9 pp | Dec 2022 +3.7 pp | Mar 2023 −0.3 pp | Jun 2023 −0.9 pp | Sep 2023 −14.2 pp | Dec 2023 −0.7 pp | Mar 2024 +1.0 pp | Jun 2024 +0.9 pp | Sep 2024 −0.5 pp | Dec 2024 +0.2 pp | Mar 2025 +1.2 pp | Jun 2025 +0.4 pp | Sep 2025 −0.3 pp | Dec 2025 −4.3 pp | Mar 2026 −2.0 pp | Jun 2026 — - QNST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.7 pp | Dec 2022 −0.6 pp | Mar 2023 −0.7 pp | Jun 2023 −1.2 pp | Sep 2023 −2.2 pp | Dec 2023 −1.4 pp | Mar 2024 −1.6 pp | Jun 2024 +1.3 pp | Sep 2024 +3.2 pp | Dec 2024 +3.7 pp | Mar 2025 +4.0 pp | Jun 2025 +2.1 pp | Sep 2025 +2.4 pp | Dec 2025 +1.0 pp | Mar 2026 +0.9 pp | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +3.7 pp | Dec 2024 +1.2 pp | Mar 2025 +3.0 pp | Jun 2025 −0.6 pp | Sep 2025 −1.3 pp | Dec 2025 −1.5 pp | Mar 2026 −1.6 pp | Jun 2026 — - ADV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −0.8 pp | Mar 2023 −0.2 pp | Jun 2023 −0.2 pp | Sep 2023 −0.7 pp | Dec 2023 −0.2 pp | Mar 2024 −1.1 pp | Jun 2024 −3.1 pp | Sep 2024 −0.3 pp | Dec 2024 −6.4 pp | Mar 2025 +0.4 pp | Jun 2025 +3.2 pp | Sep 2025 +1.6 pp | Dec 2025 −2.6 pp | Mar 2026 +0.7 pp | Jun 2026 — - NCMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 +15.7 pp | Mar 2023 −17.6 pp | Jun 2023 −2.7 pp | Sep 2023 −1.8 pp | Dec 2023 +24.7 pp | Mar 2024 −123.7 pp | Jun 2024 −1.8 pp | Sep 2024 +0.9 pp | Dec 2024 −37.4 pp | Mar 2025 +139.0 pp | Jun 2025 +0.9 pp | Sep 2025 +1.2 pp | Dec 2025 — | Mar 2026 +10.3 pp | Jun 2026 −3.6 pp - TSQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 −1.5 pp | Mar 2023 −1.9 pp | Jun 2023 −3.3 pp | Sep 2023 −3.9 pp | Dec 2023 −2.6 pp | Mar 2024 +0.5 pp | Jun 2024 −3.1 pp | Sep 2024 +4.5 pp | Dec 2024 +5.2 pp | Mar 2025 +0.3 pp | Jun 2025 +8.1 pp | Sep 2025 −1.6 pp | Dec 2025 −1.8 pp | Mar 2026 −1.7 pp | Jun 2026 — - FLNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 −35.8 pp | Mar 2023 −16.7 pp | Jun 2023 +26.7 pp | Sep 2023 −28.4 pp | Dec 2023 +32.3 pp | Mar 2024 +11.3 pp | Jun 2024 −20.5 pp | Sep 2024 +16.2 pp | Dec 2024 −10.1 pp | Mar 2025 −19.3 pp | Jun 2025 −10.4 pp | Sep 2025 −11.8 pp | Dec 2025 +12.5 pp | Mar 2026 +8.3 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Criteo S.A. has the lowest comparable Guarded PEG at 0.2×, 67.2% below Ziff Davis, Inc.. Only 5 of 20 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Criteo S.A. · 0.2× | 67.2% versus #2 · Ziff Davis, Inc. | 0/8 recent comparable periods | 5/20 companies · 11 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. Criteo S.A. (CRTO): 0.2 2. Ziff Davis, Inc. (ZD): 0.6 3. Omnicom Group Inc. (OMC): 1.9 4. DoubleVerify Holdings, Inc. (DV): 2.1 5. The Trade Desk, Inc. (TTD): 3.5 ### P/E — lowest P/E 1. National CineMedia, Inc. (NCMI): 1.6 2. Townsquare Media, Inc. (TSQ): 6.5 3. Criteo S.A. (CRTO): 8.4 4. Advantage Solutions Inc. (ADV): 9.7 5. QuinStreet, Inc. (QNST): 10.5 ### 20-quarter Guarded PEG history - OMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.3 | Dec 2025 2.7 | Mar 2026 3.5 | Jun 2026 — - ZD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - DV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.0 | Jun 2024 3.3 | Sep 2024 2.