The analysis indicates that The Trade Desk (TTD) has demonstrated significant market share growth in the advertising industry over the long term, with revenues expanding from $200 million in 2016 to $2.8 billion in the most recent trailing 12-month period, reflecting a robust compound annual growth rate of 35%. Although recent quarterly revenue growth has decelerated to under 20%, it still maintains a double-digit pace, outperforming the high single-digit growth observed in the broader advertising sector. Concerns among investors include Amazon's advancements in its Demand-Side Platform (DSP), which could potentially circumvent TTD's platform, and an unexpected shake-up in TTD's leadership team, both of which have negatively impacted the stock price. Historically, the Return on Invested Capital (ROIC) for TTD declined sharply from 50.4% in 2016 to 5.2% in 2022. However, there has been an encouraging recovery, with ROIC improving to 25.7% in the most recent trailing 12-month period. This rebound suggests effective management adjustments to prevailing market dynamics. Based on an intrinsic value calculation of $70.42 per share, compared to the current market price of $39.75, The Trade Desk stock is assessed as undervalued. The recommendation is a 'buy' for TTD stock before 2026.