(PUBM) Pubmatic - Ratings and Ratios

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

SSP, Header Bidding, Identity Hub, Commerce Media

Stock: Advertising
Age 5.1y

MCap 359m
Avg Vol 459K (3.98M USD)

Beta 1.301
Volatility 63.36%

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	63.4%
Value at Risk 5%th	80.3%
Relative Tail Risk	-23.00%

Reward TTM
Sharpe Ratio	-0.59
Alpha	-65.78
CAGR/Max DD	-0.29

Character TTM
Hurst Exponent	0.279
Beta	1.301
Beta Downside	1.207

Drawdowns 3y
Max DD	69.28%
Mean DD	33.00%
Median DD	35.46%

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) 5.5

Net Income: -7.25m TTM > 0 and > 6% of Revenue
FCF/TA: 0.07 > 0.02 and ΔFCF/TA 0.52 > 1.0
NWC/Revenue: 45.78% < 20% (prev 47.20%; Δ -1.41% < -1%)
CFO/TA 0.12 > 3% & CFO 80.9m > Net Income -7.25m
Net Debt (-92.0m) to EBITDA (34.7m): -2.65 < 3
Current Ratio: 1.34 > 1.5 & < 3
Outstanding Shares: last quarter (45.9m) vs 12m ago -6.37% < -2%
Gross Margin: 64.44% > 18% (prev 0.65%; Δ 6379 % > 0.5%)
Asset Turnover: 42.24% > 50% (prev 42.13%; Δ 0.11% > 0%)
Interest Coverage Ratio: -2.99 > 6 (EBITDA TTM 34.7m / Interest Expense TTM -3.59m)

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 128.2m / Total Assets 676.2m)
C: -0.02 (EBIT TTM -10.7m / Avg Total Assets 682.7m)
D: 0.30 (Book Value of Equity 128.3m / Total Liabilities 431.1m)
Altman-Z'' Score: 2.11 = BBB

Beneish M -3.14

DSRI: 0.97 (Receivables 362.6m/376.8m, Revenue 288.4m/290.4m)
GMI: 1.02 (GM 64.44% / 65.46%)
AQI: 1.06 (AQ_t 0.10 / AQ_t-1 0.09)
SGI: 0.99 (Revenue 288.4m / 290.4m)
TATA: -0.13 (NI -7.25m - CFO 80.9m) / TA 676.2m)
Beneish M-Score: -3.14 (Cap -4..+1) = AA

ValueRay F-Score (Strict, 0-100) 53.53

1. Piotroski: 5.50pt
2. FCF Yield: 18.07%
3. FCF Margin: 16.72%
4. Debt/Equity: 0.18
5. Debt/Ebitda: -2.65
6. ROIC - WACC: -12.67%
7. RoE: -2.78%
8. Revenue Trend: 32.19%
9. EPS Trend: -11.58%

What is the price of PUBM shares?

As of January 26, 2026, the stock is trading at USD 7.73 with a total of 377,834 shares traded.
Over the past week, the price has changed by +2.59%, over one month by -13.92%, over three months by -11.96% and over the past year by -49.18%.

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	12.2	57.4%
Analysts Target Price	12.2	57.4%
ValueRay Target Price	6.2	-19.3%

PUBM Fundamental Data Overview January 26, 2026

P/E Forward = 53.4759
P/S = 1.2441
P/B = 1.4641
P/EG = 5.3444
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 = 266.8m USD (358.8m + Debt 44.6m - CCE 136.5m)
Interest Coverage Ratio = -2.99 (Ebit TTM -10.7m / Interest Expense TTM -3.59m)
EV/FCF = 5.54x (Enterprise Value 266.8m / FCF TTM 48.2m)
FCF Yield = 18.07% (FCF TTM 48.2m / Enterprise Value 266.8m)
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 = 0.39 (Enterprise Value 266.8m / Total Assets 676.2m)
Interest Expense / Debt = 3.20% (Interest Expense 1.43m / Debt 44.6m)
Taxrate = 29.65% (5.27m / 17.8m)
NOPAT = -7.54m (EBIT -10.7m * (1 - 29.65%)) [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 = -1.06% (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 = -2.90% (negative operating profit) (NOPAT -7.54m / Invested Capital 260.3m)
WACC = 9.77% (E(358.8m)/V(403.4m) * Re(10.71%) + D(44.6m)/V(403.4m) * Rd(3.20%) * (1-Tc(0.30)))
Discount Rate = 10.71% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -8.56%
[DCF Debug] Terminal Value 68.15% ; FCFF base≈47.2m ; Y1≈39.0m ; Y5≈28.2m
Fair Price DCF = 12.61 (EV 389.0m - Net Debt -92.0m = Equity 481.0m / Shares 38.2m; r=9.77% [WACC]; 5y FCF grow -20.84% → 2.90% )
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=+0.8%

Additional Sources for PUBM Stock

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