PubMatic, Inc. (PUBM) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PUBM SEC filings page.
PubMatic, Inc. (PUBM) reported $289.2M in revenue over the twelve months to Jun 30, 2026, down 1.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue stability has not protected PubMatic from operating-cost pressure, separating accounting profitability from cash generation.
FY2025’s cash conversion was unusually detached from earnings: the company posted a net loss of$14M while operating cash flow reached$81.1M . With depreciation and amortization of$19M and free cash flow of$66.7M , reported cash generation was supported partly by noncash charges and remained positive after capital spending.
The five-year pattern is a margin reset, not a simple growth story. Gross margin declined from
The balance sheet shows less financial cushion: the current ratio fell from 1.7x in FY2022 to 1.4x in FY2025, while reported leverage increased from 1.1x to 1.6x. FY2025 share repurchases of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of PubMatic, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
PubMatic, Inc. has an operating margin of -6.1%, meaning the company loses $6 on every $100 of revenue. This results in a profitability score of 27/100. This is down from 1.4% the prior year.
PubMatic, Inc.'s revenue declined 2.9% year-over-year, from $291.3M to $282.9M. This contraction results in a growth score of 41/100.
PubMatic, Inc. has a moderate D/E ratio of 1.59. This balance of debt and equity financing earns a leverage score of 36/100.
PubMatic, Inc.'s current ratio of 1.39 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.
PubMatic, Inc. converts 23.6% of revenue into free cash flow ($66.7M). This strong cash generation earns a score of 89/100.
PubMatic, Inc. posts a -5.3% return on equity (ROE), meaning it loses $5 for every $100 of shareholders' equity. This results in a returns score of 26/100. This is down from 4.7% the prior year.
PubMatic, Inc. scores 2.07, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($839.0M) relative to total liabilities ($417.6M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
PubMatic, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
PubMatic, Inc. reported a net loss of $14.0M while generating $81.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
PubMatic, Inc. generated $78.6M in revenue in Q2 2026. This represents an increase of 10.5% from the same quarter a year earlier. Against the prior quarter it is up 25.6%.
PubMatic, Inc. reported -$1.2M in net income in Q2 2026. This represents an increase of 76.9% from the same quarter a year earlier. Against the prior quarter it is up 90.4%.
PubMatic, Inc. earned -$0.03 per diluted share (EPS) in Q2 2026. This represents an increase of 72.7% from the same quarter a year earlier. Against the prior quarter it is up 88.9%.
Not reported for Q2 2026.
Cash & Balance Sheet
PubMatic, Inc. generated $17.3M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 27.2% from the same quarter a year earlier. Against the prior quarter it is down 0.2%.
PubMatic, Inc. held $120.0M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
PubMatic, Inc.'s gross margin was 67.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 4.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 8.8 percentage points.
PubMatic, Inc.'s operating margin was 0.7% in Q2 2026, reflecting core business profitability. This is up 8.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 25.1 percentage points.
PubMatic, Inc.'s net profit margin was -1.5% in Q2 2026, showing the share of revenue converted to profit. This is up 5.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 18.5 percentage points.
PubMatic, Inc.'s ROE was -0.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.5 percentage points.
Capital Allocation
PubMatic, Inc. invested $9.1M in research and development in Q2 2026. This represents an increase of 0.4% from the same quarter a year earlier. Against the prior quarter it is up 14.6%.
PubMatic, Inc. spent $22.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 43.1% from the same quarter a year earlier. Against the prior quarter it is up 158.8%.
PubMatic, Inc. invested $3.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 120.5% from the same quarter a year earlier. Against the prior quarter it is up 26763.6%.
