PubMatic (PUBM) Financials

$10.06 +0.15 (+1.51%)

Closing price 04:00 PM Eastern

Extended Trading

$10.06 -0.01 (-0.05%)

As of 05:12 PM Eastern

Annual Income Statements for PubMatic

This table shows PubMatic's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	29	8.88	13
Consolidated Net Income / (Loss)	29	8.88	13
Net Income / (Loss) Continuing Operations	29	8.88	13
Total Pre-Tax Income	37	11	18
Total Operating Income	41	2.04	3.93
Total Gross Profit	175	168	190
Total Revenue	256	267	291
Operating Revenue	256	267	291
Total Cost of Revenue	82	99	101
Operating Cost of Revenue	82	99	101
Total Operating Expenses	134	166	186
Selling, General & Admin Expense	45	56	58
Marketing Expense	69	83	95
Research & Development Expense	21	27	33
Total Other Income / (Expense), net	-3.05	8.47	14
Interest & Investment Income	2.21	8.83	8.48
Other Income / (Expense), net	-5.27	-0.36	5.37
Income Tax Expense	8.76	1.62	5.27
Basic Earnings per Share	$0.55	$0.17	$0.25
Weighted Average Basic Shares Outstanding	52.28M	51.76M	49.21M
Diluted Earnings per Share	$0.50	$0.16	$0.23
Weighted Average Diluted Shares Outstanding	56.91M	56.03M	54.29M
Weighted Average Basic & Diluted Shares Outstanding	52.83M	50.01M	48.53M

This table shows PubMatic's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	3.33	13	-5.87	-5.72	1.77	19	-2.45	1.97	-0.91	14
Consolidated Net Income / (Loss)	3.33	13	-5.87	-5.72	1.77	19	-2.45	1.97	-0.91	14
Net Income / (Loss) Continuing Operations	3.33	13	-5.87	-5.72	1.77	19	-2.45	1.97	-0.91	14
Total Pre-Tax Income	4.72	17	-9.25	-5.18	1.89	23	-2.70	2.38	-0.33	18
Total Operating Income	9.62	17	-11	-7.13	-0.57	20	-5.53	-3.99	-1.37	15
Total Gross Profit	43	51	32	38	38	60	41	42	46	61
Total Revenue	65	74	55	63	64	85	67	67	72	86
Operating Revenue	65	74	55	63	64	85	67	67	72	86
Total Cost of Revenue	22	23	24	25	26	24	25	25	26	25
Operating Cost of Revenue	22	23	24	25	26	24	25	25	26	25
Total Operating Expenses	33	35	42	45	38	40	47	46	48	46
Selling, General & Admin Expense	12	11	13	19	12	13	14	14	15	14
Marketing Expense	16	18	23	20	20	20	25	23	24	24
Research & Development Expense	5.08	5.92	6.52	6.73	6.63	6.85	7.96	8.66	8.81	7.83
Total Other Income / (Expense), net	-4.90	0.29	1.43	1.96	2.46	2.63	2.82	6.37	1.04	3.62
Other Income / (Expense), net	-5.49	-0.88	-0.47	-0.22	0.21	0.12	0.26	4.03	-0.93	2.01
Income Tax Expense	1.40	4.03	-3.38	0.55	0.11	4.34	-0.25	0.41	0.59	4.52
Basic Earnings per Share	$0.06	$0.25	($0.11)	($0.11)	$0.03	$0.36	($0.05)	$0.04	($0.02)	$0.28
Weighted Average Basic Shares Outstanding	52.44M	52.28M	52.74M	52.03M	51.64M	51.76M	50.04M	49.78M	49.06M	49.21M
Diluted Earnings per Share	$0.06	$0.22	($0.11)	($0.11)	$0.03	$0.35	($0.05)	$0.04	($0.02)	$0.26
Weighted Average Diluted Shares Outstanding	56.94M	56.91M	52.74M	52.03M	55.98M	56.03M	50.04M	55.58M	49.06M	54.29M
Weighted Average Basic & Diluted Shares Outstanding	52.57M	52.83M	51.94M	51.87M	50.76M	50.01M	49.93M	49.58M	47.77M	48.53M

