PUBM Technology

PubMatic, Inc.

$16.15+3.73%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Technology
Industry: Software - Application
Country: United States
Market cap: 735.6M USD
Enterprise value: 642.5M USD
Full-time employees: 1,030

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.58 vs a peer median of 0.87) and less short-term liquidity (current ratio 1.27 vs a peer median of 1.83)higher risk: bigger price swings (beta 1.58 vs peers 0.87) and less liquidity (current ratio 1.27 vs peers 1.83)

Ranks #1,402 of 1,612 technology companies (bottom 14%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. -6.1% in 2025, the weakest of the last 6 years.
PubMatic's operating margin fell to -6.1% in 2025, its lowest in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 89% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, PubMatic looks cheaper than 89% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
PubMatic reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
More volatile share price. Beta 1.58: tends to move more than the market.
PubMatic's shares have swung more with the market than most peers' (beta 1.58, above the market's 1.0).

StockQuotient Score

28/ 100

Oct 5 28 → Nov 4 28

Valuation

Is the price right?

37/100

Weak▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 38 → 37

Share price -5.3%+1
Peer companies moved-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-1.7%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield0.4%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -1.07Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield9.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 2.60Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield32.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

27/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.7%

Why

Weaker than most peers on:

▼ EPS growth
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.13Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth3.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.11Sector median: 0.0483 · MAD: 0.0793

Revenue growth-1.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.94Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

17/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 2.3 points to -5.0%

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-5.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.60Sector median: 0.0631 · MAD: 0.0710

Return on assets-1.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.32Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-9.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.92Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin64.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-5.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.58

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.92Sector median: 0.8710 · MAD: 0.3700

Current ratio1.27×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.81Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.17×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.34Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about PubMatic

Is PubMatic getting weaker?: Its latest SEC filing (Aug 6, 2026) got stronger: operating margin rose 2.3 points to -5.0%. Its overall score is unchanged at 28/100 since Oct 28, 2026.
How is PubMatic valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 37/100 against 1,711 technology peers. Free cash flow yield 9.9% vs a peer median of 2.7% (stronger than 89% of peers).Free cash flow yield 9.9% vs peers 2.7% (stronger than 89% of peers). Earnings yield -1.7% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -1.7% vs peers 2.2% (weaker than 100% of peers).
Is PubMatic growing?: More slowly than most of its peers. Growth scores 27/100 against 1,711 technology peers. Revenue growth -1.0% vs a peer median of 8.5% (weaker than 75% of peers).Revenue growth -1.0% vs peers 8.5% (weaker than 75% of peers).
How profitable is PubMatic?: Less profitable than most of its peers. Profitability scores 17/100 against 1,711 technology peers. Return on invested capital -9.7% vs a peer median of 6.8% (weaker than 87% of peers).Return on invested capital -9.7% vs peers 6.8% (weaker than 87% of peers).
How risky is PubMatic?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 1.58 vs a peer median of 0.87 (weaker than 86% of peers).Beta 1.58 vs peers 0.87 (weaker than 86% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 2.3 points to -5.0%

Worth watching: PubMatic is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	281.7M USD	289.2M USD	+2.7%
Net income (12 months)	−17.0M USD	−13.0M USD	−23.5%
Operating margin	-7.3%	-5.0%	+2.3 pts
Free cash flow (12 months)	69.8M USD	73.5M USD	+5.3%
Cash	144.9M USD	120.0M USD	−17.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Software - Application · 81 companies

Valuations in Software - Application are near the bottom of their range since 2016.

6% of months since 2016 were valued lower than now.
8% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −16% and earnings +31% (medians): earnings grew faster than prices.
Median price-to-sales is +85% vs the whole market, against a usual +235%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	74.3%	68.2%	62.8%	65.3%	63.6%	▼ 1.7 pts
Operating margin	25.9%	15.8%	0.8%	1.3%	-6.1%	▼ 7.4 pts
Net margin	24.9%	11.2%	3.3%	4.3%	-5.1%	▼ 9.4 pts
Return on assets (ROA)	10.3%	4.5%	1.3%	1.7%	-2.1%	▼ 3.8 pts
Return on equity (ROE)	22.0%	9.2%	3.0%	4.5%	-5.5%	▼ 10 pts
Free cash flow margin	25.7%	20.0%	26.4%	19.2%	23.6%	▲ 4.4 pts
Current ratio	1.73×	1.67×	1.48×	1.37×	1.39×	▲ 1.2%

PUBM price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.58 vs a peer median of 0.87) and less short-term liquidity (current ratio 1.27 vs a peer median of 1.83)higher risk: bigger price swings (beta 1.58 vs peers 0.87) and less liquidity (current ratio 1.27 vs peers 1.83)

Ranks #1,402 of 1,612 technology companies (bottom 14%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. -6.1% in 2025, the weakest of the last 6 years.

PubMatic's operating margin fell to -6.1% in 2025, its lowest in the 6 years of filings we have.

Valuation signals disagree. Cheaper than 89% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, PubMatic looks cheaper than 89% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

PubMatic reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

More volatile share price. Beta 1.58: tends to move more than the market.

PubMatic's shares have swung more with the market than most peers' (beta 1.58, above the market's 1.0).

Questions investors ask about PubMatic

Is PubMatic getting weaker?

Its latest SEC filing (Aug 6, 2026) got stronger: operating margin rose 2.3 points to -5.0%. Its overall score is unchanged at 28/100 since Oct 28, 2026.

How is PubMatic valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 37/100 against 1,711 technology peers. Free cash flow yield 9.9% vs a peer median of 2.7% (stronger than 89% of peers).Free cash flow yield 9.9% vs peers 2.7% (stronger than 89% of peers). Earnings yield -1.7% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -1.7% vs peers 2.2% (weaker than 100% of peers).

Is PubMatic growing?

More slowly than most of its peers. Growth scores 27/100 against 1,711 technology peers. Revenue growth -1.0% vs a peer median of 8.5% (weaker than 75% of peers).Revenue growth -1.0% vs peers 8.5% (weaker than 75% of peers).

How profitable is PubMatic?

Less profitable than most of its peers. Profitability scores 17/100 against 1,711 technology peers. Return on invested capital -9.7% vs a peer median of 6.8% (weaker than 87% of peers).Return on invested capital -9.7% vs peers 6.8% (weaker than 87% of peers).

How risky is PubMatic?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Beta 1.58 vs a peer median of 0.87 (weaker than 86% of peers).Beta 1.58 vs peers 0.87 (weaker than 86% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

281.7M USD

289.2M USD

+2.7%

Net income (12 months)

−17.0M USD

−13.0M USD

−23.5%

Operating margin

-7.3%

-5.0%

+2.3 pts

Free cash flow (12 months)

69.8M USD

73.5M USD

+5.3%

Cash

144.9M USD

120.0M USD

−17.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

74.3%

68.2%

62.8%

65.3%

63.6%

▼ 1.7 pts

Operating margin

25.9%

15.8%

0.8%

1.3%

-6.1%

▼ 7.4 pts

Net margin

24.9%

11.2%

3.3%

4.3%

-5.1%

▼ 9.4 pts

Return on assets (ROA)

10.3%

4.5%

1.3%

1.7%

-2.1%

▼ 3.8 pts

Return on equity (ROE)

22.0%

9.2%

3.0%

4.5%

-5.5%

▼ 10 pts

Free cash flow margin

25.7%

20.0%

26.4%

19.2%

23.6%

▲ 4.4 pts

Current ratio

1.73×

1.67×

1.48×

1.37×

1.39×

▲ 1.2%