PUBM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $78.6M+10.5% | $62.6M-2.0% | $80.0M-6.4% | $68.0M-5.3% | $71.1M+5.7% | $63.8M-4.3% | $85.5M+1.1% | $71.8M+12.7% |
| Cost of Revenue | $25.9M-2.8% | $26.1M+2.0% | $25.5M+2.2% | $25.4M-0.4% | $26.6M+5.8% | $25.6M+0.6% | $24.9M+3.0% | $25.5M-2.2% |
| Gross Profit | $52.7M+18.5% | $36.5M-4.6% | $54.6M-9.9% | $42.6M-8.0% | $44.5M+5.6% | $38.2M-7.4% | $60.6M+0.3% | $46.3M+23.1% |
| R&D Expenses | $9.1M+0.4% | $8.0M-9.0% | $6.3M-19.3% | $9.6M+9.1% | $9.1M+5.3% | $8.8M+10.2% | $7.8M+14.4% | $8.8M+32.8% |
| SG&A Expenses | $16.9M+7.9% | $14.8M+1.6% | $14.5M+2.4% | $15.6M+3.3% | $15.6M+9.0% | $14.6M+3.9% | $14.2M+10.9% | $15.1M+26.0% |
| Operating Income | $579K+110.6% | -$15.3M-28.3% | $8.5M-42.4% | -$8.4M-516.8% | -$5.5M-37.0% | -$11.9M-115.4% | $14.8M-27.5% | -$1.4M-139.1% |
| EBITDA | N/A | -$11.8M-92.9% | $11.8M-42.3% | -$4.2M-189.1% | $239K-90.1% | -$6.1M-667.7% | $20.5M-24.7% | $4.7M-28.6% |
| Income Tax | $3.1M+457.7% | -$2.6M-41.5% | $2.9M-35.5% | -$1.7M-391.1% | -$862K-309.2% | -$1.8M-638.2% | $4.5M+4.1% | $586K+427.9% |
| Net Income | -$1.2M+76.9% | -$12.5M-31.9% | $7.1M-50.4% | -$6.5M-607.5% | -$5.2M-364.2% | -$9.5M-286.6% | $14.4M-23.5% | -$912K-151.4% |
| EPS (Basic) | -$0.03+72.7% | -$0.27-35.0% | $0.14-50.0% | -$0.14-600.0% | -$0.11-375.0% | -$0.20-300.0% | $0.28-22.2% | -$0.02-166.7% |
| EPS (Diluted) | -$0.03+72.7% | -$0.27-35.0% | $0.14-46.2% | -$0.14-600.0% | -$0.11-375.0% | -$0.20-300.0% | $0.26 | -$0.02-166.7% |
| Diluted Shares (Avg) | 46M-2.3% | 47M-2.5% | N/A | 46M-6.4% | 47M-15.1% | 48M-3.4% | N/A | 49M-12.4% |
Not reported in any period shown, so not listed: Interest Expense.
PUBM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $700.0M+3.7% | $659.4M-1.4% | $680.2M-8.0% | $676.2M-1.9% | $675.2M+0.3% | $668.6M+6.8% | $739.5M+6.4% | $689.1M+12.4% |
| Current Assets | $537.9M+4.9% | $504.2M-0.2% | $522.6M-9.2% | $520.4M-1.8% | $513.0M-3.6% | $505.3M+3.3% | $575.5M+2.4% | $529.8M+11.7% |
| Cash & Equivalents | $120.0M+32.6% | $144.9M+42.3% | $145.5M+44.9% | $136.5M+73.0% | $90.5M+23.1% | $101.8M+27.0% | $100.5M+27.9% | $78.9M-19.3% |
| Short-Term Investments | $17.5M-35.3% | $0-100.0% | $0-100.0% | $0-100.0% | $27.1M-70.6% | $42.3M-54.9% | $40.1M-58.6% | $61.5M-16.5% |
| Accounts Receivable | $383.2M-0.1% | $336.9M-3.5% | $358.2M-15.7% | $362.6M-3.8% | $383.4M+9.0% | $349.1M+15.1% | $424.8M+13.1% | $376.8M+29.3% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $29.6M0.0% | $29.6M0.0% | $29.6M0.0% | $29.6M0.0% | $29.6M0.0% | $29.6M0.0% | $29.6M0.0% | $29.6M0.0% |
| Total Liabilities | $461.3M+6.8% | $408.4M+3.9% | $417.6M-9.7% | $431.1M+1.2% | $431.9M+10.6% | $393.0M+16.5% | $462.3M+15.8% | $425.9M+31.3% |
| Current Liabilities | $422.1M+8.6% | $368.9M+5.3% | $375.9M-10.3% | $388.4M-1.1% | $388.7M+5.0% | $350.2M+10.9% | $418.8M+10.3% | $392.8M+29.3% |
| Non-Current Liabilities | $39.2M-9.3% | $39.6M-7.6% | $41.8M-3.9% | $42.7M+28.7% | $43.2M+113.3% | $42.8M+97.6% | $43.4M+123.4% | $33.2M+61.5% |
| Total Equity | $238.7M-1.9% | $251.0M-8.9% | $262.6M-5.3% | $245.1M-6.9% | $243.3M-14.0% | $275.6M-4.5% | $277.3M-6.4% | $263.2M-8.8% |
| Retained Earnings | $121.2M-10.0% | $122.4M-12.5% | $134.9M-9.7% | $128.2M-5.3% | $134.7M-1.3% | $139.9M+4.1% | $149.4M+9.1% | $135.5M+14.6% |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
PUBM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $20.2M+35.6% | $17.3M+10.7% | $18.2M+0.6% | $32.4M+69.2% | $14.9M+24.8% | $15.6M-35.7% | $18.0M-37.1% | $19.1M-19.7% |
| Depreciation & Amortization | N/A | $3.5M-39.7% | $3.3M-42.1% | $4.2M-31.1% | $5.7M-10.9% | $5.8M-12.1% | $5.7M-14.9% | $6.1M-15.3% |
| Stock-Based Compensation | $8.3M-14.8% | $8.5M-12.5% | N/A | $9.5M+0.6% | $9.8M+1.1% | $9.7M+6.4% | N/A | $9.5M+31.3% |
| Capital Expenditures | $3.0M+120.5% | $11K-99.2% | $6.9M+59.3% | $4.7M-60.2% | $1.3M+82.1% | $1.4M+79.9% | $4.3M-16.5% | $11.7M+308.5% |
| Free Cash Flow | $17.3M+27.2% | $17.3M+21.9% | $11.3M-17.9% | $27.7M+273.9% | $13.6M+21.0% | $14.2M-39.6% | $13.7M-41.6% | $7.4M-64.7% |
| Investing Cash Flow | -$24.5M-346.2% | -$9.6M+4.8% | -$11.3M-189.2% | $17.5M+12.8% | $9.9M+596.6% | -$10.1M-160.3% | $12.7M+140.5% | $15.5M+211.7% |
| Financing Cash Flow | -$20.6M+44.0% | -$8.1M-80.2% | $2.2M+124.5% | -$3.7M+87.3% | -$36.7M-121.0% | -$4.5M+76.1% | -$8.9M+46.6% | -$29.3M-64.8% |
| Share Buybacks | $22.0M-43.1% | $8.5M+70.0% | -$1.2M-88.4% | $4.0M-86.5% | $38.6M+110.4% | $5.0M-71.4% | $9.9M-44.2% | $29.5M+64.1% |
Not reported in any period shown, so not listed: Dividends Paid.
PUBM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.1%+4.5pp | 58.3%-1.6pp | 68.2%-2.7pp | 62.6%-1.9pp | 62.6%0.0pp | 59.9%-2.0pp | 70.8%-0.5pp | 64.5%+5.4pp |
| Operating Margin | 0.7%+8.4pp | -24.4%-5.8pp | 10.7%-6.7pp | -12.4%-10.5pp | -7.7%-1.8pp | -18.6%-10.4pp | 17.3%-6.8pp | -1.9%-1.0pp |
| Net Margin | -1.5%+5.8pp | -20.0%-5.1pp | 8.9%-7.9pp | -9.5%-8.2pp | -7.3%-10.3pp | -14.9%-11.2pp | 16.8%-5.4pp | -1.3%-4.1pp |
| Return on Equity | -0.5%+1.6pp | -5.0%-1.5pp | 2.7%-2.5pp | -2.6%-2.3pp | -2.1%-2.8pp | -3.4%-2.6pp | 5.2%-1.2pp | -0.4%-1.0pp |
| Return on Assets | -0.2%+0.6pp | -1.9%-0.5pp | 1.1%-0.9pp | -0.9%-0.8pp | -0.8%-1.1pp | -1.4%-1.0pp | 1.9%-0.8pp | -0.1%-0.4pp |
| Current Ratio | 1.270.0x | 1.37-0.1x | 1.390.0x | 1.340.0x | 1.32-0.1x | 1.44-0.1x | 1.37-0.1x | 1.35-0.2x |
| Debt-to-Equity | 1.93+0.2x | 1.63+0.2x | 1.59-0.1x | 1.76+0.1x | 1.78+0.4x | 1.43+0.3x | 1.67+0.3x | 1.62+0.5x |
| Asset Turnover | 0.110.0x | 0.090.0x | 0.120.0x | 0.100.0x | 0.110.0x | 0.100.0x | 0.120.0x | 0.100.0x |
| FCF Margin | 21.9%+2.9pp | 27.6%+5.4pp | 14.1%-2.0pp | 40.8%+30.4pp | 19.1%+2.4pp | 22.2%-13.0pp | 16.1%-11.7pp | 10.3%-22.6pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| PubMatic, Inc. PUBM | FY2025 | $282.9M | -$14.0M | -5.0% | $839.0M | 43/100 |
| Cerence Inc. CRNC | FY2025 | $251.8M | -$18.7M | -7.4% | $366.4M | 27/100 |
| Rimini Street, Inc. (DE) RMNI | FY2025 | $421.5M | $37.1M | 8.8% | $400.5M | 50/100 |
| Agora, Inc. API | FY2025 | $141.1M | $9.5M | 6.8% | $350.0M | 70/100 |
| Digital Turbine, Inc. APPS | FY2026 | $565.3M | -$37.7M | -6.7% | $1.4B | 24/100 |
Where PubMatic, Inc. Ranks
Frequently Asked Questions
What is PubMatic, Inc.'s annual revenue?