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.1 | Jun 2026 — - CRTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.3 | Sep 2025 — | Dec 2025 0.2 | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - APP: Sep 2021 — | Dec 2021 1,047.3 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 428.8 | Sep 2023 133.2 | Dec 2023 40.7 | Mar 2024 41.2 | Jun 2024 35.4 | Sep 2024 39.6 | Dec 2024 71.5 | Mar 2025 47.8 | Jun 2025 49.7 | Sep 2025 87.2 | Dec 2025 69.1 | Mar 2026 34.2 | Jun 2026 — - OMC: Sep 2021 11.3 | Dec 2021 11.2 | Mar 2022 14.1 | Jun 2022 10.4 | Sep 2022 10.1 | Dec 2022 34.4 | Mar 2023 14.2 | Jun 2023 14.0 | Sep 2023 10.8 | Dec 2023 12.5 | Mar 2024 13.1 | Jun 2024 12.4 | Sep 2024 19.1 | Dec 2024 11.5 | Mar 2025 15.3 | Jun 2025 14.2 | Sep 2025 15.2 | Dec 2025 — | Mar 2026 — | Jun 2026 — - TTD: Sep 2021 121.2 | Dec 2021 327.3 | Mar 2022 329.8 | Jun 2022 598.4 | Sep 2022 — | Dec 2022 407.6 | Mar 2023 406.1 | Jun 2023 297.0 | Sep 2023 252.1 | Dec 2023 199.9 | Mar 2024 218.6 | Jun 2024 195.3 | Sep 2024 179.8 | Dec 2024 150.7 | Mar 2025 66.7 | Jun 2025 86.7 | Sep 2025 56.3 | Dec 2025 42.2 | Mar 2026 25.8 | Jun 2026 — - WPP: Sep 2021 21.4 | Dec 2021 21.3 | Mar 2022 18.6 | Jun 2022 15.2 | Sep 2022 12.8 | Dec 2022 13.3 | Mar 2023 17.5 | Jun 2023 16.9 | Sep 2023 24.8 | Dec 2023 73.9 | Mar 2024 52.3 | Jun 2024 38.9 | Sep 2024 22.5 | Dec 2024 16.6 | Mar 2025 14.0 | Jun 2025 14.7 | Sep 2025 51.0 | Dec 2025 — | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 1,400.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 230.8 | Dec 2024 99.5 | Mar 2025 57.1 | Jun 2025 83.2 | Sep 2025 57.3 | Dec 2025 17.1 | Mar 2026 11.4 | Jun 2026 — - STGW: Sep 2021 — | Dec 2021 — | Mar 2022 103.4 | Jun 2022 41.8 | Sep 2022 25.7 | Dec 2022 51.8 | Mar 2023 123.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 329.0 | Mar 2025 — | Jun 2025 — | Sep 2025 93.8 | Dec 2025 61.1 | Mar 2026 89.9 | Jun 2026 — - ZD: Sep 2021 87.4 | Dec 2021 13.2 | Mar 2022 12.2 | Jun 2022 10.0 | Sep 2022 8.9 | Dec 2022 56.9 | Mar 2023 134.6 | Jun 2023 36.3 | Sep 2023 73.2 | Dec 2023 75.5 | Mar 2024 52.1 | Jun 2024 34.0 | Sep 2024 41.2 | Dec 2024 38.3 | Mar 2025 22.6 | Jun 2025 20.1 | Sep 2025 15.1 | Dec 2025 30.6 | Mar 2026 36.8 | Jun 2026 — - DV: Sep 2021 683.2 | Dec 2021 184.9 | Mar 2022 148.1 | Jun 2022 73.1 | Sep 2022 85.5 | Dec 2022 87.8 | Mar 2023 104.0 | Jun 2023 129.7 | Sep 2023 87.3 | Dec 2023 89.7 | Mar 2024 92.5 | Jun 2024 55.6 | Sep 2024 45.5 | Dec 2024 60.0 | Mar 2025 47.8 | Jun 2025 51.6 | Sep 2025 47.9 | Dec 2025 38.1 | Mar 2026 29.7 | Jun 2026 — - CCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 39.0 | Sep 2025 — | Dec 2025 55.3 | Mar 2026 — | Jun 2026 — - CRTO: Sep 2021 21.8 | Dec 2021 18.6 | Mar 2022 13.2 | Jun 2022 19.1 | Sep 2022 26.8 | Dec 2022 186.1 | Mar 2023 — | Jun 2023 374.9 | Sep 2023 265.5 | Dec 2023 28.8 | Mar 2024 29.0 | Jun 2024 21.9 | Sep 2024 23.5 | Dec 2024 20.8 | Mar 2025 14.4 | Jun 2025 10.0 | Sep 2025 7.6 | Dec 2025 7.8 | Mar 2026 8.4 | Jun 2026 — - EVC: Sep 2021 13.4 | Dec 2021 20.6 | Mar 2022 22.1 | Jun 2022 15.2 | Sep 2022 14.7 | Dec 2022 22.9 | Mar 2023 28.8 | Jun 2023 48.8 | Sep 2023 365.