This table details how cash moves in and out of PubMatic's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	9.88	-14	22
Net Cash From Operating Activities	87	81	73
Net Cash From Continuing Operating Activities	87	81	73
Net Income / (Loss) Continuing Operations	29	8.88	13
Consolidated Net Income / (Loss)	29	8.88	13
Depreciation Expense	34	45	45
Amortization Expense	-0.58	-4.09	-4.12
Non-Cash Adjustments To Reconcile Net Income	33	41	44
Changes in Operating Assets and Liabilities, net	-7.68	-9.16	-25
Net Cash From Investing Activities	-81	-39	22
Net Cash From Continuing Investing Activities	-81	-39	22
Purchase of Property, Plant & Equipment	-49	-28	-39
Acquisitions	-28	0.00	0.00
Purchase of Investments	-138	-141	-142
Sale and/or Maturity of Investments	133	130	203
Net Cash From Financing Activities	4.04	-56	-73
Net Cash From Continuing Financing Activities	4.04	-56	-73
Repayment of Debt	-0.12	-0.13	-0.13
Repurchase of Common Equity	0.00	-59	-77
Issuance of Common Equity	2.96	1.87	2.37
Other Financing Activities, net	1.20	1.55	1.77
Cash Income Taxes Paid	9.19	16	14

This table details how cash moves in and out of PubMatic's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	0.28	40	-13	26	-7.81	-19	1.69	-6.67	5.39	22
Net Cash From Operating Activities	28	19	13	16	24	29	24	12	19	18
Net Cash From Continuing Operating Activities	28	19	13	16	24	29	24	12	19	18
Net Income / (Loss) Continuing Operations	3.33	13	-5.87	-5.72	1.77	19	-2.45	1.97	-0.91	14
Consolidated Net Income / (Loss)	3.33	13	-5.87	-5.72	1.77	19	-2.45	1.97	-0.91	14
Depreciation Expense	9.08	11	11	11	11	11	11	11	11	11
Amortization Expense	-0.16	-0.41	-1.06	-0.99	-1.02	-1.03	-1.23	-1.23	-1.09	-0.57
Non-Cash Adjustments To Reconcile Net Income	12	7.00	8.59	14	8.74	8.92	11	11	11	11
Changes in Operating Assets and Liabilities, net	3.47	-11	-0.34	-2.82	2.95	-8.95	5.97	-12	-1.24	-18
Net Cash From Investing Activities	-28	20	-18	24	-14	-31	-3.87	-2.00	16	13
Net Cash From Continuing Investing Activities	-28	20	-18	24	-14	-31	-3.87	-2.00	16	13
Purchase of Property, Plant & Equipment	-17	-12	-7.42	-5.05	-6.68	-9.14	-8.03	-5.03	-16	-9.19
Purchase of Investments	-17	-38	-40	-6.37	-30	-64	-34	-62	-21	-24
Sale and/or Maturity of Investments	35	70	30	36	23	42	39	65	53	46
Net Cash From Financing Activities	0.19	0.66	-7.62	-14	-18	-17	-19	-17	-29	-8.86
Net Cash From Continuing Financing Activities	0.19	0.66	-7.62	-14	-18	-17	-19	-17	-29	-8.86
Repayment of Debt	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03
Repurchase of Common Equity	-	-	-7.90	-16	-18	-18	-20	-18	-30	-9.93
Issuance of Common Equity	-	0.56	-	-	-	0.90	-	-	-	0.92
Other Financing Activities, net	0.22	0.14	0.31	0.62	0.27	0.34	0.94	0.34	0.30	0.19
Cash Income Taxes Paid	5.72	1.63	0.35	10	1.02	4.11	1.03	4.76	4.54	3.84

This table presents PubMatic's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	642	695	740
Total Current Assets	503	562	576
Cash & Equivalents	92	79	100
Short-Term Investments	82	97	40
Accounts Receivable	314	375	425
Prepaid Expenses	15	11	10
Plant, Property, & Equipment, net	71	61	59
Total Noncurrent Assets	68	73	105
Goodwill	30	30	30
Intangible Assets	8.30	5.86	4.28
Noncurrent Deferred & Refundable Income Taxes	1.05	14	25
Other Noncurrent Operating Assets	29	23	47
Total Liabilities & Shareholders' Equity	642	695	740
Total Liabilities	330	399	462
Total Current Liabilities	302	380	419
Accounts Payable	277	348	387
Accrued Expenses	19	26	26
Other Current Liabilities	5.68	6.24	5.84
Total Noncurrent Liabilities	28	19	43
Capital Lease Obligations	-	16	40
Other Noncurrent Operating Liabilities	27	3.84	3.91
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	312	296	277
Total Preferred & Common Equity	312	296	277
Preferred Stock	0.00	0.00	0.00
Total Common Equity	312	296	277
Common Stock	196	230	275
Retained Earnings	128	137	149
Treasury Stock	-11	-71	-147
Accumulated Other Comprehensive Income / (Loss)	-0.01	-0.00	-0.64

