PubMatic, Inc. logo PUBM - PubMatic, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 8
HOLD 8
SELL 0
STRONG
SELL
0
| PRICE TARGET: $13.50 DETAILS
HIGH: $14.00
LOW: $13.00
MEDIAN: $13.50
CONSENSUS: $13.50
UPSIDE: 30.31%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3
Revenue
Revenue 62.6 80.0 68.0 71.1 63.8 85.5 71.8 67.3 66.7 84.6 63.7 63.3 55.4 74.3 64.5 63.0 54.6 75.6 58.1 49.7 43.6 56.2 37.8 26.4 28.3 34.4 28.5
Cost of Revenue 26.1 25.5 25.4 26.6 25.6 24.9 25.5 25.2 25.4 24.2 26.1 25.1 23.9 23.0 21.6 19.0 18.0 16.9 16.0 13.1 12.3 11.4 10.5 9.2 10.1 9.3 8.9
Gross Profit 36.5 54.6 42.6 44.5 38.2 60.6 46.3 42.1 41.3 60.4 37.6 38.3 31.5 51.3 42.9 44.1 36.6 58.7 42.1 36.6 31.3 44.8 27.3 17.2 18.3 25.1 19.6
Operating Expenses
R&D Expenses 8.0 6.3 9.6 9.1 8.8 7.8 8.8 8.7 8.0 6.8 6.6 6.7 6.5 5.9 5.1 5.1 4.8 4.1 4.1 3.9 3.7 3.0 3.4 3.0 2.9 3.1 3.0
SG&A Expenses 43.8 39.7 41.4 40.8 41.4 37.9 38.8 37.4 38.8 38.8 31.5 38.7 35.7 28.9 28.2 29.2 27.2 26.5 23.9 22.6 20.9 19.6 16.1 13.5 14.3 16.1 12.1
Other Expenses (0.4) 0 0 0 0 0 0 0 0 (5.7) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses 51.3 46.0 51.0 49.9 50.1 45.8 47.6 46.1 46.8 40.0 38.2 45.4 42.2 34.8 33.3 34.3 32.0 30.7 28.0 26.4 24.7 22.6 19.5 16.4 17.3 19.2 15.6
Operating Income
Operating Income (14.8) 8.5 (8.4) (5.5) (11.9) 14.8 (1.4) (4.0) (5.5) 20.4 (0.6) (7.1) (10.7) 16.5 9.6 9.8 4.6 28.0 14.0 10.1 6.6 22.2 7.8 0.7 1.0 5.9 4.5
Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 1.2 0 1.2 1.4 1.6 1.6 2.0 2.3 2.6 2.5 2.2 2.2 1.9 0 0.6 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.3 0
Profitability
EBITDA (4.8) 19.4 2.3 6.4 (0.2) 26.2 10.0 7.4 5.7 31.5 10.8 3.8 0.8 27.2 18.7 17.1 11.8 35.0 20.4 15.3 11.2 26.4 12.0 4.5 4.6 9.2 6.2
EBIT (14.8) 9.6 (8.2) (5.5) (11.9) 14.8 (1.4) (4.0) (5.5) 20.4 (0.6) (7.1) (10.7) 16.5 9.6 9.8 4.6 28.0 14.0 10.1 6.6 22.2 7.8 0.7 1.0 5.9 4.5
Income Before Tax (15.1) 9.6 (8.2) (6.1) (11.3) 18.4 (0.3) 2.4 (2.7) 23.0 1.9 (5.2) (9.2) 16.8 4.7 9.7 6.2 33.7 14.3 9.9 6.8 21.7 7.9 0.7 1.3 5.8 4.0
Income Tax Expense (2.6) 2.9 (1.7) (0.9) (1.8) 4.5 0.6 0.4 (0.2) 4.3 0.1 0.5 (3.4) 4.0 1.4 1.9 1.4 5.5 0.8 (0.0) 1.9 2.9 1.6 0.1 0.4 1.7 1.0
Net Income (12.5) 6.7 (6.5) (5.2) (9.5) 13.9 (0.9) 2.0 (2.5) 18.7 1.8 (5.7) (5.9) 12.8 3.3 7.8 4.8 28.2 13.5 9.9 4.9 18.8 6.2 0.7 0.9 4.1 2.9
Per Share Data
