Magnite Inc (MGNI) is overvalued and Trade Desk Inc (TTD) is undervalued.
Against our estimates of intrinsic value, TTD trades at the wider discount: a margin of safety of +48%, against -32% for MGNI.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 13.7% (average of 3 methods) values the shares at $18.84; the price of $24.80 is 32% above that value, and 64% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
Discounting its cash flows at 9.6% (average of 3 methods) values the shares at $25.41; the price of $13.18 is 48% below that value, and 75% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | MGNI | TTD |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $24.80 | $13.18 |
| Intrinsic value | $18.84 | $25.41 |
| Margin of safety | -32% | +48% |
| Leak Score | 27/100 (3/12) | 100/100 (3/12) |
| Market cap | $3.6B | $6.2B |
| Revenue growth, 5 years | 26.4% | 28.2% |
| Operating margin | 15.7% | 19.6% |
| Net margin | 22.5% | 13.6% |
| Return on equity | 19.6% | 15.4% |
| Debt to equity | 0.45 | 0.17 |
| P/E | 22.7x | 15.6x |
| Forward P/E | 18.4x | 53.0x |
| P/B | 3.8x | 2.4x |