This table presents PubMatic's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	602	577	584	613	626	673	689
Total Current Assets	458	440	443	474	489	532	530
Cash & Equivalents	52	79	106	98	80	74	79
Short-Term Investments	114	94	65	74	94	92	61
Accounts Receivable	277	253	258	291	303	352	377
Prepaid Expenses	15	14	14	12	12	15	13
Plant, Property, & Equipment, net	75	69	66	62	57	60	63
Total Noncurrent Assets	69	69	75	77	81	81	96
Goodwill	30	30	30	30	30	30	30
Intangible Assets	8.82	7.05	6.65	6.26	5.47	5.07	4.68
Noncurrent Deferred & Refundable Income Taxes	0.47	4.95	13	15	19	23	25
Other Noncurrent Operating Assets	30	27	25	26	27	24	37
Total Liabilities & Shareholders' Equity	602	577	584	613	626	673	689
Total Liabilities	310	271	289	324	337	390	426
Total Current Liabilities	279	248	269	304	316	370	393
Short-Term Debt	-	-	-	-	6.84	6.78	6.38
Accounts Payable	258	223	240	273	289	341	361
Accrued Expenses	15	19	23	25	20	23	26
Total Noncurrent Liabilities	31	24	20	21	22	20	33
Capital Lease Obligations	-	-	-	-	18	16	29
Other Noncurrent Operating Liabilities	27	24	20	21	4.07	4.05	4.20
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	293	306	295	289	289	283	263
Total Preferred & Common Equity	293	306	295	289	289	283	263
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	293	306	295	289	289	283	263
Common Stock	189	204	213	221	241	253	264
Retained Earnings	115	122	116	118	134	136	135
Treasury Stock	-11	-19	-35	-51	-87	-107	-136
Accumulated Other Comprehensive Income / (Loss)	-0.22	0.01	-0.03	-0.01	-0.03	-0.03	-0.03

