Sector ReportSep 28, 2026 · 23 pages · Free to read

Digital Advertising Sector Outlook — September 2026

NeuraCap's Digital Advertising sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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6.0x
Sector median EV/EBITDA: 12.2x
Premium end EV/EBITDA vs 3.6x at the discount end: 13
Transactions with disclosed terms

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COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › DIGITAL ADVERTISING

Digital Advertising: Value Splits Across Models

The report shows where forward valuations sit and which operating profiles stand apart.

September 2026   ·   Prepared by NeuraCap AI   ·   Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Digital Advertising Coverage   |   September 2026   |   Confidential   |   Not investment advice

Sources & methodology

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1 / 23 · COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › DIGITAL ADVERTISING

Executive summary

Digital Advertising is not one valuation market. Content platforms, advertising technology software, digital media agencies, healthcare information and advertising, and adjacent models carry different economics and buyer relevance. Within that structure, higher forward valuations sit alongside faster growth and balanced profitability, while the transaction record shows that strategic fit can support very different benchmarks.

Key findings

The Premium End Holds a Wide Valuation Lead
Balanced Delivery Sits Higher in the Range
Valuation Context Varies Across Business Models
Growth Travels With a Higher Forward Multiple

What each page shows

The analyst’s walkthrough of the deck, page by page.

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COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › DIGITAL ADVERTISING
COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › DIGITAL ADVERTISING.
Cover — Digital Advertising sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1
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COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › DIGITAL ADVERTISING Digital Advertising: Value Splits Across Models The report shows where forward valuations sit and which operating profiles stand apart. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1
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CONTENTS
What This Report Covers
What This Report Covers.
Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2
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CONTENTS What This Report Covers 01 The Bottom Line Digital Advertising Rewards a Clear Operating Position 02 The Landscape Business Model Matters Before the Multiple Does 03 Valuation & Situations The Premium End Retains a Wide Lead on Forward Earnings 04 Precedent Transactions Precedent Transactions Put a Price on Strategic Fit 05 Strategic Implications A Defensible Position Starts with Retained Economics 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2
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01 · THE BOTTOM LINE
Digital Advertising Spans Content Platforms, Ad Tech, Agencies, Healthcare and Adjacent Models
Digital Advertising Spans Content Platforms, Ad Tech, Agencies, Healthcare and Adjacent Models.
Digital Advertising Spans Content Platforms, Ad Tech, Agencies, Healthcare and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (35 of 42 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 23%, 35 of 42 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. 3
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01 · THE BOTTOM LINE Digital Advertising Spans Content Platforms, Ad Tech, Agencies, Healthcare and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (35 of 42 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 23%, 35 of 42 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Holds a Wide Valuation Lead The premium end sits at 12.2x versus 3.6x at the discount end. That spread remains on forward EV / EBITDA, which already credits forecast delivery. 2 Balanced Delivery Sits Higher in the Range The nine names above both the growth and margin bars sit at 9.3x. The nine below both bars sit at 4.2x, associating balanced delivery with a higher position in the range. 3 Valuation Context Varies Across Business Models Advertising technology software sits at 8.6x, while adjacent models sit at 3.4x. Owners need to frame net revenue, traffic acquisition costs and platform take rate within the right model. 4 Growth Travels with a Higher Forward Multiple Names above the 7% growth split sit at 6.5x versus 5.0x below it. EV / EBITDA is the lead lens, with meaningful forward EBITDA across 38 of 38 companies reporting it. 6.0x Sector median EV/EBITDA CY2027E consensus · 35 rated of 42 companies 12.2x Premium end EV/EBITDA vs 3.6x at the discount end top quartile (n=9) against bottom quartile (n=9) on EV/EBITDA — the spread the report explains 13 Transactions with disclosed terms 33 recorded in this tier · 1 told as case studies, the full list in the appendix
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SECTION 02
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Section 02 of 06 — Business Model Matters Before the Multiple Does. Content platforms dominate the peer count, while ad tech and specialist models carry distinct economics. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4
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SECTION 02 02 THE LANDSCAPE Business Model Matters Before the Multiple Does Content platforms dominate the peer count, while ad tech and specialist models carry distinct economics. 02 of 06 Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4
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02 · MARKET MAP
Scale Concentrates in Content Platforms, but Value Context Varies by Model
Scale Concentrates in Content Platforms, but Value Context Varies by Model.
Scale Concentrates in Content Platforms, but Value Context Varies by Model 42 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5
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02 · MARKET MAP Scale Concentrates in Content Platforms, but Value Context Varies by Model 42 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CONTENT PLATFORMS WITH ADVERTISING MONETIZATION 23 cos median 6.0x GOOG META BIDU RDDT SNAP PINS Z RUM OPRA YELP WB TBLA +11 more Audience ownership and direct advertiser access make monetization quality central to the valuation story. DIGITAL MEDIA AGENCIES 8 cos median 6.3x CCO TTD MGNI ZD QNST BOC NEXN NCMI Managed execution and media relationships matter, but retained economics can differ from gross billings. ADVERTISING TECHNOLOGY SOFTWARE 7 cos median 8.6x APP APPS DSP PUBM MNTN THRY WIMI Platform take rate, supply paths and durable measurement capabilities shape the quality of net revenue. HEALTHCARE INFORMATION AND ADVERTISING 2 cos median 8.5x DOCS OPRX Specialist audiences and regulated workflows create a distinct operating and buyer context. ADJACENT MODELS 2 cos median 3.4x PDD TRIP Commerce and travel exposure place advertising economics inside broader customer-acquisition models.
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02 · LANDSCAPE
Ad Tech Sits Above Adjacent Models, While Content Platforms Set the Scale
Ad Tech Sits Above Adjacent Models, While Content Platforms Set the Scale.
Ad Tech Sits Above Adjacent Models, While Content Platforms Set the Scale Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6
