DoubleVerify Holdings, Inc. (DV): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect one of the most critical, yet often opaque, parts of digital advertising: media verification. Honestly, understanding how DoubleVerify Holdings, Inc. (DV) captures value in this fragmented ecosystem is key to valuing its growth story. Their model isn't just about blocking bad ads; it's a high-retention, data-heavy fortress built on trust, pulling in $106.7 million from pre-bid activation alone in Q3 2025, while maintaining zero churn among their top 100 customers. They've nailed the neutral, third-party layer. Dive below to see the nine building blocks that explain this impressive structure.

DoubleVerify Holdings, Inc. (DV) - Canvas Business Model: Key Partnerships

You're looking at the core relationships DoubleVerify Holdings, Inc. (DV) relies on to verify media quality across the complex digital landscape as of late 2025. These partnerships are how DV scales its measurement and activation capabilities.

Direct integrations with Walled Gardens (Meta, TikTok, YouTube) are critical, as these platforms command a massive share of digital spend. DV's integrated solutions are now live across these environments, driving significant activation revenue.

• DV launched pre-screen suitability on Meta, with 13 of its Top 100 customers leveraging it in Q2 2025.
• DV Authentic Advantage, which unifies pre-bid suitability, optimization, and measurement, was in beta on YouTube, targeting general availability in early September 2025.
• YouTube, TikTok, and Meta collectively accounted for over 90% of DV's Q2 social measurement revenue.
• DV expanded pre-bid video controls for TikTok.

The scale of the social ecosystem means that 57% of consumers report encountering AI-generated content on social media, making suitability partnerships here a necessity for brand safety.

Strategic alliances with CTV platforms show rapid growth. DV's research highlights a major industry challenge:

To combat this waste, DV introduced Verified Streaming TV pre-bid segments and measurement, leveraging licensed IMDb data for richer contextual analysis.

Pre-bid integration with major Demand-Side Platforms (DSPs) is central to DV's activation revenue stream. These integrations allow for proactive blocking before an ad is served.

• Verified Streaming TV pre-bid segments integrate with The Trade Desk, Microsoft Invest, Teads, StackAdapt, and Index Exchange.
• The new "Do Not Air" Automation feature for brand safety is rolling out first through The Trade Desk.

Collaboration with global advertising agency holding companies is evident through client testimonials, showing deep operational integration. For example, one major holding company noted appreciation for DV's account management team's speed and support.

Supply-side partnerships with publishers and retail media networks are a growing revenue line. DV measures media quality for sellers, helping them prove inventory value.

• Supply-side revenue increased by 26% in Q3 2025, reaching $17.2 million.
• DV measures over 8.3 trillion media transactions per year across environments including retail media.
• The Rockerbox acquisition is on track to contribute approximately $8 million to full-year 2025 revenue.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

DoubleVerify Holdings, Inc. (DV) - Canvas Business Model: Key Activities

You're looking at the core engine of DoubleVerify Holdings, Inc. as of late 2025, focusing purely on what they do to generate revenue and maintain their market position. It's all about the tech and the scale needed to back it up.

The foundational activity is the continuous refinement of their verification stack. This means developing and maintaining proprietary AI/ML verification algorithms. To give you a sense of the scale of this work, their machine learning algorithms are reportedly capable of achieving 99.6% accuracy in real-time fraud detection while processing 3.2 million impressions per second.

This technology directly supports real-time measurement and fraud detection across all media. The sheer volume of activity they monitor is massive. For instance, their Media Transactions Measured (MTM) for Connected TV (CTV) specifically grew by 30% year-over-year in the third quarter of 2025. This operational scale is necessary to support the company's financial targets; DoubleVerify Holdings, Inc. projects approximately 14% revenue growth for the full fiscal year 2025.

Here's a quick look at the revenue streams driving that 14% growth projection, based on the Q3 2025 results:

Product innovation is a constant activity, especially around artificial intelligence. A key example is the launch of the new DV AI Verification solution, which is designed to identify and manage interactions with both declared and undeclared AI agents. This new offering analyzes nearly 2 billion interactions with AI agents every month.

