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. In the quarter to June 2026, revenue grew 10.6%, EPS grew 72.7% and free cash flow grew 47.5%, each against the same quarter a year earlier.
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PubMatic, Inc. (PUBM) Beneish M-score
PubMatic, Inc.'s Beneish M-score for fiscal 2025 is −3.25; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.25 | (0.62) |
| FY2024 | −2.64 | 0.22 |
| FY2023 | −2.86 | (0.27) |
| FY2022 | −2.59 | (0.55) |
| FY2021 | −2.04 | (0.32) |
| FY2020 | −1.72 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.87 | — | 0.80 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 1.08 | — | 0.44 | |
| Sales growth index | 0.97 | — | 0.87 | |
| Depreciation index | 0.92 | — | 0.11 | |
| SG&A index | 1.10 | — | −0.19 | |
| Total accruals to total assets | (0.14) | — | −0.66 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.25 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SMWB Similarweb Ltd. compare | −3.3× |
| PUBM PubMatic, Inc. | −3.3× |
| MNTN MNTN Inc. compare | −3.0× |
| MITK Mitek Systems, Inc. compare | −2.9× |
| VTEX VTEX compare | −2.6× |
| DSP Viant Technology Inc. compare | −2.5× |
| PAR PAR Technology Corporation compare | −2.4× |
| DJCO Daily Journal Corp. (S.C.) compare | −1.4× |
| YALA Truth Social God Bless America ETF compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI