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PubMatic, Inc.

PUBM Technology Software Application

PubMatic, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $282.9 million, down 2.86% from fiscal 2024.

Revenue
+10.6%
EPS
+72.7%
Free cash flow
+47.5%

Quarter to June 2026, against a year earlier

17.81 1.03 +6.14%
Market cap
$764.3M
P/E
0.0×
Fwd P/E
−177×
Dividend yield
—
F-score
5/9
Altman Z
1.47
Beneish M
−3.25
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 21.76
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 10 2 2 10 4 3 10 6 4 11 1
Insider Ownership 20.01%

Capital & Financial Ratios $m

Size
Market Cap 764.33
Revenue ttm 289.17
Net income ttm (13.48)
Free cash flow ttm 54.01
Net debt Q (137.51)
Valuation
P/E 0.00
Forward P/E (177.00) (negative: loss-making)
Price / sales 2.84
Forward P/S Powerpack
Price / FCF 15.20
Price / book 3.44
Financial health
Current ratio Q 1.27
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (0.25)
Growth
Revenue growth Q +10.55% (above 0%: growing)
Operating income growth Q +110.60% (above 0%: growing)
EPS, this year +68.66% (at or above 15%: strong)
EPS, next year A +257.19% (at or above 15%: strong)
Revenue, next year A +9.04%
EPS, past 5 yrs —
EPS, next 5 yrs A +14.56%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.4×, against a ten-year median of 2.5×; over the ten years it ranged from 0.7× in 2026 to 14.7× in 2021.
P/S against its own 10 years 45.93%
10-year low 10-year high
P/B against its own 10 years 64.65%
10-year low 10-year high
EV/Sales against its own 10 years 49.70%
10-year low 10-year high
EV/FCF against its own 10 years 36.30%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 175 141 146 138
Receivables 375 425 358 383
Inventory — — — —
Other — — — —
562 576 523 538
2023 2024 2025 Q'26
Payables 348 387 344 390
ST’ Debt — — — —
Other — — — —
380 419 376 422

Compound Annual Growth %

10y 5y 3y
Sales — 13.72% 3.34%
Cash Flow — 27.21% (2.41%)
Earnings — 0.00% 0.00%
Book Value — 8.40% (5.60%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.03 Actual 0.12

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.01 0.03 Beat by 0.04
Q4 FY25 0.16 0.29 Beat by 0.13
Q1 FY26 −0.01 −0.11 Miss by 0.10
Q2 FY26 0.03 0.12 Beat by 0.09
Q3 FY26 0.17 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.27) (0.03) — — —
’25 (0.20) (0.11) (0.14) 0.14 (0.31)
’24 (0.05) 0.04 (0.02) 0.26 0.23
’23 (0.11) (0.11) 0.03 0.34 0.16
’22 0.08 0.14 0.06 0.22 0.50
’21 0.09 0.18 0.24 0.50 1.00
’20 0.07 0.05 0.39 0.66 0.46
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 63 79 — — —
’25 64 71 68 80 283
’24 67 67 72 86 291
’23 55 63 64 85 267
’22 55 63 65 74 256
’21 44 50 58 76 227
’20 28 26 38 56 149
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 17 20 — — —
’25 16 15 32 18 81
’24 24 12 19 18 73
’23 13 16 24 29 81
’22 19 20 28 19 87
’21 13 21 26 28 89
’20 15 (3) 4 9 24
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 11 14 — — —
’25 7 9 23 7 46
’24 16 7 3 9 35
’23 5 11 17 20 53
’22 15 6 11 7 38
’21 9 8 13 19 49
’20 11 (10) (3) (4) (7)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — 99 114 149 227 256 267 291 283 289 +16.1% 309 334 366 +8.9%
Gross margin, % — — 68.53 68.29 72.31 74.30 68.21 62.84 65.31 63.56 64.43 (5.0) pt
EBT — — 6 9 32 65 37 11 18 (16) (12) n/m
EBT margin, % — — 5.67 8.10 21.23 28.56 14.61 3.93 6.10 (5.64) (4.08) (11.3) pt
Net income — 0 4 7 27 57 29 9 13 (14) (13) n/m
Per share, $
Per share, $ Revenue — — 8.82 11.35 11.77 4.52 4.90 5.16 5.92 6.02 6.27 (5.3%)
Earnings — — 0.39 0.66 0.51 1.13 0.55 0.17 0.25 (0.31) (0.30) n/m
Cash flow — — 1.39 3.50 1.92 1.77 1.67 1.57 1.49 1.72 1.91 +3.2%
Capex — — (0.86) (1.49) (2.48) (0.78) (0.94) (0.55) (0.78) (0.74) (0.74) (2.1%)
Free cash flow — — 0.53 2.01 (0.56) 0.98 0.73 1.02 0.71 0.98 1.17 +9.3%
Book value — — 0.00 1.32 13.88 5.12 5.97 5.72 5.63 5.59 5.18 n/m
Shares, m — — 11 10 13 50 52 52 49 47 47 +22.7%
Valuation, ×
Valuation, × P/E — — 38.39 38.39 16.45 30.40 24.39 89.00 56.50 0.00 0.00 36.7
P/S — — 2.40 2.40 3.76 7.53 2.69 3.11 2.48 1.47 2.84 3.2
P/B — — 18.93 18.93 3.18 6.64 2.21 2.80 2.61 1.59 3.44 7.1
EV/Sales — — 1.96 1.96 3.08 6.83 2.01 2.45 2.00 0.96 2.36 2.7
EV/FCF — — 14.38 14.38 (64.71) 31.41 13.42 12.38 16.69 5.88 12.66 5.5
Cash, $m
Cash, $m Operating cash flow — — 16 35 24 89 87 81 73 81 88 +26.5%
Capex — — (10) (15) (31) (39) (49) (28) (39) (35) (34) +20.1%
Free cash flow — — 6 20 (7) 49 38 53 35 46 54 +34.1%
Balance, $m
Balance, $m Working capital — — 59 67 136 194 201 182 157 147 116 +13.8%
Net debt — — (35) 6 (101) (160) (174) (175) (141) (146) (138) +22.5%
Shareholders’ equity — — — 13 175 257 312 296 277 263 239 +64.4%
Returns, %
Returns, % ROA — — 0.00 6.40 2.22 12.29 4.81 1.33 1.74 (2.04) (1.96) (2.0) pt
ROIC — — 0.00 27.90 26.66 37.66 18.38 1.05 1.80 (9.21) (9.01) (9.2) pt
ROE — — 49.39 74.14 6.81 26.17 10.08 2.92 4.36 (5.36) (5.59) (54.7) pt
People
People Employees — — — — 548 713 875 948 1,049 1,030 — +13.5%
Revenue/emp, $m — — 0.00 0.00 0.27 0.32 0.29 0.28 0.28 0.27 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

