LiveRamp: Hold as Clean Room & Retail Media Gains Offset Cookie-Policy Whiplash
RampID identity resolution and Habu clean rooms lifted GAAP operating margin to 11.6% on $832.1M TTM revenue, but 0.26x R&D payback and warehouse-native rivals cap re-rating speed.
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LiveRamp (`RAMP`) operates essential identity-resolution and data-collaboration plumbing across the digital advertising ecosystem, linking enterprise brand CRM records (`RampID`) with Connected TV (CTV) platforms, demand-side platforms, and retail media networks.
Primary SEC filings through Q1 FY2027 (period ended June 30, 2026; fiscal year-end March 31) show steady multi-year operational cleanup: revenue compounded from
$596.58M
in FY2023 to
$812.94M
in FY2026 and
$832.10M
TTM (
+11.36%
YoY), while cost discipline and stock-based compensation restraint flipped GAAP operating income from
Our variant perception separates LiveRamp's enduring enterprise utility in authenticated CTV and Retail Media Networks from the boom-and-bust sentiment around browser third-party cookies. Bears argue that Google's decision not to forcibly deprecate third-party cookies in Chrome eliminated the existential catalyst for RampID adoption.
Primary filings refute the thesis that LiveRamp is broken: revenue still expanded 9.03% in FY2026 and 11.36% TTM because cookie-less environments like CTV streaming (Netflix, Disney, Roku), mobile apps, and walled-garden retail media networks (Walmart, Kroger, Albertsons, CVS) never relied on browser cookies in the first place. [1][2]
At the same time, Chrome's policy reversal removed urgency among mid-market web advertisers, leaving LiveRamp with a solid but unspectacular 11.36% top-line pace and a 0.26x 1-year R&D gross-profit payback on $145.67M in trailing R&D outlays (18.22% of revenue). [1] With $363.52M in unrestricted cash ($5.88 per share, roughly 20.0% of its $1.82B market capitalization), zero debt, and SBC trimmed to 9.44% of revenue ($78.52M), LiveRamp offers a clean 28.9% valuation discount to our $37.86 base case, warranting a constructive Hold while monitoring whether Habu clean-room orchestration can push organic growth past 15%.
Source: LiveRamp Holdings, Inc. SEC Form 10-K and Form 10-Q filings.
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Palantir: Hold as #1 Operating Quality Rating (93.7) Meets a 59.8% Implied Growth Hurdle
Palantir leads our software index at 93.7 out of 100 (Leader) on 30.5% TTM revenue growth, 45.6% GAAP operating margin, and 2.73x 1-year R&D payback, yet at $168.45 per share the stock trades at 2.57x our $65.59 5-year DCF base fair value.
Palantir Technologies Inc.Nov 8, 2026 · Data as of Nov 3, 2026
