NASDAQ : PUBM
PubMatic, Inc. — Financial statements
Technology · Software - Application · United States
Last price 17.01 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 775.02M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
PubMatic, Inc. (PUBM) reported revenue of 289.17M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 289.17M | 282.93M | 291.26M | 267.01M | 256.38M | 226.91M |
| Cost of Revenue | 102.86M | 103.08M | 101.03M | 99.23M | 81.51M | 58.31M |
| Gross Profit | 186.31M | 179.84M | 190.23M | 167.78M | 174.87M | 168.59M |
| Selling, General & Admin | 166.93M | 162.38M | 153.04M | 139.02M | 112.58M | 93.92M |
| Research & Development | 33.07M | 33.82M | 33.26M | 26.73M | 20.85M | 15.88M |
| Operating Expenses | 200.00M | 196.20M | 186.30M | 165.75M | 133.43M | 109.81M |
| Operating Income | -13.69M | -16.36M | 3.93M | 2.04M | 41.44M | 58.79M |
| Interest & Investment Income | 4.91M | 5.46M | 8.48M | 8.83M | 2.21M | 300.00K |
| Currency Exchange Gain (Loss) | -2.56M | -4.60M | 1.10M | -1.50M | 700.00K | 100.00K |
| Other Non Operating Income (Expenses) | 450.00K | 450.00K | 4.27M | 1.14M | -19.00K | 181.00K |
| EBT Excluding Unusual Items | -10.89M | -15.05M | 17.77M | 10.51M | 44.33M | 59.37M |
| Merger & Restructuring Charges | -918.00K | |||||
| Gain (Loss) on Sale of Investments | -5.95M | 5.43M | ||||
| Legal Settlements | -902.00K | -902.00K | ||||
| Pretax Income | -11.79M | -15.95M | 17.77M | 10.51M | 37.47M | 64.80M |
| Income Tax Expense | 1.69M | -1.49M | 5.27M | 1.62M | 8.76M | 8.20M |
| Net Income | -13.48M | -14.46M | 12.50M | 8.88M | 28.70M | 56.60M |
| Net Income to Common | -13.48M | -14.46M | 12.50M | 8.88M | 28.70M | 56.60M |
| Shares Outstanding (Basic) | 46.43M | 47.01M | 49.21M | 51.76M | 52.28M | 50.18M |
| Shares Outstanding (Diluted) | 46.43M | 47.01M | 54.29M | 56.03M | 56.91M | 56.63M |
| EPS (Basic) | -0.29 | -0.31 | 0.25 | 0.17 | 0.55 | 1.13 |
| EPS (Diluted) | -0.29 | -0.31 | 0.23 | 0.16 | 0.50 | 1.00 |
| Free Cash Flow | 73.51M | 66.71M | 55.83M | 70.52M | 51.34M | 58.25M |
| Free Cash Flow Per Share | 1.58 | 1.42 | 1.03 | 1.26 | 0.90 | 1.03 |
| Gross Margin | 64.43% | 63.57% | 65.31% | 62.84% | 68.21% | 74.30% |
| Operating Margin | -4.73% | -5.78% | 1.35% | 0.76% | 16.16% | 25.91% |
| Profit Margin | -4.66% | -5.11% | 4.29% | 3.33% | 11.20% | 24.95% |
| Free Cash Flow Margin | 25.42% | 23.58% | 19.17% | 26.41% | 20.03% | 25.67% |
| EBITDA | 2.44M | 4.21M | 30.38M | 32.91M | 65.69M | 74.46M |
| EBITDA Margin | 0.84% | 1.49% | 10.43% | 12.32% | 25.62% | 32.82% |
| D&A For EBITDA | 16.13M | 20.57M | 26.45M | 30.87M | 24.25M | 15.67M |
