olivLaw · US equity research
MNTN, Inc. MNTN
Services-Advertising · SIC 7310 · Vertical: Services-Advertising (SIC 7310)
MNTN is a self-serve software platform that brings performance advertising with measurable outcomes to Connected TV (CTV), similar to search and social. In the second quarter of 2026, revenue grew 21% year over year to 82.5 million USD, as the channel moves from an early-adopter market toward the mainstream.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, MNTN, Inc. (MNTN) stock was 10.37 USD (+6.58% on the day), with market capitalisation 170.5 m USD, P/E 13.9 on diluted EPS of 0.75 USD over the last 12 months, beta 1.20, 52-week range 7.78–14.39 USD. Latest reported quarter (Q2 2026): revenue of 82.5 m USD (+20.6% YoY), net income of 6.7 m USD, diluted EPS 0.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.7
- neutral
- Bollinger (20, 2)
- 9.14 – 10.61
- in the upper half of the band · %B 0.84 · band width 14.9%
- SMA 50 / 200
- 10.87 / 9.97
- mixed trend
- MACD (12, 26, 9)
- -0.25 / -0.33
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.9% | −1.1% | +4.0 pp | — |
| 3 months | −0.6% | −0.5% | −0.1 pp | — |
| 6 months | +18.2% | +4.4% | +13.9 pp | — |
| Year to date | −13.1% | +12.3% | −25.5 pp | — |
| 1 year | −30.2% | +13.5% | −43.7 pp | −54.7% |
| 3 years | unavailable | +76.4% | unavailable | −69.6% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 57.1 m | 69.8 m | 64.5 m | 68.5 m | 70.0 m | 87.1 m | 73.7 m | 82.5 m |
| Cost of revenue | 16.2 m | 16.2 m | 19.8 m | 15.9 m | 14.8 m | 15.6 m | 13.7 m | 16.2 m |
| Gross profit | 40.9 m | 53.6 m | 44.7 m | 52.6 m | 55.2 m | 71.5 m | 60.0 m | 66.3 m |
| Research & development | 8.2 m | 8.9 m | 9.6 m | 10.7 m | 13.7 m | 15.2 m | 14.6 m | 16.4 m |
| Operating income | 374.0 k | 9.9 m | -7.7 m | 3.7 m | 7.5 m | 20.5 m | 9.6 m | 7.1 m |
| Depreciation & amortisation | 2.0 m ≈ | 2.6 m | — | — | 2.5 m ≈ | 2.6 m | — | — |
| Pre-tax income | -3.8 m | 1.6 m | -25.4 m | -24.2 m | 8.4 m | 25.3 m | 11.6 m | 9.2 m |
| Income tax | 58.0 k | 5.6 m | -4.3 m | 2.0 m | 1.9 m | -9.2 m | 2.9 m | 2.4 m |
| Net income | -3.9 m | -4.0 m | -21.1 m | -26.2 m | 6.4 m | 34.5 m | 8.8 m | 6.7 m |
| Diluted EPS | -0.28 | -0.28 ≈ | -1.41 | -0.65 | 0.08 | 0.47 ≈ | 0.11 | 0.09 |
| Operating cash flow | 12.6 m ≈ | 27.0 m | 2.0 m | 15.6 m ≈ | 9.3 m ≈ | 29.6 m | 7.1 m | 26.9 m ≈ |
| Share repurchases | 183.0 k ≈ | 150.0 k | — | — | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 12.3, median 645.2, max 1,278.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 225.6 m | 290.1 m |
| Revenue YoY | unavailable | +28.6% |
| Net income | -32.9 m | -6.4 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -2.38 | -0.13 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -14.6% | -2.2% |
| Free cash flow | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 210.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 305.7 m USD
- Total assets
- 378.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.18x
- ROE
- unavailable
- ROA
- -2.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 225.6 m | 290.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 64.1 m | 66.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 161.5 m | 223.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Research & development | 32.7 m | 49.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | -1.6 m | 24.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 8.3 m | 9.9 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 6.7 m ≈ | 33.9 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Pre-tax income | -27.1 m | -16.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 5.8 m | -9.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | -32.9 m | -6.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -2.38 | -0.13 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 13.8 m | 50.9 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 82.6 m | 210.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 66.9 m | 61.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 158.4 m | 286.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 100.0 k | 0 | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 51.9 m | 51.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 238.7 m | 378.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 63.6 m | 59.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 155.2 m | 68.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 177.5 m | 72.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | -107.6 m † | 305.7 m † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 42.5 m | 56.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Investing cash flow | -9.9 m | -17.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -5.0 m | 88.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 333.0 k | 10.0 m | SEC (XBRL)· 19 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 170.5 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 18.0% | 100 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.9x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 13.9x | 73 (on a fixed band) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial73/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MNTN, Inc. (MNTN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 290.1 m USD in 2025; YoY growth 28.6%; net margin 18.0%; ROE 19.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 18.0%
