PubMatic, Inc. (PUBM) Financial Ratios
8 years of historical data (2018–2025) · Technology · Software - Application
EV/EBITDA
↓
14.47
-8% vs avg
5yr avg: 15.75
30Y Low8.2·High26.6
P/FCF
↓
7.28
↓-65% vs avg
5yr avg: 20.90
30Y Low6.2·High39.1
P/B Ratio
↓
1.83
↓-47% vs avg
5yr avg: 3.48
30Y Low1.6·High7.7
ROE
↓
-5.4%
↑-170% vs avg
5yr avg: 7.6%
30Y Low-5%·High26%
Debt/EBITDA
↑
1.65
↑+115% vs avg
5yr avg: 0.77
30Y Low0.0·High1.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PUBM Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
PubMatic, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 7.3x P/FCF, 65% below the 5-year average of 20.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $485M | $417M | $798M | $914M | $729M | $1.9B | $1.3B | — | — |
| Enterprise Value | $384M | $315M | $743M | $864M | $663M | $1.9B | $1.3B | — | — |
| P/E Ratio → | -33.03 | — | 63.87 | 101.94 | 25.62 | 34.05 | 50.84 | — | — |
| P/S Ratio | 1.72 | 1.47 | 2.74 | 3.42 | 2.84 | 8.50 | 9.04 | — | — |
| P/B Ratio | 1.83 | 1.59 | 2.88 | 3.09 | 2.34 | 7.50 | 7.66 | — | — |
| P/FCF | 7.28 | 6.25 | 22.86 | 17.30 | 19.02 | 39.10 | — | — | — |
| P/OCF | 5.99 | 5.14 | 10.86 | 11.26 | 8.36 | 21.74 | 55.26 | — | — |
P/E links to full P/E history page with 30-year chart
PUBM EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
PubMatic, Inc.'s enterprise value stands at 14.5x EBITDA, 8% below its 5-year average of 15.8x. The Technology sector median is 17.5x, placing the stock at a 17% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.11 | 2.55 | 3.23 | 2.59 | 8.25 | 8.50 | — | — |
| EV / EBITDA | 14.47 | 11.89 | 15.07 | 18.45 | 8.23 | 25.13 | 26.63 | — | — |
| EV / EBIT | — | — | 189.08 | 424.12 | 17.70 | 31.83 | 39.83 | — | — |
| EV / FCF | — | 4.73 | 21.28 | 16.34 | 17.31 | 37.94 | — | — | — |
PUBM Profitability
Margins and return-on-capital ratios measuring operating efficiency
PubMatic, Inc. earns an operating margin of -6.1%. Operating margins have compressed from 0.8% to -6.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -5.4% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.6% | 63.6% | 65.3% | 62.8% | 68.2% | 74.3% | 72.3% | 68.3% | 68.5% |
| Operating Margin | -6.1% | -6.1% | 1.3% | 0.8% | 15.8% | 25.9% | 21.3% | 7.5% | 5.0% |
| Net Profit Margin | -5.1% | -5.1% | 4.3% | 3.3% | 11.2% | 24.9% | 17.9% | 5.8% | 4.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.4% | -5.4% | 4.4% | 2.9% | 10.1% | 26.2% | 25.6% | 23.7% | 18.7% |
| ROA | -2.0% | -2.0% | 1.7% | 1.3% | 4.8% | 12.3% | 9.2% | 3.4% | 2.5% |
| ROIC | -6.8% | -6.8% | 1.3% | 0.6% | 13.6% | 29.8% | 50.7% | 1634.3% | 137.4% |
| ROCE | -5.5% | -5.5% | 1.2% | 0.6% | 13.0% | 25.4% | 23.0% | 9.2% | 5.7% |
PUBM Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
PubMatic, Inc. carries a Debt/EBITDA ratio of 1.7x, which is manageable (43% below the sector average of 2.9x). The company holds a net cash position — cash of $146M exceeds total debt of $44M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.16 | 0.10 | 0.09 | 0.10 | 0.01 | — | 0.01 |
| Debt / EBITDA | 1.65 | 1.65 | 0.92 | 0.60 | 0.33 | 0.34 | 0.03 | — | 0.02 |
| Net Debt / Equity | — | -0.39 | -0.20 | -0.17 | -0.21 | -0.22 | -0.45 | -1.06 | -0.89 |
