(PUBM) Pubmatic - Overview

Sector: Technology | Industry: Software - Application | Exchange: NASDAQ (USA) | Market Cap: 451m USD | Total Return: -14.7% in 12m

Advertising Platform, Header Bidding, Data Management, Commerce Media
Total Rating 56
Safety 78
Buy Signal 0.89
Software - Application
Industry Rotation: +14.4
Market Cap: 451M
Avg Turnover: 6.42M
Risk 3d forecast
Volatility59.6%
VaR 5th Pctl8.41%
VaR vs Median-20.5%
Reward TTM
Sharpe Ratio0.01
Rel. Str. IBD74
Rel. Str. Peer Group89.3
Character TTM
Beta1.179
Beta Downside1.967
Hurst Exponent0.452
Drawdowns 3y
Max DD73.86%
CAGR/Max DD-0.22
CAGR/Mean DD-0.42
EPS (Earnings per Share) EPS (Earnings per Share) of PUBM over the last years for every Quarter: "2021-03": 0.09, "2021-06": 0.18, "2021-09": 0.24, "2021-12": 0.42, "2022-03": 0.08, "2022-06": 0.14, "2022-09": 0.22, "2022-12": 0.22, "2023-03": -0.11, "2023-06": -0.11, "2023-09": 0.03, "2023-12": 0.34, "2024-03": -0.05, "2024-06": 0.04, "2024-09": 0.12, "2024-12": 0.41, "2025-03": -0.04, "2025-06": -0.11, "2025-09": 0.03, "2025-12": 0.29, "2026-03": -0.11,
EPS CAGR: -57.02%
EPS Trend: -12.9%
Last SUE: 2.54
Qual. Beats: 3
Revenue Revenue of PUBM over the last years for every Quarter: 2021-03: 43.608, 2021-06: 49.658, 2021-09: 58.086, 2021-12: 75.556, 2022-03: 54.552, 2022-06: 63.032, 2022-09: 64.5, 2022-12: 74.296, 2023-03: 55.407, 2023-06: 63.33, 2023-09: 63.677, 2023-12: 84.6, 2024-03: 66.701, 2024-06: 67.267, 2024-09: 71.786, 2024-12: 85.502, 2025-03: 63.825, 2025-06: 71.095, 2025-09: 67.96, 2025-12: 80.046, 2026-03: 62.567,
Rev. CAGR: -0.20%
Rev. Trend: 29.9%
Last SUE: 0.65
Qual. Beats: 0

Warnings

Interest Coverage Ratio -21.3 is critical

Tailwinds

Supp Ema20

Description: PUBM Pubmatic

PubMatic, Inc. (PUBM) operates a cloud-based sell-side platform (SSP) designed to automate the purchase and sale of digital advertising inventory. The company’s infrastructure facilitates real-time programmatic transactions across diverse formats, including connected TV (CTV), mobile applications, and video. Its product suite includes OpenWrap for header bidding and Identity Hub for managing cookieless identifiers, addressing the industry-wide shift toward privacy-focused data solutions.

The programmatic advertising sector relies on high-frequency bidding where transactions occur in milliseconds through automated auctions. PubMatic differentiates itself by owning and operating its own global data center infrastructure rather than relying solely on third-party cloud providers, which helps control variable costs as auction volumes scale. As the industry consolidates, supply-path optimization (SPO) has become a critical driver for platforms that can offer direct access to premium publisher inventory.

To better understand the companys valuation metrics relative to its peers, consider reviewing the detailed financial breakdowns on ValueRay. PubMatic remains positioned to capture shifting ad spend as traditional linear television budgets migrate toward digital streaming and programmatic environments.