PubMatic, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DJCO Daily Journal Corp. (S.C.) $882.0M — (loss-making) — (loss-making) +15.25% (above 0%: growing) n/m +48.22% (above 0%: growing) 99.41% 19.52% Compare
DSP Viant Technology Inc. $841.2M 25.3× 62.4× +33.91% (above 0%: growing) n/m +38.79% (above 0%: growing) 100.00% (3.69%) Compare
PAR PAR Technology Corporation $793.3M — (loss-making) — (loss-making) +15.04% (above 0%: growing) n/m +300.71% (above 0%: growing) 43.81% (3.99%) Compare
PUBM PubMatic, Inc. $764.3M — (loss-making) — (loss-making) +10.55% (above 0%: growing) n/m +47.47% (above 0%: growing) 67.07% 0.74%
MITK Mitek Systems, Inc. $763.9M 34.4× 39.4× +18.17% (above 0%: growing) +280.00% (above 0%: growing) +19.18% (above 0%: growing) 84.86% 21.36% Compare
DCBO Docebo Inc. $758.5M 24.7× 36.8× +13.04% (above 0%: growing) −10.00% (below 0%: shrinking) −154.48% (below 0%: shrinking) 79.44% 3.76% Compare
SMWB Similarweb Ltd. $736.7M — (loss-making) — (loss-making) +8.76% (above 0%: growing) n/m +217.42% (above 0%: growing) 80.73% 0.96% Compare
YALA Truth Social God Bless America ETF $705.3M 6.2× 7.0× −2.31% (below 0%: shrinking) −12.50% (below 0%: shrinking) +9,191.70% (above 0%: growing) 67.55% 23.49% Compare
VTEX VTEX $677.8M 23.2× 19.9× +9.52% (above 0%: growing) +200.00% (above 0%: growing) +79.12% (above 0%: growing) 80.31% 15.00% Compare
Median of peers $761.2M 24.7× 36.8× +14.04% +95.00% +63.67% 80.52% 9.38%

All 230 Software Application stocks →

Pay and ownership Proxy statement filed 15 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.07m 772.61k 32.00
2024 9.17m 11.45m 53.00
2023 10.27m 13.18m 58.00
2022 7.44m (4.33m) 46.00
2021 8.61m 13.61m 122.00

Ownership

Directors and executive officers, together 67.80% of the votes
Amar K. Goel 36.40% of the votes
Rajeev K. Goel 29.30% of the votes
Steven Pantelick 7.90% of the votes
Mukul Kumar 3.80% of the votes
Graham Holdings Company 2.30% of the votes
Black Rock, Inc. 2.20% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

PubMatic, Inc. (PUBM) Latest News

22 Oct

Impact 3 · · StockStory

6 Oct

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25 Sep

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10 Aug

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7 Aug

Impact 5 · · Trefis
Impact 4 · transcript
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat transcript

6 Aug

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5 Aug

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14 Jul

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9 Jul

Impact 3 · · mediapost.com

22 Jun

Impact 3 · · Business Wire

18 Jun

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17 Jun

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9 Jun

Impact 3 · · Business Wire
stockrow.com/PUBM · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com