Another critical activity involves integrating acquired technologies for optimization, such as the Scibids AI platform. This integration is about putting their verified data to work for better outcomes. The DV Scibids AI technology, when combined with DoubleVerify's data, has shown impressive results in tests, including a 63% increase in attention levels and a 95% increase in impressions won across several campaigns. For some clients, like Pernod Ricard, the average Scibids AI ROI reached 5.8x. The platform generally reports an average Scibids AI ROI of 4x.

The company's ability to keep clients is a testament to the quality of these activities. DoubleVerify Holdings, Inc. maintained a Gross Revenue Retention rate of over 95% in the third quarter of 2025. This retention, coupled with the AI-driven efficiencies that helped push the Q3 2025 Adjusted EBITDA margin to 35%, is what underpins the raised full-year 2025 Adjusted EBITDA margin guidance to approximately 33%.

You should watch the adoption rate of their new social solution, DV Authentic Advantage, which is reportedly gaining early traction with leading global brands.

DoubleVerify Holdings, Inc. (DV) - Canvas Business Model: Key Resources

You're looking at the core assets that make DoubleVerify Holdings, Inc. run, the things they own or control that let them deliver value. These aren't just line items; they are the engine room.

Proprietary technology platform and extensive data set, processing what the company refers to as trillions of impressions. The scale of this processing power is reflected in the volume of transactions measured. For instance, in Q3 2025, Media Transactions Measured (MTMs) increased 12% year-over-year, and specifically for Connected TV (CTV), MTM increased by 30% in that same quarter.

The value of this platform is amplified by the highly specialized AI/ML engineering and data science talent driving innovation. This talent is directly monetized through new offerings; the DV Authentic AdVantage solution, for example, closed approximately $8 million in annual contract value (ACV) within weeks of its launch in Q3 2025.

The strong balance sheet provides the necessary stability for continued investment and strategic actions. As of the end of Q3 2025, DoubleVerify Holdings, Inc. held approximately $201 million in cash and cash equivalents. This financial footing supported capital deployment, including repurchasing 3.3 million shares for $50.1 million during Q3 2025.

The company's standing is underpinned by global accreditations from industry bodies, such as the Media Rating Council (MRC), which validates the integrity of their measurement methodologies. This trust translates directly into customer commitment, evidenced by zero churn among the top 100 customers in Q3 2025.

The core intellectual property in brand safety and fraud detection is a key differentiator, driving growth in high-value segments. The supply-side revenue stream, which relies heavily on this IP, grew by 27% year-over-year in Q3 2025.

Here's a quick look at how these resources translate into recent performance metrics:

The operational strength derived from these resources is clear:

• - Activation Revenue grew 10% year-over-year in Q3 2025.
• - Measurement Revenue grew 9% year-over-year in Q3 2025.
• - Social Measurement Revenue accounted for 48% of total measurement revenue in Q3 2025.
• - Total assets stood at $1.249 billion as of Q1 2025, with no long-term debt.

DoubleVerify Holdings, Inc. (DV) - Canvas Business Model: Value Propositions

You're looking at the core reasons why advertisers pay DoubleVerify Holdings, Inc. (DV) for its services, which boils down to trust and performance in a messy digital landscape.

The foundational value proposition is providing neutral, third-party verification of media quality and effectiveness. This isn't just a claim; the data backs up the need. For instance, DoubleVerify's analysis of over one trillion impressions across desktop, mobile, and CTV environments in 2024 showed that North America achieved a brand suitability violation rate of just 4.6%. That rate is significantly better, coming in 11% below the global benchmark of 5.2%. This demonstrates tangible improvement from adopting their services.

Next up is protection against the bad actors. You need to know you're safe from fraud, specifically General Invalid Traffic (GIVT) and Sophisticated Invalid Traffic (SIVT). The threat is escalating; in 2024, bot fraud in North America surged by 101% year-over-year. To counter this, DoubleVerify's Fraud Lab updates Digital Service Providers (DSPs) on new fraud signatures 100x daily, identifying over 16M+ active fraudulent device signatures every day. Without this protection, unprotected advertisers saw fraud/SIVT violation rates as high as 17%. We can map out the scale of the problem and the protection offered:

The platform helps you drive superior campaign outcomes, which is where the newer DV Authentic AdVantage solution really shines. This solution integrates protection with optimization to remove the historical trade-off between quality and performance. When marketing decision-makers were surveyed about campaign performance above baseline in 2024, social media dominated. You'll want to see these numbers:

• Social media reels were cited by 77% of decision-makers as outperforming.
• Social media feeds followed closely at 75%.
• Connected TV (CTV) ranked third, with 69% reporting outperformance.
• Commerce media networks achieved a 67% outperformance rate.

