PubMatic, Inc. PUBM

Technology SIC 7370 - Services-Computer Programming, Data Processing, Etc. NAICS Professional, Scientific, and Technical Services › Computer Systems Design and Related Services derived Nasdaq

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".

Last close 17.24 2026-10-23
Market cap $794.9M estimated share count
52-week range 6.15 - 19.48

Valuation FY2025 figures against the last close

P/S2.8x
P/E—
P/FCF11.9x
EV/EBITDA456.6x
Dividend yield—
Diluted EPS-0.31

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Emea
  • Apac
  • Rest of the world
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 158.1M (55.9%) 56% United States Emea, FY2025: 90.5M (32.0%) 32% Emea Apac, FY2025: 28.4M (10.1%) 10% Apac Rest of the world, FY2025: 5.9M (2.1%) FY2024 United States, FY2024: 176.2M (60.5%) 60% Emea, FY2024: 83.4M (28.6%) 29% Apac, FY2024: 25M (8.6%) 9% Rest of the world, FY2024: 6.7M (2.3%) FY2023 United States, FY2023: 158.1M (59.2%) 59% Emea, FY2023: 84.9M (31.8%) 32% Apac, FY2023: 19.3M (7.2%) 7% Rest of the world, FY2023: 4.7M (1.8%)
Region FY2025FY2024FY2023
United States $158.1M $176.2M $158.1M
Emea $90.5M $83.4M $84.9M
Apac $28.4M $25.0M $19.3M
Rest of the world $5.9M $6.7M $4.7M

As the company reported it, from the “Segment and Geographical Information - Schedule of Geographical Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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 -0.310.250.170.551.130.510.04—
EPS, diluted -0.310.230.160.501.000.460.04—
Shares, diluted (wtd. avg.) 47.0M54.3M56.0M56.9M56.6M17.1M12.2M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M Revenue, FY2019: 113.9M Gross profit, FY2019: 77.8M Net income, FY2019: 6.6M Revenue, FY2020: 148.7M Gross profit, FY2020: 107.6M Net income, FY2020: 26.6M Revenue, FY2021: 226.9M Gross profit, FY2021: 168.6M Net income, FY2021: 57M Revenue, FY2022: 256.4M Gross profit, FY2022: 174.9M Net income, FY2022: 29M Revenue, FY2023: 267M Gross profit, FY2023: 167.8M Net income, FY2023: 9M Revenue, FY2024: 291.3M Gross profit, FY2024: 190.2M Net income, FY2024: 13M Revenue, FY2025: 282.9M Gross profit, FY2025: 179.8M Net income, FY2025: -14M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $113.9M $148.7M $226.9M $256.4M $267.0M $291.3M $282.9M
Gross profit — $77.8M $107.6M $168.6M $174.9M $167.8M $190.2M $179.8M
Net income — $6.6M $26.6M $57.0M $29.0M $9.0M $13.0M -$14.0M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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