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02 · LANDSCAPE Ad Tech Sits Above Adjacent Models, While Content Platforms Set the Scale Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Content platforms with advertising monetization 23 55% 6.0x Alphabet Inc. (GOOG) · Meta Platforms, Inc. (META) · +21 more Audience ownership sets context. These businesses monetize owned or engaged audiences through advertising. Direct advertiser relationships, publisher-owned audience data and exposure to walled gardens shape their position. Digital media agencies 8 19% 6.3x Clear Channel Outdoor Holdings, Inc. (CCO) · The Trade Desk, Inc. (TTD) · +6 more Execution quality protects economics. These businesses connect demand with media and campaign execution. The commercial question is how much value remains after pass-through costs and supply-chain intermediation. Advertising technology software 7 17% 8.6x AppLovin Corporation (APP) · Digital Turbine, Inc. (APPS) · +5 more Software economics stand apart. These platforms support buying, selling and optimization across the programmatic marketplace. The group sits at 8.6x, with take rate, retention and measurement central to the operating case. Healthcare information and advertising 2 5% 8.5x Doximity, Inc. (DOCS) · OptimizeRx Corporation (OPRX) Specialist access changes value. These businesses connect healthcare audiences with information and advertising. Their position depends on trusted access, workflow relevance and compliance-sensitive data use. Adjacent models 2 5% 3.4x PDD Holdings Inc. (PDD) · Tripadvisor, Inc. (TRIP) Broader models need separation. These businesses pair advertising with commerce or travel demand generation. The group sits at 3.4x, making revenue mix and retained economics important to peer selection.
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SECTION 03
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Section 03 of 06 — The Premium End Retains a Wide Lead on Forward Earnings. The spread persists after forecast growth is already reflected in the valuation lens. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7
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SECTION 03 03 VALUATION & SITUATIONS The Premium End Retains a Wide Lead on Forward Earnings The spread persists after forecast growth is already reflected in the valuation lens. 03 of 06 Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7
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03 · PUBLIC MARKET VALUATION
The Premium End Holds Its Lead After Forecast Delivery Is Credited
The Premium End Holds Its Lead After Forecast Delivery Is Credited.
The Premium End Holds Its Lead After Forecast Delivery Is Credited EV / EBITDA (CY2027E) · the 12 highest and 12 lowest of 35 rated companies · sector median 6.0x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (35 of 42 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 23%, 35 of 42 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. The 11 mid-cohort names cluster near the median; the full set is in the appendix and companion tables. Tier zones are NeuraCap groupings cut at the rated set's quartiles;
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03 · PUBLIC MARKET VALUATION The Premium End Holds Its Lead After Forecast Delivery Is Credited EV / EBITDA (CY2027E) · the 12 highest and 12 lowest of 35 rated companies · sector median 6.0x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (35 of 42 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 23%, 35 of 42 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. The 11 mid-cohort names cluster near the median; the full set is in the appendix and companion tables. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM END — NINE NAMES · median 12.2x DISCOUNT END — NINE NAMES · median 3.6x Sector median 6.0x WHAT SEPARATES THE TWO ENDS The spread remains wide. The premium end sits at 12.2x, while the discount end sits at 3.6x on forward EV / EBITDA. Forward valuation raises the bar. Because forecast delivery is already embedded, a premium that remains signals confidence in the durability of future earnings. Operating proof still matters. Advertiser retention, durable measurement and retained economics after traffic acquisition costs help distinguish a durable position from a forecast-led one.
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03 · VALUATION DRIVERS
Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 7.6x Against 4.8x Below It
Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 7.6x Against 4.8x Below It.
Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 7.6x Against 4.8x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=17; slower n=17; higher-margin n=18; lower-margin n=17). Driver readings are NeuraCap views on the supplied data — association, not causation. 9
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03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 7.6x Against 4.8x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=17; slower n=17; higher-margin n=18; lower-margin n=17). Driver readings are NeuraCap views on the supplied data — association, not causation. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 7% · EBITDA-margin split at 24% Growth Separates the Higher and Lower Valuation Groups Across the five business models, names above the 7% growth split sit at 6.5x, compared with 5.0x below it. Growth Alone Does Not Settle the Valuation Question The quadrant view shows different outcomes when growth and EBITDA margin are considered together. Revenue quality, customer retention and cash conversion remain part of the commercial assessment. Retained Economics Sharpen the Operating Story Net revenue after traffic acquisition costs can clarify the economics behind reported growth. Platform take rate and transparent supply paths add further context.
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03 · SITUATION MAP
Higher Growth, Forward Earnings or Both Are Associated with Higher Valuations
Higher Growth, Forward Earnings or Both Are Associated with Higher Valuations.
Higher Growth, Forward Earnings or Both Are Associated with Higher Valuations Cut on EV / EBITDA vs the sector median (6.0x) (rows) and revenue growth vs the covered median (7%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10
