Overview Dividends

(PUBM) Pubmatic - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US74467Q1031

SSP, Header Bidding, Identity Hub, Commerce Media

Advertising
Market Cap in USD: 412m

IPO / Inception: 2020-12-09
Return 12m vs S&P 500: -51.0%

EPS (Earnings per Share)

EPS CAGR: -12.77%
EPS Trend: -11.6%

Last SUE: 0.63
Qual. Beats: 0

Revenue

Rev. CAGR: -2.79%
Rev. Trend: 32.2%

Last SUE: 1.03
Qual. Beats: 2

Dividends

Currently no dividends paid

Risk via 5d forecast
Volatility	63.3%
Value at Risk 5%th	79.7%
Relative Tail Risk	-23.47%

Reward TTM
Sharpe Ratio	-0.41
Alpha	-64.36
CAGR/Max DD	-0.19

Character TTM
Hurst Exponent	0.427
Beta	1.327
Beta Downside	1.326

Drawdowns 3y
Max DD	69.28%
Mean DD	31.77%
Median DD	34.58%

Description: PUBM Pubmatic December 26, 2025

PubMatic Inc. (NASDAQ: PUBM) operates a cloud-based infrastructure that powers real-time programmatic advertising transactions for publishers and buyers worldwide. Its flagship Sell-Side Platform (SSP) enables the automated sale of digital inventory, while complementary products-OpenWrap (header bidding), Connect (data insights), Activate (direct-deal execution), Convert (commerce-media), and Identity Hub (alternative ID management)-expand the value chain across formats such as mobile, desktop, video, OTT, and connected TV.

According to the company’s most recent Form 10-K (FY 2023) and Q2 2024 earnings release, PubMatic generated $354 million in revenue for the full year, representing a 12 % year-over-year increase driven primarily by growth in CTV and video inventory. The firm reported an adjusted EBITDA margin of roughly 14 % and held $300 million in cash and short-term investments, giving it a liquidity runway of over 12 months at current burn rates. These metrics are subject to revision pending the FY 2024 full-year results, which have not yet been filed.

Key macro drivers for PubMatic’s market include: (1) the continued expansion of programmatic ad spend, projected by eMarketer to reach $165 billion globally in 2025, (2) accelerated adoption of connected-TV and over-the-top video, which command higher CPMs than traditional display, and (3) heightened privacy regulation (e.g., iOS 14.5, GDPR) that elevates demand for server-side solutions like Identity Hub. Conversely, any slowdown in advertiser budgets or further fragmentation of identity solutions could pressure margins.

For a deeper, data-driven assessment of PubMatic’s valuation and risk profile, you may find ValueRay’s analytical dashboard worth exploring.

Piotroski VR‑10 (Strict, 0-10) 4.5

Net Income (-7.25m TTM) > 0 and > 6% of Revenue (6% = 17.3m TTM)

FCFTA 0.07 (>2.0%) and ΔFCFTA 0.52pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 45.78% (prev 47.20%; Δ -1.41pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.12 (>3.0%) and CFO 80.9m > Net Income -7.25m (YES >=105%, WARN >=100%)

Net Debt (-92.0m) to EBITDA (34.7m) ratio: -2.65 <= 3.0 (WARN <= 3.5)

Current Ratio 1.34 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (45.9m) change vs 12m ago -6.37% (target <= -2.0% for YES)

Gross Margin 64.44% (prev 65.46%; Δ -1.01pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 42.24% (prev 42.13%; Δ 0.11pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio -2.99 (EBITDA TTM 34.7m / Interest Expense TTM -3.59m) >= 6 (WARN >= 3)

Altman Z'' 2.11

(A) 0.20 = (Total Current Assets 520.4m - Total Current Liabilities 388.4m) / Total Assets 676.2m

(B) 0.19 = Retained Earnings (Balance) 128.2m / Total Assets 676.2m

(D) 0.30 = Book Value of Equity 128.3m / Total Liabilities 431.1m

Total Rating: 2.11 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 52.53

1. Piotroski 4.50pt

2. FCF Yield 15.08%

3. FCF Margin 16.72%

4. Debt/Equity 0.18

5. Debt/Ebitda -2.65

6. ROIC - WACC (= -13.34)%

7. RoE -2.78%

8. Rev. Trend 32.19%

9. EPS Trend -11.58%

What is the price of PUBM shares?