| EBIT | -13.69M | -16.36M | 3.93M | 2.04M | 41.44M | 58.79M |
| EBIT Margin | -4.73% | -5.78% | 1.35% | 0.76% | 16.16% | 25.91% |
| Effective Tax Rate | 29.65% | 15.46% | 23.39% | 12.65% | ||
| Advertising Expenses | 500.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 119.97M | 145.52M | 100.45M | 78.51M | 92.38M | 82.50M |
| Short-Term Investments | 17.54M | 40.13M | 96.83M | 82.01M | 77.12M | |
| Cash & Short-Term Investments | 137.51M | 145.52M | 140.59M | 175.34M | 174.40M | 159.63M |
| Receivables | 383.20M | 358.24M | 424.81M | 375.47M | 314.30M | 286.92M |
| Prepaid Expenses | 17.16M | 18.89M | 10.14M | 11.14M | 14.78M | 14.21M |
| Total Current Assets | 537.87M | 522.65M | 575.55M | 561.96M | 503.48M | 460.75M |
| Property, Plant & Equipment | 93.05M | 90.81M | 102.92M | 81.83M | 97.36M | 71.75M |
| Long-Term Investments | 5.95M | |||||
| Goodwill | 29.58M | 29.58M | 29.58M | 29.58M | 29.58M | 6.25M |
| Other Intangible Assets | 1.91M | 2.70M | 4.28M | 5.86M | 8.30M | |
| Long-Term Deferred Tax Assets | 32.13M | 30.99M | 24.86M | 13.88M | 1.05M | 515.00K |
| Other Long-Term Assets | 5.51M | 3.48M | 2.32M | 2.14M | 2.41M | 5.00M |
| Total Assets | 700.04M | 680.20M | 739.52M | 695.24M | 642.17M | 550.22M |
| Accounts Payable | 390.05M | 343.62M | 386.60M | 347.67M | 277.41M | 244.32M |
| Accrued Expenses | 24.15M | 25.13M | 26.23M | 25.55M | 18.81M | 18.66M |
| Current Portion of Leases | 7.92M | 7.10M | 5.98M | 6.37M | 5.80M | 3.98M |
| Total Current Liabilities | 422.12M | 375.85M | 418.81M | 379.59M | 302.03M | 266.96M |
| Long-Term Leases | 32.99M | 37.11M | 39.88M | 16.09M | 21.53M | 18.58M |
| Long-Term Deferred Tax Liabilities | 573.00K | 6.07M | ||||
| Other Long-Term Liabilities | 6.21M | 4.65M | 3.56M | 3.36M | 5.86M | 1.42M |
| Total Liabilities | 461.31M | 417.61M | 462.26M | 399.04M | 329.99M | 293.04M |
| Common Stock | 7.00K | 7.00K | 6.00K | 6.00K | 6.00K | 6.00K |
| Additional Paid-In Capital | 341.64M | 321.06M | 275.30M | 230.42M | 195.68M | 169.40M |
| Retained Earnings | 121.21M | 134.92M | 149.38M | 136.88M | 128.00M | 99.30M |
| Treasury Stock | -223.98M | -193.47M | -146.80M | -71.10M | -11.49M | -11.49M |
| Comprehensive Income & Other | -156.00K | 68.00K | -636.00K | -4.00K | -9.00K | -36.00K |
| Total Common Equity | 238.73M | 262.59M | 277.26M | 296.20M | 312.19M | 257.18M |
| Shareholders' Equity | 238.73M | 262.59M | 277.26M | 296.20M | 312.19M | 257.18M |
| Total Liabilities & Equity | 700.04M | 680.20M | 739.52M | 695.24M | 642.17M | 550.22M |
| Total Debt | 40.91M | 44.21M | 45.86M | 22.46M | 27.33M | 22.57M |
| Net Cash (Debt) | 96.60M | 101.31M | 94.72M | 152.88M | 147.06M | 137.06M |