- Current ratio: 4.9x
- P/E (TTM): 13.9x
What contradicts it
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Services-Advertising (SIC 7310) · same industry (4-digit SIC) · compared with 13 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CCOClear Channel Outdoor Holdings, Inc. | 1.2 bn | — | — | -6.3% | +6.6% | unavailable / unavailable |
| MNTNMNTN, Inc. | 170.5 m | 13.9 | 19.7% | 18.0% | +28.6% | −30% / unavailable |
| EDHLEverbright Digital Holding Ltd. | 161.3 m | — | -70.8% | -120.6% | −32.6% | −56% / unavailable |
| NCMINational Cinemedia, Inc. | 147.7 m | — | -2.2% | -3.1% | unavailable | −64% / −61% |
| FLNTFluent, Inc. | 107.1 m | — | -170.5% | -11.5% | −18.0% | +90% / +9% |
| THRYThryv Holdings, Inc. | 57.8 m | — | -7.6% | -2.3% | −4.7% | −77% / −93% |
| TZOOTravelzoo | 54.5 m | 191.4 | — | 0.5% | +9.3% | −25% / −47% |
| IZEAIZEA Worldwide, Inc. | 40.8 m | — | -5.1% | -9.4% | −12.9% | −53% / −3% |
| TNMGTNL Mediagene | 8.2 m | — | -155.9% | -175.3% | +35.3% | −93% / −100% |
| INUVInuvo, Inc. | 7.3 m | — | -43.9% | -8.6% | +2.9% | −85% / −85% |
| PSQHPSQ Holdings, Inc. | 6.5 m | — | -269.3% | -132.7% | +81.1% | −90% / −98% |
| STFSStar Fashion Culture Holdings Limited | 6.3 m | — | -39.9% | -13.7% | +83.7% | −8% / unavailable |
| IBTAIbotta, Inc. | 0 | — | -5.7% | -4.5% | −6.8% | +164% / unavailable |
| ANGIAngi Inc. | — | — | -27.3% | -23.8% | −13.0% | −40% / −70% |
1- and 3-year price returns: for MNTN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 31.12 Total return 200% · Per year 200% | 54.77 Total return 428% · Per year 428% | 82.15 Total return 692% · Per year 692% |
| 3 years | 36.91 Total return 256% · Per year 53% | 72.43 Total return 598% · Per year 91% | 118.30 Total return 1,041% · Per year 125% |
| 5 years | 43.79 Total return 322% · Per year 33% | 95.79 Total return 824% · Per year 56% | 170.35 Total return 1,543% · Per year 75% |
- Exit P/E± 18.11
- Net margin± 12.68
- Annual revenue growth± 9.45
- Annual dilution± 1.07
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
MNTN is a self-serve software platform that brings performance advertising with measurable outcomes to Connected TV (CTV), similar to search and social. In the second quarter of 2026, revenue grew 21% year over year to 82.5 million USD 3, as the channel moves from an early-adopter market toward the mainstream.
SWOT
Strengths
- A self-serve platform with integrated targeting, measurement and attribution for CTV, which the company describes as the first in its category 1.
- High gross margin and growing Adjusted EBITDA, with results that show the operating leverage of the model 3.
- A solid balance sheet with no borrowings outstanding and substantial cash, providing flexibility for investment 3.
Weaknesses
- Dependence on a small number of major customers for part of revenue, most without committed contracts 1.
- Past results have fluctuated from quarter to quarter for reasons that are hard to control 1.
- Growth depends on the adoption of CTV as a performance channel, which is still a new and evolving market 1.
Opportunities
- Extension to national and global brands and international markets, which the company considers long-term opportunities 1.
- Growth in spend from existing customers as they increase CTV budgets and diversify advertising 1.
- Partnerships with measurement and activation platforms that could extend the offer to advertisers 3.
Risks
- Dependence on CTV adoptionhigh
If client adoption of CTV grows more slowly than the company expects, results and growth prospects could be affected 1.
- Customer concentrationmedium
A small number of customers generate part of revenue, and most have no committed contracts, so reductions in their spend could have a disproportionate effect 1.
- Demand for advertisinghigh
Demand depends on the economic health of marketers, and macroeconomic shocks could reduce budgets and make revenue harder to forecast 1.
- Achieving ROAS goalsmedium
If the company fails to meet customers' ROAS goals, clients could reduce their spending on the platform 1.
- Quarterly volatilitylow
Results have fluctuated in the past and could continue to fluctuate due to seasonality and other factors, making period comparisons difficult 1.