DoubleVerify Holdings, Inc. is also evolving to offer full-funnel measurement, which is cemented by the acquisition of Rockerbox. This move was a cash transaction valued at $85 million. The value here is integrating Rockerbox's Multi-Touch Attribution (MTA), Marketing Mix Modeling (MMM), and Incrementality Testing with DV's existing data. For the full year 2025, the Rockerbox contribution is expected to be approximately $8,000,000 in revenue, helping to power definitive ad KPI achievement.

Finally, you get enhanced transparency in complex channels. CTV is a major focus; in Q2 2025, Media Transactions Measured (MTM) for CTV specifically increased by 45% year-over-year. Social measurement is also critical, accounting for 14% of total Measurement revenue in Q2 2025, with YouTube, TikTok, and Meta driving over 90% of that social measurement revenue. This focus on complex areas supports the company's overall financial momentum, as Q2 2025 total revenue hit $189.0 million, a 21% increase year-over-year. Finance: review the Q3 2025 revenue guidance of $188 and $192 million against this backdrop by next Tuesday.

DoubleVerify Holdings, Inc. (DV) - Canvas Business Model: Customer Relationships

You're managing relationships with global brands and agencies that require absolute certainty in their media spend, so DoubleVerify Holdings, Inc. structures its customer engagement around dedicated, high-touch teams.

The commercial leadership structure is designed for continuity and strategic alignment, with the Global Chief Commercial Officer set to step down effective December 31, 2025, transitioning to a Senior Advisor role, while the new Global Chief Commercial Officer assumes command on January 1, 2026. This planning underscores the importance of long-term client relationships.

The approach is heavily consultative, evidenced by the continuous addition of major enterprise logos, such as Citigroup UK, Henkel, Red Bull, Under Armour, and Premier Inn, secured in the third quarter of 2025 alone. This consultative effort directly supports solution stacking and upsell motions.

The focus on solution stacking is a primary driver of financial performance, as growth in the first half of 2025 was predominantly fueled by existing customers adopting additional products and expanding into new geographies. This is reflected in the performance of Activation revenue, which grew 10% year-over-year in Q3 2025.

The retention performance is exceptionally strong, which is the bedrock of this relationship model. The company maintained a Gross Revenue Retention rate of over 95% across both the second and third quarters of 2025. While specific top-100 churn data isn't public, the deep product adoption among the largest clients suggests high stickiness.

The depth of integration is visible through product penetration metrics:

• 70% of the top 500 customers were using the Authentic Brand Suitability (ABS) product as of Q2 2025.
• Media Transactions Measured (MTM) for CTV increased by 45% year-over-year in Q2 2025.
• MTM volume overall increased by 12% in Q3 2025.

The relationship management is formalized through strategic client interactions, which would naturally include annual business reviews and custom reports to demonstrate the value derived from solution stacking across their platform.

Here's a quick look at the key relationship health metrics from the 2025 reporting periods:

The structure relies on specialized roles to manage the customer lifecycle, from onboarding specialists ensuring a fast start to dedicated account managers laser-focused on spotting and closing expansion opportunities, which is critical for maintaining that high retention and driving upsell revenue.

DoubleVerify Holdings, Inc. (DV) - Canvas Business Model: Channels

You're looking at how DoubleVerify Holdings, Inc. (DV) gets its services-verification, data, and analytics-into the hands of advertisers and platforms. The channel strategy is clearly multi-pronged, hitting direct enterprise relationships, the programmatic plumbing, and key platform partnerships.

The direct sales force focuses on the largest spenders. This segment is clearly working, as DoubleVerify Holdings, Inc. grew the total number of customers generating more than $200 thousand of revenue by +14% year-over-year in Q1 2025. Furthermore, 70% of their top 500 customers are already using the DV Authentic Brand Suitability (ABS) product, showing deep penetration at the enterprise level. DoubleVerify measures over 8.3 trillion media transactions per year across all channels.