As of January 04, 2026, the stock is trading at USD 8.59 with a total of 656,587 shares traded.
Over the past week, the price has changed by -4.34%, over one month by -5.19%, over three months by +3.74% and over the past year by -42.08%.

Is PUBM a buy, sell or hold?

Pubmatic has received a consensus analysts rating of 3.91. Therefore, it is recommended to buy PUBM.

Strong Buy: 4
Buy: 2
Hold: 5
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the PUBM price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	11.9	39%
Analysts Target Price	11.9	39%
ValueRay Target Price	7.7	-10.4%

PUBM Fundamental Data Overview January 03, 2026

Market Cap USD = 411.7m (411.7m USD * 1.0 USD.USD)
P/E Forward = 53.4759
P/S = 1.4276
P/B = 1.68
P/EG = 5.3444
Beta = 1.487
Revenue TTM = 288.4m USD
EBIT TTM = -10.7m USD
EBITDA TTM = 34.7m USD
Long Term Debt = 44.6m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 6.33m USD (from shortTermDebt, last quarter)
Debt = 44.6m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -92.0m USD (from netDebt column, last quarter)
Enterprise Value = 319.7m USD (411.7m + Debt 44.6m - CCE 136.5m)
Interest Coverage Ratio = -2.99 (Ebit TTM -10.7m / Interest Expense TTM -3.59m)
FCF Yield = 15.08% (FCF TTM 48.2m / Enterprise Value 319.7m)
FCF Margin = 16.72% (FCF TTM 48.2m / Revenue TTM 288.4m)
Net Margin = -2.51% (Net Income TTM -7.25m / Revenue TTM 288.4m)
Gross Margin = 64.44% ((Revenue TTM 288.4m - Cost of Revenue TTM 102.5m) / Revenue TTM)
Gross Margin QoQ = 62.62% (prev 62.57%)
Tobins Q-Ratio = 0.47 (Enterprise Value 319.7m / Total Assets 676.2m)
Interest Expense / Debt = 3.20% (Interest Expense 1.43m / Debt 44.6m)
Taxrate = 20.91% (-1.71m / -8.16m)
NOPAT = -8.48m (EBIT -10.7m * (1 - 20.91%)) [loss with tax shield]
Current Ratio = 1.34 (Total Current Assets 520.4m / Total Current Liabilities 388.4m)
Debt / Equity = 0.18 (Debt 44.6m / totalStockholderEquity, last quarter 245.1m)
Debt / EBITDA = -2.65 (Net Debt -92.0m / EBITDA 34.7m)
Debt / FCF = -1.91 (Net Debt -92.0m / FCF TTM 48.2m)
Total Stockholder Equity = 260.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -1.07% (Net Income -7.25m / Total Assets 676.2m)
RoE = -2.78% (Net Income TTM -7.25m / Total Stockholder Equity 260.3m)
RoCE = -3.52% (EBIT -10.7m / Capital Employed (Equity 260.3m + L.T.Debt 44.6m))
RoIC = -3.26% (negative operating profit) (NOPAT -8.48m / Invested Capital 260.3m)
WACC = 10.08% (E(411.7m)/V(456.3m) * Re(10.90%) + D(44.6m)/V(456.3m) * Rd(3.20%) * (1-Tc(0.21)))
Discount Rate = 10.90% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -8.56%
[DCF Debug] Terminal Value 64.56% ; FCFE base≈47.2m ; Y1≈39.0m ; Y5≈28.3m
Fair Price DCF = 8.93 (DCF Value 340.7m / Shares Outstanding 38.2m; 5y FCF grow -20.84% → 3.0% )
EPS Correlation: -11.58 | EPS CAGR: -12.77% | SUE: 0.63 | # QB: 0
Revenue Correlation: 32.19 | Revenue CAGR: -2.79% | SUE: 1.03 | # QB: 2
EPS next Quarter (2026-03-31): EPS=-0.17 | Chg30d=-0.073 | Revisions Net=-1 | Analysts=6
EPS next Year (2026-12-31): EPS=0.15 | Chg30d=+0.012 | Revisions Net=+3 | Growth EPS=-30.2% | Growth Revenue=+0.7%

Additional Sources for PUBM Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle