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Digital advertising (adtech)

The 37 companies in this industry listed on the NYSE and Nasdaq are worth $111 bn combined; the largest are AppLovin (APP), Magnite (MGNI) and Liftoff Mobile, Inc. (LFTO). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Clear leader
37 companies value 111 bn revenue 22 bn margin 20.2% free cash flow 6.5 bn avg. score 3.4
APP holds 81.1% of the group's value, 26.7x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 APP AppLovin
United States · score 6.8
 81% 90 bn 5.5 bn 80.5% 4.5 bn 5.0% — App advertising and monetization with artificial intelligence · In-app advertising engine with exceptional margins
2 MGNI Magnite
United States · score 6.5
 3% 3.4 bn 0.7 bn 22.5% 0.2 bn 6.4% — Ad-selling platform for media companies · Largest independent sell-side platform in connected TV
3 LFTO Liftoff Mobile, Inc.
United States · score 4.5
 3% 2.8 bn 0.8 bn 5.2% 0.2 bn 6.7% — App marketing and user acquisition · California — revenue of $799m
4 DV DoubleVerify
United States · score 6.3
 2% 2.1 bn 0.8 bn 7.7% 0.2 bn 7.7% — Digital media quality verification and measurement · Verifies whether a digital ad was actually seen by a human; the industry standard
5 OPRA Opera Ltd
Norway · score 7.1
 1% 1.6 bn 0.6 bn 17.6% 0.1 bn 7.1% 4.5% Opera internet browsers for mobile and desktop · Norway — revenue of $615m
6 APPS Digital Turbine, Inc.
United States · score 2.1
 1% 1.2 bn 0.6 bn -5.8% 0.0 bn 1.8% — Independent mobile growth platform for advertisers and carriers · Texas — revenue of $600m
7 YELP YELP INC
United States · score 7.8
 1% 1.1 bn 1.5 bn 8.6% 0.3 bn 28.0% — Local business reviews and advertising · California — revenue of $1.5bn
8 IBTA Ibotta, Inc.
United States · score 4.3
 1% 1.1 bn 0.3 bn -3.2% 0.1 bn 6.8% — Digital distribution of consumer goods promotions · Colorado — revenue of $343m
9 TBLA Taboola.com Ltd.
United States · score 7.1
 1% 0.9 bn 2.0 bn 6.1% 0.2 bn 21.5% — Content recommendation and advertising outside the big platforms · New York — revenue of $2bn
10 QNST QUINSTREET, INC
United States · score 7.1
 1% 0.9 bn 1.3 bn 6.3% 0.1 bn 13.7% — Performance marketplaces for financial and home services · California — revenue of $1.3bn
11 DSP Viant Technology Inc.
United States · score 6.8
 1% 0.9 bn 0.4 bn 2.2% 0.1 bn 7.8% — Programmatic media buying platform · California — revenue of $388m
12 PUBM PubMatic, Inc.
United States · score 4.8
 1% 0.8 bn 0.3 bn -4.7% 0.1 bn 9.5% — AI-powered digital advertising technology · California — revenue of $289m
13 CRTO Criteo
France · score 6.8
 1% 0.7 bn 1.9 bn 5.6% 0.2 bn 23.8% — Personalized advertising and shopping retargeting · Retargeting advertising and retail media
14 MAX MediaAlpha, Inc.
United States · score 5.8
 1% 0.7 bn 1.2 bn 7.9% 0.1 bn 8.1% — Customer acquisition for insurers, $2.2 billion in transactions · California — revenue of $1.2bn
15 MNTN MNTN, Inc.
United States · score 6.4
 1% 0.7 bn 0.3 bn 18.0% 0.1 bn 9.8% — Performance advertising on connected TV · Texas — revenue of $313m
16 NRDS NERDWALLET, INC.
United States · score 7.0
 1% 0.6 bn 0.9 bn 7.6% 0.2 bn 25.4% — Digital consumer financial guidance platform · California — revenue of $860m
17 NEXN Nexxen International Ltd.
Israel · score 7.5
 1% 0.5 bn 0.4 bn 6.9% 0.1 bn 19.5% — Unified advertising platform for video and connected TV · Israel — revenue of $365m
18 PERI Perion Network Ltd.
