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PUBM logoPubMatic, Inc.(PUBM)Earnings, Financials & Key Ratios

PUBM•NASDAQ
$10.40
$489M mkt cap·Price updated May 6, 2026
SectorTechnologyIndustryApplication SoftwareSub-IndustryMarketing automation and ad technology
AboutPubMatic, Inc. provides a cloud infrastructure platform that enables real-time programmatic advertising transactions for Internet content creators and advertisers worldwide. The company's solutions include Openwrap, a header bidding solution that provides enterprise-grade management and analytics tools; Openwrap OTT, a header bidding management solution for OTT; Openwrap SDK, a header bidding solution for in-app developers; private marketplace solutions; and media buyer consoles. In addition, it offers Real-Time Bidding (RTB) programmatic technologies, which provides various selling options across screens and ad formats; digital advertising inventory quality solutions to detect and filter out invalid traffic and other nefarious activity; Ad quality solutions targeting the reduction of security issues, quality issues, and performance issues; Identity Hub, an identity solution that allows for the use of any advertiser preferred user identifier in a scaled and privacy-compliant fashion; Audience Encore, an audience data platform; and cross-platform video, a sell side platform, which connects trusted video buyers to premium publishers. The company's platform supports an array of ad formats and digital device types, including mobile app, mobile web, desktop, display, video, over-the-top (OTT), connected television, and media. PubMatic, Inc. was incorporated in 2006 and is based in Redwood City, California.Show more
  • Revenue$283M-2.9%
  • EBITDA-$17M-135.0%
  • Net Income-$14M-215.7%
  • EPS (Diluted)-0.31-234.8%
  • Gross Margin63.56%-2.7%
  • EBITDA Margin-6.1%-136.1%
  • Operating Margin-6.1%-552.4%
  • Net Margin-5.11%-219.1%
  • ROE-5.36%-222.9%
  • ROIC-6.76%-637.0%
  • Debt/Equity0.17+2.1%
Technical→

PUBM Key Insights

PubMatic, Inc. (PUBM) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FCF machine: 23.6% free cash flow margin
  • ✓Strong 5Y sales CAGR of 13.7%
  • ✓Share count reduced 13.4% through buybacks

✗Weaknesses

  • ✗Weak 3Y average ROE of 0.6%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

PUBM Price & Volume

PubMatic, Inc. (PUBM) stock price & volume — 10-year historical chart

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PUBM Growth Metrics

PubMatic, Inc. (PUBM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years13.72%
3 Years3.34%
TTM-2.86%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-215.66%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-236.02%

Return on Capital

10 Years9.07%
5 Years6.95%
3 Years-1.22%
Last Year-5.52%

PUBM Recent Earnings

PubMatic, Inc. (PUBM) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 6/12 qtrs (50%)
Q1 2026Latest
Feb 26, 2026
EPS
$0.14
Est $0.01
+1154.2%
Revenue
$80M
Est $75M
+6.3%
Q4 2025
Nov 10, 2025
EPS
$0.03
Est $0.01
+400.0%
Revenue
$68M
Est $76M
-10.7%
Q3 2025
Aug 11, 2025
EPS
$0.05
Est $0.02
+150.0%
Revenue
$71M
Est $70M
+2.2%
Q2 2025
May 8, 2025
EPS
$0.04
Est $0.05
+20.0%
Revenue
$64M
Est $67M
-5.1%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 26, 2026
$0.14vs $0.01+1154.2%
$80Mvs $75M+6.3%
Q4 2025Nov 10, 2025
$0.03vs $0.01+400.0%
$68Mvs $76M-10.7%
Q3 2025Aug 11, 2025
$0.05vs $0.02+150.0%
$71Mvs $70M+2.2%
Q2 2025May 8, 2025
$0.04vs $0.05+20.0%
$64Mvs $67M-5.1%
Based on last 12 quarters of dataView full earnings history →