This table displays calculated financial ratios and metrics derived from PubMatic's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	12.99%	4.15%	9.08%
EBITDA Growth	-21.26%	-38.55%	19.31%
EBIT Growth	-45.35%	-95.24%	454.38%
NOPAT Growth	-39.55%	-94.46%	60.50%
Net Income Growth	-49.29%	-69.06%	40.80%
EPS Growth	-50.00%	-68.00%	43.75%
Operating Cash Flow Growth	-1.66%	-6.98%	-9.49%
Free Cash Flow Firm Growth	-132.56%	133.19%	-1,311.87%
Invested Capital Growth	41.25%	-0.97%	29.13%
Revenue Q/Q Growth	-0.49%	4.01%	0.31%
EBITDA Q/Q Growth	-17.51%	12.30%	-5.37%
EBIT Q/Q Growth	-33.55%	152.26%	-28.55%
NOPAT Q/Q Growth	-26.42%	234.08%	-62.51%
Net Income Q/Q Growth	-35.00%	200.03%	-27.75%
EPS Q/Q Growth	-35.06%	433.33%	-28.13%
Operating Cash Flow Q/Q Growth	-9.47%	12.97%	-12.64%
Free Cash Flow Firm Q/Q Growth	-4,127.04%	-61.88%	-10.13%
Invested Capital Q/Q Growth	8.92%	16.41%	11.40%
Profitability Metrics	-	-	-
Gross Margin	68.21%	62.84%	65.31%
EBITDA Margin	26.88%	15.86%	17.35%
Operating Margin	15.80%	0.76%	1.35%
EBIT Margin	13.75%	0.63%	3.19%
Profit (Net Income) Margin	11.20%	3.33%	4.29%
Tax Burden Percent	76.61%	84.54%	70.35%
Interest Burden Percent	106.28%	626.42%	191.18%
Effective Tax Rate	23.39%	15.46%	29.65%
Return on Invested Capital (ROIC)	26.38%	1.26%	1.77%
ROIC Less NNEP Spread (ROIC-NNEP)	27.78%	-3.03%	-5.70%
Return on Net Nonoperating Assets (RNNOA)	-16.30%	1.66%	2.59%
Return on Equity (ROE)	10.08%	2.92%	4.36%
Cash Return on Invested Capital (CROIC)	-7.81%	2.23%	-23.66%
Operating Return on Assets (OROA)	5.91%	0.25%	1.30%
Return on Assets (ROA)	4.81%	1.33%	1.74%
Return on Common Equity (ROCE)	10.08%	2.92%	4.36%
Return on Equity Simple (ROE_SIMPLE)	9.19%	3.00%	4.51%
Net Operating Profit after Tax (NOPAT)	31	1.72	2.76
NOPAT Margin	12.11%	0.64%	0.95%
Net Nonoperating Expense Percent (NNEP)	-1.40%	4.29%	7.47%
Return On Investment Capital (ROIC_SIMPLE)	9.94%	0.55%	0.87%
Cost of Revenue to Revenue	31.79%	37.16%	34.69%
SG&A Expenses to Revenue	17.53%	21.05%	19.80%
R&D to Revenue	8.13%	10.01%	11.42%
Operating Expenses to Revenue	52.40%	62.08%	63.97%
Earnings before Interest and Taxes (EBIT)	35	1.68	9.30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	69	42	51
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	2.16	2.80	2.53
Price to Tangible Book Value (P/TBV)	2.45	3.18	2.88
Price to Revenue (P/Rev)	2.63	3.10	2.41
Price to Earnings (P/E)	23.46	93.23	56.12
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	4.26%	1.07%	1.78%
Enterprise Value to Invested Capital (EV/IC)	3.62	4.90	3.41
Enterprise Value to Revenue (EV/Rev)	1.95	2.50	2.06
Enterprise Value to EBITDA (EV/EBITDA)	7.24	15.78	11.89
Enterprise Value to EBIT (EV/EBIT)	14.15	398.45	64.61
Enterprise Value to NOPAT (EV/NOPAT)	16.07	388.20	217.42
Enterprise Value to Operating Cash Flow (EV/OCF)	5.72	8.24	8.18
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	218.92	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.00	0.05	0.14
Long-Term Debt to Equity	0.00	0.05	0.14
Financial Leverage	-0.59	-0.55	-0.45
Leverage Ratio	2.09	2.20	2.50
Compound Leverage Factor	2.23	13.77	4.78
Debt to Total Capital	0.00%	5.01%	12.48%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	5.01%	12.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	94.99%	87.52%
Debt to EBITDA	0.00	0.37	0.78
Net Debt to EBITDA	0.00	-3.77	-2.00
Long-Term Debt to EBITDA	0.00	0.37	0.78
Debt to NOPAT	0.00	9.07	14.31
Net Debt to NOPAT	0.00	-92.80	-36.58
Long-Term Debt to NOPAT	0.00	9.07	14.31
Altman Z-Score	2.46	2.23	1.88
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	1.67	1.48	1.37
Quick Ratio	1.62	1.45	1.35
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-9.19	3.05	-37
Operating Cash Flow to CapEx	178.37%	286.77%	190.58%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00
Efficiency Ratios	-	-	-
Asset Turnover	0.43	0.40	0.41
Accounts Receivable Turnover	0.85	0.77	0.73
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	4.23	4.05	4.88
Accounts Payable Turnover	0.31	0.32	0.28
Days Sales Outstanding (DSO)	427.97	471.45	501.45
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	1,168.13	1,149.65	1,326.43
Cash Conversion Cycle (CCC)	-740.17	-678.20	-824.98
Capital & Investment Metrics	-	-	-
Invested Capital	138	136	176
Invested Capital Turnover	2.18	1.95	1.86
Increase / (Decrease) in Invested Capital	40	-1.33	40
Enterprise Value (EV)	499	668	601
Market Capitalization	673	828	702
Book Value per Share	$5.94	$5.84	$5.80
Tangible Book Value per Share	$5.22	$5.14	$5.10
Total Capital	312	312	317
Total Debt	0.00	16	40
Total Long-Term Debt	0.00	16	40
Net Debt	-174	-160	-101
Capital Expenditures (CapEx)	49	28	39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	27	7.02	16
Debt-free Net Working Capital (DFNWC)	201	182	157
Net Working Capital (NWC)	201	182	157
Net Nonoperating Expense (NNE)	2.34	-7.16	-9.74
Net Nonoperating Obligations (NNO)	-174	-160	-101
Total Depreciation and Amortization (D&A)	34	41	41
Debt-free, Cash-free Net Working Capital to Revenue	10.55%	2.63%	5.54%
Debt-free Net Working Capital to Revenue	78.58%	68.30%	53.81%
Net Working Capital to Revenue	78.58%	68.30%	53.81%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.55	$0.17	$0.25
Adjusted Weighted Average Basic Shares Outstanding	52.28M	51.76M	49.21M
Adjusted Diluted Earnings per Share	$0.50	$0.16	$0.23
Adjusted Weighted Average Diluted Shares Outstanding	56.91M	56.03M	54.29M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	52.83M	50.01M	48.53M
Normalized Net Operating Profit after Tax (NOPAT)	31	1.72	2.76
Normalized NOPAT Margin	12.11%	0.64%	0.95%
Pre Tax Income Margin	14.61%	3.93%	6.10%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	667.36%	619.64%