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03 · SITUATION MAP Higher Growth, Forward Earnings or Both Are Associated with Higher Valuations Cut on EV / EBITDA vs the sector median (6.0x) (rows) and revenue growth vs the covered median (7%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Growth, Higher Multiple Above-median multiple · above-median revenue growth 11 names Alphabet Inc. (GOOG) · Meta Platforms, Inc. (META) · Reddit, Inc. (RDDT) · +8 more These 11 names pair above-middle growth with an above-middle multiple. The operating question is whether retention, measurement and margins can sustain that position. Lower Growth, Higher Multiple Above-median multiple · below-median revenue growth 6 names The Trade Desk, Inc. (TTD) · Doximity, Inc. (DOCS) · Magnite, Inc. (MGNI) · +3 more These 6 names retain an above-middle multiple despite below-middle growth. Their agenda centres on protecting revenue quality while restoring growth credibility. Higher Growth, Lower Multiple Below-median multiple · above-median revenue growth 6 names PDD Holdings Inc. (PDD) · QuinStreet, Inc. (QNST) · MNTN Inc. (MNTN) · +3 more These 6 names show above-middle growth but remain below the middle of the valuation range. The gap focuses attention on retained economics, margin conversion and platform dependence. Lower Growth, Lower Multiple Below-median multiple · below-median revenue growth 11 names Baidu, Inc. (BIDU) · Tripadvisor, Inc. (TRIP) · Yelp Inc. (YELP) · +8 more These 11 names sit below the middle on both growth and valuation. Cost structure, customer retention and business-mix repair become the central operating questions.
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03 · GROWTH VS PROFITABILITY
Clearing Both Operating Bars Sits Alongside the Higher Valuation Position
Clearing Both Operating Bars Sits Alongside the Higher Valuation Position.
Clearing Both Operating Bars Sits Alongside the Higher Valuation Position Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 34 companies with both estimates · cuts at the covered medians (7% growth, 24% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=9; margin-only n=8; growth-only n=8; neither n=9). RDDT plotted at the chart edge. 11
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03 · GROWTH VS PROFITABILITY Clearing Both Operating Bars Sits Alongside the Higher Valuation Position Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 34 companies with both estimates · cuts at the covered medians (7% growth, 24% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=9; margin-only n=8; growth-only n=8; neither n=9). RDDT plotted at the chart edge. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -20% 0% 20% 40% 20% 40% MARGIN ONLY median 6.5x BALANCED median 9.3x NEITHER median 4.2x GROWTH ONLY median 6.2x WBTN WB PERI MGNI CCO NXDR PDD GOOG META RDDT x: revenue growth (CY2026E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Nine names clear both the growth and EBITDA margin bars and sit at 9.3x. Nine names clear neither bar and sit at 4.2x. The remaining names clear one bar, showing why growth and profitability need to be read together. The chart describes association within the set, not causation. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 12 of 34 names clear it.
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03 · THE AGENDA
The Next Growth Move Is Associated with Retained Economics
The Next Growth Move Is Associated with Retained Economics.
The Next Growth Move Is Associated with Retained Economics NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12
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03 · THE AGENDA The Next Growth Move Is Associated with Retained Economics NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Direct Advertiser Relationships A greater direct mix can improve visibility into advertiser outcomes and reduce dependence on intermediated demand. What changes the answer: The answer changes when advertiser retention and direct demand show durable improvement. Build Measurement and Addressability Investment can focus on consented data, contextual signals and measurement that remains useful as platform policies evolve. What changes the answer: The answer changes when customer adoption and revenue retention validate the capability. Shift Toward Higher-Quality Revenue Revenue mix can move toward net revenue with clearer retained economics and away from volume with high traffic acquisition costs. What changes the answer: The answer changes when take rate, cash conversion and customer concentration improve together. Test Build Versus Buy CTV, retail media and digital out-of-home capabilities can be assessed against internal development time, integration demands and buyer relevance. What changes the answer: The answer changes when speed to market outweighs integration and capital-allocation risk.
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Section 04 of 06 — Precedent Transactions Put a Price on Strategic Fit. The transaction record spans platform combinations, media assets and advertising capabilities. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13
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SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Put a Price on Strategic Fit The transaction record spans platform combinations, media assets and advertising capabilities. 04 of 06 Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13
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04 · DEAL CASE STUDIES
What Buyers Agreed to Pay Varied with the Asset and Strategic Fit
What Buyers Agreed to Pay Varied with the Asset and Strategic Fit.
What Buyers Agreed to Pay Varied with the Asset and Strategic Fit 1 of 13 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 49 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.
