Viant Technology Inc.

DSP · Technology · $779.3M mkt cap · FY2025 filings · Shallow moat

Doesn't clear the bar

Shallow moat

The four filters

Pricing power75

Median gross margin 45.7% over 7y, very stable.

Returns on capital21

Median ROIC 6.3%, above the 9% hurdle in 43% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline55

Owner earnings +4.9%/yr, share count n/a.

Margin of safety

Above valueOn sale

329% above value

Owner earnings (normalized): $10.1M
Est. intrinsic value / share: $2.71
Recent price: $11.63
Discount to value: 329% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell DSP. See the disclaimer.