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PubMatic (PUBM) Financials

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$18.68 0.00 (-0.02%)
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Annual Income Statements for PubMatic

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 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 6.64 27 57 29 8.88 13 -14
Consolidated Net Income / (Loss)		 6.64 27 57 29 8.88 13 -14
Net Income / (Loss) Continuing Operations		 6.64 27 57 29 8.88 13 -14
Total Pre-Tax Income 		9.22 32 65 37 11 18 -16
Total Operating Income		 8.51 32 59 41 2.04 3.93 -17
Total Gross Profit		 78 108 169 175 168 190 180
Total Revenue		 114 149 227 256 267 291 283
Operating Revenue		 114 149 227 256 267 291 283
Total Cost of Revenue		 36 41 58 82 99 101 103
Operating Cost of Revenue		 36 41 58 82 99 101 103
Total Operating Expenses		 69 76 110 134 166 186 197
Selling, General & Admin Expense		 20 20 36 45 56 58 60
Marketing Expense		 36 43 58 69 83 95 103
Research & Development Expense		 12 12 16 21 27 33 34
Total Other Income / (Expense), net		 0.71 -0.18 6.01 -3.05 8.47 14 1.31
Interest & Investment Income		 1.29 0.54 - 2.21 8.83 8.48 5.46
Other Income / (Expense), net		 -0.58 -0.71 5.71 -5.27 -0.36 5.37 -4.15
Income Tax Expense		 2.58 4.97 8.20 8.76 1.62 5.27 -1.49
Basic Earnings per Share		 $0.04 $0.51 $1.13 $0.55 $0.17 $0.25 ($0.31)
Weighted Average Basic Shares Outstanding		 10.04M 12.64M 50.18M 52.28M 51.76M 49.21M 47.01M
Diluted Earnings per Share		 $0.04 $0.46 $1.00 $0.50 $0.16 $0.23 ($0.31)
Weighted Average Diluted Shares Outstanding		 12.17M 17.13M 56.63M 56.91M 56.03M 54.29M 47.01M
Weighted Average Basic & Diluted Shares Outstanding		 - - 51.87M 52.83M 50.01M 48.53M 47.41M

Quarterly Income Statements for PubMatic

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 19 -2.45 1.97 -0.91 14 -9.49 -5.21 -6.45 6.68 -13 -1.20
Consolidated Net Income / (Loss)		 19 -2.45 1.97 -0.91 14 -9.49 -5.21 -6.45 6.68 -13 -1.20
Net Income / (Loss) Continuing Operations		 19 -2.45 1.97 -0.91 14 -9.49 -5.21 -6.45 6.68 -13 -1.20
Total Pre-Tax Income 		23 -2.70 2.38 -0.33 18 -11 -6.07 -8.16 9.60 -15 1.88
Total Operating Income		 20 -5.53 -3.99 -1.37 15 -12 -5.46 -8.42 8.52 -15 0.58
Total Gross Profit		 60 41 42 46 61 38 44 43 55 36 53
Total Revenue		 85 67 67 72 86 64 71 68 80 63 79
Operating Revenue		 85 67 67 72 86 64 71 68 80 63 79
Total Cost of Revenue		 24 25 25 26 25 26 27 25 25 26 26
Operating Cost of Revenue		 24 25 25 26 25 26 27 25 25 26 26
Total Operating Expenses		 40 47 46 48 46 50 50 51 46 52 52
Selling, General & Admin Expense		 13 14 14 15 14 15 16 16 15 15 17
Marketing Expense		 20 25 23 24 24 27 25 26 25 29 26
Research & Development Expense		 6.85 7.96 8.66 8.81 7.83 8.77 9.12 9.62 6.32 7.99 9.15
Total Other Income / (Expense), net		 2.63 2.82 6.37 1.04 3.62 0.58 -0.61 0.26 1.07 0.16 1.30
Interest & Investment Income		 - 2.56 2.34 1.97 - 1.59 1.38 1.20 1.29 1.22 1.21
Other Income / (Expense), net		 0.12 0.26 4.03 -0.93 2.01 -1.01 -1.99 -0.94 -0.21 -1.05 0.09
Income Tax Expense		 4.34 -0.25 0.41 0.59 4.52 -1.84 -0.86 -1.71 2.91 -2.60 3.08
Basic Earnings per Share		 $0.36 ($0.05) $0.04 ($0.02) $0.28 ($0.20) ($0.11) ($0.14) $0.14 ($0.27) ($0.03)
Weighted Average Basic Shares Outstanding		 51.76M 50.04M 49.78M 49.06M 49.21M 48.35M 47.19M 45.93M 47.01M 47.12M 46.11M
Diluted Earnings per Share		 $0.35 ($0.05) $0.04 ($0.02) $0.26 ($0.20) ($0.11) ($0.14) $0.14 ($0.27) ($0.03)
Weighted Average Diluted Shares Outstanding		 56.03M 50.04M 55.58M 49.06M 54.29M 48.35M 47.19M 45.93M 47.01M 47.12M 46.11M
Weighted Average Basic & Diluted Shares Outstanding		 50.01M 49.93M 49.58M 47.77M 48.53M 48.53M 45.72M 46.41M 47.41M 46.44M 45.55M