EPS (Basic) -0.27 0.14 -0.14 -0.11 -0.20 0.29 -0.02 0.04 -0.05 0.37 0.03 -0.11 -0.11 0.24 0.06 0.14 0.08 0.55 0.27 0.20 0.10 0.39 0.13 0.01 0.02 0.09 0.06
EPS (Diluted) -0.27 0.14 -0.14 -0.11 -0.20 0.26 -0.02 0.04 -0.05 0.34 0.03 -0.11 -0.11 0.22 0.06 0.14 0.08 0.50 0.24 0.18 0.09 0.34 0.13 0.01 0.02 0.09 0.06
Shares Outstanding 47.1 46.6 45.9 47.2 48.3 48.0 49.1 49.8 50.0 50.7 51.6 52.0 52.7 52.6 52.4 55.8 56.9 51.5 50.6 49.6 49.1 48.6 47.8 43.6 43.6 43.6 47.7
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q1 2019 Q4
Current Assets
Cash & Cash Equivalents 144.9 145.5 136.5 90.5 101.8 100.5 78.9 73.5 80.2 78.5 97.7 105.5 79.3 92.4 52.2 51.9 74.5 82.5 89.4 90.6 76.6 81.2 40.6 (55.5) 34.2
Short-Term Investments 0 0 0 27.1 42.3 40.1 61.5 92.1 93.9 96.8 73.6 65.4 93.9 82.0 113.9 131.1 100.3 77.1 47.4 31.4 33.4 19.8 14.6 110.9 21.2
Net Receivables 336.9 358.2 362.6 383.4 349.1 424.8 376.8 351.6 303.3 375.5 291.4 258.0 253.0 314.3 277.3 264.0 218.4 286.9 228.4 195.4 173.1 219.5 140.5 0 117.7
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 22.4 18.9 21.3 12.0 12.0 10.1 12.6 14.8 11.5 11.1 11.6 14.3 14.2 14.8 0 0 11.8 0 13.0 14.2 0 0 0 0 0
Total Current Assets 504.2 522.6 520.4 513.0 505.3 575.5 529.8 532.0 488.9 562.0 474.4 443.2 440.3 503.5 458.2 460.1 404.9 460.7 378.1 331.6 291.1 327.1 203.2 55.5 177.6
Non-Current Assets
Property, Plant & Equipment 86.4 90.8 91.4 93.5 97.0 102.9 97.7 82.1 80.0 81.8 83.7 89.0 93.4 97.4 102.7 91.6 71.8 71.8 51.9 43.6 34.0 30.0 27.5 0 20.3
Goodwill 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.6 29.8 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 0 6.2
Intangible Assets 2.3 2.7 3.1 3.5 3.9 4.3 4.7 5.1 5.5 5.9 6.3 6.7 7.0 8.3 8.8 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 4.6 3.5 3.4 1.8 3.3 2.3 2.7 1.8 3.7 2.1 4.4 2.0 2.2 2.4 2.1 9.4 12.6 10.9 2.1 1.8 2.2 7.1 1.0 (55.5) 1.1
Total Non-Current Assets 155.3 157.5 155.7 162.3 163.3 164.0 159.3 141.1 137.3 133.3 138.6 140.4 137.1 138.7 143.9 110.2 92.7 89.5 60.8 52.2 42.4 44.1 36.9 (55.5) 29.8
Total Assets 659.4 680.2 676.2 675.2 668.6 739.5 689.1 673.1 626.2 695.2 613.0 583.7 577.5 642.2 602.2 570.2 497.6 550.2 438.8 383.8 333.5 371.2 240.1 0 207.4
Current Liabilities
Account Payables 342.6 343.6 356.5 361.4 323.6 386.6 360.7 340.8 289.2 347.7 273.2 240.1 222.6 277.4 258.5 237.4 186.0 244.3 185.5 151.6 136.0 176.7 118.5 0 99.4