PubMatic, Inc. (PUBM) reported $282.9M in total revenue for fiscal year 2025. This represents a -2.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is PubMatic, Inc.'s revenue growing?
PubMatic, Inc. (PUBM) revenue declined by 2.9% year-over-year, from $291.3M to $282.9M in fiscal year 2025.
Is PubMatic, Inc. profitable?
No, PubMatic, Inc. (PUBM) reported a net income of -$14.0M in fiscal year 2025, with a net profit margin of -5.0%.
What is PubMatic, Inc.'s EBITDA?
PubMatic, Inc. (PUBM) had EBITDA of $1.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is PubMatic, Inc.'s gross margin?
PubMatic, Inc. (PUBM) had a gross margin of 63.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is PubMatic, Inc.'s operating margin?
PubMatic, Inc. (PUBM) had an operating margin of -6.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is PubMatic, Inc.'s net profit margin?
PubMatic, Inc. (PUBM) had a net profit margin of -5.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is PubMatic, Inc.'s return on equity (ROE)?
PubMatic, Inc. (PUBM) has a return on equity of -5.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is PubMatic, Inc.'s free cash flow?
PubMatic, Inc. (PUBM) generated $66.7M in free cash flow during fiscal year 2025. This represents a 19.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is PubMatic, Inc.'s operating cash flow?
PubMatic, Inc. (PUBM) generated $81.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are PubMatic, Inc.'s total assets?
PubMatic, Inc. (PUBM) had $680.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are PubMatic, Inc.'s capital expenditures?
PubMatic, Inc. (PUBM) invested $14.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does PubMatic, Inc. spend on research and development?
PubMatic, Inc. (PUBM) invested $33.8M in research and development during fiscal year 2025.
What is PubMatic, Inc.'s current ratio?
PubMatic, Inc. (PUBM) had a current ratio of 1.39 as of fiscal year 2025, which is considered adequate.
What is PubMatic, Inc.'s debt-to-equity ratio?
PubMatic, Inc. (PUBM) had a debt-to-equity ratio of 1.59 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is PubMatic, Inc.'s return on assets (ROA)?
PubMatic, Inc. (PUBM) had a return on assets of -2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is PubMatic, Inc.'s P/E ratio?
PubMatic, Inc. (PUBM) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $839.0M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is PubMatic, Inc.'s price-to-sales ratio?
PubMatic, Inc. (PUBM) trades at 2.9x sales, its market capitalization divided by revenue of $289.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $839.0M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is PubMatic, Inc.'s Altman Z-Score?
PubMatic, Inc. (PUBM) has an Altman Z-Score of 2.07, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is PubMatic, Inc.'s Piotroski F-Score?
PubMatic, Inc. (PUBM) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are PubMatic, Inc.'s earnings high quality?
PubMatic, Inc. (PUBM) reported a net loss of $14.0M while generating $81.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is PubMatic, Inc.?
PubMatic, Inc. (PUBM) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.