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - EEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 56.3 | Dec 2022 7.7 | Mar 2023 13.3 | Jun 2023 29.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 131.0 | Jun 2025 97.0 | Sep 2025 169.7 | Dec 2025 — | Mar 2026 — | Jun 2026 — - QNST: Sep 2021 73.2 | Dec 2021 139.9 | Mar 2022 145.0 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 201.3 | Sep 2025 81.4 | Dec 2025 13.2 | Mar 2026 10.5 | Jun 2026 — - NEXN: Sep 2021 20.7 | Dec 2021 15.8 | Mar 2022 16.5 | Jun 2022 12.8 | Sep 2022 13.3 | Dec 2022 21.5 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 42.3 | Dec 2024 19.7 | Mar 2025 13.1 | Jun 2025 14.1 | Sep 2025 15.4 | Dec 2025 16.0 | Mar 2026 21.7 | Jun 2026 — - ADV: Sep 2021 — | Dec 2021 47.2 | Mar 2022 30.4 | Jun 2022 17.3 | Sep 2022 9.7 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - NCMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.3 | Mar 2024 0.2 | Jun 2024 1.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TSQ: Sep 2021 14.2 | Dec 2021 16.9 | Mar 2022 9.7 | Jun 2022 7.7 | Sep 2022 13.2 | Dec 2022 10.7 | Mar 2023 18.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.9 | Sep 2025 6.5 | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: Criteo S.A. leads ev/ebitda at 2.43×; Advantage Solutions Inc. leads p/bv at 0.58×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Criteo S.A. · 2.43× | 28.9% versus #2 · Nexxen International Ltd. | 0/8 recent comparable periods | 18/20 companies · 294 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. Criteo S.A. (CRTO): 2.4 2. Nexxen International Ltd. (NEXN): 3.4 3. Fluent, Inc. (FLNT): 3.6 4. Ziff Davis, Inc. (ZD): 5.1 5. Advantage Solutions Inc. (ADV): 6.5 ### P/BV — lowest P/BV 1. Advantage Solutions Inc. (ADV): 0.6 2. Criteo S.A. (CRTO): 0.8 3. Nexxen International Ltd. (NEXN): 0.8 4. National CineMedia, Inc. (NCMI): 0.8 5. Ziff Davis, Inc. (ZD): 0.9 ### 20-quarter EV/EBITDA history - APP: Sep 2021 55.5 | Dec 2021 62.0 | Mar 2022 46.9 | Jun 2022 28.2 | Sep 2022 16.1 | Dec 2022 12.2 | Mar 2023 11.6 | Jun 2023 16.1 | Sep 2023 20.2 | Dec 2023 12.7 | Mar 2024 19.1 | Jun 2024 18.5 | Sep 2024 23.7 | Dec 2024 47.9 | Mar 2025 33.3 | Jun 2025 36.4 | Sep 2025 64.6 | Dec 2025 52.7 | Mar 2026 27.5 | Jun 2026 — - OMC: Sep 2021 6.0 | Dec 2021 7.3 | Mar 2022 9.3 | Jun 2022 7.6 | Sep 2022 7.4 | Dec 2022 6.5 | Mar 2023 10.1 | Jun 2023 10.2 | Sep 2023 8.3 | Dec 2023 8.7 | Mar 2024 9.8 | Jun 2024 9.5 | Sep 2024 8.4 | Dec 2024 8.1 | Mar 2025 6.4 | Jun 2025 7.8 | Sep 2025 8.7 | Dec 2025 41.8 | Mar 2026 30.0 | Jun 2026 — - TTD: Sep 2021 113.0 | Dec 2021 261.2 | Mar 2022 227.1 | Jun 2022 227.9 | Sep 2022 742.6 | Dec 2022 122.5 | Mar 2023 720.0 | Jun 2023 799.6 | Sep 2023 176.7 | Dec 2023 132.1 | Mar 2024 123.9 | Jun 2024 120.2 | Sep 2024 114.4 | Dec 2024 110.2 | Mar 2025 47.0 | Jun 2025 59.5 | Sep 2025 35.7 | Dec 2025 24.4 | Mar 2026 13.4 | Jun 2026 — - WPP: Sep 2021 9.2 | Dec 2021 9.2 | Mar 2022 9.4 | Jun 2022 8.1 | Sep 2022 7.1 | Dec 2022 7.4 | Mar 2023 9.4 | Jun 2023 9.1 | Sep 2023 7.8 | Dec 2023 7.7 | Mar 2024 7.9 | Jun 2024 7.5 | Sep 2024 6.7 | Dec 2024 7.0 | Mar 2025 7.0 | Jun 2025 7.0 | Sep 2025 6.9 | Dec 2025 9.6 | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 