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The Financial Modeller
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Marketplaces, platforms and fintech

Adtech company financial model, built free.

A three-statement Excel model for an advertising technology intermediary, built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Operates demand-side, supply-side or retail-media platforms and ad networks that buy and sell digital advertising for advertisers and publishers, earning a take rate on gross media spend.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Adtech company sample model.xlsx
The Summary sheet of the sample adtech company model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for an adtech company.

  1. How it earns revenue2 formulas
    Advertising revenue · All audiences
    Advertising revenueAd impressions soldCPM (price per thousand impressions)
    Advertising revenue · All audiences
    Ad impressions soldAd opportunitiesFill rate (share of ad opportunities sold)
  2. What drives its costs3 formulas
    Operating expenses · Across the business
    Total FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · Across the business
    Total average FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · Across the business
    Total staff costsSalariesOn-costsOther costs per FTE
  3. What it invests in3 formulas
    Corporate fixed assets
    Capital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capex
    Corporate fixed assets
    DepreciationDepreciation of the opening asset baseDepreciation of new capex
    Corporate fixed assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  4. How it is funded1 formula
    Equity raising
    Equity raisedDistributions reinvested under the DRPOther equity raised (net of costs)Equity from an offer, milestone funding, conversions and creditor shares
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

16 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • Exchange rate (US dollar)Exchange rate by financial year
  • Operating expensesHeadcount build by function
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Case selectionStackable stress toggles
  • R&D and capitalised developmentGross R&D × capitalisation rateResearch and development expense after capitalisation, with the capitalised software asset and its amortisation.
  • Headcount plan by functionHiring plan by functionEmployees and staff cost by function (cost of revenue, sales and marketing, R&D, G&A).
  • Sales and marketing not attributed to plansPercentage of revenueEntity-level sales and marketing for businesses without product plans (marketplaces, payments, ad platforms, game studios) and for central brand spend deliberately not allocated to plans.
  • CPI forecastCPI glide path
  • Users and engagementUser growth with DAU/MAU ratioDaily and monthly active users of an app, property or region.
  • Advertising revenueImpressions × CPMAdvertising revenue earned from an audience, by impression, click or advertiser.
Key numbers

The numbers it tracks.

  1. 01gross spend
  2. 02take rate
  3. 03net revenue
  4. 04active advertisers
  5. 05channel mix (CTV and retail media)
  6. 06adjusted EBITDA
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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Every technology and telecom model

Looking for an adtech company financial model template? Ours arrives built for your business, with your figures in it.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.