PUBM Stock Analysis: Pubmatic | NASDAQ
Software - Application | NASDAQ, USA | Market Cap: 783m USD | 12M Return: 112.4% | US74467Q1031 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 8.20M
EPS Trend: -69.6%
Qual. Beats: 4
Rev. Trend: 65.3%
Qual. Beats: 1
Warnings
Tailwinds
Seasonality 5.6 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: -13.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA 2.52 > 1.0 |
| NWC/Revenue: 40.03% < 20% (prev 42.51%; Δ -2.48% < -1%) |
| CFO/TA 0.13 > 3% & CFO 88.0m > Net Income -13.5m |
| Net Debt (-96.6m) to EBITDA (38.4m): -2.51 < 3 |
| Current Ratio: 1.27 > 1.5 & < 3 |
| Outstanding Shares: last quarter (46.1m) vs 12m ago -2.29% < -2% |
| Gross Margin: 64.43% > 18% (prev 64.87%; Δ -0.44% > 0.5%) |
| Asset Turnover: 42.05% > 50% (prev 43.28%; Δ -1.22% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBIT TTM and Interest Expense TTM) |
| A: 0.17 (Total Current Assets 537.9m - Total Current Liabilities 422.1m) / Total Assets 700.0m |
| B: 0.17 (Retained Earnings 121.2m / Total Assets 700.0m) |
| C: -0.02 (EBIT TTM -11.8m / Avg Total Assets 687.6m) |
| D: 0.52 (Book Value of Equity 238.7m / Total Liabilities 461.3m) |
| Altman-Z'' = 2.08 = BBB |
| DSRI: 1.01 (Receivables 383.2m/383.4m, Revenue 289.2m/292.2m) |
| GMI: 1.01 (GM 64.87% / 64.43%) |
| AQI: 0.97 (AQ_t 0.10 / AQ_t-1 0.10) |
| SGI: 0.99 (Revenue 289.2m / 292.2m) |
| TATA: -0.15 (NI -13.5m - CFO 88.0m) / TA 700.0m) |
| Beneish M = -3.05 (Cap -4..+1) = AA |
As of August 16, 2026, the stock is trading at USD 17.59 with a total of 664,083 shares traded. Over the past week, the price has changed by -1.07%, over one month by +28.49%, over three months by +84.77% and over the past year by +112.44%.
Current recommended Stop Loss: 16.60 (which is 5.6% or 1.2 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 | 20.3 | 15.4% |
P/E Forward = 53.4759
P/S = 2.7062
P/B = 3.3887
P/EG = 5.3444
Revenue TTM = 289.2m USD
EBIT TTM = -11.8m USD
EBITDA TTM = 38.4m USD
Long Term Debt = 33.0m USD (estimated: total debt 40.9m - short term 7.92m)
Short Term Debt = 7.92m USD (from shortTermDebt, last quarter)
Debt = 40.9m USD (from shortLongTermDebtTotal, last quarter) (leases 40.6m already included)
Net Debt = -96.6m USD (calculated: Debt 40.9m - CCE 137.5m)
Enterprise Value = 686.0m USD (782.5m + Debt 40.9m - CCE 137.5m)
Interest Coverage Ratio = unknown (Ebit TTM -11.8m / Interest Expense TTM 0.0)
EV/FCF = 14.61x (Enterprise Value 686.0m / FCF TTM 46.9m)
FCF Yield = 6.84% (FCF TTM 46.9m / Enterprise Value 686.0m)
FCF Margin = 16.23% (FCF TTM 46.9m / Revenue TTM 289.2m)
Net Margin = -4.66% (Net Income TTM -13.5m / Revenue TTM 289.2m)
Gross Margin = 64.43% ((Revenue TTM 289.2m - Cost of Revenue TTM 102.9m) / Revenue TTM)
Gross Margin QoQ = 67.07% (prev 58.29%)
Tobins Q-Ratio = 0.98 (Enterprise Value 686.0m / Total Assets 700.0m)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 40.9m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -9.31m (EBIT -11.8m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.27 (Total Current Assets 537.9m / Total Current Liabilities 422.1m)
Debt / Equity = 0.17 (Debt 40.9m / totalStockholderEquity, last quarter 238.7m)
Debt / EBITDA = -2.51 (Net Debt -96.6m / EBITDA 38.4m)
Debt / FCF = -2.06 (Net Debt -96.6m / FCF TTM 46.9m)
Total Stockholder Equity = 249.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -1.96% (Net Income -13.5m / Total Assets 700.0m)
RoE = -5.41% (Net Income TTM -13.5m / Total Stockholder Equity 249.3m)
RoCE = -4.18% (EBIT -11.8m / Capital Employed (Equity 249.3m + L.T.Debt 33.0m))
RoIC = -3.43% (negative operating profit) (NOPAT -9.31m / Invested Capital 271.4m)
WACC = 10.89% (E(782.5m)/V(823.5m) * Re(11.46%) + D(40.9m)/V(823.5m) * Rd(0.0%) * (1-Tc(0.21)))
Discount Rate = 11.46% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -69.44 | Cagr: -3.57%
[DCF] Terminal Value 70.21% ; FCFF base≈39.5m ; Y1≈45.3m ; Y5≈66.6m
[DCF] Fair Price = 21.12 (EV 691.2m - Net Debt -96.6m = Equity 787.8m / Shares 37.3m; r=10.89% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -69.59 | EPS CAGR: -53.22% | SUE: 2.98 | # QB: 4
Revenue Correlation: 65.27 | Revenue CAGR: 2.87% | SUE: 2.70 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.14 | Chg30d=N/A | Revisions=+0% | Analysts=5
EPS current Year (2026-12-31): EPS=0.52 | Chg30d=+82.46% | Revisions=+0% | GrowthEPS=+57.6% | GrowthRev=+9.1%
EPS next Year (2027-12-31): EPS=0.81 | Chg30d=+66.29% | Revisions=+29% | GrowthEPS=+56.1% | GrowthRev=+8.3%
[Analyst] Revisions Ratio: +18% (up=5, down=3)