Short-Term Debt 7.6 7.0 6.3 0 0 0 6.4 6.9 0 6.4 0 0 0 0 0 0 0 4.0 0 0 0 0 0 0 0
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 18.6 25.3 25.6 13.6 10.6 20.0 0.1 (6.8) 11.3 12.4 15.3 0.1 0.1 0.1 12.6 10.3 0.1 13.3 9.8 11.0 0 0 9.2 0 10.0
Total Current Liabilities 368.9 375.9 388.4 388.7 350.2 418.8 392.8 370.1 315.8 379.6 303.9 268.8 247.6 302.0 279.0 255.4 200.6 267.0 213.0 176.4 145.3 191.6 129.6 0 110.5
Non-Current Liabilities
Long-Term Debt 34.8 36.9 38.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.6 0 0 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0.6 3.2 6.1 6.1 6.1 2.7 2.6 0 0 0 0 0
Other Non-Current Liabilities 4.8 4.8 4.5 4.3 4.2 3.9 4.2 3.6 4.1 3.4 3.7 2.2 3.7 6.5 4.9 2.2 2.0 2.2 2.3 2.8 3.0 2.7 2.4 0 64.6
Total Non-Current Liabilities 39.6 41.8 42.7 43.2 42.8 43.4 33.2 20.3 21.7 19.5 20.5 20.4 23.5 28.0 30.6 30.9 29.3 26.1 5.0 5.3 4.1 4.2 2.4 0 64.6
Total Liabilities 408.4 417.6 431.1 431.9 393.0 462.3 425.9 390.4 337.5 399.0 324.4 289.1 271.1 330.0 309.6 286.3 229.9 293.0 218.0 181.7 149.4 195.8 132.0 0 175.1
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 19.0
Retained Earnings 122.4 134.9 128.2 134.7 139.9 149.4 135.5 136.4 134.4 136.9 118.2 116.4 122.1 128 115.2 111.9 104.1 99.3 71.1 57.5 47.6 42.7 23.9 0 16.1
Accumulated Other Comprehensive Income (0.1) 0.1 0.1 0.2 (0.4) (0.6) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) 0.0 (0.0) (0.2) (0.4) (0.2) (0.0) 0 0 0 0.0 0.0 13.3 0.0
Total Stockholders' Equity 251 262.6 245.1 243.3 275.6 277.3 263.2 282.7 288.7 296.2 288.6 294.5 306.4 312.2 292.6 283.9 267.7 257.2 220.8 202.1 184.1 175.4 108.1 74.5 32.3
Total Liabilities & Equity 659.4 680.2 676.2 675.2 668.6 739.5 689.1 673.1 626.2 695.2 613.0 583.7 577.5 642.2 602.2 570.2 497.6 550.2 438.8 383.8 333.5 371.2 240.1 74.5 207.4
Debt Metrics
Total Debt 42.4 43.9 44.6 45.2 44.9 45.4 41.8 30.3 24.5 28.2 22.5 24.0 25.5 26.6 28.1 28.2 25.2 25.7 0 0 2.6 1.6 0 0 0
Net Debt (102.5) (101.7) (92.0) (45.2) (56.9) (55.1) (37.1) (43.2) (55.7) (50.3) (75.3) (81.5) (53.8) (65.8) (24.0) (23.7) (49.3) (56.8) (89.4) (90.6) (74.0) (79.6) (40.6) 55.5 (34.2)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3
Operating Activities
Net Income (12.5) 6.7 (6.5) (5.2) (9.5) 13.9 (0.9) 2.0 (2.5) 18.7 1.8 (5.7) (5.9) 12.8 3.3 7.8 4.8 28.2 13.5 9.9 4.9 18.8 6.2 0.7 0.9 4.1 2.9
Depreciation & Amortization 10.0 9.8 10.5 11.9 11.7 11.4 11.4 11.3 11.2 11.0 11.4 10.9 11.4 10.7 9.1 7.3 7.2 7.1 6.3 5.1 4.5 4.2 4.2 3.8 3.6 3.3 0
Stock-Based Compensation 8.5 9.4 9.5 9.8 9.7 9.4 9.5 9.7 9.1 7.3 7.2 7.3 7.1 5.5 4.7 5.4 5.1 3.6 3.7 3.6 3.2 1.1 1.4 0.5 0.5 0.5 0.5
Change in Working Capital 11.6 (6.6) 20.4 1.4 7.2 (17.7) 0.9 (7.6) 10.6 (9.7) 3.6 6.4 4.0 (7.5) 5.0 (2.0) 3.9 (10.4) 2.3 0.9 (0.6) (18.5) (8.2) (7.6) 9.4 3.6 0
Other Non-Cash Items 1.2 1.6 1.2 1.4 1.3 1.2 0.5 0.6 0.5 0.6 0.5 6.2 0.5 1.1 7.5 2.6 (0.0) (3.3) 0.4 0.5 0.4 0.1 0.0 (0.0) 0.2 1.0 (3.4)
Operating Cash Flow 17.3 18.2 32.4 14.9 15.6 18.0 19.1 11.9 24.3 28.7 23.8 15.8 12.8 19.4 28.1 20.5 19.3 28.5 26.4 21.1 12.7 8.6 3.7 (2.7) 14.7 12.6 0
Investing Activities
Capital Expenditure (0.0) (24.9) (9.6) (5.6) (8.3) (9.2) (16.3) (5.0) (8.0) (9.1) (6.7) (5.1) (7.4) (12.3) (17.4) (14.8) (4.4) (9.8) (13.0) (13.4) (3.3) (12.9) (6.9) (7.6) (4.0) (3.8) 0
Acquisitions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2.7 1.3 0
Purchases of Investments (3) 0 0 (10.7) (15.3) (24.0) (21.4) (62.2) (34.3) (63.7) (30.2) (6.4) (40.3) (37.7) (17.5) (43.2) (39.4) (37.4) (20.6) (9.4) (23.2) (14.4) (8.9) (2.9) (10.5) (7.2) 0
Sales/Maturities of Investments 0 0 27.1 26.3 13.6 45.9 53.2 65.3 38.5 41.5 23 35.9 29.5 70.2 35 12.2 16 7.6 4.6 11.4 9.6 9.2 8.3 6.1 14.6 5.7 0
Other Investing Activities (6.6) (4.4) (4.9) (4.3) (6.9) 0 (4.5) (4.3) (7.2) (4.0) (3.8) (3.9) (6.0) (3.4) (30.9) (2.5) (4.2) (2.2) (1.9) (1.8) (3.0) (1.6) (1.4) (1.5) (2.7) (1.3) 0
Investing Cash Flow (9.6) (11.3) 17.5 9.9 (10.1) 12.7 15.5 (2.0) (3.9) (31.3) (13.9) 24.4 (18.3) 20.2 (28.0) (45.8) (27.8) (39.6) (28.9) (11.3) (16.8) (18.1) (7.5) (4.4) 0.2 (5.3) 0
Financing Activities
Net Debt Issuance (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) 0 0 0 0 0 0 0 0 0 0
Stock Repurchased (8.5) 1.2 (4.0) (38.6) (5) (9.9) (29.5) (18.4) (17.5) (17.8) (18.0) (15.6) (7.9) 0 0 0 0 (0.8) 0 (0.0) (0.0) (0.0) (0.0) 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities 0 0 0.3 2.0 0.6 0 0.3 1.8 (1.2) 1.2 0.3 1.6 0.3 0.7 0.2 2.8 0.5 5.1 1.2 4.3 (0.4) 4.2 2.4 0 0.1 0 0
Financing Cash Flow (8.1) 2.2 (3.7) (36.7) (4.5) (8.9) (29.3) (16.6) (18.7) (16.6) (17.8) (14.0) (7.6) 0.7 0.2 2.7 0.5 4.3 1.2 4.2 (0.4) 50.0 2.4 0 0.1 0 0
Cash Position
Net Change in Cash (0.6) 9.0 46.1 (11.3) 1.4 21.5 5.4 (6.7) 1.7 (19.2) (7.8) 26.3 (13.1) 40.2 0.3 (22.6) (8.0) (6.9) (1.2) 14.0 (4.5) 40.6 (1.5) (7.1) 14.9 7.3 0