Israel · score 4.7
 0% 0.3 bn 0.4 bn -1.8% 0.0 bn 11.1% — Digital advertising and search, from Israel · Israel — revenue of $440m
19 OPRX OptimizeRx Corp
United States · score 6.4
 0% 0.2 bn 0.1 bn 4.7% 0.0 bn 11.2% — Digital technology for marketing to and supporting doctors and patients · Massachusetts — revenue of $99m
20 FLNT Fluent, Inc.
United States · score 0.0
 0% 0.1 bn 0.2 bn -11.5% 0.0 bn -5.0% — Performance media connecting brands and consumers · New York — revenue of $202m
21 GOAI Eva Live Inc
United States · score 0.1
 0% 0.1 bn 0.0 bn -133.1% -0.0 bn -9.7% — AI-powered digital advertising · California — revenue of $17m
22 RTB RTB Digital, Inc.
United States · score 0.0
 0% 0.1 bn 0.0 bn -238.9% -0.0 bn -26.2% — Programmatic digital advertising · California — revenue of $13m
23 QXL QUANTUM X LABS INC.
Israel · score 0.7
 0% 0.1 bn 0.0 bn -19.8% 0.0 bn -4.9% — Digital advertising and search, from Israel · Israel — revenue of $11m
24 TEAD Teads Holding Co.
United States · score 0.0
 0% 0.0 bn 1.2 bn -43.3% -0.1 bn -113.4% — End-to-end digital advertising marketplace · New York — revenue of $1.2bn
25 CDLX Cardlytics, Inc.
United States · score 1.7
 0% 0.0 bn 0.2 bn -52.8% 0.0 bn 4.3% — Commerce media and rewards platform · Georgia — revenue of $190m
26 SST System1, Inc.
United States · score 0.0
 0% 0.0 bn 0.2 bn -50.7% -0.0 bn -255.4% — Shopping, travel and search brands with AI-driven customer acquisition · California — revenue of $181m
27 GRSD GRANDSTAND Ltd
Jersey · score 3.2
 0% 0.0 bn 0.2 bn -22.4% 0.0 bn 6.4% — Performance marketing and data for sports betting and online casinos · Jersey — revenue of $163m
28 MNY MoneyHero Ltd
Singapore · score 0.0
 0% 0.0 bn 0.1 bn -7.1% -0.0 bn -38.8% — Financial product comparison and digital brokerage in Southeast Asia · Singapore — revenue of $73m
29 INUV Inuvo, Inc.
United States · score 0.0
 0% 0.0 bn 0.1 bn -8.6% 0.0 bn -52.5% — Generative AI for audience modeling · Arkansas — revenue of $52m
30 TAOP Taoping Inc.
China · score 0.0
 0% 0.0 bn 0.0 bn -31.4% 0.0 bn -110.6% — Digital media and cloud for outdoor advertising, from China · China — revenue of $25m
31 SLE Super League Enterprise, Inc.
United States · score 0.0
 0% 0.0 bn 0.0 bn -190.3% -0.0 bn -79.2% — Advertising and properties on gaming platforms · California — revenue of $12m
32 KNRX KNOREX LTD.
Singapore · score 0.0
 0% 0.0 bn 0.0 bn -191.2% -0.0 bn -182.8% — Programmatic advertising and B2B marketing automation · Singapore — revenue of $6m
33 PHUN Phunware, Inc.
United States · score 0.0
 0% 0.0 bn 0.0 bn -471.7% -0.0 bn -34.8% — Software and advertising for mobile apps · Texas — revenue of $3m
34 CNET ZW Data Action Technologies Inc.
China · score 0.0
 0% 0.0 bn 0.0 bn -23.9% 0.0 bn -19.8% — Digital advertising and precision marketing in China · China — revenue of $3m
35 BAOS Baosheng Media Group Holdings Ltd
China · score 0.0
 0% 0.0 bn 0.0 bn -78x 0.0 bn -15x — Online marketing for advertisers in China · China
36 CHR Cheer Holding, Inc.
China · score 3.9
 — — 0.1 bn 18.7% -0.0 bn — — Advertising, digital media and entertainment in China · China — revenue of $138m
37 HAO Haoxi Health Technology Ltd
China · score 1.5
 — — 0.1 bn -17.4% 0.0 bn — — Short-video marketing for advertisers in China · China — revenue of $55m

Other industries in the same sector

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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