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04 · DEAL CASE STUDIES What Buyers Agreed to Pay Varied with the Asset and Strategic Fit 1 of 13 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 49 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Aug-2024 $1.0B Outbrain Inc. Outbrain Inc. combined with Teads S.A. to broaden digital advertising scale. EV / LTM revenue n/a EV / LTM EBITDA 14.9x WHY THE DEAL HAPPENED The combination suggests a strategy built around broader advertiser access, inventory and distribution. It also points to the relevance of scale across the open internet. HOW THE TARGET WAS VALUED Teads S.A. was valued at $1.0B and 14.9x EV / EBITDA. That multiple benchmarks the transaction against profitable digital advertising platforms.
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Section 05 of 06 — A Defensible Position Starts with Retained Economics. Revenue quality, measurement and cost structure shape how owners can strengthen their standing. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15
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SECTION 05 05 STRATEGIC IMPLICATIONS A Defensible Position Starts with Retained Economics Revenue quality, measurement and cost structure shape how owners can strengthen their standing. 05 of 06 Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15
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05 · STRATEGIC IMPLICATIONS
Revenue Quality and Operating Balance Define the Work Ahead
Revenue Quality and Operating Balance Define the Work Ahead.
Revenue Quality and Operating Balance Define the Work Ahead NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16
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05 · STRATEGIC IMPLICATIONS Revenue Quality and Operating Balance Define the Work Ahead NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Protect the Economics Behind Growth Focus the operating plan on advertiser retention, net revenue and cash conversion. Growth carries more weight when traffic acquisition costs and platform dependence remain controlled. FOR MANAGEMENT Choose Capabilities with Buyer Relevance Measurement, audience addressability and differentiated inventory can strengthen the strategic position. Build-versus-buy choices need to reflect integration risk and time to market. FOR BOARDS Stress-Test Forecast Durability Forward valuation already gives credit for expected delivery. Capital allocation needs to distinguish durable retention and margin conversion from growth that depends on policy, identity or concentrated partners.
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Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17
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SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17
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06 · PUBLIC COMPARABLES (1 OF 2)
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.0x); amber marks below · 35 rated companies; 7 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 of 35 rated names shown here; the remaining 5 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. 18
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06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.0x); amber marks below · 35 rated companies; 7 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 of 35 rated names shown here; the remaining 5 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.7x · median 12.2x · 9 companies WEBTOON Entertainment Inc. Common stock WBTN Content platforms with advertising monetization $924M 15.4x 0% 4% 16 Alphabet Inc. GOOG Content platforms with advertising monetization $4080B 13.3x 24% 50% 73 Clear Channel Outdoor Holdings, Inc. CCO Digital media agencies $7.5B 12.7x 7% 33% 36 Nextdoor Holdings, Inc. NXDR Content platforms with advertising monetization $580M 12.6x 14% 14% 26 Rumble Inc. RUM Content platforms with advertising monetization $3.2B 12.2x n/a 47% 177 Magnite, Inc. MGNI Digital media agencies $3.6B 12.1x 7% 35% 46 Reddit, Inc. RDDT Content platforms with advertising monetization $24.8B 11.8x 54% 47% 79 Doximity, Inc. DOCS Healthcare information and advertising $4.1B 11.5x 5% 50% 56 Digital Turbine, Inc. APPS Advertising technology software $1.7B 11.1x 20% 21% 32 CORE — 4.5x–10.7x · median 6.0x · 17 companies Meta Platforms, Inc. META Content platforms with advertising monetization $1822B 10.3x 26% 58% 78 PubMatic, Inc. PUBM Advertising technology software $753M 9.3x 9% 24% 33 Viant Technology Inc. DSP Advertising technology software $845M 8.6x -25% 32% 52 Opera Limited OPRA Content platforms with advertising monetization $1.4B 7.1x 20% 24% 39 Ziff Davis, Inc. ZD Digital media agencies $2.4B 6.7x -18% 30% 32 Snap Inc. SNAP Content platforms with advertising monetization $10.5B 6.5x 15% 21% 32
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06 · PUBLIC COMPARABLES (2 OF 2)
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.0x); amber marks below · 35 rated companies; 7 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 of 35 rated names shown here; the remaining 5 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. 19
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06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.0x); amber marks below · 35 rated companies; 7 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 of 35 rated names shown here; the remaining 5 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 CORE — CONTINUED — 4.5x–10.7x · median 6.0x · 17 companies Zillow Group, Inc. Class C Z Content platforms with advertising monetization $5.9B 6.4x 14% 28% 40 The Trade Desk, Inc. TTD Digital media agencies $4.8B 6.3x -5% 29% 25 Pinterest, Inc. PINS Content platforms with advertising monetization $10.2B 6.0x 16% 30% 44 Nexxen International Ltd. NEXN Digital media agencies $429M 5.9x 8% 17% 26 Baidu, Inc. BIDU Content platforms with advertising monetization $29.6B 5.8x 4% 25% 31 OptimizeRx Corporation OPRX Healthcare information and advertising $150M 5.6x -12% 25% 36 PodcastOne, Inc. PODC Content platforms with advertising monetization $53M 5.4x 12% 12% 30 Teads Holding Co. TEAD Content platforms with advertising monetization $597M 5.0x -11% 10% 11 QuinStreet, Inc. QNST Digital media agencies $790M 4.8x 30% 11% 18 Travelzoo TZOO Content platforms with advertising monetization $59M 4.8x 3% 12% 24 Tripadvisor, Inc. TRIP Travel demand-generation platforms $1.1B 4.7x -15% 14% 15 DISCOUNT — <4.5x · median 3.6x · 9 companies MNTN Inc. MNTN Advertising technology software $539M 4.3x 21% 30% 49 Thryv Holdings, Inc. THRY Advertising technology software $322M 4.2x -22% 14% 4 Angi Inc. ANGI Content platforms with advertising monetization $452M 4.1x -7% 12% 11 Taboola.com Ltd. TBLA Content platforms with advertising monetization $931M 3.7x 2% 12% 18