Investment thesis
What would need to be true (bull case)
- Revenue and PTV customer growth combined with rising margins may indicate operating leverage as the company scales 3.
- If CTV keeps attracting performance budgets from linear television, the company could capture a significant share of this migration 1.
- A balance sheet with no borrowings and the repurchase program may suggest confidence in long-term cash generation 3.
What would break the thesis
- If adoption of CTV as a performance channel stays slow, the growth pace could fall below expectations 1.
- Dependence on a few large customers and the lack of committed contracts could make revenue more volatile 1.
- Macroeconomic pressures and possible cuts to advertising budgets could weigh on results 1.
What to watch
- Third quarter 2026 results and revenue against the outlook of about 25% growth at the midpointQ3 2026
- Growth pace of trailing twelve month active PTV customersQ3 2026
- Delivery of the full year 2026 revenue and Adjusted EBITDA outlook2026
- Execution of the stock repurchase program and cash trends2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Founded in 2009, the company offers its PTV (Performance TV) platform, through which brands define their audience, budget and ROAS-type goals, and algorithms optimize the campaign automatically 1. The MNTN Matched technology matches consumers with brands they are most likely to engage with, and Verified Visits links viewing an ad to actions such as sales or app installs on other household devices 1. Revenue in fiscal 2025 was 290.1 million USD 1, and PTV Customers reached 3,632 1.
The business model relies on attracting new customers, mainly small and mid-sized businesses that already advertise through search and social, and on growing spend from existing customers 1. Most new customers come through inbound leads, and most customers are not on committed contracts 11. The company says it has invested in technology, sales and marketing, and that its Adjusted EBITDA margin could continue to improve over the long term as revenue scales 1.
In 2025 the company completed its initial public offering, and in 2026 it announced a stock repurchase program of up to 100 million USD 3. Its 2026 outlook calls for revenue between 347 and 357 million USD and Adjusted EBITDA between 96 and 101 million USD 3. The company ended the quarter with 237.3 million USD in cash and no borrowings outstanding 3.
Segments
Self-serve PTV platform
The software enables CTV campaigns with conversion tracking, automated optimization and minimal dedicated resources, built for marketers rather than IT specialists 1.
Market context
The company describes CTV advertising as the fastest growing advertising channel in the world, as budgets shift from linear TV to CTV, supported by growth in AVOD models 1. Performance marketing is, per the source, the dominant form of digital advertising, and the company sees PTV as a channel that could capture a significant share of performance and CTV spend 1.
Market development depends on the pace of cord-cutting, the shift to ad-supported models and the rate at which performance budgets move to CTV 1. Macroeconomic conditions could reduce advertising budgets, which could make revenue harder to predict 1.
Trends
- Shift of budgets from linear TV to CTVtailwind
Consumers are moving from traditional TV to CTV, and brands are shifting budgets from linear TV to CTV, expanding available ad inventory 1.
- Growth of AVODtailwind
Consumers accept ad-supported content instead of higher subscription fees, which increases inventory available for performance ads 1.
- Macroeconomic uncertaintyheadwind
Inflation, interest rate volatility and geopolitical conflicts could lead marketers to cut advertising budgets, affecting the company's revenue 1.
- Adoption of AI technologiesmixed
Investments in AI for targeting and creative could accelerate platform adoption, but depend on customers being willing to leave traditional ways of placing orders 13.
Competitive position
The analyzed sources mainly mention paid search and paid social as alternatives for performance marketing budgets, as well as the agencies with which large brands already have relationships 1. The company says it differs through superior attribution and performance, but the documents reviewed do not identify direct competitors against which its figures are compared 1.
One competitive risk is the emergence of competing solutions or alternative channels that clients might prefer, and the company cannot predict the platform's adoption pace 1. Large brands that already work with agencies could stay in those relationships rather than adopt the self-serve platform directly 1.
- Paid search
Performance marketing channel that the company presents as an alternative for client budgets, without naming a specific provider 1.
- Paid social
Performance marketing channel used by current clients, against which the company compares its measurement and attribution 1.
- Agencies of large brands
Existing agency relationships could keep large brands from adopting the self-serve platform directly 1.
- Traditional TV advertising providers
Linear television remains a reference channel for brand awareness, but without comparable targeting and attribution 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- MNTN CEO on Disney’s Ad Business, Streaming Wars OutlookBloomberg Markets · 05 Aug 2026 · EN
The latest news item in our archive is from 05 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report08 Sept 2026Departure or appointment of officers
- Quarterly report10 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report17 Jun 2026Shareholder vote
- Quarterly report11 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Annual report19 Feb 2026
- Current report10 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MNTN, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MNTN, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MNTN, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.