| Net Debt / EBITDA | -3.83 | -3.83 | -1.12 | -1.07 | -0.82 | -0.76 | -1.68 | -1.62 | -1.21 |
| Debt / FCF | — | -1.52 | -1.58 | -0.95 | -1.72 | -1.15 | — | -1.70 | -3.53 |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($146M) exceeds total debt ($44M)
PUBM Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.39x means PubMatic, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.48x to 1.39x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.39 | 1.39 | 1.37 | 1.48 | 1.67 | 1.73 | 1.71 | 1.61 | 1.66 |
| Quick Ratio | 1.39 | 1.39 | 1.37 | 1.48 | 1.67 | 1.73 | 1.71 | 1.61 | 1.66 |
| Cash Ratio | 0.39 | 0.39 | 0.34 | 0.46 | 0.58 | 0.60 | 0.53 | 0.50 | 0.39 |
| Asset Turnover | — | 0.42 | 0.39 | 0.38 | 0.40 | 0.41 | 0.40 | 0.55 | 0.56 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 462.16 | 532.37 | 513.25 | 447.46 | 461.53 | 538.64 | 377.13 | 401.88 |
PUBM Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
PubMatic, Inc. returns 9.6% to shareholders annually primarily through share buybacks.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.6% | 1.0% | 3.9% | 2.9% | 2.0% | — | — |
| FCF Yield | 13.7% | 16.0% | 4.4% | 5.8% | 5.3% | 2.6% | — | — | — |
| Buyback Yield | 9.6% | 11.2% | 9.4% | 6.5% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 9.6% | 11.2% | 9.4% | 6.5% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $47M | $54M | $56M | $57M | $57M | $48M | $48M | $48M |
Peer Comparison
Compare PUBM with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PUBMYou | $485M | -33.0 | 14.5 | 7.3 | 63.6% | -6.1% | -5.4% | -6.8% | 1.7 |
 MGNI | $2B | 14.7 | 11.4 | 12.1 | 62.7% | 13.7% | 17.1% | 9.5% | 1.8 |
 TTD | $11B | 25.8 | 15.5 | 14.1 | 78.6% | 20.3% | 16.3% | 21.3% | 0.6 |
 DV | $2B | 36.2 | 11.8 | 10.2 | 82.2% | 10.6% | 4.6% | 6.4% | 0.7 |
 IAS | $2B | 45.0 | 13.7 | 22.4 | 78.5% | 11.4% | 3.9% | 4.6% | 0.5 |
 CRTO | $824M | 6.2 | 1.9 | 4.0 | 54.0% | 10.4% | 12.8% | 16.1% | 0.5 |
 APP | $168B | 51.2 | 38.8 | 42.5 | 87.9% | 75.8% | 206.8% | 87.8% | 0.8 |
 APPS | $477M | -4.5 | 29.7 | — | 45.0% | -11.0% | -50.1% | -7.4% | 14.5 |
 KXIN | $5M | -0.1 | — | — | — | — | -102.3% | -36.0% | — |
 VNET | $3B | 92.4 | 15.4 | — | 22.2% | 8.1% | 2.7% | 2.4% | 8.3 |
 GOOGL | $4.8T | 36.8 | 32.2 | 65.7 | 59.7% | 32.1% | 35.7% | 25.1% | 0.4 |
| Technology Median | — | 27.7 | 17.5 | 19.2 | 48.5% | -0.6% | 2.4% | 2.9% | 2.9 |
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Quick answers to the most common questions about buying PUBM stock.
What is PubMatic, Inc.'s P/E ratio?
PubMatic, Inc.'s current P/E ratio is -33.0x. The historical average is 55.3x.
What is PubMatic, Inc.'s EV/EBITDA?
PubMatic, Inc.'s current EV/EBITDA is 14.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.6x.
What is PubMatic, Inc.'s ROE?
PubMatic, Inc.'s return on equity (ROE) is -5.4%. The historical average is 13.3%.
Is PUBM stock overvalued?
Based on historical data, PubMatic, Inc. is trading at a P/E of -33.0x. Compare with industry peers and growth rates for a complete picture.
What are PubMatic, Inc.'s profit margins?
PubMatic, Inc. has 63.6% gross margin and -6.1% operating margin.
How much debt does PubMatic, Inc. have?
PubMatic, Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.