PUBM Stock Analysis: Pubmatic | NASDAQ
Software - Application | NASDAQ, USA | Market Cap: 772m USD | 12M Return: 124.6% | US74467Q1031 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 8.90M
EPS Trend: -80.0%
Qual. Beats: 5
Rev. Trend: 63.1%
Qual. Beats: 2
Warnings
Tailwinds
Seasonality 5.9 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
PubMatic, Inc. is a U.S.-based ad technology company that operates a cloud infrastructure platform facilitating real-time programmatic advertising transactions between digital publishers and buyers such as advertisers, agencies, and demand-side platforms. The company is best known for its sell-side platform (SSP), which enables publishers to manage and monetize their digital ad inventory, and for OpenWrap, a header bidding solution that allows publishers to solicit simultaneous bids from multiple ad exchanges. Headquartered in Redwood City, California, and incorporated in 2006, PubMatic went public on the Nasdaq in December 2020.
Beyond its core SSP, PubMatic offers a suite of related products including Connect (data and analytics), Activate (direct deal execution), Convert (commerce media), and Identity Hub (identifier management). Its platform supports a wide range of ad formats and device types, spanning mobile, desktop, display, video, over-the-top (OTT) video, and connected television (CTV). The company operates in the digital advertising sector, within the broader programmatic ecosystem, where the shift toward CTV advertising and the deprecation of third-party cookies are key industry-level dynamics shaping demand for header bidding and identity solutions.
- Supply path optimization adoption boosts SSP take rates
- CTV and video ad spend expansion drives revenue growth
- Competition from Google AdX pressures publisher market share
| Net Income: -1.48m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA -0.18 > 1.0 |
| NWC/Revenue: 40.94% < 20% (prev 45.78%; Δ -4.84% < -1%) |
| CFO/TA 0.12 > 3% & CFO 86.5m > Net Income -1.48m |
| Net Debt (-105.1m) to EBITDA (43.3m): -2.43 < 3 |
| Current Ratio: 1.29 > 1.5 & < 3 |
| Outstanding Shares: last quarter (50.4m) vs 12m ago 9.76% < -2% |
| Gross Margin: 66.28% > 18% (prev 64.44%; Δ 1.84% > 0.5%) |
| Asset Turnover: 43.71% > 50% (prev 42.65%; Δ 1.07% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBIT TTM and Interest Expense TTM) |
| A: 0.18 (Total Current Assets 543.8m - Total Current Liabilities 420.7m) / Total Assets 699.9m |
| B: 0.18 (Retained Earnings 126.8m / Total Assets 699.9m) |
| C: 0.01 (EBIT TTM 5.11m / Avg Total Assets 688.1m) |
| D: 0.53 (Book Value of Equity 241.8m / Total Liabilities 458.2m) |
| Altman-Z'' = 2.35 = BBB |
| DSRI: 1.01 (Receivables 381.0m/362.6m, Revenue 300.8m/288.4m) |
| GMI: 0.97 (GM 64.44% / 66.28%) |
| AQI: 1.00 (AQ_t 0.09 / AQ_t-1 0.10) |
| SGI: 1.04 (Revenue 300.8m / 288.4m) |
| TATA: -0.13 (NI -1.48m - CFO 86.5m) / TA 699.9m) |
| Beneish M = -3.03 (Cap -4..+1) = AA |
As of November 14, 2026, the stock is trading at USD 20.61 with a total of 1,952,086 shares traded. Over the past week, the price has changed by +15.72%, over one month by +9.11%, over three months by +19.27% and over the past year by +124.63%.
Current recommended Stop Loss: 18.20 (which is 11.7% or 2.2 ATR below the current price).
Pubmatic has received a consensus analysts rating of 4.23. Therefore, it is recommended to buy PUBM.
