PubMatic, Inc. PUBM

Communication ServicesSoftware & IT ServicesUnited States of America

Last close 17.01 USD on Nov 1, 2026, +79.1% year to date

Quant rating

Quant rating A Rank 9 of 135 in Communication Services

Growth A 16 of 135
Valuation C 59 of 135
Quality C 68 of 135
Revisions A 6 of 135
Momentum B 27 of 135

Wall Street consensus Buy (2.15)Average target 21.00 USD +23.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 724M
Enterprise value: 587M
52-week range: 6.16 – 19.47
3-year range: 6.16 – 24.02
Dividend yield: –
Beta (5 years): 1.57
Shares outstanding: 45.6M
Next earnings: Nov 9, 2026

About the company

PubMatic, Inc. is an artificial intelligence-powered advertising technology company that delivers digital advertising performance. The Company's integrated technology platform connects buyers, publishers, data providers, and commerce media networks on a single, unified platform to deliver advertising (ad) performance, control and transparency. Its platform allows publishers to sell, in real time, ad impressions to buyers and provides automated inventory management and monetization tools to publishers across various device types and digital ad formats. Its cloud infrastructure is designed for the processing of real-time, programmatic ad transactions and the aggregation and analysis of the significant data accompanying each transaction. The Company's omni channel platform supports a range of ad formats and digital device types, including mobile apps, mobile Web, desktops, displays, video, over-the-top (OTT), connected television (CTV), and rich media.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	283	291	267	256	227	–
Revenue growth	−2.9%	9.1%	4.1%	13.0%	52.5%	13.7%
EPS (basic, normalized)	−0.31	0.23	0.16	0.50	0.92	–
EPS growth	–	43.8%	−68.0%	−45.7%	–	–
Gross margin	63.6%	65.3%	62.8%	68.2%	74.3%	66.8%
Net margin	−5.1%	4.3%	3.3%	11.2%	24.9%	7.7%
ROE	−5.4%	4.4%	2.9%	10.1%	26.2%	7.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	138
Current ratio	1.27x
Long-term debt (mil)	0.2
Net debt (mil)	−137
Total equity (mil)	239
Net debt / equity	−0.57x
Net debt / EBITDA	−2.23x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	283	−2.9%	2.1x	61.6	−31.7%	9.5x	−0.31	−234.8%	−54.9x
2026	309	+9.1%	1.9x	70.4	+14.2%	8.3x	−0.10	+67.5%	−168.7x
2027	334	+8.3%	1.8x	82.0	+16.5%	7.2x	0.18	+282.9%	92.2x
2028	366	+9.4%	1.6x	98.2	+19.7%	6.0x	0.39	+108.7%	44.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	309	0.0%	+4.9%	+6.8%	−0.10	0.0%	+72.2%	+78.1%
2027	334	0.0%	+5.7%	+7.5%	0.18	0.0%	+177.9%	+155.3%
2028	366	0.0%	+8.3%	+10.0%	0.39	0.0%	+237.5%	+202.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	66.7	67.3	71.8	85.5	63.8	71.1	68.0	80.0	62.6	78.6
Sales mean (mil)	62.2	70.1	66.0	88.2	62.1	67.9	63.9	75.3	59.9	68.9
Surprise	+7.3%	−4.1%	+8.7%	−3.1%	+2.8%	+4.8%	+6.4%	+6.3%	+4.4%	+14.1%
EPS reported	−0.05	0.04	−0.02	0.26	−0.20	−0.11	−0.14	0.14	−0.27	−0.03
EPS mean	−0.11	−0.02	−0.06	0.23	−0.20	−0.16	−0.19	−0.01	−0.32	−0.17
Surprise	+55.6%	−328.6%	+68.4%	+11.1%	+1.1%	+29.8%	+26.3%	−1,372.7%	+14.9%	+82.9%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PUBM PubMatic, Inc.	724M	−2.23x	−5.1%	3.02x	−168.7x	92.2x	8.3x	7.2x
GOOGL Alphabet Inc.	3.43T	−0.67x	32.8%	5.08x	14.1x	18.6x	14.3x	10.9x
META Meta Platforms, Inc.	1.60T	0.01x	37.1%	5.77x	21.3x	18.2x	11.4x	8.9x
NFLX Netflix, Inc.	254.9B	0.49x	24.3%	8.70x	17.3x	16.5x	15.3x	13.3x
SHOP Shopify Inc.	202.6B	−2.48x	10.7%	16.01x	83.1x	64.3x	70.8x	53.4x
UBER Uber Technologies, Inc.	133.3B	0.96x	19.3%	4.87x	19.8x	14.4x	12.7x	10.3x
Mean		−0.65x	19.8%	7.24x	−2.2x	37.4x	22.1x	17.3x
Median		−0.33x	21.8%	5.42x	18.5x	18.4x	13.5x	10.6x