Annual Cash Flow Statements for PubMatic

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 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 13 47 1.32 9.88 -14 22 44
Net Cash From Operating Activities		 35 24 89 87 81 73 81
Net Cash From Continuing Operating Activities		 35 24 89 87 81 73 81
Net Income / (Loss) Continuing Operations		 6.64 27 57 29 8.88 13 -14
Consolidated Net Income / (Loss)		 6.64 27 57 29 8.88 13 -14
Depreciation Expense		 13 16 23 34 45 45 44
Amortization Expense		 -0.34 -0.15 -0.05 -0.58 -4.09 -4.12 -0.82
Non-Cash Adjustments To Reconcile Net Income		 6.40 4.07 11 33 41 44 45
Changes in Operating Assets and Liabilities, net		 9.75 -22 -1.71 -7.68 -9.16 -25 7.89
Net Cash From Investing Activities		 -22 -30 -97 -81 -39 22 6.07
Net Cash From Continuing Investing Activities		 -22 -30 -97 -81 -39 22 6.07
Purchase of Property, Plant & Equipment		 -15 -31 -39 -49 -28 -39 -35
Purchase of Investments		 -38 -37 -91 -138 -141 -142 -26
Sale and/or Maturity of Investments		 31 38 33 133 130 203 67
Net Cash From Financing Activities		 -0.00 52 9.36 4.04 -56 -73 -43
Net Cash From Continuing Financing Activities		 -0.00 52 9.36 4.04 -56 -73 -43
Repayment of Debt		 0.00 4.27 -0.01 -0.12 -0.13 -0.13 -0.14
Repurchase of Common Equity		 -0.01 -0.00 -0.05 0.00 -59 -77 -46
Issuance of Common Equity		 0.00 46 4.00 2.96 1.87 2.37 2.15
Other Financing Activities, net		 0.00 2.41 5.42 1.20 1.55 1.77 1.76