Headlines to Watch Out For
  • CTV and online video growth drives high-margin programmatic revenue expansion
  • Supply-path optimization partnerships consolidate market share among major advertising agencies
  • Global digital ad spending volatility impacts quarterly auction volume and pricing
  • Cookie deprecation and privacy regulations shift demand toward first-party data solutions
  • Infrastructure efficiency and cloud scaling determine long-term operational margin stability
Piotroski VR‑10 (Strict) 5.5
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 (23.2m): -4.41 < 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 0.65%; Δ 6.26k% > 0.5%)
Asset Turnover: 42.42% > 50% (prev 43.13%; Δ -0.71% > 0%)
Interest Coverage Ratio: -21.31 > 6 (EBITDA TTM 23.2m / Interest Expense TTM 885k)
Altman Z'' 2.07
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 -18.9m / Avg Total Assets 664.0m)
D: 0.30 (Book Value of Equity 122.3m / Total Liabilities 408.4m)
Altman-Z'' Score: 2.07 = BBB
Beneish M -3.15
DSRI: 0.99 (Receivables 336.9m/349.1m, Revenue 281.7m/288.4m)
GMI: 1.03 (GM 63.22% / 64.91%)
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-Score: -3.15 (Cap -4..+1) = AA
What is the price of PUBM shares? As of May 18, 2026, the stock is trading at USD 9.72 with a total of 551,966 shares traded.
Over the past week, the price has changed by -9.50%, over one month by -0.92%, over three months by +54.53% and over the past year by -14.74%.
Is PUBM a buy, sell or hold? 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
What are the forecasts/targets for the PUBM price?
Analysts Target Price 12.9 32.6%
Pubmatic (PUBM) - Fundamental Data Overview as of 18 May 2026
P/E Forward = 53.4759
P/S = 1.6027
P/B = 1.9873
P/EG = 5.3444
Revenue TTM = 281.7m USD
EBIT TTM = -18.9m USD
EBITDA TTM = 23.2m USD
Long Term Debt = 43.9m USD (from capitalLeaseObligations, last fiscal year)
Short Term Debt = 7.60m USD (from shortTermDebt, last quarter)
Debt = 51.5m USD (corrected: LT Debt 43.9m + ST Debt 7.60m)
Net Debt = -102.5m USD (from netDebt column, last quarter)
Enterprise Value = 358.0m USD (451.4m + Debt 51.5m - CCE 144.9m)
Interest Coverage Ratio = -21.31 (Ebit TTM -18.9m / Interest Expense TTM 885k)
EV/FCF = 8.42x (Enterprise Value 358.0m / FCF TTM 42.5m)
FCF Yield = 11.88% (FCF TTM 42.5m / Enterprise Value 358.0m)
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 = 0.54 (Enterprise Value 358.0m / Total Assets 659.4m)
Interest Expense / Debt = 1.72% (Interest Expense 885k / Debt 51.5m)
Taxrate = 21.0% (US default 21%)
NOPAT = -14.9m (EBIT -18.9m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.37 (Total Current Assets 504.2m / Total Current Liabilities 368.9m)
Debt / Equity = 0.21 (Debt 51.5m / totalStockholderEquity, last quarter 251.0m)
Debt / EBITDA = -4.41 (Net Debt -102.5m / EBITDA 23.2m)
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 = -6.41% (EBIT -18.9m / Capital Employed (Equity 250.5m + L.T.Debt 43.9m))
 RoIC = -5.95% (negative operating profit) (NOPAT -14.9m / Invested Capital 250.3m)
 WACC = 9.23% (E(451.4m)/V(502.9m) * Re(10.13%) + D(51.5m)/V(502.9m) * Rd(1.72%) * (1-Tc(0.21)))
Discount Rate = 10.13% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -60.0 | Cagr: -6.60%
[DCF] Terminal Value 74.08% ; FCFF base≈35.9m ; Y1≈35.9m ; Y5≈38.2m
[DCF] Fair Price = 17.04 (EV 548.2m - Net Debt -102.5m = Equity 650.7m / Shares 38.2m; r=9.23% [WACC]; 5y FCF grow -0.46% → 3.0% )
EPS Correlation: -12.95 | EPS CAGR: -57.02% | SUE: 2.54 | # QB: 3
Revenue Correlation: 29.91 | Revenue CAGR: -0.20% | SUE: 0.65 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.01 | Chg30d=+73.33% | Revisions=+20% | Analysts=6
EPS next Quarter (2026-09-30): EPS=0.02 | Chg30d=-50.00% | Revisions=N/A | Analysts=6
EPS current Year (2026-12-31): EPS=0.28 | Chg30d=+15.15% | Revisions=+14% | GrowthEPS=-13.6% | GrowthRev=+4.0%
EPS next Year (2027-12-31): EPS=0.49 | Chg30d=+7.32% | Revisions=+25% | GrowthEPS=+71.3% | GrowthRev=+7.5%
[Analyst] Revisions Ratio: +25%