Programmatic integrations are a massive driver, primarily through the Activation revenue line. This channel relies on pre-bid activation via Demand-Side Platforms (DSPs) and increasingly, Supply-Side Platforms (SSPs). Activation revenue hit $108.9 million in Q2 2025, a 25% year-over-year increase. The ABS solution, critical for pre-bid suitability, grew 23% year-over-year in Q2 2025. DoubleVerify Holdings, Inc. extended its data solutions directly into SSPs like Criteo's Commerce Grid and Index Exchange to enhance curated inventory access.

Direct API integrations are crucial for walled gardens like social media and the rapidly growing Connected TV (CTV) space. For CTV, measurement impressions grew 45% year-over-year in Q2 2025, making up 11% of total measurement impression volumes that quarter. DoubleVerify Holdings, Inc. launched new streaming TV offerings, including Verified Streaming TV pre-bid segments and 'Do Not Air' Automation, to address issues where an estimated 15% of U.S. programmatic CTV deals serve outside premium streaming environments, wasting over $1 billion in ad spend quarterly. On the social side, 77% of surveyed decision-makers cited social media reels and 75% cited social feeds as top-performing channels.

Partnerships with media agencies help achieve broad client reach, though the data is less direct on this specific channel's revenue share. However, the operational burden on campaign managers, who often work within agency structures, highlights the need for DoubleVerify Holdings, Inc.'s automation. Campaign managers spend 26% of their time-over 10 hours per week-on manual optimizations, which DoubleVerify Holdings, Inc.'s platform aims to streamline.

Here's a look at the revenue contribution from the core execution channels as of Q2 2025:

The full-year 2025 revenue growth projection sits around 15%, with the adjusted EBITDA margin guidance reaffirmed at approximately 32%, though later guidance raised this to around 33%.

DoubleVerify Holdings, Inc. (DV) - Canvas Business Model: Customer Segments

You're looking at the core groups DoubleVerify Holdings, Inc. serves to drive its verification and measurement platform revenue. Honestly, it's a mix of the biggest spenders and the infrastructure providers.

The foundation of the business rests on large advertisers, which is clear from the revenue retention figures. DoubleVerify Holdings maintained a Gross Revenue Retention rate of over 95% in the third quarter of 2025, which tells you the big brands stick around. Furthermore, the count of advertisers spending over $200K grew 11% Year-over-Year to reach 347 as of the third quarter of 2025.

Here is a quick look at the revenue streams that map back to these customer types for the third quarter of 2025:

The Activation segment, which covers programmatic and social media platform verification, is the largest piece of the pie, hitting $106.7 million in Q3 2025. The Measurement segment followed at $63.8 million.

Regarding the specific types of Global Advertisers, you see major brand-conscious players signing on. Notable third-quarter 2025 new enterprise customer wins included Citigroup UK, Henkel, Red Bull, Under Armour, and Premier Inn. Expansions were seen with clients like Vodafone, Papa John's, and Sonos.

Advertising Agencies are implicitly served through the Activation revenue line, as DoubleVerify Holdings measures impressions purchased through programmatic demand-side and social media platforms managed by these agencies. The adoption of their premium ABS (Authentic Brand Suitability) product shows deep integration, with 73% of the top 500 customers having activated it by Q3 2025.

Supply-Side Platforms (SSPs) and Publishers are a distinct and fast-growing segment. Supply-Side revenue saw a significant rise of 27% Year-over-Year in Q3 2025, reaching $18.1 million. This contrasts with Q1 2025, where supply-side revenue growth was 35%.

Emerging segments, especially Retail Media Networks and Connected TV (CTV), are key growth vectors. Retail media saw growth of 30% Year-over-Year in Q3 2025, with tags accepted across 149 networks/sites. CTV adoption is also strong; Media Transactions Measured (MTM) for CTV increased by 30% in Q3 2025, following a 45% increase in Q2 2025.

• Social measurement revenue accounted for 48% of total Measurement revenue in Q3 2025.
• The company reported zero churn among its top 100 customers in Q3 2025.
• The AI-powered DV Authentic AdVantage solution closed approximately $8 million in annual contract value early on.

Finance is represented by wins like Citigroup UK, and CPG/Auto are implied by the scale of the enterprise customer base and the nature of brand safety services required by those sectors.

Finance: draft 13-week cash view by Friday.

