MAGNITE, INC. MGNI
Magnite, Inc., ("we," or "us"), provides technology solutions to automate the purchase and sale of digital advertising inventory.
We believe that we are the world's largest independent omni-channel sell-side advertising platform ("SSP"), offering a single partner for transacting globally across all channels, formats and auction types, and the largest independent programmatic CTV marketplace, making it easier for buyers to reach CTV audiences at scale from industry-leading streaming content providers, broadcasters, platforms and device manufacturers.
Our platform features applications and services for sellers of digital advertising inventory, or publishers, that own and operate CTV channels, applications, websites and other digital media properties, to manage and monetize their inventory; applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms ("DSPs"), to buy digital advertising inventory; and a transparent, independent marketplace that brings buyers and sellers together and facilitates intelligent decision making and automated transaction execution at scale. Our clients include many of the world's leading buyers and sellers of digital advertising inventory. Our platform processes trillions of ad requests per month, allowing buyers access to a global, scaled, independent alternative to "walled gardens," who both own and sell inventory and maintain control on the demand side.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $714.0M | $668.2M | $619.7M | $577.1M | $468.4M | $221.6M | $156.4M | $124.7M | $155.5M | $278.2M |
| Cost of revenue | $266.6M | $258.8M | $409.9M | $307.2M | $201.7M | $77.7M | $57.4M | $60.0M | $56.8M | $73.2M |
| Gross profit | $447.3M | $409.3M | $209.8M | $269.9M | $266.8M | $143.9M | $99.0M | $64.7M | $98.7M | $205.0M |
| R&D | $84.7M | $95.2M | $94.3M | $93.8M | $74.4M | $51.5M | $40.2M | $37.9M | $47.5M | $51.2M |
| SG&A | $93.2M | $96.9M | $89.0M | $81.4M | $64.8M | $53.0M | $39.8M | $42.4M | $55.6M | $68.6M |
| Total operating expenses | $616.4M | $617.1M | $774.7M | $689.9M | $549.5M | $275.9M | $184.0M | $188.3M | $312.5M | $303.1M |
| Operating income | $97.6M | $51.1M | -$155.0M | -$112.8M | -$81.1M | -$54.2M | -$27.6M | -$63.6M | -$157.0M | -$24.9M |
| Interest expense | $18.9M | $27.0M | $32.4M | $29.3M | $19.8M | $50.0K | $789.0K | $988.0K | $908.0K | $491.0K |
| Pre-tax income | $70.6M | $26.5M | -$157.5M | -$135.6M | -$95.0M | -$52.7M | -$27.0M | -$61.5M | -$156.5M | -$22.9M |
| Income tax | $74.0M | $3.7M | $1.6M | $5.3M | $95.1M | $693.0K | $1.5M | $357.0K | $1.8M | $4.9M |
| Net income | $144.6M | $22.8M | -$159.2M | -$130.3M | $65.0K | -$53.4M | -$25.5M | -$61.8M | -$154.8M | -$18.1M |
| EPS, basic | 1.01 | 0.16 | -1.17 | -0.98 | 0.00 | -0.55 | -0.48 | — | -3.17 | -0.39 |
| EPS, diluted | 0.95 | 0.16 | -1.17 | -0.98 | 0.00 | -0.55 | -0.48 | -1.23 | -3.17 | -0.39 |
