Pubmatic, Inc. Financials
Pubmatic, Inc. (PUBM) reported $282.9M in revenue for fiscal year 2025, down 2.9% from the prior fiscal year. 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).
Cash generation now depends more on working-capital release than earnings, as overhead growth outruns gross profit in a still cash-producing business.
In FY2025, free cash flow stayed strong at$66.7M despite a net loss of-$14.0M , creating a clear split between cash and accounting profit. The gap was largely a working-capital unwind: accounts receivable dropped by about$66.6M from FY2024 while capex stayed modest at$14.3M .
Since FY2021, gross profit rose only to
Liquidity looks serviceable, with
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 30/100. 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 42/100.
Pubmatic, Inc. has a moderate D/E ratio of 1.59. This balance of debt and equity financing earns a leverage score of 35/100.
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 90/100.
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 29/100. This is down from 4.7% the prior year.
Pubmatic, Inc. scores 2.01, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($790.7M) 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 $282.9M in revenue in fiscal year 2025. This represents a decrease of 2.9% from the prior year.
Pubmatic, Inc.'s EBITDA was $1.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 93.9% from the prior year.
Pubmatic, Inc. reported -$14.0M in net income in fiscal year 2025. This represents a decrease of 207.7% from the prior year.
Pubmatic, Inc. earned -$0.31 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 234.8% from the prior year.
Cash & Balance Sheet
Pubmatic, Inc. generated $66.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 19.5% from the prior year.
Pubmatic, Inc. held $145.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Pubmatic, Inc.'s gross margin was 63.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.7 percentage points from the prior year.
Pubmatic, Inc.'s operating margin was -6.1% in fiscal year 2025, reflecting core business profitability. This is down 7.4 percentage points from the prior year.
Pubmatic, Inc.'s net profit margin was -5.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 9.4 percentage points from the prior year.
Pubmatic, Inc.'s ROE was -5.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.0 percentage points from the prior year.
Capital Allocation
Pubmatic, Inc. invested $33.8M in research and development in fiscal year 2025. This represents an increase of 1.7% from the prior year.
Pubmatic, Inc. spent $46.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 38.3% from the prior year.
Pubmatic, Inc. invested $14.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 18.5% from the prior year.
PUBM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $289.2M | $282.9M-2.9% | $291.3M+9.1% | $267.0M+4.1% | $256.4M+13.0% | $226.9M+52.5% | $148.7M+30.6% | $113.9M |
| Cost of Revenue | $102.9M | $103.1M+2.0% | $101.0M+1.8% | $99.2M+21.7% | $81.5M+39.8% | $58.3M+41.6% | $41.2M+14.1% | $36.1M |
| Gross Profit | $186.3M | $179.8M-5.5% | $190.2M+13.4% | $167.8M-4.1% | $174.9M+3.7% | $168.6M+56.7% | $107.6M+38.3% | $77.8M |
| R&D Expenses | $33.1M | $33.8M+1.7% | $33.3M+24.5% | $26.7M+28.2% | $20.8M+31.2% | $15.9M+29.7% | $12.3M-1.6% | $12.5M |
| SG&A Expenses | $61.8M | $60.3M+4.6% | $57.7M+2.6% | $56.2M+25.1% | $44.9M+25.7% | $35.8M+76.5% | $20.3M-0.2% | $20.3M |
| Operating Income | -$14.6M | -$17.3M-539.5% | $3.9M+92.9% | $2.0M-95.0% | $40.5M-31.1% | $58.8M+85.1% | $31.8M+273.2% | $8.5M |