PUBM Peer Comparison

PubMatic, Inc. (PUBM) competitors in Marketing automation and ad technology — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MGNI logoMGNIMagnite, Inc.Direct Competitor1.94B13.6014.326.85%20.26%15.68%8.52%0.30
TTD logoTTDThe Trade Desk, Inc.Direct Competitor11.71B24.6127.0418.47%15.31%16.89%6.79%0.18
DV logoDVDoubleVerify Holdings, Inc.Direct Competitor1.86B11.4638.2013.92%6.77%4.48%9.31%0.09
IAS logoIASIntegral Ad Science Holding Corp.Direct Competitor1.74B10.3444.9611.75%7.91%4.23%4.46%0.06
CRTO logoCRTOCriteo S.A.Direct Competitor1.16B20.1210.59-0.83%7.37%12.09%15.5%0.10
APP logoAPPAppLovin CorporationProduct Competitor147.24B478.1149.0416.38%60.83%156.17%2.7%1.66
APPS logoAPPSDigital Turbine, Inc.Product Competitor465.3M3.89-4.37-9.91%-7.88%-21.55%2.72
KXIN logoKXINKaixin Auto HoldingsProduct Competitor4.63M4.21-0.09-100%-694.94%-5.94%0.08

Compare PUBM vs Peers

PubMatic, Inc. (PUBM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MGNI

Most directly comparable listed peer for PUBM.

Scale Benchmark

vs GOOGL

Larger-name benchmark to compare PUBM against a more recognizable public peer.

Peer Set

Compare Top 5

vs MGNI, TTD, DV, IAS

PUBM Income Statement

PubMatic, Inc. (PUBM) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue99.26M113.87M148.75M226.91M256.38M267.01M291.26M282.93M
Revenue Growth %-14.72%30.63%52.55%12.99%4.15%9.08%-2.86%
Cost of Goods Sold31.23M36.1M41.19M58.31M81.51M99.23M101.03M103.08M
COGS % of Revenue31.47%31.71%27.69%25.7%31.79%37.16%34.69%36.44%
Gross Profit
68.03M▲ 0%
77.77M▲ 14.3%
107.56M▲ 38.3%
168.59M▲ 56.7%
174.87M▲ 3.7%
167.78M▼ 4.1%
190.23M▲ 13.4%
179.84M▼ 5.5%
Gross Margin %68.53%68.29%72.31%74.3%68.21%62.84%65.31%63.56%
Gross Profit Growth %-14.31%38.31%56.74%3.72%-4.05%13.38%-5.46%
Operating Expenses63.06M69.26M75.81M109.81M134.35M165.75M186.3M197.1M
OpEx % of Revenue63.53%60.82%50.96%48.39%52.4%62.08%63.97%69.66%
Selling, General & Admin50.44M56.8M63.56M93.92M113.5M139.02M153.04M163.28M
