PubMatic, Inc. PUBM
PubMatic, Inc. ("we", or "us) is an independent, artificial intelligence-powered advertising technology company that delivers digital advertising performance. Our mission is to fuel the endless potential of Internet content creators and to enable a thriving, advertisement-funded digital ecosystem where global audiences can gain free or affordable access to information and entertainment.
Our integrated technology platform connects buyers, publishers, data providers, and commerce media networks on a single, unified platform, to deliver advertising performance, control, transparency and efficiency. Our platform empowers the world's leading digital content creators (which we collectively refer to as "publishers") to maximize monetization of their advertising inventory and audiences and provides control and transparency to buyers, which includes advertisers, agencies, agency trading desks, and demand side platforms ("DSPs"), which we collectively refer to as "buyers".
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $282.9M | $291.3M | $267.0M | $256.4M | $226.9M | $148.7M | $113.9M | — |
| Cost of revenue | $103.1M | $101.0M | $99.2M | $81.5M | $58.3M | $41.2M | $36.1M | — |
| Gross profit | $179.8M | $190.2M | $167.8M | $174.9M | $168.6M | $107.6M | $77.8M | — |
| R&D | $33.8M | $33.3M | $26.7M | $20.8M | $15.9M | $12.2M | $12.5M | — |
| SG&A | $60.3M | $57.7M | $56.2M | $44.9M | $35.8M | $20.3M | $20.3M | — |
| Total operating expenses | $197.1M | $186.3M | $165.7M | $134.3M | $109.8M | $75.8M | $69.3M | — |
| Operating income | -$17.3M | $3.9M | $2.0M | $40.5M | $58.8M | $31.8M | $8.5M | — |
| Interest expense | — | — | $8.8M | $2.2M | $300.0K | — | — | — |
| Pre-tax income | -$16.0M | $17.8M | $10.5M | $37.5M | $64.8M | $31.6M | $9.2M | — |
| Income tax | $1.5M | $5.3M | $1.6M | $8.8M | $8.2M | $5.0M | $2.6M | — |
| Net income | -$14.0M | $13.0M | $9.0M | $29.0M | $57.0M | $26.6M | $6.6M | — |
| EPS, basic | -0.31 | 0.25 | 0.17 | 0.55 | 1.13 | 0.51 | 0.04 | — |
| EPS, diluted | -0.31 | 0.23 | 0.16 | 0.50 | 1.00 | 0.46 | 0.04 | — |
| Shares, diluted (wtd. avg.) | $47.0M | $54.3M | $56.0M | $56.9M | $56.6M | $17.1M | $12.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $145.5M | $100.5M | $78.5M | $92.4M | $82.5M | $81.2M | $34.2M | $21.2M |
| Short-term investments | $0 | $40.1M | $96.8M | $82.0M | $77.1M | $19.8M | — | — |
| Receivables | $358.2M | $424.8M | $375.5M | $314.3M | $286.9M | $219.5M | — | — |
| Total current assets | $522.6M | $575.5M | $562.0M | $503.5M | $460.7M | $327.1M | — | — |
| Property, plant and equipment | $52.7M | $58.5M | $60.7M | $71.2M | $50.1M | $30.0M | — | — |
| Goodwill | $29.6M | $29.6M | $29.6M | $29.6M | $6.2M | $6.2M | — | — |
| Other intangibles | $2.7M | $4.3M | $5.9M | $8.3M | $0 | — | — | — |
| Total assets | $680.2M | $739.5M | $695.2M | $642.2M | $550.2M | $371.2M | — | — |
| Accounts payable | $343.6M | $386.6M | $347.7M | $277.4M | $244.3M | $176.7M | — | — |
| Total current liabilities | $375.9M | $418.8M | $379.6M | $302.0M | $267.0M | $191.6M | — | — |
| Total liabilities | $417.6M | $462.3M | $399.0M | $330.0M | $293.0M | $195.8M | — | — |
| Retained earnings | $134.9M | $149.4M | $136.9M | $128.0M | $99.3M | $42.7M | — | — |
| Total equity | $262.6M | $277.3M | $296.2M | $312.2M | $257.2M | $175.4M | $13.3M | $4.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $81.1M | $73.4M | $81.1M | $87.2M | $88.7M | $24.3M | $35.1M | — |
| Depreciation and amortisation | $19.0M | $24.8M | $28.5M | $23.6M | $15.7M | $15.7M | $6.9M | — |
| Capital expenditure | $14.3M | $17.6M | $10.6M | $35.9M | $30.4M | $24.2M | $9.6M | — |
| Investing cash flow | $6.1M | $22.3M | -$39.0M | -$81.4M | -$96.7M | -$29.9M | -$22.1M | — |
| Financing cash flow | -$42.7M | -$73.5M | -$56.0M | $4.0M | $9.4M | $52.5M | -$1.0K | — |
| Buybacks | $46.5M | $75.3M | $59.3M | $0 | $52.0K | $3.0K | $5.0K | — |
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 0001140361-26-014825.
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