| Interest Expense | N/A | N/A | N/A | $8.8M+298.7% | $2.2M+638.0% | $300K | N/A | N/A |
| Income Tax | $1.7M | -$1.5M-128.3% | $5.3M+224.5% | $1.6M-81.5% | $8.8M+6.9% | $8.2M+65.1% | $5.0M+92.6% | $2.6M |
| Net Income | -$13.0M | -$14.0M-207.7% | $13.0M+44.4% | $9.0M-69.0% | $29.0M-49.1% | $57.0M+114.2% | $26.6M+300.6% | $6.6M |
| EPS (Diluted) | — | -$0.31-234.8% | $0.23+43.8% | $0.16-68.0% | $0.50-50.0% | $1.00+117.4% | $0.46 | $0.04 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PUBM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $680.2M-8.0% | $739.5M+6.4% | $695.2M+8.3% | $642.2M+16.7% | $550.2M+48.2% | $371.2M | N/A |
| Current Assets | $522.6M-9.2% | $575.5M+2.4% | $562.0M+11.6% | $503.5M+9.3% | $460.7M+40.9% | $327.1M | N/A |
| Cash & Equivalents | $145.5M+44.9% | $100.5M+27.9% | $78.5M-15.0% | $92.4M+12.0% | $82.5M+1.6% | $81.2M+137.0% | $34.3M |
| Accounts Receivable | $358.2M-15.7% | $424.8M+13.1% | $375.5M+19.5% | $314.3M+9.5% | $286.9M+30.7% | $219.5M | N/A |
| Goodwill | $29.6M0.0% | $29.6M0.0% | $29.6M0.0% | $29.6M+373.2% | $6.3M0.0% | $6.3M | N/A |
| Total Liabilities | $417.6M-9.7% | $462.3M+15.8% | $399.0M+20.9% | $330.0M+12.6% | $293.0M+49.6% | $195.8M | N/A |
| Current Liabilities | $375.9M-10.3% | $418.8M+10.3% | $379.6M+25.7% | $302.0M+13.1% | $267.0M+39.4% | $191.6M | N/A |
| Total Equity | $262.6M-5.3% | $277.3M-6.4% | $296.2M-5.1% | $312.2M+21.4% | $257.2M+46.6% | $175.4M+1219.5% | $13.3M |
| Retained Earnings | $134.9M-9.7% | $149.4M+9.1% | $136.9M+6.9% | $128.0M+28.9% | $99.3M+132.6% | $42.7M | N/A |
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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $88.0M | $81.1M+10.4% | $73.4M-9.5% | $81.1M-7.0% | $87.2M-1.7% | $88.7M+264.5% | $24.3M-30.7% | $35.1M |
| Capital Expenditures | $14.5M | $14.3M-18.5% | $17.6M+65.9% | $10.6M-70.4% | $35.9M+17.9% | $30.4M+25.9% | $24.2M+153.1% | $9.6M |
| Free Cash Flow | $73.5M | $66.7M+19.5% | $55.8M-20.8% | $70.5M+37.4% | $51.3M-11.9% | $58.2M+37971.2% | $153K-99.4% | $25.6M |
| Investing Cash Flow | -$27.9M | $6.1M-72.8% | $22.3M+157.2% | -$39.0M+52.0% | -$81.4M+15.9% | -$96.7M-223.7% | -$29.9M-35.3% | -$22.1M |
| Financing Cash Flow | -$30.2M | -$42.7M+41.8% | -$73.5M-31.3% | -$56.0M-1486.9% | $4.0M-56.9% | $9.4M-82.2% | $52.5M+5248600.0% | -$1K |
| Share Buybacks | $33.3M | $46.5M-38.3% | $75.3M+27.1% | $59.3M | $0-100.0% | $52K+1633.3% | $3K-40.0% | $5K |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PUBM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 63.6%-1.7pp | 65.3%+2.5pp | 62.8%-5.4pp | 68.2%-6.1pp | 74.3%+2.0pp | 72.3%+4.0pp | 68.3% |
| Operating Margin | -6.1%-7.4pp | 1.4%+0.6pp | 0.8%-15.0pp | 15.8%-10.1pp | 25.9%+4.6pp | 21.3%+13.9pp | 7.5% |
| Net Margin | -5.0%-9.4pp | 4.5%+1.1pp | 3.4%-7.9pp | 11.3%-13.8pp | 25.1%+7.2pp | 17.9%+12.1pp | 5.8% |
| Return on Equity | -5.3%-10.0pp | 4.7%+1.6pp | 3.0%-6.3pp | 9.3%-12.9pp | 22.2%+7.0pp | 15.2%-34.8pp | 50.0% |
| Return on Assets | -2.1%-3.8pp | 1.8%+0.5pp | 1.3%-3.2pp | 4.5%-5.8pp | 10.4%+3.2pp | 7.2% | N/A |
| Current Ratio | 1.390.0x | 1.37-0.1x | 1.48-0.2x | 1.67-0.1x | 1.730.0x | 1.71 | N/A |
| Debt-to-Equity | 1.59-0.1x | 1.67+0.3x | 1.35+0.3x | 1.06-0.1x | 1.140.0x | 1.12 | N/A |
| FCF Margin | 23.6%+4.4pp | 19.2%-7.2pp | 26.4%+6.4pp | 20.0%-5.6pp | 25.7%+25.6pp | 0.1%-22.4pp | 22.5% |
Similar Companies
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 Altman Z-Score?
Pubmatic, Inc. (PUBM) has an Altman Z-Score of 2.01, 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 44 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.