128.4 | Dec 2021 44.0 | Mar 2022 32.1 | Jun 2022 16.4 | Sep 2022 13.3 | Dec 2022 18.5 | Mar 2023 19.2 | Jun 2023 26.8 | Sep 2023 17.0 | Dec 2023 18.4 | Mar 2024 20.8 | Jun 2024 22.4 | Sep 2024 20.8 | Dec 2024 21.7 | Mar 2025 14.5 | Jun 2025 27.0 | Sep 2025 23.0 | Dec 2025 15.8 | Mar 2026 12.2 | Jun 2026 — - STGW: Sep 2021 28.5 | Dec 2021 24.5 | Mar 2022 15.9 | Jun 2022 12.5 | Sep 2022 9.2 | Dec 2022 9.0 | Mar 2023 11.3 | Jun 2023 13.1 | Sep 2023 13.5 | Dec 2023 11.3 | Mar 2024 10.9 | Jun 2024 11.2 | Sep 2024 11.2 | Dec 2024 9.6 | Mar 2025 9.7 | Jun 2025 9.8 | Sep 2025 10.1 | Dec 2025 8.4 | Mar 2026 9.8 | Jun 2026 — - ZD: Sep 2021 14.7 | Dec 2021 12.8 | Mar 2022 11.5 | Jun 2022 8.7 | Sep 2022 8.5 | Dec 2022 9.3 | Mar 2023 9.3 | Jun 2023 8.6 | Sep 2023 8.7 | Dec 2023 9.0 | Mar 2024 8.5 | Jun 2024 7.8 | Sep 2024 7.6 | Dec 2024 8.3 | Mar 2025 — | Jun 2025 — | Sep 2025 4.6 | Dec 2025 3.8 | Mar 2026 5.1 | Jun 2026 — - DV: Sep 2021 178.8 | Dec 2021 91.0 | Mar 2022 102.6 | Jun 2022 46.4 | Sep 2022 54.2 | Dec 2022 36.9 | Mar 2023 45.5 | Jun 2023 58.1 | Sep 2023 39.9 | Dec 2023 48.0 | Mar 2024 48.2 | Jun 2024 26.4 | Sep 2024 20.6 | Dec 2024 23.4 | Mar 2025 16.3 | Jun 2025 17.3 | Sep 2025 13.7 | Dec 2025 12.5 | Mar 2026 9.5 | Jun 2026 — - CCO: Sep 2021 35.5 | Dec 2021 19.5 | Mar 2022 32.0 | Jun 2022 21.6 | Sep 2022 12.2 | Dec 2022 11.9 | Mar 2023 21.8 | Jun 2023 25.3 | Sep 2023 13.4 | Dec 2023 13.6 | Mar 2024 22.7 | Jun 2024 21.4 | Sep 2024 13.1 | Dec 2024 13.3 | Mar 2025 21.1 | Jun 2025 20.7 | Sep 2025 13.4 | Dec 2025 14.0 | Mar 2026 21.5 | Jun 2026 — - CRTO: Sep 2021 7.4 | Dec 2021 8.1 | Mar 2022 4.8 | Jun 2022 4.5 | Sep 2022 7.2 | Dec 2022 7.2 | Mar 2023 12.8 | Jun 2023 17.2 | Sep 2023 14.4 | Dec 2023 8.2 | Mar 2024 9.8 | Jun 2024 8.6 | Sep 2024 9.3 | Dec 2024 8.2 | Mar 2025 6.3 | Jun 2025 4.2 | Sep 2025 3.1 | Dec 2025 2.6 | Mar 2026 2.4 | Jun 2026 — - EVC: Sep 2021 6.9 | Dec 2021 7.7 | Mar 2022 7.5 | Jun 2022 5.9 | Sep 2022 6.2 | Dec 2022 9.6 | Mar 2023 9.2 | Jun 2023 11.1 | Sep 2023 15.5 | Dec 2023 393.3 | Mar 2024 — | Jun 2024 — | Sep 2024 54.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 211.0 | Jun 2026 — - EEX: Sep 2021 — | Dec 2021 — | Mar 2022 39.6 | Jun 2022 22.9 | Sep 2022 4.3 | Dec 2022 2.4 | Mar 2023 4.8 | Jun 2023 5.2 | Sep 2023 20.0 | Dec 2023 14.0 | Mar 2024 23.6 | Jun 2024 31.3 | Sep 2024 31.9 | Dec 2024 16.8 | Mar 2025 44.7 | Jun 2025 56.3 | Sep 2025 65.5 | Dec 2025 28.3 | Mar 2026 51.4 | Jun 2026 — - QNST: Sep 2021 27.3 | Dec 2021 36.7 | Mar 2022 27.5 | Jun 2022 36.3 | Sep 2022 133.6 | Dec 2022 288.5 | Mar 2023 1,200.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 185.7 | Dec 2024 77.2 | Mar 2025 36.0 | Jun 2025 26.9 | Sep 2025 22.0 | Dec 2025 19.2 | Mar 2026 15.6 | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 77.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.4 | Mar 2024 3.7 | Jun 2024 3.5 | Sep 2024 4.8 | Dec 2024 5.1 | Mar 2025 3.7 | Jun 2025 5.0 | Sep 2025 4.8 | Dec 2025 2.8 | Mar 2026 3.4 | Jun 2026 — - ADV: Sep 2021 11.9 | Dec 2021 7.2 | Mar 2022 11.4 | Jun 2022 9.7 | Sep 2022 8.5 | Dec 2022 — | Mar 2023 7.9 | Jun 2023 9.6 | Sep 2023 9.6 | Dec 2023 11.3 | Mar 2024 14.3 | Jun 2024 23.5 | Sep 2024 23.7 | Dec 2024 — | Mar 2025 21.1 | Jun 2025 10.2 | Sep 2025 8.3 | Dec 2025 15.4 | Mar 2026 6.5 | Jun 2026 — - NCMI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 47.