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06 · PRECEDENT TRANSACTIONS (1 OF 2)
All Precedent Transactions with Disclosed Terms, Newest First
All Precedent Transactions with Disclosed Terms, Newest First.
All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (33 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 49 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 20
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06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (33 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 49 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2025 Rategain Technologies → Sojern n/a 1.5x n/a Rategain Technologies announced the acquisition of Sojern at 1.5x EV / Revenue. The combination suggests interest in adding travel-focused advertising capability. Aug-2024 Outbrain Inc. → Teads S.A. $1.0B n/a 14.9x Outbrain Inc. completed its acquisition of Teads S.A. at $1.0B and 14.9x EV / EBITDA. The combination brought together digital advertising platforms with complementary reach. Jul-2022 Amobee, Inc. → Tremor International Ltd. n/a 1.6x 1.6x Amobee, Inc. announced the acquisition of Tremor International Ltd. at 1.6x EV / Revenue. The transaction points to the strategic relevance of combined advertising technology capabilities. May-2022 Atairos → Ocean Outdoor n/a n/a 12.4x Atairos announced the acquisition of Ocean Outdoor at 12.4x EV / EBITDA. The transaction indicates interest in digital out-of-home exposure. Oct-2020 Atemi Group → Better Collective A/S n/a 1.1x 1.1x Atemi Group announced the acquisition of Better Collective A/S at 1.1x EV / Revenue. The transaction suggests interest in audience-led performance advertising. Sep-2018 II-VI Incorporated → CoAdna Holdings, Inc. n/a 1.6x 26.2x II-VI Incorporated announced the acquisition of CoAdna Holdings, Inc. at 26.2x EV / EBITDA. The multiple provides a specialist transaction benchmark. Jun-2018 JCDecaux → APN Outdoor n/a n/a 12.9x JCDecaux announced the acquisition of APN Outdoor at 12.9x EV / EBITDA. The combination points to strategic interest in expanding outdoor media reach. Feb-2018 Cars.com Inc. → Dealer Inspire and Launch Digital Marketing n/a 5.0x 51.3x Cars.com Inc. announced the acquisition of Dealer Inspire and Launch Digital Marketing at 5.0x EV / Revenue and 51.3x EV / EBITDA. The transaction suggests interest in combining automotive audiences with dealer marketing tools. Sep-2017 Sizmek Inc. → Rocket Fuel Inc. n/a 0.3x 18.3x Sizmek Inc. announced the acquisition of Rocket Fuel Inc. at 0.3x EV / Revenue and 18.3x EV / EBITDA. The transaction provides a benchmark for an advertising technology combination.
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06 · PRECEDENT TRANSACTIONS (2 OF 2)
All Precedent Transactions with Disclosed Terms, Newest First
All Precedent Transactions with Disclosed Terms, Newest First.
All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (33 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 49 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 21
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06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (33 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 49 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 20 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2016 Gannett Co., Inc. → ReachLocal, Inc. n/a 0.4x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2015 Autobytel, Inc (AutoWeb, Inc.) → Millennial Media, Inc. n/a 0.8x n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2013 IAC Interactive, Inc. → ValueClick, Inc. (O&O Websites) n/a 0.6x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2012 Dex One Corporation → SuperMedia n/a n/a 2.5x Value shown as recorded in the filing; deal value unit unresolved.
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06 · METHODOLOGY
Sources, Assumptions and Data Quality
Sources, Assumptions and Data Quality.
Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 22
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06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Digital Advertising Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (35 of 42 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 23%, 35 of 42 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Digital Advertising and it clears the coverage gate with 38 of 42 companies (90%). EV / Revenue, P / E are carried as a cross-check. The set earns: 38 of the 38 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 55 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 1575 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (1574) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.
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Higher Positions in the Range Sit Alongside Growth, Margins and Retained Economics.
Higher Positions in the Range Sit Alongside Growth, Margins and Retained Economics..
Closing — Higher Positions in the Range Sit Alongside Growth, Margins and Retained Economics. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 23
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Higher Positions in the Range Sit Alongside Growth, Margins and Retained Economics. NeuraCap AI — Digital Advertising Coverage September 2026 · Prepared by NeuraCap AI · Confidential Digital Advertising Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