| Net Cash Per Share | 2.08 | 2.16 | 1.74 | 2.73 | 2.58 | 2.42 |
| Filing Date Shares Outstanding | 45.56M | 47.41M | 48.53M | 50.01M | 52.83M | 51.87M |
| Total Common Shares Outstanding | 45.39M | 46.89M | 48.10M | 50.25M | 52.71M | 51.85M |
| Working Capital | 115.75M | 146.80M | 156.74M | 182.36M | 201.45M | 193.78M |
| Book Value Per Share | 5.26 | 5.60 | 5.76 | 5.89 | 5.92 | 4.96 |
| Tangible Book Value | 207.24M | 230.31M | 243.40M | 260.76M | 274.31M | 250.93M |
| Tangible Book Value Per Share | 4.57 | 4.91 | 5.06 | 5.19 | 5.20 | 4.84 |
| Machinery | 164.28M | 152.94M | 155.30M | 139.14M | 130.43M | 93.14M |
| Leasehold Improvements | 7.58M | 7.55M | 5.53M | 5.17M | 4.03M | 2.43M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -13.48M | -14.46M | 12.50M | 8.88M | 28.70M | 56.60M |
| Depreciation & Amortization | 16.13M | 20.57M | 26.45M | 30.87M | 24.25M | 15.67M |
| Other Amortization | 24.10M | 23.20M | 18.90M | 13.90M | 10.00M | 7.40M |
| Loss (Gain) From Sale of Investments | -113.00K | -822.00K | -4.12M | -4.09M | 5.37M | -5.48M |
| Stock-Based Compensation | 35.71M | 38.38M | 37.68M | 28.86M | 20.65M | 14.11M |
| Provision & Write-off of Bad Debts | 5.67M | |||||
| Other Operating Activities | -450.00K | -8.19M | -4.21M | -7.22M | -1.25M | 6.84M |
| Change in Accounts Receivable | 205.00K | 66.57M | -49.34M | -75.72M | -24.41M | -67.41M |
| Change in Accounts Payable | 20.03M | -42.40M | 38.10M | 79.69M | 29.76M | 68.30M |
| Change in Other Net Operating Assets | 5.91M | -1.80M | -2.53M | 271.00K | -5.87M | -7.36M |
| Operating Cash Flow | 88.04M | 81.06M | 73.42M | 81.12M | 87.21M | 88.68M |
| Capital Expenditures | -14.53M | -14.35M | -17.59M | -10.60M | -35.87M | -30.43M |
| Cash Acquisitions | -28.09M | |||||
| Sale (Purchase) of Intangibles | -19.50M | -20.51M | -20.94M | -17.69M | -13.02M | -8.93M |
| Investment in Securities | 6.17M | 40.93M | 60.84M | -10.73M | -4.39M | -57.36M |
| Investing Cash Flow | -27.87M | 6.07M | 22.31M | -39.02M | -81.37M | -96.72M |
| Long-Term Debt Repaid | -140.00K | -131.00K | -126.00K | -119.00K | -10.00K | |
| Net Debt Issued (Repaid) | -145.00K | -140.00K | -131.00K | -126.00K | -119.00K | -10.00K |
| Issuance of Common Stock | 3.31M | 3.91M | 4.13M | 3.42M | 4.16M | 10.23M |
| Repurchase of Common Stock | -33.35M | -46.50M | -75.33M | -59.27M | -52.00K | |
| Other Financing Activities | -2.15M | -806.00K | ||||
| Financing Cash Flow | -30.18M | -42.73M | -73.48M | -55.98M | 4.04M | 9.36M |
| Foreign Exchange Rate Adjustments | -497.00K | 666.00K | -318.00K | |||
| Net Cash Flow | 29.50M | 45.07M | 21.94M | -13.87M | 9.88M | 1.32M |