DoubleVerify Holdings, Inc. (DV) - Canvas Business Model: Cost Structure

You're looking at the cost side of the DoubleVerify Holdings, Inc. engine, which is heavily weighted toward maintaining platform superiority and capturing market share. The structure shows a clear trade-off between investing in the core technology and aggressively pursuing new customer acquisition globally.

High fixed costs in Research and Development (R&D) for platform innovation are evident. For the three months ended June 30, 2025, Product Development Expenses, which cover R&D efforts, totaled $47.2 million. This represented a 19% increase year-over-year for that quarter, showing continued, significant investment to support new product development, including AI-driven verification suites.

The infrastructure required to process the massive volume of digital advertising impressions drives substantial variable and fixed technology costs. For instance, Cost of Revenue for the six months ended June 30, 2025, was $64.1 million, with the increase attributed partly to continued investment in cloud services necessary to support growth. Furthermore, Capital Expenditures in the third quarter of 2025 were approximately $12 million, reflecting acceleration in investment across social, streaming TV, and AI solutions.

Personnel costs are a major driver, especially given the need for highly skilled engineering and data science talent to build out AI capabilities like the Agentic Classification System. While total personnel costs aren't itemized separately from R&D and SG&A, the guidance for stock-based compensation expenses for the full year 2025 is projected to be around $105 million to $110 million. This figure is meaningful, as it is expected to be up meaningfully from the $91 million expense reported in 2024.

Significant investment in global sales and marketing to drive expansion is necessary to support the double-digit revenue growth seen in 2025. For example, Q3 2025 revenue grew 11% year-over-year to $188.6 million, supported by new enterprise wins like Citigroup UK and Red Bull. While the exact Sales & Marketing dollar amount isn't isolated, the company is focused on driving scalable, profitable growth, aiming for a full-year 2025 Adjusted EBITDA margin of approximately 33%.

Here's a look at the key cost-related financial metrics we have for the 2025 period:

The company's ability to maintain an expected full-year 2025 Adjusted EBITDA margin of 33% while increasing R&D spend suggests operating leverage is being achieved through automation, like the new AI tools that are expected to materially cut labeling time and costs.

The cost structure is characterized by these ongoing, high-volume operational expenses:

• R&D expenses up 19% in Q2 2025 year-over-year.
• Cost of Revenue increased 22% for the first six months of 2025 versus prior year.
• Stock-based compensation expected to be over $100 million for the full year 2025.
• CapEx of $12 million in Q3 2025 dedicated to platform scaling.

DoubleVerify Holdings, Inc. (DV) - Canvas Business Model: Revenue Streams

You're looking at the core engine of DoubleVerify Holdings, Inc.'s financial engine, which is how they turn verification and measurement into cold, hard cash. Honestly, the structure is designed to be sticky, moving away from pure impression-based pricing where possible.

The revenue streams for DoubleVerify Holdings, Inc. are clearly segmented, showing where the real growth is coming from as of the third quarter of 2025. Total revenue for Q3 2025 hit $188.6 million, which was an 11% jump year-over-year. Here's the quick math on the primary buckets:

The largest component, Activation Revenue, which covers pre-bid evaluation and verification, brought in $106.7 million in Q3 2025. Measurement Revenue followed at $63.8 million. The Supply-Side revenue stream showed the fastest growth, surging 27% to hit $18.1 million for the quarter.

The underlying pricing mechanism for core services leans toward stability. DoubleVerify Holdings, Inc. uses a Measured Transaction Fee (MTF), which is essentially a fixed fee charged per thousand Media Transactions Measured (MTM). This structure helps insulate revenue from the day-to-day volatility of Cost Per Mille (CPM) pricing in the open exchange, which is smart definsitely.

Growth is also being fueled by newer, more advanced offerings that likely carry performance-based or value-add components. For instance, the company's focus on optimization products is clear:

• The new DV Authentic Advantage integrated solution alone generated $8 million in Q3 2025.
• The company is actively pushing AI-powered tools like Scibids AI, which saw upsell momentum in prior periods.
• Connected TV (CTV) MTM volume grew 30% in Q3 2025, indicating strong adoption in that high-value area.

To be fair, the Measurement segment is complex; within that $63.8 million, Social measurement revenue grew 9% and made up 48% of the total Measurement revenue for the period. The full-year 2025 guidance reflects this confidence, with management raising the full-year adjusted EBITDA margin expectation to approximately 33%.

Finance: draft 13-week cash view by Friday.