Sources and methodology

This report covers Digital Advertising (Communication Services › Media and Entertainment › Digital Advertising) with market data and consensus estimates as of September 28, 2026. The company universe is the 42 listed companies whose core business is Digital Advertising according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Angi Inc. (ANGI), AppLovin Corporation (APP), Digital Turbine, Inc. (APPS), Autohome Inc. (ATHM), Baidu, Inc. (BIDU), Boston Omaha Corporation (BOC), Clear Channel Outdoor Holdings, Inc. (CCO), Doximity, Inc. (DOCS), Viant Technology Inc. (DSP), Alphabet Inc. (GOOG), Meta Platforms, Inc. (META), Magnite, Inc. (MGNI), MNTN Inc. (MNTN), MoneyHero Limited Class A Ordinary Shares (MNY), National CineMedia, Inc. (NCMI), Nexxen International Ltd. (NEXN), Nextdoor Holdings, Inc. (NXDR), Opera Limited (OPRA), OptimizeRx Corporation (OPRX), PDD Holdings Inc. (PDD), Perion Network Ltd. (PERI), Pinterest, Inc. (PINS), PodcastOne, Inc. (PODC), PubMatic, Inc. (PUBM), QuinStreet, Inc. (QNST), Reddit, Inc. (RDDT), Rumble Inc. (RUM), Snap Inc. (SNAP), Taboola.com Ltd. (TBLA), Teads Holding Co. (TEAD), Thryv Holdings, Inc. (THRY), Tripadvisor, Inc. (TRIP), The Trade Desk, Inc. (TTD), TechTarget, Inc. (TTGT), Travelzoo (TZOO), Weibo Corporation (WB), WEBTOON Entertainment Inc. Common stock (WBTN), WiMi Hologram Cloud Inc. (WIMI), Yelp Inc. (YELP), Zillow Group, Inc. Class C (Z), Ziff Davis, Inc. (ZD), Zhihu Inc. (ZH). The market map groups them by business vertical — Content platforms with advertising monetization: 23 companies (GOOG, META, BIDU, RDDT, SNAP, PINS, Z, RUM, OPRA, YELP, WB, TBLA, WBTN, TEAD, NXDR, ANGI, TTGT, TZOO, PERI, PODC, ATHM, MNY, ZH); Digital media agencies: 8 companies (CCO, TTD, MGNI, ZD, QNST, BOC, NEXN, NCMI); Advertising technology software: 7 companies (APP, APPS, DSP, PUBM, MN