This table displays calculated financial ratios and metrics derived from PubMatic's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.04%	-1.67%	1.57%	0.47%	-1.28%	13.87%	20.38%	6.22%	12.73%	1.07%
EBITDA Growth	-36.66%	-36.09%	-105.74%	-84.69%	-23.24%	17.91%	718.24%	296.91%	-20.21%	-9.38%
EBIT Growth	-71.18%	-53.22%	-283.78%	-178.07%	-108.75%	31.23%	52.71%	100.58%	-535.73%	-18.09%
NOPAT Growth	-48.93%	-46.34%	-310.95%	-163.55%	-107.93%	31.91%	48.23%	34.00%	-77.81%	-32.58%
Net Income Growth	-75.41%	-54.74%	-222.85%	-173.21%	-46.66%	46.33%	58.20%	134.43%	-151.41%	-25.68%
EPS Growth	-75.00%	-55.10%	-237.50%	-178.57%	-50.00%	59.09%	54.55%	136.36%	-166.67%	-25.71%
Operating Cash Flow Growth	6.18%	-32.03%	-33.97%	-22.57%	-15.06%	48.12%	90.48%	-24.63%	-19.74%	-37.06%
Free Cash Flow Firm Growth	49.70%	-9,441.32%	-210.03%	-113.41%	124.57%	164.66%	79.42%	28.56%	-578.80%	-259.71%
Invested Capital Growth	50.42%	41.25%	43.22%	22.49%	-7.34%	-0.97%	4.46%	13.34%	34.94%	29.13%
Revenue Q/Q Growth	2.33%	15.19%	-25.42%	14.30%	0.55%	32.86%	-21.16%	0.85%	6.72%	19.11%
EBITDA Q/Q Growth	-21.85%	98.38%	-102.94%	435.70%	291.75%	204.73%	-84.57%	115.52%	-21.25%	246.07%
EBIT Q/Q Growth	-56.18%	278.97%	-171.19%	33.96%	95.09%	5,786.98%	-125.66%	100.82%	-5,437.21%	832.72%
NOPAT Q/Q Growth	-13.78%	85.39%	-159.48%	33.15%	89.24%	3,182.76%	-123.35%	14.78%	71.01%	1,268.92%
Net Income Q/Q Growth	-57.46%	284.28%	-145.94%	2.50%	130.99%	954.23%	-113.12%	180.32%	-146.27%	1,624.01%
EPS Q/Q Growth	-57.14%	266.67%	-150.00%	0.00%	127.27%	1,066.67%	-114.29%	180.00%	-150.00%	1,400.00%
Operating Cash Flow Q/Q Growth	37.15%	-31.04%	-34.12%	24.26%	50.46%	20.25%	-15.28%	-50.84%	60.24%	-5.70%
Free Cash Flow Firm Q/Q Growth	-174.59%	22.32%	-72.16%	41.89%	131.61%	104.45%	-184.10%	-101.74%	-111.85%	31.80%
Invested Capital Q/Q Growth	25.35%	8.92%	-3.36%	-7.16%	-5.18%	16.41%	-2.52%	0.73%	12.89%	11.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.53%	69.10%	56.93%	60.42%	59.03%	71.39%	61.88%	62.60%	64.47%	70.84%
EBITDA Margin	20.24%	34.86%	-1.38%	4.04%	15.74%	36.10%	7.06%	15.09%	11.14%	32.36%
Operating Margin	14.92%	22.24%	-19.26%	-11.26%	-0.90%	24.13%	-8.28%	-5.92%	-1.90%	17.31%
EBIT Margin	6.40%	21.06%	-20.10%	-11.61%	-0.57%	24.27%	-7.90%	0.06%	-3.20%	19.67%
Profit (Net Income) Margin	5.16%	17.20%	-10.60%	-9.04%	2.79%	22.11%	-3.68%	2.93%	-1.27%	16.26%
Tax Burden Percent	70.41%	76.01%	63.50%	110.52%	94.11%	81.15%	90.79%	82.71%	279.75%	75.46%
Interest Burden Percent	114.44%	107.49%	83.02%	70.41%	-522.16%	112.25%	51.32%	5,541.86%	14.20%	109.54%
Effective Tax Rate	29.59%	23.99%	0.00%	0.00%	5.89%	18.85%	0.00%	17.29%	0.00%	24.54%
Return on Invested Capital (ROIC)	25.70%	36.83%	-30.67%	-18.09%	-1.78%	38.13%	-11.85%	-10.49%	-2.81%	24.34%
ROIC Less NNEP Spread (ROIC-NNEP)	27.97%	36.70%	-31.59%	-17.67%	-3.15%	36.85%	-12.73%	-13.85%	-2.84%	22.24%
Return on Net Nonoperating Assets (RNNOA)	-16.50%	-21.53%	19.15%	10.81%	1.83%	-20.24%	6.91%	7.52%	1.42%	-10.11%
Return on Equity (ROE)	9.20%	15.30%	-11.53%	-7.27%	0.05%	17.89%	-4.95%	-2.97%	-1.39%	14.22%
Cash Return on Invested Capital (CROIC)	-0.21%	-7.81%	-17.23%	-15.51%	6.57%	2.23%	-0.56%	-6.14%	-24.39%	-23.66%
Operating Return on Assets (OROA)	3.17%	9.05%	-9.62%	-5.18%	-0.24%	9.69%	-3.65%	0.03%	-1.43%	7.98%
Return on Assets (ROA)	2.55%	7.40%	-5.07%	-4.03%	1.18%	8.83%	-1.70%	1.32%	-0.57%	6.60%
Return on Common Equity (ROCE)	9.20%	15.30%	-11.53%	-7.27%	0.05%	17.89%	-4.95%	-2.97%	-1.39%	14.22%
Return on Equity Simple (ROE_SIMPLE)	15.09%	0.00%	5.89%	1.53%	1.03%	0.00%	4.26%	7.07%	6.58%	0.00%
Net Operating Profit after Tax (NOPAT)	6.77	13	-7.47	-4.99	-0.54	17	-3.87	-3.30	-0.96	11
NOPAT Margin	10.50%	16.90%	-13.48%	-7.89%	-0.84%	19.58%	-5.80%	-4.90%	-1.33%	13.06%
Net Nonoperating Expense Percent (NNEP)	-2.28%	0.13%	0.92%	-0.41%	1.37%	1.28%	0.88%	3.36%	0.03%	2.09%
Return On Investment Capital (ROIC_SIMPLE)	-	4.02%	-	-	-	5.31%	-	-	-	3.53%
Cost of Revenue to Revenue	33.47%	30.90%	43.07%	39.58%	40.97%	28.61%	38.12%	37.40%	35.53%	29.16%
SG&A Expenses to Revenue	18.79%	14.93%	22.69%	29.78%	18.86%	15.11%	21.03%	21.32%	21.08%	16.57%
R&D to Revenue	7.88%	7.97%	11.76%	10.63%	10.42%	8.09%	11.93%	12.87%	12.28%	9.16%
Operating Expenses to Revenue	51.61%	46.86%	76.19%	71.68%	59.92%	47.26%	70.17%	68.52%	66.37%	53.53%
Earnings before Interest and Taxes (EBIT)	4.13	16	-11	-7.36	-0.36	21	-5.27	0.04	-2.30	17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	13	26	-0.76	2.56	10	31	4.71	10	8.00	28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.98	2.16	2.38	3.22	2.17	2.80	4.17	3.59	2.80	2.53
Price to Tangible Book Value (P/TBV)	3.43	2.45	2.71	3.68	2.48	3.18	4.75	4.09	3.22	2.88
Price to Revenue (P/Rev)	3.38	2.63	2.84	3.69	2.44	3.10	4.33	3.59	2.54	2.41
Price to Earnings (P/E)	19.73	23.46	40.44	210.42	212.03	93.23	97.91	50.72	42.60	56.12
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.07%	4.26%	2.47%	0.48%	0.47%	1.07%	1.02%	1.97%	2.35%	1.78%
Enterprise Value to Invested Capital (EV/IC)	5.57	3.62	4.18	6.30	3.89	4.90	7.58	6.22	4.00	3.41
Enterprise Value to Revenue (EV/Rev)	2.74	1.95	2.16	3.02	1.78	2.50	3.79	3.09	2.18	2.06
Enterprise Value to EBITDA (EV/EBITDA)	8.44	7.24	10.14	19.10	12.10	15.78	22.05	15.72	11.84	11.89
Enterprise Value to EBIT (EV/EBIT)	13.29	14.15	30.84	608.21	0.00	398.45	139.72	58.31	48.60	64.61
Enterprise Value to NOPAT (EV/NOPAT)	16.71	16.07	26.90	147.20	0.00	388.20	203.50	103.83	85.80	217.42
Enterprise Value to Operating Cash Flow (EV/OCF)	7.32	5.72	6.90	10.24	6.35	8.24	11.38	9.82	7.52	8.18