| Free Cash Flow | 73.51M | 66.71M | 55.83M | 70.52M | 51.34M | 58.25M |
| Free Cash Flow Margin | 25.42% | 23.58% | 19.17% | 26.41% | 20.03% | 25.67% |
| Free Cash Flow Per Share | 1.58 | 1.42 | 1.03 | 1.26 | 0.90 | 1.03 |
| Levered Free Cash Flow | 60.31M | 50.82M | 38.21M | 66.09M | 37.18M | 30.98M |
| Unlevered Free Cash Flow | 60.31M | 50.82M | 38.21M | 66.09M | 37.18M | 30.98M |
| Cash Income Tax Paid | 3.51M | 8.61M | 14.18M | 15.63M | 9.19M | 6.79M |
| Change in Working Capital | 26.14M | 22.38M | -13.78M | 4.24M | -514.00K | -6.46M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 723.99M | 411.70M | 701.69M | 827.93M | 673.37M | 1.75B |
| Enterprise Value | 627.39M | 320.12M | 597.19M | 679.70M | 535.41M | 1.61B |
| Last Close Price | 15.89 | 8.87 | 14.69 | 16.31 | 12.81 | 34.05 |
| PE Ratio | 56.12 | 93.22 | 23.46 | 30.86 | ||
| Forward PE | 21.02 | 271.94 | 78.50 | 272.29 | 37.46 | 50.95 |
| PS Ratio | 2.50 | 1.46 | 2.41 | 3.10 | 2.63 | 7.70 |
| PB Ratio | 3.02 | 1.57 | 2.53 | 2.79 | 2.16 | 6.79 |
| P/TBV Ratio | 3.49 | 1.79 | 2.88 | 3.17 | 2.46 | 6.96 |
| P/FCF Ratio | 9.85 | 6.17 | 12.57 | 11.74 | 13.12 | 29.99 |
| P/OCF Ratio | 8.22 | 5.08 | 9.56 | 10.21 | 7.72 | 19.70 |
| PEG Ratio | 8.50 | 20.87 | 7.75 | 1.01 | 3.32 | |
| EV/Sales Ratio | 2.17 | 1.13 | 2.05 | 2.55 | 2.09 | 7.10 |
| EV/EBITDA Ratio | 257.13 | 76.00 | 19.66 | 20.66 | 8.15 | 21.62 |
| EV/EBIT Ratio | 152.07 | 333.84 | 12.92 | 27.39 | ||
| EV/FCF Ratio | 8.54 | 4.80 | 10.70 | 9.64 | 10.43 | 27.64 |
| Debt / Equity Ratio | 0.17 | 0.17 | 0.17 | 0.08 | 0.09 | 0.09 |
| Debt / EBITDA Ratio | 3.27 | 3.10 | 1.18 | 0.56 | 0.38 | 0.29 |
| Debt / FCF Ratio | 0.56 | 0.66 | 0.82 | 0.32 | 0.53 | 0.39 |
| Net Debt / Equity Ratio | -0.41 | -0.39 | -0.34 | -0.52 | -0.47 | -0.53 |
| Net Debt / EBITDA Ratio | -39.59 | -24.05 | -3.12 | -4.65 | -2.24 | -1.84 |
| Net Debt / FCF Ratio | -1.31 | -1.52 | -1.70 | -2.17 | -2.86 | -2.35 |
| Asset Turnover | 0.42 | 0.40 | 0.41 | 0.40 | 0.43 | 0.49 |
| Quick Ratio | 1.23 | 1.34 | 1.35 | 1.45 | 1.62 | 1.67 |
| Current Ratio | 1.27 | 1.39 | 1.37 | 1.48 | 1.67 | 1.73 |
| Return on Equity (ROE) | -5.59% | -5.36% | 4.36% | 2.92% | 10.08% | 26.17% |
| Return on Assets (ROA) | -1.24% | -1.44% | 0.34% | 0.19% | 4.34% | 7.98% |
| Return on Invested Capital (ROIC) | -9.41% | -9.52% | 1.70% | 1.12% | 22.26% | 52.79% |
| Return on Capital Employed (ROCE) | -4.90% | -5.40% | 1.20% | 0.60% | 12.20% | 20.80% |
| Earnings Yield | -1.83% | -3.51% | 1.78% | 1.07% | 4.26% | 3.24% |
| FCF Yield | 10.15% | 16.20% | 7.96% | 8.52% | 7.62% | 3.33% |
| Buyback Yield / Dilution | 3.55% | 13.42% | 3.09% | 1.55% | -0.49% | -230.66% |