- StrongBuy: 6
- Buy: 4
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 21.4 | 3.6% |
P/E Forward = 200.0
P/S = 2.5676
P/B = 3.6367
P/EG = 5.3444
Revenue TTM = 300.8m USD
EBIT TTM = 5.11m USD
EBITDA TTM = 43.3m USD
Long Term Debt = 31.1m USD (estimated: total debt 39.4m - short term 8.28m)
Short Term Debt = 8.28m USD (from shortTermDebt, last quarter)
Debt = 39.4m USD (from shortLongTermDebtTotal, last quarter) (leases 39.4m already included)
Net Debt = -105.1m USD (calculated: Debt 39.4m - CCE 144.5m)
Enterprise Value = 667.2m USD (772.3m + Debt 39.4m - CCE 144.5m)
Interest Coverage Ratio = unknown (Ebit TTM 5.11m / Interest Expense TTM 0.0)
EV/FCF = 13.72x (Enterprise Value 667.2m / FCF TTM 48.6m)
FCF Yield = 7.29% (FCF TTM 48.6m / Enterprise Value 667.2m)
FCF Margin = 16.16% (FCF TTM 48.6m / Revenue TTM 300.8m)
Net Margin = -0.49% (Net Income TTM -1.48m / Revenue TTM 300.8m)
Gross Margin = 66.28% ((Revenue TTM 300.8m - Cost of Revenue TTM 101.4m) / Revenue TTM)
Gross Margin QoQ = 69.88% (prev 67.07%)
Tobins Q-Ratio = 0.95 (Enterprise Value 667.2m / Total Assets 699.9m)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 39.4m)
Taxrate = 44.13% (4.38m / 9.92m)
NOPAT = 2.86m (EBIT 5.11m * (1 - 44.13%))
Current Ratio = 1.29 (Total Current Assets 543.8m / Total Current Liabilities 420.7m)
Debt / Equity = 0.16 (Debt 39.4m / totalStockholderEquity, last quarter 241.8m)
Debt / EBITDA = -2.43 (Net Debt -105.1m / EBITDA 43.3m)
Debt / FCF = -2.16 (Net Debt -105.1m / FCF TTM 48.6m)
Total Stockholder Equity = 248.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -0.22% (Net Income -1.48m / Total Assets 699.9m)
RoE = -0.60% (Net Income TTM -1.48m / Total Stockholder Equity 248.5m)
RoCE = 1.83% (EBIT 5.11m / Capital Employed (Equity 248.5m + L.T.Debt 31.1m))
RoIC = 1.05% (NOPAT 2.86m / Invested Capital 272.5m)
WACC = 9.98% (E(772.3m)/V(811.7m) * Re(10.49%) + D(39.4m)/V(811.7m) * Rd(0.0%) * (1-Tc(0.44)))
Discount Rate = 10.49% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -56.08 | Cagr: -4.24%
[DCF] Terminal Value 70.06% ; FCFF base≈48.5m ; Y1≈49.0m ; Y5≈52.6m
[DCF] Fair Price = 19.97 (EV 639.7m - Net Debt -105.1m = Equity 744.8m / Shares 37.3m; r=9.98% [WACC]; 5y FCF grow 0.85% → 2.50% )
EPS Correlation: -80.02 | EPS CAGR: -60.30% | SUE: 2.18 | # QB: 5
Revenue Correlation: 63.08 | Revenue CAGR: 2.11% | SUE: 0.96 | # QB: 2
EPS current Quarter (2027-03-31): EPS=-0.02 | Chg30d=N/A | Revisions=+0% | Analysts=4
EPS current Year (2026-12-31): EPS=0.62 | Chg30d=+18.48% | Revisions=+62% | GrowthEPS=+87.9% | GrowthRev=+10.5%
EPS next Year (2027-12-31): EPS=0.83 | Chg30d=+2.67% | Revisions=+62% | GrowthEPS=+34.7% | GrowthRev=+7.3%
[Analyst] Revisions Ratio: +77% (up=10, down=0)