LOWOutside partyCustomer
two holding companies
“10-K Item 1: 'two holding companies would have each represented more than 10% of our gross billings for 2025'”
TTD · Concentration risk · 10-K extracted
The Trade Desk (TTD) concentration risks
Updated
The most significant concentration The Trade Desk discloses is two holding companies, classified LOW by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: The Trade Desk’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM0
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is limited to a single, low-share customer exposure: two holding companies would have each represented more than 10% of gross billings for 2025. This is a low-share, dependency-character concentration indicating that while two named holding companies individually crossed a disclosure threshold, neither constitutes a dominant share of the gross billing base, and the remaining revenues are distributed across a broader client universe. The dependency character reflects that holding company clients operate as aggregators of individual advertiser and agency spending decisions — their gross billing contribution is an aggregation of multiple underlying campaigns rather than a single corporate budget line. This means the exposure has some internal diversification within each holding company relationship, but it also means that a strategic shift in how a holding company allocates media spending — for example, a reorientation toward direct partnerships or alternative demand-side platforms — would affect the concentrated portion of billings without requiring any individual advertiser to make a change. At a low-share by disclosed size, neither holding company relationship represents a level of concentration that would independently alter the investment outlook. The company's broader business model, which routes programmatic media spending from many advertisers and agencies through its platform, is structurally diversified across a large number of underlying campaign budgets. No geographic, supplier, or product concentrations are disclosed beyond this customer-level exposure, leaving the overall concentration profile as one of the more limited in scope among businesses of this scale in the technology sector.
For the engine’s reasoning on TTD’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Advertising Agencies
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| APP | Applovin Corporation | 1 | 1 | 0 | 2 |
| DV | DoubleVerify Holdings, Inc. | 0 | 1 | 0 | 1 |
| STGW | Stagwell Inc. | 0 | 0 | 1 | 1 |
| TTD● | The Trade Desk, Inc. | 0 | 0 | 1 | 1 |
| MGNI | Magnite, Inc. | 0 | 0 | 0 | 0 |
| OMC | Omnicom Group Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.