| Shares, diluted (wtd. avg.) | $153.8M | $146.8M | $136.6M | $132.9M | $136.3M | $96.7M | $52.6M | $50.3M | $48.9M | $46.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $553.4M | $483.2M | $326.2M | $326.5M | $230.7M | $117.7M | $88.9M | $80.5M | $76.6M | $149.4M |
| Receivables | $1.30B | $1.20B | $1.18B | $976.5M | $927.8M | $471.7M | $217.6M | $205.7M | $165.9M | $192.1M |
| Total current assets | $1.88B | $1.70B | $1.52B | $1.33B | $1.18B | $607.1M | $313.1M | $300.5M | $304.7M | $391.6M |
| Property, plant and equipment | $108.5M | $68.7M | $47.4M | $45.0M | $34.1M | $23.7M | $23.7M | $33.5M | $47.4M | $36.2M |
| Goodwill | $983.9M | $978.2M | $978.2M | $978.2M | $969.9M | $158.1M | $7.4M | $0 | $0 | $65.7M |
| Other intangibles | $12.4M | $21.3M | $51.0M | $253.5M | $426.6M | $89.9M | $11.4M | $10.2M | $13.4M | $6.8M |
| Total assets | $3.16B | $2.85B | $2.69B | $2.71B | $2.71B | $939.0M | $395.1M | $360.0M | $383.6M | $519.8M |
| Accounts payable | $1.61B | $1.47B | $1.37B | $1.09B | $1.00B | $509.3M | $259.4M | $239.7M | $214.1M | $214.9M |
| Short-term debt | $208.4M | $3.6M | $3.6M | $3.6M | $3.6M | $0 | — | — | — | — |
| Total current liabilities | $1.84B | $1.50B | $1.40B | $1.13B | $1.03B | $522.2M | $267.5M | $241.0M | $217.2M | $218.4M |
| Long-term debt | $347.7M | $550.1M | $533.0M | $722.8M | $720.0M | $0 | — | — | — | — |
| Total liabilities | $2.24B | $2.09B | $1.99B | $1.92B | $1.83B | $557.3M | $283.2M | $242.0M | $219.0M | $220.3M |
| Retained earnings | -$516.6M | -$661.2M | -$684.0M | -$524.8M | -$394.5M | -$394.5M | -$341.1M | -$315.6M | -$253.8M | -$99.0M |
| Total equity | $922.4M | $768.2M | $701.7M | $791.3M | $880.8M | $381.6M | $111.9M | $118.0M | $164.6M | $299.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $236.2M | $235.2M | $214.4M | $192.6M | $126.6M | -$12.1M | $32.0M | -$22.7M | $21.5M | $60.1M |
| Depreciation and amortisation | $53.7M | $58.5M | $240.8M | $216.1M | $146.9M | $49.2M | $32.1M | $35.3M | $36.2M | $42.8M |
| Stock-based compensation | $76.6M | $76.5M | $72.6M | $64.1M | $40.7M | $28.5M | $18.8M | $16.3M | $20.5M | $28.7M |
| Capital expenditure | $70.5M | $32.8M | $26.8M | $30.8M | $17.7M | $14.3M | $11.4M | $11.4M | $32.4M | $23.5M |
| Investing cash flow | -$92.8M | -$47.5M | -$37.4M | -$65.2M | -$691.0M | $32.6M | -$23.4M | $27.9M | -$93.2M | -$37.4M |
| Financing cash flow | -$75.1M | -$28.9M | -$177.8M | -$30.2M | $678.1M | $7.4M | -$205.0K | -$1.3M | -$1.4M | $10.1M |
| Buybacks | $46.3M | $14.6M | $0 | $15.7M | $6.0M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001999371-26-008635.
Others in SIC 7370
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| GOOGL | Alphabet Inc. | $4.11T | 31.3x | 15.1% |
| META | Meta Platforms, Inc. | $1.57T | 26.3x | 22.2% |
| TBLA | Taboola.com Ltd. | $1.07T | 29.7x | 8.3% |
| APP | AppLovin Corp | $107.64B | 32.9x | 70.0% |
| ZM | Zoom Communications, Inc. | $29.68B | 16.4x | 4.4% |
| FLUT | Flutter Entertainment plc | $17.37B | — | 16.6% |
| DOCN | DigitalOcean Holdings, Inc. | $13.22B | 44.6x | 15.5% |
| PINS | PINTEREST, INC. | $11.48B | 33.4x | 15.8% |