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 50.3 | Jun 2024 25.6 | Sep 2024 27.4 | Dec 2024 26.0 | Mar 2025 27.0 | Jun 2025 24.5 | Sep 2025 19.3 | Dec 2025 — | Mar 2026 14.6 | Jun 2026 12.6 - TSQ: Sep 2021 8.1 | Dec 2021 8.2 | Mar 2022 7.6 | Jun 2022 7.5 | Sep 2022 8.1 | Dec 2022 8.9 | Mar 2023 10.6 | Jun 2023 17.0 | Sep 2023 38.5 | Dec 2023 10,957.3 | Mar 2024 280.1 | Jun 2024 — | Sep 2024 55.8 | Dec 2024 15.3 | Mar 2025 15.5 | Jun 2025 7.5 | Sep 2025 8.2 | Dec 2025 9.1 | Mar 2026 10.8 | Jun 2026 — - FLNT: Sep 2021 32.3 | Dec 2021 20.7 | Mar 2022 12.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.8 | Sep 2023 2.9 | Dec 2023 4.2 | Mar 2024 3.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/BV history - APP: Sep 2021 13.2 | Dec 2021 16.5 | Mar 2022 10.3 | Jun 2022 6.8 | Sep 2022 3.8 | Dec 2022 2.1 | Mar 2023 3.1 | Jun 2023 6.2 | Sep 2023 12.7 | Dec 2023 10.7 | Mar 2024 31.1 | Jun 2024 33.6 | Sep 2024 46.5 | Dec 2024 101.0 | Mar 2025 156.5 | Jun 2025 101.5 | Sep 2025 165.0 | Dec 2025 106.8 | Mar 2026 56.6 | Jun 2026 — - OMC: Sep 2021 4.7 | Dec 2021 4.7 | Mar 2022 5.9 | Jun 2022 4.6 | Sep 2022 4.7 | Dec 2022 5.1 | Mar 2023 6.1 | Jun 2023 6.0 | Sep 2023 4.6 | Dec 2023 4.7 | Mar 2024 5.4 | Jun 2024 4.8 | Sep 2024 5.1 | Dec 2024 4.0 | Mar 2025 3.7 | Jun 2025 3.1 | Sep 2025 3.5 | Dec 2025 2.1 | Mar 2026 2.4 | Jun 2026 — - TTD: Sep 2021 25.9 | Dec 2021 29.0 | Mar 2022 20.4 | Jun 2022 11.5 | Sep 2022 15.3 | Dec 2022 10.4 | Mar 2023 15.3 | Jun 2023 18.3 | Sep 2023 17.8 | Dec 2023 16.3 | Mar 2024 19.7 | Jun 2024 20.0 | Sep 2024 20.6 | Dec 2024 19.8 | Mar 2025 9.9 | Jun 2025 13.1 | Sep 2025 9.1 | Dec 2025 7.3 | Mar 2026 4.4 | Jun 2026 — - QMMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 20.3 | Dec 2024 — | Mar 2025 4.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - WPP: Sep 2021 3.3 | Dec 2021 3.6 | Mar 2022 2.9 | Jun 2022 2.4 | Sep 2022 2.2 | Dec 2022 2.4 | Mar 2023 2.9 | Jun 2023 2.4 | Sep 2023 2.3 | Dec 2023 2.4 | Mar 2024 2.3 | Jun 2024 2.2 | Sep 2024 2.4 | Dec 2024 2.5 | Mar 2025 2.0 | Jun 2025 1.7 | Sep 2025 1.6 | Dec 2025 1.4 | Mar 2026 — | Jun 2026 — - MGNI: Sep 2021 4.2 | Dec 2021 2.6 | Mar 2022 2.1 | Jun 2022 1.4 | Sep 2022 1.1 | Dec 2022 1.8 | Mar 2023 1.8 | Jun 2023 2.9 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 2.2 | Jun 2024 2.6 | Sep 2024 2.7 | Dec 2024 2.9 | Mar 2025 2.2 | Jun 2025 4.5 | Sep 2025 3.9 | Dec 2025 2.5 | Mar 2026 1.9 | Jun 2026 — - STGW: Sep 2021 1.6 | Dec 2021 2.8 | Mar 2022 2.6 | Jun 2022 2.1 | Sep 2022 3.2 | Dec 2022 1.6 | Mar 2023 2.0 | Jun 2023 2.6 | Sep 2023 1.6 | Dec 2023 2.2 | Mar 2024 2.1 | Jun 2024 2.6 | Sep 2024 2.7 | Dec 2024 2.3 | Mar 2025 2.1 | Jun 2025 1.6 | Sep 2025 1.9 | Dec 2025 1.6 | Mar 2026 2.2 | Jun 2026 — - ZD: Sep 2021 4.2 | Dec 2021 2.7 | Mar 2022 2.4 | Jun 2022 2.0 | Sep 2022 1.8 | Dec 2022 2.0 | Mar 2023 2.0 | Jun 2023 1.8 | Sep 2023 1.6 | Dec 2023 1.6 | Mar 2024 1.5 | Jun 2024 1.3 | Sep 2024 1.2 | Dec 2024 1.3 | Mar 2025 0.9 | Jun 2025 0.7 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.9 | Jun 2026 — - DV: Sep 2021 7.4 | Dec 2021 6.8 | Mar 2022 5.0 | Jun 2022 4.5 | Sep 2022 5.4 | Dec 2022 4.1 | Mar 2023 5.6 | Jun 2023 7.0 | Sep 2023 4.7 | Dec 2023 5.9 | Mar 2024 5.5 | Jun 2024 3.0 | Sep 2024 2.5 | Dec 2024 3.0 | Mar 2025 2.1 | Jun 2025 2.3 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.4 | Jun 2026 — - CCO: Sep 2021 -0.4 | Dec 2021 -0.5 | Mar 2022 -0.5 | Jun 2022 -0.2 | Sep 2022 -0.2 | Dec 2022 -0.2 | Mar 2023 -0.2 | Jun 2023 -0.2 | Sep 2023 -0.2 | Dec 2023 -0.3 | Mar 2024 -0.2 | Jun 2024 -0.2 | Sep 2024 -0.2 | Dec 2024 -0.2 | Mar 2025 -0.2 | Jun 2025 -0.2 | Sep 2025 -0.2 | Dec 2025 -0.3 | Mar 2026 -0.3 | Jun 2026 — - CRTO: Sep 2021 2.0 | Dec 2021 2.0 | Mar 2022 1.4 | Jun 2022 1.4 | Sep 2022 1.6 | Dec 2022 1.4 | Mar 2023 1.7 | Jun 2023 1.9 | Sep 2023 1.6 | Dec 2023 1.3 | Mar 2024 1.8 | Jun 2024 2.0 | Sep 2024 2.1 | Dec 2024 2.1 | Mar 2025 1.8 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 — - EVC: Sep 2021 2.4 | Dec 2021 2.3 | Mar 2022 2.2 | Jun 2022 1.5 | Sep 2022 1.3 | Dec 2022 1.6 | Mar 2023 2.0 | Jun 2023 1.7 | Sep 2023 1.4 | Dec 2023 1.7 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 1.5 | Mar 2025 2.0 | Jun 2025 2.3 | Sep 2025 2.7 | Dec 2025 4.9 | Mar 2026 4.2 | Jun 2026 — - EEX: Sep 2021 -3.0 | Dec 2021 -2.3 | Mar 2022 -2.1 | Jun 2022 -2.3 | Sep 2022 -5.0 | Dec 2022 -7.2 | Mar 2023 -4.6 | Jun 2023 -3.8 | Sep 2023 -4.3 | Dec 2023 -4.1 | Mar 2024 -4.7 | Jun 2024 2.9 | Sep 2024 2.6 | Dec 2024 2.5 | Mar 2025 2.0 | Jun 2025 2.5 | Sep 2025 2.7 | Dec 2025 2.6 | Mar 2026 2.6 | Jun 2026 — - QNST: Sep 2021 3.2 | Dec 2021 3.3 | Mar 2022 2.1 | Jun 2022 1.9 | Sep 2022 2.0 | Dec 2022 2.8 | Mar 2023 3.0 | Jun 2023 2.1 | Sep 2023 2.2 | Dec 2023 3.3 | Mar 2024 4.5 | Jun 2024 4.2 | Sep 2024 4.9 | Dec 2024 5.8 | Mar 2025 4.3 | Jun 2025 3.8 | Sep 2025 3.6 | Dec 2025 2.8 | Mar 2026 2.2 | Jun 2026 — - NEXN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.5 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.8 | Sep 2024 1.1 | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 1.3 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 — - ADV: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 0.8 | Jun 2022 0.5 | Sep 2022 0.3 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.3 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.5 | Mar 2026 0.6 | Jun 2026 — - NCMI: Sep 2021 -0.5 | Dec 2021 -0.4 | Mar 2022 -0.4 | Jun 2022 -0.1 | Sep 2022 -0.1 | Dec 2022 -0.1 | Mar 2023 -0.1 | Jun 2023 -2.9 | Sep 2023 1.1 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.0 | Sep 2024 1.7 | Dec 2024 1.6 | Mar 2025 1.6 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 — | Mar 2026 1.0 | Jun 2026 0.8 - TSQ: Sep 2021 5.1 | Dec 2021 4.9 | Mar 2022 4.2 | Jun 2022 2.5 | Sep 2022 2.1 | Dec 2022 1.9 | Mar 2023 2.2 | Jun 2023 4.2 | Sep 2023 16.1 | Dec 2023 27.4 | Mar 2024 -91.1 | Jun 2024 -2.6 | Sep 2024 -3.0 | Dec 2024 -4.5 | Mar 2025 -4.6 | Jun 2025 -4.6 | Sep 2025 -3.1 | Dec 2025 -1.9 | Mar 2026 -2.5 | Jun 2026 — - FLNT: Sep 2021 0.9 | Dec 2021 0.7 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.7 | Dec 2022 0.9 | Mar 2023 1.1 | Jun 2023 0.8 | Sep 2023 1.0 | Dec 2023 1.6 | Mar 2024 1.4 | Jun 2024 1.8 | Sep 2024 3.1 | Dec 2024 2.0 | Mar 2025 2.0 | Jun 2025 2.5 | Sep 2025 3.0 | Dec 2025 3.9 | Mar 2026 7.1 | Jun 2026 — ## Market action QMMM Holdings Limited has the strongest one-year price move in Advertising Agencies at +1765.6%. It also leads on Mansfield relative strength against the S&P 500 at +1390.4%. 