SG&A % of Revenue50.82%49.89%42.73%41.39%44.27%52.07%52.54%57.71%
Research & Development12.62M12.45M12.25M15.88M20.85M26.73M33.26M33.82M
R&D % of Revenue12.71%10.94%8.24%7%8.13%10.01%11.42%11.95%
Other Operating Expenses-215K0000000
Operating Income
4.97M▲ 0%
8.51M▲ 71.3%
31.75M▲ 273.2%
58.79M▲ 85.1%
40.52M▼ 31.1%
2.04M▼ 95.0%
3.93M▲ 92.9%
-17.26M▼ 539.5%
Operating Margin %5%7.47%21.35%25.91%15.8%0.76%1.35%-6.1%
Operating Income Growth %-71.28%273.19%85.13%-31.08%-94.98%92.88%-539.5%
EBITDA17.27M21.11M47.5M74.46M80.6M46.81M49.28M-17.26M
EBITDA Margin %17.4%18.54%31.93%32.82%31.44%17.53%16.92%-6.1%
EBITDA Growth %-22.24%125.01%56.77%8.24%-41.93%5.28%-135.02%
D&A (Non-Cash Add-back)12.3M12.6M15.74M15.67M40.08M44.77M45.35M0
EBIT5.63M9.22M31.75M58.79M37.47M2.04M3.93M0
Net Interest Income877K1.29M537K300K2.21M8.83M8.48M0
Interest Income877K1.29M537K300K2.21M8.83M8.48M0
Interest Expense00000000
Other Income/Expense662K713K-175K6.01M-3.05M8.47M13.85M1.3M
Pretax Income
5.63M▲ 0%
9.22M▲ 63.8%
31.58M▲ 242.4%
64.8M▲ 105.2%
37.47M▼ 42.2%
10.51M▼ 72.0%
17.77M▲ 69.2%
-15.95M▼ 189.8%
Pretax Margin %5.67%8.1%21.23%28.56%14.61%3.93%6.1%-5.64%
Income Tax1.21M2.58M4.97M8.2M8.76M1.62M5.27M-1.49M
Effective Tax Rate %21.4%27.97%15.73%12.65%23.39%15.46%29.65%9.35%
Net Income
4.42M▲ 0%
6.64M▲ 50.1%
26.61M▲ 300.6%
56.6M▲ 112.7%
28.7M▼ 49.3%
8.88M▼ 69.1%
12.5M▲ 40.8%
-14.46M▼ 215.7%
Net Margin %4.46%5.83%17.89%24.95%11.2%3.33%4.29%-5.11%
Net Income Growth %-50.12%300.62%112.69%-49.29%-69.06%40.79%-215.66%
Net Income (Continuing)4.42M6.64M26.61M56.6M28.7M8.88M12.5M-14.46M
Discontinued Operations00000000
Minority Interest00000000
EPS (Diluted)
0.09▲ 0%
0.14▲ 50.4%
0.55▲ 292.9%
1.00▲ 81.8%
0.50▼ 50.0%
0.16▼ 68.0%
0.23▲ 43.8%
-0.31▼ 234.8%
EPS Growth %-50.38%292.86%81.82%-50%-68%43.75%-234.78%
EPS (Basic)0.090.140.551.130.550.170.25-0.31
Diluted Shares Outstanding47.52M47.83M48.09M56.63M56.91M56.03M54.29M47.01M
Basic Shares Outstanding47.52M47.83M48.09M50.18M52.28M51.76M49.21M47.01M
Dividend Payout Ratio--------