Quarterly Cash Flow Statements for PubMatic

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -19 1.69 -6.67 5.39 22 1.08 -12 46 9.02 -0.35 -41
Net Cash From Operating Activities		 29 24 12 19 18 16 15 32 18 17 20
Net Cash From Continuing Operating Activities		 29 24 12 19 18 16 15 32 18 17 4.12
Net Income / (Loss) Continuing Operations		 19 -2.45 1.97 -0.91 14 -9.49 -5.21 -6.45 6.68 -13 -1.20
Consolidated Net Income / (Loss)		 19 -2.45 1.97 -0.91 14 -9.49 -5.21 -6.45 6.68 -13 -1.20
Depreciation Expense		 11 11 11 11 11 12 12 10 9.77 9.99 10
Amortization Expense		 -1.03 -1.23 -1.23 -1.09 -0.57 -0.45 -0.37 -0.00 - 0.00 -0.11
Non-Cash Adjustments To Reconcile Net Income		 8.92 11 11 11 11 11 12 11 11 9.65 -8.81
Changes in Operating Assets and Liabilities, net		 -8.95 5.97 -12 -1.24 -18 2.48 -2.91 18 -9.31 10 4.23
Net Cash From Investing Activities		 -31 -3.87 -2.00 16 13 -10 9.94 18 -11 -9.59 -24
Net Cash From Continuing Investing Activities		 -31 -3.87 -2.00 16 13 -10 9.94 18 -11 -9.59 -24
Purchase of Property, Plant & Equipment		 -9.14 -8.03 -5.03 -16 -9.19 -8.32 -5.64 -9.59 -11 -6.59 -6.55
Acquisitions		 - - - - - 0.00 - - - -3.00 -0.50
Purchase of Investments		 -64 -34 -62 -21 -24 -15 -11 - - 0.00 -17
Net Cash From Financing Activities		 -17 -19 -17 -29 -8.86 -4.47 -37 -3.72 2.17 -8.06 -21
Net Cash From Continuing Financing Activities		 -17 -19 -17 -29 -8.86 -4.47 -37 -3.72 2.17 -8.06 -21
Repurchase of Common Equity		 -18 -20 -18 -30 -9.93 -5.00 -39 -4.00 1.15 -8.50 -22
Other Financing Activities, net		 0.34 0.94 0.34 0.30 0.19 0.56 0.61 0.32 0.26 0.48 0.33
Cash Income Taxes Paid		 4.11 1.03 4.76 4.54 3.84 0.89 6.33 1.07 - 1.45 0.67

Annual Balance Sheets for PubMatic

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 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 371 550 642 695 740 680
Total Current Assets		 327 461 503 562 576 523
Cash & Equivalents		 81 83 92 79 100 146
Short-Term Investments		 20 77 82 97 40 0.00
Accounts Receivable		 220 287 314 375 425 358
Prepaid Expenses		 6.62 14 15 11 10 19
Plant, Property, & Equipment, net		 30 50 71 61 59 53
Total Noncurrent Assets		 14 39 68 73 105 105
Goodwill		 6.25 6.25 30 30 30 30
Intangible Assets		 - 0.00 8.30 5.86 4.28 2.70
Noncurrent Deferred & Refundable Income Taxes		 0.76 0.52 1.05 14 25 31
Other Noncurrent Operating Assets		 7.08 33 29 23 47 42
Total Liabilities & Shareholders' Equity		 371 550 642 695 740 680
Total Liabilities		 196 293 330 399 462 418
Total Current Liabilities		 192 267 302 380 419 376
Accounts Payable		 177 244 277 348 387 344
Accrued Expenses		 15 19 19 26 26 25
Other Current Liabilities		 - 3.86 5.68 6.24 5.84 6.95
Total Noncurrent Liabilities		 4.24 26 28 19 43 42
Capital Lease Obligations		 - - - 16 40 37
Other Noncurrent Operating Liabilities		 2.68 20 27 3.84 3.91 4.85
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 175 257 312 296 277 263
Total Preferred & Common Equity		 175 257 312 296 277 263
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 175 257 312 296 277 263
Common Stock		 144 169 196 230 275 321
Retained Earnings		 43 99 128 137 149 135
Treasury Stock		 -11 -11 -11 -71 -147 -193
Accumulated Other Comprehensive Income / (Loss)		 0.00 -0.04 -0.01 -0.00 -0.64 0.07