11 of 19 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. QMMM Holdings Limited (QMMM): 1,766% 2. Entravision Communications Corporation (EVC): 392% 3. Clear Channel Outdoor Holdings, Inc. (CCO): 137% 4. Ziff Davis, Inc. (ZD): 80% 5. Fluent, Inc. (FLNT): 47% ### Strongest relative strength versus NIFTY 500 1. QMMM Holdings Limited (QMMM): 1,390% 2. Entravision Communications Corporation (EVC): 125% 3. Stagwell Inc. (STGW): 26% 4. Ziff Davis, Inc. (ZD): 24% 5. Nexxen International Ltd. (NEXN): 24% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 2 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker. ## Every company - AppLovin Corporation (APP) — market value ₹1.4 L Cr; latest fundamentals Mar 2026 - Omnicom Group Inc. (OMC) — market value ₹24.6K Cr; latest fundamentals Mar 2026 - The Trade Desk, Inc. (TTD) — market value ₹8.9K Cr; latest fundamentals Mar 2026 - QMMM Holdings Limited (QMMM) — market value ₹6.8K Cr; latest fundamentals Mar 2025 - WPP plc (WPP) — market value ₹4.6K Cr; latest fundamentals Dec 2025 - Magnite, Inc. (MGNI) — market value ₹2.8K Cr; latest fundamentals Mar 2026 - Stagwell Inc. (STGW) — market value ₹2.0K Cr; latest fundamentals Mar 2026 - Ziff Davis, Inc. (ZD) — market value ₹2.0K Cr; latest fundamentals Mar 2026 - DoubleVerify Holdings, Inc. (DV) — market value ₹1.7K Cr; latest fundamentals Mar 2026 - Clear Channel Outdoor Holdings, Inc. (CCO) — market value ₹1.2K Cr; latest fundamentals Mar 2026 - Criteo S.A. (CRTO) — market value ₹1.1K Cr; latest fundamentals Mar 2026 - Entravision Communications Corporation (EVC) — market value ₹1.0K Cr; latest fundamentals Mar 2026 - Emerald Holding, Inc. (EEX) — market value ₹997 Cr; latest fundamentals Mar 2026 - QuinStreet, Inc. (QNST) — market value ₹916 Cr; latest fundamentals Mar 2026 - Nexxen International Ltd. (NEXN) — market value ₹583 Cr; latest fundamentals Mar 2026 - Advantage Solutions Inc. (ADV) — market value ₹542 Cr; latest fundamentals Mar 2026 - National CineMedia, Inc. (NCMI) — market value ₹371 Cr; latest fundamentals Jun 2026 - Unitrend Entertainment Group Limited (INHI) — market value ₹208 Cr; latest fundamentals unavailable - Townsquare Media, Inc. (TSQ) — market value ₹104 Cr; latest fundamentals Mar 2026 - Fluent, Inc. (FLNT) — market value ₹100 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Advertising Agencies company is the biggest? AppLovin Corporation is the largest, with trailing-twelve-month revenue of $6,164 million, ahead of Advantage Solutions Inc. at $3,591 million. That covers 14 of 20 companies with comparable reporting through Mar 2026. ### Which Advertising Agencies company is growing fastest? AppLovin Corporation has the fastest revenue growth at 66.4% year on year, across 14 of 20 