PUBM Stock Analysis: Pubmatic | NASDAQ
Software - Application | NASDAQ, USA | Market Cap: 629m USD | 12M Return: 5.7% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 6.71M
Qual. Beats: 3
Rev. Trend: 74.0%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 5.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
PubMatic, Inc. (NASDAQ: PUBM) is a U.S.-based technology company that operates a cloud infrastructure platform facilitating real-time programmatic advertising transactions. Its platform serves a broad range of participants in the digital advertising ecosystem, including publishers, advertisers, agencies, agency trading desks, and demand-side platforms globally.
The company offers a suite of solutions led by its sell-side platform (SSP), which manages the purchase and sale of digital ad inventory. Complementary products include OpenWrap, a header bidding solution that enables publishers to solicit simultaneous bids from multiple ad exchanges; Connect, which provides data and insights to buyers and sellers; Activate, a direct-deal execution tool; Convert, a commerce media solution; and Identity Hub, an identifier management tool designed to support the post-cookie advertising landscape. The platform supports a wide range of ad formats and device types, including mobile, desktop, display, video, over-the-top (OTT) video, and connected television (CTV).
PubMatic was founded in 2006, is headquartered in Redwood City, California, and completed its IPO in December 2020. It is classified within the Communication Services sector under the Advertising sub-industry, operating in the ad-tech segment that provides automation and infrastructure for the digital advertising supply chain.
- CTV ad spend growth fuels programmatic revenue mix shift
- Google ad tech antitrust outcome threatens competitive positioning
- Operating margin expansion accelerates as ad spend recovers
| Net Income: -17.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 2.57 > 1.0 |
| NWC/Revenue: 48.04% < 20% (prev 53.79%; Δ -5.74% < -1%) |
| CFO/TA 0.13 > 3% & CFO 82.7m > Net Income -17.5m |
| Net Debt (-102.5m) to EBITDA (22.3m): -4.59 < 3 |
| Current Ratio: 1.37 > 1.5 & < 3 |
| Outstanding Shares: last quarter (47.1m) vs 12m ago -2.54% < -2% |
| Gross Margin: 63.22% > 18% (prev 64.91%; Δ -1.69% > 0.5%) |
| Asset Turnover: 42.42% > 50% (prev 43.13%; Δ -0.71% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBIT TTM and Interest Expense TTM) |
| A: 0.21 (Total Current Assets 504.2m - Total Current Liabilities 368.9m) / Total Assets 659.4m |
| B: 0.19 (Retained Earnings 122.4m / Total Assets 659.4m) |
| C: -0.03 (EBIT TTM -19.7m / Avg Total Assets 664.0m) |
| D: 0.61 (Book Value of Equity 251.0m / Total Liabilities 408.4m) |
| Altman-Z'' = 2.40 = BBB |
| DSRI: 0.99 (Receivables 336.9m/349.1m, Revenue 281.7m/288.4m) |
| GMI: 1.03 (GM 64.91% / 63.22%) |
| AQI: 1.05 (AQ_t 0.10 / AQ_t-1 0.10) |
| SGI: 0.98 (Revenue 281.7m / 288.4m) |
| TATA: -0.15 (NI -17.5m - CFO 82.7m) / TA 659.4m) |
| Beneish M = -3.01 (Cap -4..+1) = AA |
As of July 04, 2026, the stock is trading at USD 13.55 with a total of 605,100 shares traded. Over the past week, the price has changed by +17.72%, over one month by +19.07%, over three months by +59.41% and over the past year by +5.69%.
Current recommended Stop Loss: 12.80 (which is 5.5% or 1.3 ATR below the current price).
Pubmatic has received a consensus analysts rating of 3.91. Therefore, it is recommended to buy PUBM.
- StrongBuy: 4
- Buy: 2
- Hold: 5
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 12.9 | -4.9% |
P/E Forward = 53.4759
P/S = 2.2342
P/B = 2.5572
P/EG = 5.3444
Revenue TTM = 281.7m USD
EBIT TTM = -19.7m USD
EBITDA TTM = 22.3m USD
Long Term Debt = 34.8m USD (estimated: total debt 42.4m - short term 7.60m)
Short Term Debt = 7.60m USD (from shortTermDebt, last quarter)
Debt = 42.4m USD (from shortLongTermDebtTotal, last quarter) (leases 42.4m already included)
Net Debt = -102.5m USD (calculated: Debt 42.4m - CCE 144.9m)
Enterprise Value = 526.8m USD (629.3m + Debt 42.4m - CCE 144.9m)
Interest Coverage Ratio = unknown (Ebit TTM -19.7m / Interest Expense TTM 0.0)
EV/FCF = 12.38x (Enterprise Value 526.8m / FCF TTM 42.5m)
FCF Yield = 8.08% (FCF TTM 42.5m / Enterprise Value 526.8m)
FCF Margin = 15.10% (FCF TTM 42.5m / Revenue TTM 281.7m)
Net Margin = -6.21% (Net Income TTM -17.5m / Revenue TTM 281.7m)
Gross Margin = 63.22% ((Revenue TTM 281.7m - Cost of Revenue TTM 103.6m) / Revenue TTM)
Gross Margin QoQ = 58.29% (prev 68.17%)
Tobins Q-Ratio = 0.80 (Enterprise Value 526.8m / Total Assets 659.4m)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 42.4m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -15.6m (EBIT -19.7m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.37 (Total Current Assets 504.2m / Total Current Liabilities 368.9m)
Debt / Equity = 0.17 (Debt 42.4m / totalStockholderEquity, last quarter 251.0m)
Debt / EBITDA = -4.59 (Net Debt -102.5m / EBITDA 22.3m)
Debt / FCF = -2.41 (Net Debt -102.5m / FCF TTM 42.5m)
Total Stockholder Equity = 250.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -2.63% (Net Income -17.5m / Total Assets 659.4m)
RoE = -6.98% (Net Income TTM -17.5m / Total Stockholder Equity 250.5m)
RoCE = -6.92% (EBIT -19.7m / Capital Employed (Equity 250.5m + L.T.Debt 34.8m))
RoIC = -5.49% (negative operating profit) (NOPAT -15.6m / Invested Capital 284.1m)
WACC = 9.78% (E(629.3m)/V(671.7m) * Re(10.44%) + D(42.4m)/V(671.7m) * Rd(0.0%) * (1-Tc(0.21)))
Discount Rate = 10.44% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -60.0 | Cagr: -6.60%
[DCF] Terminal Value 73.48% ; FCFF base≈35.9m ; Y1≈41.2m ; Y5≈60.6m
[DCF] Fair Price = 21.74 (EV 727.7m - Net Debt -102.5m = Equity 830.2m / Shares 38.2m; r=9.78% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.15 | # QB: 3
Revenue Correlation: 74.05 | Revenue CAGR: 3.86% | SUE: 0.65 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.01 | Chg30d=N/A | Revisions=+25% | Analysts=6
EPS next Quarter (2026-09-30): EPS=0.02 | Chg30d=-50.00% | Revisions=+0% | Analysts=6
EPS current Year (2026-12-31): EPS=0.28 | Chg30d=+15.15% | Revisions=+0% | GrowthEPS=-13.6% | GrowthRev=+4.0%
EPS next Year (2027-12-31): EPS=0.49 | Chg30d=+7.32% | Revisions=+29% | GrowthEPS=+71.3% | GrowthRev=+7.5%
[Analyst] Revisions Ratio: +25% (up=6, down=3)