PubMatic (PUBM) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

PubMatic

NasdaqGM•Technology•Software - Application

$16.50-0.46(-0.03%)Market closed

Market Cap

$809.16M

P/S

2.8x

P/B

3.4x

PubMatic, Inc., a technology company, engages in the provision of a cloud infrastructure platform that enables real time programmatic advertising transactions for digital content creators, advertisers, agencies, agency trading desks, and demand side platforms worldwide. Its PubMatic SSP, a sell side platform for the purchase and sale of digital advertising inventory for publishers and buyers. The company also provides OpenWrap, a header bidding solution; Connect, a solution that provides additional data and insights to publishers and buyers; Activate, which allows buyers to execute direct deals on its platform across publisher inventory; Convert, a commerce media solution; and Identity Hub, an ID management tool for publishers that leverages specialized technology infrastructure to simplify alternative identifier marketplace. Its platform supports an array of ad formats and digital device types, including mobile app, mobile web, desktop, display, video, over the top video, connected television, and media. The company was incorporated in 2006 and is based in Redwood City, California.

How this company scores

AverageMetricSide Score: 50/100

Strongest: Cash & Earnings Quality (17/25); weakest: Growth (7/25).

Profitability11/25

Growth7/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality17/25

Strengths

Rising free cash flowLong cash runwayInterest easily coveredConsistent free cash flow

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 80.8x5y range 15.5x – 213.3x

Currently above its 14-quarter median.

P/S · 2.8x5y range 1.3x – 7.9x

Currently near its 19-quarter median.

P/B · 3.4x5y range 1.5x – 6.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -2.5x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $809.16M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $289.17M
Q. Revenue: $78.59M
TTM EBITDA: $25.64M
TTM Op. Income: $-14.59M
Q. Op. Income: $579,000
TTM Net Income: $-13.48M
Q. Net Income: $-1.20M
EPS: $-0.03
Shares Out.: $46.11M

$289.17M in TTM revenue declined 1.0% YoY, reaching $78.59M last quarter. TTM EBITDA of $25.64M and TTM operating income of $-14.59M show growth is flowing through to the bottom line. However, net income is negative at $13.48M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 1% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 67.1%
EBITDA Margin: 13.5%
Op. Margin: 0.7%
Net Margin: -1.5%

Op. margin of 0.7% is up 8.4% YoY — cost efficiency is improving. Net margin at -1.5% and gross margin of 67.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 110% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 2.8x
P/B Ratio: 3.4x

P/S of 2.8x and P/B of 3.4x. Across the last 3 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $700.04M
Cash: $119.97M
Long-Term Debt: N/A
Book Value: $238.73M
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $20.21M
TTM Free Cash Flow: $54.01M
FCF Margin: 18.7%
FCF / Net Income: -4.0

TTM FCF of $54.01M on $20.21M in operating cash flow. The FCF / Net Income ratio of -4.0x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.