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	56.98	218.92	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.05	0.08	0.08	0.13	0.14
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.05	0.06	0.06	0.11	0.14
Financial Leverage	-0.59	-0.59	-0.61	-0.61	-0.58	-0.55	-0.54	-0.54	-0.50	-0.45
Leverage Ratio	2.03	2.09	1.87	1.99	2.09	2.20	2.02	2.18	2.36	2.50
Compound Leverage Factor	2.32	2.25	1.55	1.40	-10.92	2.47	1.04	120.65	0.34	2.74
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	5.01%	7.81%	7.52%	11.84%	12.48%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.18%	2.22%	2.14%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	5.01%	5.62%	5.30%	9.71%	12.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	94.99%	92.19%	92.48%	88.16%	87.52%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.37	0.51	0.41	0.66	0.78
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-3.77	-3.13	-2.57	-1.97	-2.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.37	0.37	0.29	0.54	0.78
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	9.07	4.72	2.74	4.80	14.31
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-92.80	-28.88	-16.99	-14.25	-36.58
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	9.07	3.40	1.93	3.93	14.31
Altman Z-Score	2.76	2.36	2.69	3.01	2.18	2.32	3.19	2.55	1.96	1.92
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.64	1.67	1.78	1.65	1.56	1.48	1.55	1.44	1.35	1.37
Quick Ratio	1.59	1.62	1.72	1.60	1.52	1.45	1.51	1.40	1.32	1.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-36	-28	-48	-28	8.75	18	-9.81	-20	-42	-29
Operating Cash Flow to CapEx	161.36%	156.94%	171.93%	313.64%	357.07%	313.75%	302.47%	237.41%	117.61%	196.34%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.50	0.43	0.48	0.45	0.42	0.40	0.46	0.45	0.45	0.41
Accounts Receivable Turnover	1.02	0.85	1.09	0.99	0.90	0.77	1.00	0.93	0.87	0.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.06	4.23	4.46	3.97	3.75	4.05	4.45	4.49	4.64	4.88
Accounts Payable Turnover	0.33	0.31	0.43	0.39	0.37	0.32	0.39	0.35	0.32	0.28
Days Sales Outstanding (DSO)	358.18	427.97	334.42	369.90	404.26	471.45	364.79	394.17	419.98	501.45
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	1,097.51	1,168.13	853.35	932.21	990.30	1,149.65	926.63	1,050.79	1,153.34	1,326.43
Cash Conversion Cycle (CCC)	-739.33	-740.17	-518.93	-562.31	-586.04	-678.20	-561.85	-656.63	-733.37	-824.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	127	138	133	124	117	136	139	140	158	176
Invested Capital Turnover	2.45	2.18	2.28	2.29	2.11	1.95	2.04	2.14	2.11	1.86
Increase / (Decrease) in Invested Capital	42	40	40	23	-9.29	-1.33	5.94	16	41	40
Enterprise Value (EV)	705	499	557	779	456	668	1,054	871	632	601
Market Capitalization	871	673	730	949	628	828	1,204	1,014	737	702
Book Value per Share	$5.59	$5.94	$5.80	$5.67	$5.56	$5.84	$5.77	$5.66	$5.31	$5.80
Tangible Book Value per Share	$4.85	$5.22	$5.11	$4.97	$4.87	$5.14	$5.07	$4.97	$4.62	$5.10
Total Capital	293	312	306	295	289	312	313	306	299	317
Total Debt	0.00	0.00	0.00	0.00	0.00	16	24	23	35	40
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	16	18	16	29	40
Net Debt	-166	-174	-173	-171	-171	-160	-150	-143	-105	-101
Capital Expenditures (CapEx)	17	12	7.42	5.05	6.68	9.14	8.03	5.03	16	9.19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	13	27	20	3.55	-0.85	7.02	5.89	3.03	3.04	16
Debt-free Net Working Capital (DFNWC)	179	201	193	174	171	182	180	169	143	157
Net Working Capital (NWC)	179	201	193	174	171	182	173	162	137	157
Net Nonoperating Expense (NNE)	3.45	-0.22	-1.60	0.73	-2.31	-2.14	-1.41	-5.27	-0.04	-2.73
Net Nonoperating Obligations (NNO)	-166	-174	-173	-171	-171	-160	-150	-143	-105	-101
Total Depreciation and Amortization (D&A)	8.93	10	10	9.91	10	10	9.98	10	10	11
Debt-free, Cash-free Net Working Capital to Revenue	5.12%	10.55%	7.60%	1.38%	-0.33%	2.63%	2.11%	1.07%	1.05%	5.54%
Debt-free Net Working Capital to Revenue	69.58%	78.58%	74.93%	67.74%	66.42%	68.30%	64.66%	59.75%	49.39%	53.81%
Net Working Capital to Revenue	69.58%	78.58%	74.93%	67.74%	66.42%	68.30%	62.21%	57.34%	47.20%	53.81%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.06	$0.25	($0.11)	($0.11)	$0.03	$0.36	($0.05)	$0.04	($0.02)	$0.28
Adjusted Weighted Average Basic Shares Outstanding	52.44M	52.28M	52.74M	52.03M	51.64M	51.76M	50.04M	49.78M	49.06M	49.21M
Adjusted Diluted Earnings per Share	$0.06	$0.22	($0.11)	($0.11)	$0.03	$0.35	($0.05)	$0.04	($0.02)	$0.26
Adjusted Weighted Average Diluted Shares Outstanding	56.94M	56.91M	52.74M	52.03M	55.98M	56.03M	50.04M	55.58M	49.06M	54.29M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	52.57M	52.83M	51.94M	51.87M	50.76M	50.01M	49.93M	49.58M	47.77M	48.53M
Normalized Net Operating Profit after Tax (NOPAT)	6.77	13	-7.47	-4.99	-0.54	17	-3.87	-3.30	-0.96	11
Normalized NOPAT Margin	10.50%	16.90%	-13.48%	-7.89%	-0.84%	19.58%	-5.80%	-4.90%	-1.33%	13.06%
Pre Tax Income Margin	7.32%	22.63%	-16.69%	-8.18%	2.96%	27.24%	-4.05%	3.54%	-0.45%	21.54%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-1.82%	0.00%	43.74%	520.39%	1,401.32%	667.36%	577.48%	369.15%	493.08%	619.64%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, data-driven snapshot of PubMatic's quarterly results from the last four years, highlighting trends in revenue, profitability, cash flow, and the balance sheet. The items are organized to show positives first, then neutral items, and finally potential negatives that investors may want to monitor.

