The Trade Desk reported 18% revenue growth to $739 million. For the nine months ended September 30, the company's revenue growth has slowed down to 20%, rising to $2.049 billion. Revenue growth has been great, from $100 million in 2015 to $2.7 billion, which is a compounded annual growth rate of over 39%. Furthermore, they've grown revenue at lucrative profit margins and cash flows. Their cash flow from operations to sales ratio has hovered around 30% for the better part of the previous five years, which is up from negative levels in 2014 and 2015, and around 10% in 2017 to 2019. The return on invested capital has been volatile, returning to growth here since 2022, but from 2016 to 2022, it had been declining. There was only one year where the return on invested capital was below the company's weighted average cost of capital. As long as a company is delivering ROIC above the weighted average cost of capital, it's adding shareholder wealth. The Trade Desk is trading at a forward price-to-earnings of 21.85, the cheapest this stock has been going back a long time. Proprietary discounted cash flow model, the stock also looks undervalued. Calculated an intrinsic value at 65; the current market price is 43, so it looks undervalued.