Quarterly Balance Sheets for PubMatic

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 577 584 613 626 673 689 669 675 676 659 700
Total Current Assets		 440 443 474 489 532 530 505 513 520 504 538
Cash & Equivalents		 79 106 98 80 74 79 102 90 137 145 120
Short-Term Investments		 94 65 74 94 92 61 42 27 0.00 - 18
Accounts Receivable		 253 258 291 303 352 377 349 383 363 337 383
Prepaid Expenses		 14 14 12 12 15 13 12 12 21 22 17
Plant, Property, & Equipment, net		 69 66 62 57 60 63 54 52 51 50 59
Total Noncurrent Assets		 69 75 77 81 81 96 109 111 104 105 104
Goodwill		 30 30 30 30 30 30 30 30 30 30 30
Intangible Assets		 7.05 6.65 6.26 5.47 5.07 4.68 3.89 3.49 3.10 2.31 1.91
Noncurrent Deferred & Refundable Income Taxes		 4.95 13 15 19 23 25 30 34 28 32 32
Other Noncurrent Operating Assets		 27 25 26 27 24 37 46 44 43 41 40
Total Liabilities & Shareholders' Equity		 577 584 613 626 673 689 669 675 676 659 700
Total Liabilities		 271 289 324 337 390 426 393 432 431 408 461
Total Current Liabilities		 248 269 304 316 370 393 350 389 388 369 422
Accounts Payable		 223 240 273 289 341 361 324 361 356 343 390
Accrued Expenses		 19 23 25 20 23 26 20 21 26 19 24
Other Current Liabilities		 5.71 5.84 5.67 - - - 6.24 6.39 6.33 7.60 7.84
Total Noncurrent Liabilities		 24 20 21 22 20 33 43 43 43 40 39
Capital Lease Obligations		 - - - 18 16 29 39 39 38 35 33
Other Noncurrent Operating Liabilities		 24 20 21 4.07 4.05 4.20 4.19 4.34 4.45 4.80 6.40
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 306 295 289 289 283 263 276 243 245 251 239
Total Preferred & Common Equity		 306 295 289 289 283 263 276 243 245 251 239
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 306 295 289 289 283 263 276 243 245 251 239
Common Stock		 204 213 221 241 253 264 286 299 310 331 342
Retained Earnings		 122 116 118 134 136 135 140 135 128 122 121
Treasury Stock		 -19 -35 -51 -87 -107 -136 -150 -191 -193 -202 -224
Accumulated Other Comprehensive Income / (Loss)		 0.01 -0.03 -0.01 -0.03 -0.03 -0.03 -0.37 0.16 0.07 -0.09 -0.16