Strong Q4 2024 profitability: Net income from continuing operations was $13.99 million, with basic EPS of $0.28 and diluted EPS of $0.26, marking a positive quarterly bottom line after a softer prior quarter.
Q4 2024 revenue held up: Operating revenue of $85.50 million in Q4 2024, slightly above the prior-year Q4 (about $84.60 million), indicating top-line resilience.
Gross margin remained high: Total gross profit of $60.57 million on $85.50 million revenue yields a gross margin around 70.9%, a sign of solid underlying profitability.
Positive operating income in Q4 2024: Total operating income was $14.80 million in Q4 2024, reversing the Q3 2024 small operating loss and signaling improved operating leverage.
Robust quarterly cash flow: Net cash from continuing operating activities was about $17.73 million; net cash from investing activities was $12.67 million; resulting in a net cash increase of $21.86 million for Q4 2024, supporting liquidity.
Earnings per share remained solid: Diluted EPS of $0.26 and basic EPS of $0.28 in Q4 2024 reflect earnings productivity on a per-share basis.
Seasonality appears to influence quarterly results: PubMatic’s quarterly results show a pronounced Q4 strength relative to earlier quarters, a common pattern in ad-tech platforms tied to year-end ad spend and demand cycles.
Debt and leverage appear moderate: Short-term debt is modest (roughly $6.38 million in the latest quarter) and total liabilities were about $425.9 million against equity of $263.2 million, a leverage backdrop investors can monitor.
Profitability was volatile in 2024: Q3 2024 showed a small net loss (net income continuing operations of about −$0.91 million; operating income around −$1.37 million), indicating quarterly earnings volatility that could recur with ad-market cycles.
Balance-sheet leverage risk: Total liabilities exceed total equity (Liabilities around $425.9 million vs. equity around $263.2 million in the latest quarter), suggesting a leveraged position that warrants watching as revenue and profit momentum evolve.