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Advertising Agencies company has the best profit margins? AppLovin Corporation has the highest operating margin at 78.2%, from 18 of 20 comparable companies. Entravision Communications Corporation shows the biggest recent improvement, at +68 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Advertising Agencies company makes the most profit? AppLovin Corporation earns the most, at $3,964 million of trailing-twelve-month net profit, from 16 of 20 comparable companies. AppLovin Corporation has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Advertising Agencies company earns the highest return on capital? AppLovin Corporation leads on return on capital employed at 27.4%, across 20 of 20 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Advertising Agencies stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Criteo S.A. screens cheapest at 0.2×. Only 5 of 20 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Advertising Agencies company has the strongest balance sheet? QMMM Holdings Limited carries the lowest comparable gross debt at $0 million, from 18 of 20 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Which Advertising Agencies company is investing most in new capacity? The Trade Desk, Inc. reports the largest capital spending at $113 million, across 18 of 20 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Advertising Agencies sector beating the market? Advertising Agencies has outperformed S&P 500 by 74.4% over the last 52 weeks and 17.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 19 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Advertising Agencies stock has the strongest price momentum? QMMM Holdings Limited has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Advertising Agencies company scores highest for research priority? Entravision Communications Corporation scores 61.9 out of 100 with 58.6% evidence confidence, from 26.2 points on growth and earnings, 10.7 on capital efficiency, 8.5 on valuation and 16.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Advertising Agencies companies does this comparison cover, and over what period? It compares 20 listed companies over up to 20 reported quarters of fundamentals and 7 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Advertising Agencies sector? The 20 Advertising Agencies companies on this page carry $200,954 million of combined market value. AppLovin Corporation is the largest at $140,497 million, about 70% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Advertising Agencies sector's P/E ratio? The median price-to-earnings ratio across the 20 Advertising Agencies companies on this page is 25.8×, measured on the 17 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Advertising Agencies sector performing? 11 of the 19 covered Advertising Agencies companies are beating S&P 500 on Mansfield relative strength. The sector itself is 74.4% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Advertising Agencies stocks are listed in the US? This comparison covers 20 listed Advertising Agencies companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/advertising-agencies