Annual Metrics And Ratios for PubMatic

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

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 30.63% 52.55% 12.99% 4.15% 9.08% -2.86%
EBITDA Growth		 0.00% 130.19% 87.67% -21.26% -38.55% 19.31% -57.38%
EBIT Growth		 0.00% 291.36% 107.79% -45.35% -95.24% 454.38% -330.28%
NOPAT Growth		 0.00% 336.59% 91.89% -39.55% -94.46% 60.50% -537.31%
Net Income Growth		 0.00% 300.62% 112.69% -49.29% -69.06% 40.80% -215.66%
EPS Growth		 0.00% 1,050.00% 117.39% -50.00% -68.00% 43.75% -234.78%
Operating Cash Flow Growth		 0.00% -30.73% 264.49% -1.66% -6.98% -9.49% 10.40%
Free Cash Flow Firm Growth		 0.00% 0.00% 159.23% -132.56% 133.19% -1,311.87% 127.44%
Invested Capital Growth		 0.00% 0.00% 31.04% 41.25% -0.97% 29.13% -12.62%
Revenue Q/Q Growth		 0.00% 0.00% 9.30% -0.49% 4.01% 0.31% -1.89%
EBITDA Q/Q Growth		 0.00% 0.00% 20.25% -17.51% 12.30% -5.37% -30.80%
EBIT Q/Q Growth		 0.00% 0.00% 22.43% -33.55% 152.26% -28.55% -65.88%
NOPAT Q/Q Growth		 0.00% 0.00% 8.24% -26.42% 234.08% -62.51% -57.17%
Net Income Q/Q Growth		 0.00% 0.00% 19.95% -35.00% 200.03% -27.75% -99.56%
EPS Q/Q Growth		 0.00% 0.00% 14.94% -35.06% 433.33% -28.13% -63.16%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 28.85% -9.47% 12.97% -12.64% 0.14%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -4,127.04% -61.88% -10.13% 172.58%
Invested Capital Q/Q Growth		 0.00% 0.00% 15.99% 8.92% 16.41% 11.40% 4.92%
Profitability Metrics		 - - - - - - -
Gross Margin		 68.29% 72.31% 74.30% 68.21% 62.84% 65.31% 63.56%
EBITDA Margin		 17.79% 31.36% 38.58% 26.88% 15.86% 17.35% 7.61%
Operating Margin		 7.47% 21.35% 25.91% 15.80% 0.76% 1.35% -6.10%
EBIT Margin		 6.97% 20.87% 28.43% 13.75% 0.63% 3.19% -7.57%
Profit (Net Income) Margin		 5.83% 17.89% 24.95% 11.20% 3.33% 4.29% -5.11%
Tax Burden Percent		 72.03% 84.27% 87.35% 76.61% 84.54% 70.35% 90.65%
Interest Burden Percent		 116.26% 101.73% 100.47% 106.28% 626.42% 191.18% 74.52%
Effective Tax Rate		 27.97% 15.73% 12.65% 23.39% 15.46% 29.65% 0.00%
Return on Invested Capital (ROIC)		 0.00% 71.89% 59.71% 26.38% 1.26% 1.77% -7.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 72.18% 55.68% 27.78% -3.03% -5.70% -5.05%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -41.55% -33.54% -16.30% 1.66% 2.59% 1.96%
Return on Equity (ROE)		 0.00% 30.34% 26.17% 10.08% 2.92% 4.36% -5.36%
Cash Return on Invested Capital (CROIC)		 0.00% -128.11% 32.84% -7.81% 2.23% -23.66% 6.15%
Operating Return on Assets (OROA)		 0.00% 8.36% 14.00% 5.91% 0.25% 1.30% -3.02%
Return on Assets (ROA)		 0.00% 7.17% 12.29% 4.81% 1.33% 1.74% -2.04%
Return on Common Equity (ROCE)		 0.00% 30.34% 26.17% 10.08% 2.92% 4.36% -5.36%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 15.17% 22.01% 9.19% 3.00% 4.51% 0.00%
Net Operating Profit after Tax (NOPAT)		 6.13 27 51 31 1.72 2.76 -12
NOPAT Margin		 5.38% 17.99% 22.63% 12.11% 0.64% 0.95% -4.27%
Net Nonoperating Expense Percent (NNEP)		 0.00% -0.29% 4.03% -1.40% 4.29% 7.47% -2.27%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 9.94% 0.55% 0.87% -4.03%
Cost of Revenue to Revenue		 31.71% 27.69% 25.70% 31.79% 37.16% 34.69% 36.44%
SG&A Expenses to Revenue		 17.83% 13.62% 15.76% 17.53% 21.05% 19.80% 21.33%
R&D to Revenue		 10.94% 8.24% 7.00% 8.13% 10.01% 11.42% 11.95%
Operating Expenses to Revenue		 60.82% 50.96% 48.39% 52.40% 62.08% 63.97% 69.66%
Earnings before Interest and Taxes (EBIT)		 7.93 31 65 35 1.68 9.30 -21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 20 47 88 69 42 51 22
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 0.94 6.79 2.16 2.80 2.53 1.57
Price to Tangible Book Value (P/TBV)		 0.00 0.98 6.96 2.45 3.18 2.88 1.79
Price to Revenue (P/Rev)		 1.04 1.11 7.70 2.63 3.10 2.41 1.46
Price to Earnings (P/E)		 17.76 6.20 30.86 23.46 93.23 56.12 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 5.63% 16.13% 3.24% 4.26% 1.07% 1.78% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.86 16.27 3.62 4.90 3.41 1.97
Enterprise Value to Revenue (EV/Rev)		 0.00 0.43 7.00 1.95 2.50 2.06 1.07
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 1.37 18.13 7.24 15.78 11.89 14.07