Scope and company universe

What was excluded and why

55 records failed a validation gate and never feed a statistic in this report (52 excluded from aggregate; 3 quarantined). Each exclusion, with its reason: ANGI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · APP — Implied EBITDA margin 82.3% outside the plausible band [-100%, 80%] (effect: quarantined) · APP — Implied EBITDA margin 84.2% outside the plausible band [-100%, 80%] (effect: quarantined) · APP — Implied EBITDA margin 83.9% outside the plausible band [-100%, 80%] (effect: quarantined) · APPS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BOC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BOC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BOC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BOC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CCO — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MNTN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MNTN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MNY — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · MNY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MNY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MNY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NCMI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NCMI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NCMI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NXDR — EBITDA 601000.0000 is below the $1000000 materiality floor; any multiple would be meaningless (effect: excluded from aggregate) · NXDR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NXDR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NXDR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NXDR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PERI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · further items are listed in the companion tables.

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (35 of 42 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 23%, 35 of 42 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Digital Advertising and it clears the coverage gate with 38 of 42 companies (90%). EV / Revenue, P / E are carried as a cross-check. The set earns: 38 of the 38 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 38 of 42 companies; EV / rEVenue: 42 of 42 companies; P/E: 29 of 42 companies. 6 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥10.7x, Core 4.5x–10.7x, Discount <4.5x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 6.0x = median(ev_ebitda CY2027E) (35 rated companies) · 12.2x = median(ev_ebitda CY2027E) within Premium tier (n=9) · 6.0x = median(ev_ebitda CY2027E) within Core tier (n=17) · 3.6x = median(ev_ebitda CY2027E) within Discount tier (n=9) · 6.5x = median(ev_ebitda CY2027E) | growth ≥ 7% (n=17) · 5.0x = median(ev_ebitda CY2027E) | growth < 7% (n=17) · 7.6x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 24% (n=18) · 4.8x = median(ev_ebitda CY2027E) | EBITDA margin < 24% (n=17) · 28% = median Rule of 40 score (revenue growth + EBITDA margin) (n=34) · 9.3x = median(ev_ebitda CY2027E) within balanced quadrant (n=9) · 6.5x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=8) · 6.2x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=8) · 4.2x = median(ev_ebitda CY2027E) within neither quadrant (n=9)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Digital Advertising recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 33 transactions were recorded for this industry; 13 are shown. 20 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 27 × no evidence record; 17 × deal value unit unresolved; 2 × duplicate precedent id; 3 × divestiture roles reassigned. Case studies lead with the 1 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 1579 source documents stand behind this report; by publisher domain: sec.gov (1574), home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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Digital Advertising Sector Outlook — September 2026

Key figures

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Executive summary

Key findings

What each page shows

COMMUNICATION SERVICES › MEDIA AND ENTERTAINMENT › DIGITAL ADVERTISING

What This Report Covers

Digital Advertising Spans Content Platforms, Ad Tech, Agencies, Healthcare and Adjacent Models

02

Scale Concentrates in Content Platforms, but Value Context Varies by Model

Ad Tech Sits Above Adjacent Models, While Content Platforms Set the Scale

03

The Premium End Holds Its Lead After Forecast Delivery Is Credited

Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 7.6x Against 4.8x Below It

Higher Growth, Forward Earnings or Both Are Associated with Higher Valuations

Clearing Both Operating Bars Sits Alongside the Higher Valuation Position

The Next Growth Move Is Associated with Retained Economics

04

What Buyers Agreed to Pay Varied with the Asset and Strategic Fit

05

Revenue Quality and Operating Balance Define the Work Ahead

06

Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier