Fundamental analysis · SEC EDGAR · TTM through 31/03/2026

Fundamental analysis of Reddit, Inc.

RDDT · NYSE · Technology

Fundamental quality

EXCELLENT

94

out of 100

Reddit, Inc. fits the profile of a quality compounder: it pairs high return on capital (ROE 22.3%) with wide margins (net margin 28.6%) and a business that keeps growing (49.7% a year). On fundamental quality it scores 94 out of 100, profiling it as a company with solid fundamentals. Whether it's cheap or expensive depends on the current price, which you can compute in the tool.

What the company does

Reddit is one of the world's largest forum platforms: millions of communities discussing everything. It monetizes through advertising and, increasingly, by licensing its archive of human conversations to train AI models.

What will shape its future

  • Ad growth, still small versus Meta or Google in revenue per user: its big room for improvement.
  • AI data-licensing deals, a new and extremely high-margin revenue stream.
  • Its dependence on Google traffic and the balance between monetizing and alienating its communities.

Breakdown by area

I.Growth
95

Revenue growth: 49.7%

II.Profitability
91

Net margin: 28.6% · ROE: 22.3%

III.Financial health
95

Net debt/EBITDA: -2.16x · FCF: 35.1%

Source: SEC EDGAR · TTM through 31/03/2026

The score combines growth, profitability and financial strength, and here its pillars hold up evenly.

Key concepts

What do these metrics mean? Fundamental analysis · What is the P/E · What is EPS · What is ROE · Net & gross margin · Free cash flow

Strengths

  • Revenue growing strongly (49.7% annualized).
  • Excellent free-cash-flow generation (FCF margin of 35.1%): profit turns into real cash.
  • Exceptional net margin (28.6%), high even for its sector: the business is clearly profitable.
  • Strong return on equity (ROE of 22.3%): it puts shareholder capital to good use.

Risks and weaknesses

  • Erratic free cash flow, with several years in the red.

Historical evolution

YearRevenueNet incomeFree cash flowNet debt
2022667-159-100-436
2023804-91-85-401
20241,300-484216-562
20252,203530684-954

Between 2022 and 2025, revenue went from $667M to $2,203M (+230%) and net income went from -$159M to $530M (+434%).

Annual figures in millions of U.S. dollars ($M) per SEC filings. Net debt is total debt minus cash.

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Is Reddit, Inc. cheap or expensive?

That depends on the current price. Look it up, enter it in the tool and get the full valuation verdict (P/E against its sector).

Compute the valuation →

Frequently asked questions

Is Reddit, Inc. a good company to invest in?

In terms of business quality, Reddit, Inc. scores 94 out of 100 in our analysis, placing it as a company of high fundamental quality. That said, this isn't a recommendation: whether it's a good investment also depends on its current price and your goals.

Is Reddit, Inc. a profitable company?

Very. Reddit, Inc. shows a net margin of 28.6% and an ROE of 22.3%, typical of a highly profitable business.

Does Reddit, Inc. have a lot of debt?

No. Reddit, Inc. has a net cash position: more cash than debt.

Is Reddit, Inc. growing?

Its revenue has grown 49.7% annualized in recent years, and without interruption since 2022.

Does Reddit, Inc. generate cash?

Yes. It converts about 35.1% of its revenue into free cash flow.

The thresholds are general and the system doesn't judge qualitative factors. See the full methodology and use this analysis as a first filter, never as a final decision.

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