Overall, PubMatic demonstrated a clear improvement into Q4 2024 with a positive bottom line, healthy gross margins, and solid cash generation. However, profitability volatility earlier in 2024 and a leveraged balance sheet are factors investors may want to monitor as the company continues to scale its platform and advertising revenue mix.

05/19/26 04:31 PM ETAI Generated. May Contain Errors.

PubMatic Financials - Frequently Asked Questions

According to the most recent income statement we have on file, PubMatic's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

PubMatic's net income appears to be on a downward trend, with a most recent value of $12.50 million in 2024, falling from $28.71 million in 2022. The previous period was $8.88 million in 2023. See PubMatic's forecast for analyst expectations on what's next for the company.

PubMatic's total operating income in 2024 was $3.93 million, based on the following breakdown:

Total Gross Profit: $190.23 million
Total Operating Expenses: $186.30 million

Over the last 2 years, PubMatic's total revenue changed from $256.38 million in 2022 to $291.26 million in 2024, a change of 13.6%.

PubMatic's total liabilities were at $462.26 million at the end of 2024, a 15.8% increase from 2023, and a 40.1% increase since 2022.

In the past 2 years, PubMatic's cash and equivalents has ranged from $78.51 million in 2023 to $100.45 million in 2024, and is currently $100.45 million as of their latest financial filing in 2024.

Over the last 2 years, PubMatic's book value per share changed from 5.94 in 2022 to 5.80 in 2024, a change of -2.3%.

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Financial statements for NASDAQ:PUBM last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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PubMatic (PUBM) Financials

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PubMatic (PUBM) Financials

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