Cash at Beginning 145.5 136.5 90.5 101.8 100.5 78.9 73.5 80.2 78.5 97.7 105.5 79.3 92.4 52.2 51.9 74.5 82.5 89.4 90.6 76.6 81.2 40.6 42.1 49.2 34.2 26.9 0
Cash at End 144.9 145.5 136.5 90.5 101.8 100.5 78.9 73.5 80.2 78.5 97.7 105.5 79.3 92.4 52.2 51.9 74.5 82.5 89.4 90.6 76.6 81.2 40.6 42.1 49.2 34.2 0
Free Cash Flow 17.3 (6.8) 22.8 9.3 7.3 8.9 2.9 6.9 16.3 19.5 17.2 10.8 5.3 7.0 10.7 5.7 14.9 18.7 13.5 7.7 9.4 (4.3) (3.2) (10.3) 10.7 8.8 0
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3
Income Statement
Revenue 62.6 80.0 68.0 71.1 63.8 85.5 71.8 67.3 66.7 84.6 63.7 63.3 55.4 74.3 64.5 63.0 54.6 75.6 58.1 49.7 43.6 56.2 37.8 26.4 28.3 34.4 28.5
Gross Profit 36.5 54.6 42.6 44.5 38.2 60.6 46.3 42.1 41.3 60.4 37.6 38.3 31.5 51.3 42.9 44.1 36.6 58.7 42.1 36.6 31.3 44.8 27.3 17.2 18.3 25.1 19.6
Operating Income (14.8) 8.5 (8.4) (5.5) (11.9) 14.8 (1.4) (4.0) (5.5) 20.4 (0.6) (7.1) (10.7) 16.5 9.6 9.8 4.6 28.0 14.0 10.1 6.6 22.2 7.8 0.7 1.0 5.9 4.5
Net Income (12.5) 6.7 (6.5) (5.2) (9.5) 13.9 (0.9) 2.0 (2.5) 18.7 1.8 (5.7) (5.9) 12.8 3.3 7.8 4.8 28.2 13.5 9.9 4.9 18.8 6.2 0.7 0.9 4.1 2.9
EPS (Diluted) -0.27 0.14 -0.14 -0.11 -0.20 0.26 -0.02 0.04 -0.05 0.34 0.03 -0.11 -0.11 0.22 0.06 0.14 0.08 0.50 0.24 0.18 0.09 0.34 0.13 0.01 0.02 0.09 0.06
Balance Sheet
Cash & Equivalents 144.9 145.5 136.5 90.5 101.8 100.5 78.9 73.5 80.2 78.5 97.7 105.5 79.3 92.4 52.2 51.9 74.5 82.5 89.4 90.6 76.6 81.2 40.6 (55.5) 34.2
Total Assets 659.4 680.2 676.2 675.2 668.6 739.5 689.1 673.1 626.2 695.2 613.0 583.7 577.5 642.2 602.2 570.2 497.6 550.2 438.8 383.8 333.5 371.2 240.1 0 207.4
Total Debt 42.4 43.9 44.6 45.2 44.9 45.4 41.8 30.3 24.5 28.2 22.5 24.0 25.5 26.6 28.1 28.2 25.2 25.7 0 0 2.6 1.6 0 0 0
Stockholders' Equity 251 262.6 245.1 243.3 275.6 277.3 263.2 282.7 288.7 296.2 288.6 294.5 306.4 312.2 292.6 283.9 267.7 257.2 220.8 202.1 184.1 175.4 108.1 74.5 32.3
Cash Flow
Operating Cash Flow 17.3 18.2 32.4 14.9 15.6 18.0 19.1 11.9 24.3 28.7 23.8 15.8 12.8 19.4 28.1 20.5 19.3 28.5 26.4 21.1 12.7 8.6 3.7 (2.7) 14.7 12.6 0
Capital Expenditure (0.0) (24.9) (9.6) (5.6) (8.3) (9.2) (16.3) (5.0) (8.0) (9.1) (6.7) (5.1) (7.4) (12.3) (17.4) (14.8) (4.4) (9.8) (13.0) (13.4) (3.3) (12.9) (6.9) (7.6) (4.0) (3.8) 0
Free Cash Flow 17.3 (6.8) 22.8 9.3 7.3 8.9 2.9 6.9 16.3 19.5 17.2 10.8 5.3 7.0 10.7 5.7 14.9 18.7 13.5 7.7 9.4 (4.3) (3.2) (10.3) 10.7 8.8 0