PUBM Balance Sheet

PubMatic, Inc. (PUBM) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets149.91M177.64M327.11M460.75M503.48M561.96M575.55M522.65M
Cash & Short-Term Investments35.51M55.45M100.98M159.63M174.4M175.34M140.59M145.52M
Cash Only21.21M34.25M81.19M82.5M92.38M78.51M100.45M145.52M
Short-Term Investments14.29M21.2M19.79M77.12M82.01M96.83M40.13M0
Accounts Receivable109.29M117.66M219.51M286.92M314.3M375.47M424.81M358.24M
Days Sales Outstanding401.88377.13538.64461.53447.46513.25532.37462.16
Inventory00000000
Days Inventory Outstanding--------
Other Current Assets000014.78M11.14M10.14M18.89M
Total Non-Current Assets28.32M29.8M44.13M89.47M138.7M133.29M163.97M157.55M
Property, Plant & Equipment18.77M20.33M30.04M71.75M97.36M81.83M102.92M90.81M
Fixed Asset Turnover5.29x5.60x4.95x3.16x2.63x3.26x2.83x3.12x
Goodwill6.25M6.25M6.25M6.25M29.58M29.58M29.58M29.58M
Intangible Assets337K0008.3M5.86M4.28M2.7M
Long-Term Investments00000000
Other Non-Current Assets632K1.08M7.08M10.95M2.41M2.14M2.32M3.48M
Total Assets
178.22M▲ 0%
207.44M▲ 16.4%
371.25M▲ 79.0%
550.22M▲ 48.2%
642.17M▲ 16.7%
695.24M▲ 8.3%
739.52M▲ 6.4%
680.2M▼ 8.0%
Asset Turnover0.56x0.55x0.40x0.41x0.40x0.38x0.39x0.42x
Asset Growth %-16.4%78.96%48.21%16.71%8.26%6.37%-8.02%
Total Current Liabilities90.46M110.5M191.57M266.96M302.03M379.59M418.81M375.85M
Accounts Payable81.86M99.38M176.73M244.32M277.41M347.67M386.6M343.62M
Days Payables Outstanding956.61K1.57K1.53K1.24K1.28K1.4K1.22K
Short-Term Debt0003.98M06.37M06.95M
Deferred Revenue (Current)00000000
Other Current Liabilities09.99M013.29M125K12.41M19.98M368.9M
Current Ratio1.66x1.61x1.71x1.73x1.67x1.48x1.37x1.39x
Quick Ratio1.66x1.61x1.71x1.73x1.67x1.48x1.37x1.39x
Cash Conversion Cycle--------
Total Non-Current Liabilities64.12M64.62M4.24M26.07M27.96M19.45M43.45M41.76M
Long-Term Debt276K01.56M000036.91M
Capital Lease Obligations00017.84M20.91M15.61M39.54M0
Deferred Tax Liabilities0006.07M573K000
Other Non-Current Liabilities63.84M64.62M2.68M2.16M6.47M3.36M3.91M4.85M
Total Liabilities154.57M175.13M195.82M293.04M329.99M399.04M462.26M417.61M
Total Debt276K01.56M25.69M26.59M28.21M45.38M43.86M
Net Debt-20.94M-34.25M-79.63M-56.82M-65.79M-50.3M-55.07M-101.66M
Debt / Equity0.01x-0.01x0.10x0.09x0.10x0.16x0.17x
Debt / EBITDA0.02x-0.03x0.34x0.33x0.60x0.92x-
Net Debt / EBITDA-1.21x-1.62x-1.68x-0.76x-0.82x-1.07x-1.12x-
Interest Coverage--------
Total Equity
23.65M▲ 0%
32.32M▲ 36.7%
175.43M▲ 442.8%
257.18M▲ 46.6%
312.19M▲ 21.4%
296.2M▼ 5.1%
277.26M▼ 6.4%
262.59M▼ 5.3%
Equity Growth %-36.66%442.78%46.6%21.39%-5.12%-6.39%-5.29%
Book Value per Share0.500.683.654.545.495.295.115.59
Total Shareholders' Equity23.65M32.32M175.43M257.18M312.19M296.2M277.26M262.59M
Common Stock19.03M19.03M6K6K6K6K6K7K
Retained Earnings9.44M16.08M42.69M99.3M128M136.88M149.38M134.92M
Treasury Stock-11.43M-11.43M-11.43M-11.49M-11.49M-71.1M-146.8M0
Accumulated OCI-40.17M6K1K-36K-9K-4K-636K68K
Minority Interest00000000

PUBM Cash Flow Statement

PubMatic, Inc. (PUBM) cash flow — operating, investing & free cash flow history

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations15.6M35.13M24.33M88.68M87.21M81.12M73.42M81.06M
Operating CF Margin %15.71%30.85%16.36%39.08%34.02%30.38%25.21%28.65%
Operating CF Growth %-125.23%-30.73%264.49%-1.66%-6.98%-9.49%10.4%
Net Income4.42M6.64M26.61M56.6M28.7M8.88M12.5M-14.46M
Depreciation & Amortization12.29M12.67M15.74M23.07M34.25M44.77M45.35M43.77M
Stock-Based Compensation3.17M2M3.56M14.11M20.65M28.86M37.68M38.38M
Deferred Taxes-4K193K2.93M4.75M-7.17M-13.41M-10.98M-14.49M
Other Non-Cash Items436K4.06M363K-3.39M11.29M7.77M2.66M27.86M
Working Capital Changes-4.72M9.56M-24.89M-6.46M-514K4.24M-13.78M0
Change in Receivables-24.18M-11.92M-102.17M-67.41M-24.41M-75.72M-49.34M66.57M
Change in Inventory44.28M2.63M000000
Change in Payables17.56M18.46M77.36M68.3M29.76M79.69M38.1M-42.4M
Cash from Investing-12.75M-22.09M-29.88M-96.72M-81.37M-39.02M22.31M6.07M
Capital Expenditures-9.66M-14.99M-24.18M-30.43M-35.87M-10.6M-17.59M-14.35M
CapEx % of Revenue9.73%13.17%16.25%13.41%13.99%3.97%6.04%5.07%
Acquisitions4.47M-500K00-28.09M000
Investments--------
Other Investing-4.47M500K-7.23M-8.93M-13.02M-17.69M-20.94M-20.51M
Cash from Financing-7.99M-1K52.48M9.36M4.04M-55.98M-73.48M-42.73M
Debt Issued (Net)-3M00-10K-119K-126K-131K0
Equity Issued (Net)-1000K-5K1000K-858K0-1000K-1000K0
Dividends Paid00000000
Share Repurchases-301K-5K-3K-858K0-59.27M-75.33M2.15M
Other Financing-3.99M4K6.68M10.23M4.16M3.42M1.99M-42.73M
Net Change in Cash
-5.15M▲ 0%
13.04M▲ 353.3%
46.94M▲ 260.1%
1.32M▼ 97.2%
9.88M▲ 650.0%
-13.87M▼ 240.5%
21.94M▲ 258.2%
45.07M▲ 105.4%
Free Cash Flow
5.94M▲ 0%
20.13M▲ 239.0%
-7.07M▼ 135.1%
49.32M▲ 797.3%
38.32M▼ 22.3%
52.83M▲ 37.9%
34.9M▼ 33.9%
66.71M▲ 91.2%
FCF Margin %5.98%17.68%-4.75%21.74%14.95%19.79%11.98%23.58%
FCF Growth %-239%-135.14%797.3%-22.31%37.88%-33.95%91.17%
FCF per Share0.120.42-0.150.870.670.940.641.42
FCF Conversion (FCF/Net Income)3.52x5.29x0.91x1.57x3.04x9.13x5.87x-5.60x
Interest Paid00000000
Taxes Paid769K3.02M2.69M6.79M9.19M15.63M14.18M0

PUBM Key Ratios

PubMatic, Inc. (PUBM) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric20182019202020212022202320242025
Return on Equity (ROE)18.71%23.74%25.62%26.17%10.08%2.92%4.36%-5.36%
Return on Invested Capital (ROIC)137.44%1634.25%50.74%29.78%13.6%0.62%1.26%-6.76%
Gross Margin68.53%68.29%72.31%74.3%68.21%62.84%65.31%63.56%
Net Margin4.46%5.83%17.89%24.95%11.2%3.33%4.29%-5.11%
Debt / Equity0.01x-0.01x0.10x0.09x0.10x0.16x0.17x
FCF Conversion3.52x5.29x0.91x1.57x3.04x9.13x5.87x-5.60x
Revenue Growth-14.72%30.63%52.55%12.99%4.15%9.08%-2.86%

PUBM SEC Filings & Documents

PubMatic, Inc. (PUBM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 26, 2026·SEC

Material company update

Nov 10, 2025·SEC

Material company update

Sep 8, 2025·SEC

10-K Annual Reports

2
FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 27, 2025·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 10, 2025·SEC

FY 2025

Aug 11, 2025·SEC

FY 2025

May 8, 2025·SEC

PUBM Frequently Asked Questions

PubMatic, Inc. (PUBM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

PubMatic, Inc. (PUBM) reported $282.9M in revenue for fiscal year 2025. This represents a 185% increase from $99.3M in 2018.

PubMatic, Inc. (PUBM) saw revenue decline by 2.9% over the past year.

PubMatic, Inc. (PUBM) reported a net loss of $14.5M for fiscal year 2025.

Dividend & Returns

PubMatic, Inc. (PUBM) has a return on equity (ROE) of -5.4%. Negative ROE indicates the company is unprofitable.

PubMatic, Inc. (PUBM) generated $32.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More PUBM

PubMatic, Inc. (PUBM) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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