Technical analysis

1M−13.7%
3M+21.9%
1Y+79.8%
3Y+41.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, PubMatic, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	283	291	267	256	227	149
Cost of revenue	103	101	99.2	81.5	58.3	41.2
Gross profit	180	190	168	175	169	108
Selling, general & administrative expenses	163	153	139	114	93.9	63.6
Research & development	33.8	33.3	26.7	20.8	15.9	12.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	−17.3	3.9	2.0	40.5	58.8	31.8
Net interest income (expense)	0.9	9.6	7.3	−4.4	5.6	−0.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.4	4.3	1.1	1.4	0.4	−0.1
Net income before taxes	−16.0	17.8	10.5	37.5	64.8	31.6
Provision for taxes	−1.5	5.3	1.6	8.8	8.2	5.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−14.5	12.5	8.9	28.7	56.6	26.6
Extraordinary items	–	–	–	–	–	–
Net income	−14.5	12.5	8.9	28.7	56.6	26.6
EBIT, normalized	−16.4	3.9	2.0	40.5	58.8	31.8
EBITDA, normalized	27.4	49.2	44.4	74.3	81.9	47.5
Basic EPS, normalized	−0.31	0.23	0.16	0.50	0.92	–

Balance sheet in millions of USD, fiscal years

Balance sheet, PubMatic, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	146	141	175	174	160	101
Receivables	358	425	375	314	287	220
Total inventory	–	–	–	–	–	–
Prepaid expenses	18.9	10.1	11.1	14.8	14.2	6.6
Other current assets	0	0	0	0	0	0
Total current assets	523	576	562	503	461	327
Property, plant & equipment	90.8	103	81.8	97.4	71.8	30.0
Goodwill	29.6	29.6	29.6	29.6	6.2	6.2
Intangibles	2.7	4.3	5.9	8.3	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	34.5	27.2	16.0	3.5	11.5	7.8
Total assets	680	740	695	642	550	371
Liabilities
Accounts payable	319	20.6	12.6	267	235	169
Payable/accrued	–	–	–	–	–	–
Accrued expenses	32.1	32.1	31.8	24.5	22.5	14.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.1	0.1	0.1	0.1	0.1	–
Other current liabilities	24.1	366	335	10.9	8.9	8.1
Total current liabilities	376	419	380	302	267	192
Long-term debt	0.2	0.3	0.5	0.6	0.7	0
Minority interest	–	–	–	–	–	–
Other liabilities	41.6	43.1	19.0	27.3	25.3	4.2
Total liabilities	418	462	399	330	293	196
Shareholders' equity
Preferred stock	0	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	321	275	230	196	169	144
Retained earnings (accumulated deficit)	135	149	137	128	99.3	42.7
Treasury stock	−193	−147	−71.1	−11.5	−11.5	−11.4
Other equity	0.1	−0.6	0	0	0	0
Total equity	263	277	296	312	257	175
Total liabilities & shareholders' equity	680	740	695	642	550	371

Cash flow statement in millions of USD, fiscal years

Cash flow statement, PubMatic, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−14.5	12.5	8.9	28.7	56.6	26.6
Depreciation, depletion & amortization	43.8	45.4	44.8	34.2	23.1	15.7
Deferred taxes	−14.5	−11.0	−13.4	−7.2	4.8	2.9
Non-cash items	43.9	40.3	36.6	31.9	10.7	3.9
Changes in working capital	22.4	−13.8	4.2	−0.5	−6.5	−24.9
Cash from operations	81.1	73.4	81.1	87.2	88.7	24.3
Investing activities
Capital expenditures	−34.9	−38.5	−28.3	−48.9	−39.4	−31.4
Other investing cash flows	40.9	60.8	−10.7	−32.5	−57.4	1.5
Cash from investing	6.1	22.3	−39.0	−81.4	−96.7	−29.9
Financing activities
Financing cash flow items	0	−2.1	–	0	0	4.3
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−42.7	−71.3	−56.0	4.0	9.4	48.2
Cash from financing	−42.7	−73.5	−56.0	4.0	9.4	52.5
Foreign exchange effects	0.7	−0.3	–	–	–	–
Net change in cash	45.1	21.9	−13.9	9.9	1.3	46.9
Free cash flow	46.2	34.9	52.8	38.3	49.3	−7.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.