Enterprise Value to EBIT (EV/EBIT)		 0.00 2.06 24.61 14.15 398.45 64.61 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 2.39 30.91 16.07 388.20 217.42 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 2.63 17.90 5.72 8.24 8.18 3.74
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 56.20 0.00 218.92 0.00 29.86
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.05 0.14 0.14
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.05 0.14 0.14
Financial Leverage		 0.00 -0.58 -0.60 -0.59 -0.55 -0.45 -0.39
Leverage Ratio		 0.00 2.12 2.13 2.09 2.20 2.50 2.63
Compound Leverage Factor		 0.00 2.15 2.14 2.23 13.77 4.78 1.96
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 5.01% 12.48% 12.32%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 5.01% 12.48% 12.32%
Preferred Equity to Total Capital		 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%
Common Equity to Total Capital		 0.00% 100.00% 100.00% 100.00% 94.99% 87.52% 87.68%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.37 0.78 1.71
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 -3.77 -2.00 -5.04
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.37 0.78 1.71
Debt to NOPAT		 0.00 0.00 0.00 0.00 9.07 14.31 -3.06
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 -92.80 -36.58 8.99
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 9.07 14.31 -3.06
Altman Z-Score		 0.00 1.78 5.05 2.46 2.23 1.88 1.44
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.00 1.71 1.73 1.67 1.48 1.37 1.39
Quick Ratio		 0.00 1.67 1.67 1.62 1.45 1.35 1.34
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -48 28 -9.19 3.05 -37 10
Operating Cash Flow to CapEx		 234.24% 77.48% 225.30% 178.37% 286.77% 190.58% 232.55%
Free Cash Flow to Firm to Interest Expense		 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
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.40 0.49 0.43 0.40 0.41 0.40
Accounts Receivable Turnover		 0.00 0.68 0.90 0.85 0.77 0.73 0.72
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 4.95 5.66 4.23 4.05 4.88 5.09
Accounts Payable Turnover		 0.00 0.23 0.28 0.31 0.32 0.28 0.28
Days Sales Outstanding (DSO)		 0.00 538.64 407.31 427.97 471.45 501.45 505.11
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 1,566.23 1,317.75 1,168.13 1,149.65 1,326.43 1,292.77
Cash Conversion Cycle (CCC)		 0.00 -1,027.59 -910.44 -740.17 -678.20 -824.98 -787.67
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 0.00 74 98 138 136 176 154
Invested Capital Turnover		 0.00 4.00 2.64 2.18 1.95 1.86 1.71
Increase / (Decrease) in Invested Capital		 0.00 74 23 40 -1.33 40 -22
Enterprise Value (EV)		 0.00 64 1,587 499 668 601 303
Market Capitalization		 118 165 1,747 673 828 702 412
Book Value per Share		 $0.00 $13.88 $5.01 $5.94 $5.84 $5.80 $5.66
Tangible Book Value per Share		 $0.00 $13.38 $4.89 $5.22 $5.14 $5.10 $4.96
Total Capital		 0.00 175 257 312 312 317 299
Total Debt		 0.00 0.00 0.00 0.00 16 40 37
Total Long-Term Debt		 0.00 0.00 0.00 0.00 16 40 37
Net Debt		 0.00 -101 -160 -174 -160 -101 -109
Capital Expenditures (CapEx)		 15 31 39 49 28 39 35
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 35 34 27 7.02 16 1.28
Debt-free Net Working Capital (DFNWC)		 0.00 136 194 201 182 157 147
Net Working Capital (NWC)		 0.00 136 194 201 182 157 147
Net Nonoperating Expense (NNE)		 -0.51 0.15 -5.25 2.34 -7.16 -9.74 2.38
Net Nonoperating Obligations (NNO)		 0.00 -101 -160 -174 -160 -101 -109
Total Depreciation and Amortization (D&A)		 12 16 23 34 41 41 43
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 23.23% 15.05% 10.55% 2.63% 5.54% 0.45%
Debt-free Net Working Capital to Revenue		 0.00% 91.12% 85.40% 78.58% 68.30% 53.81% 51.89%
Net Working Capital to Revenue		 0.00% 91.12% 85.40% 78.58% 68.30% 53.81% 51.89%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $1.13 $0.55 $0.17 $0.25 ($0.31)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 50.18M 52.28M 51.76M 49.21M 47.01M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $1.00 $0.50 $0.16 $0.23 ($0.31)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 56.63M 56.91M 56.03M 54.29M 47.01M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 51.87M 52.83M 50.01M 48.53M 47.41M
Normalized Net Operating Profit after Tax (NOPAT)		 6.13 27 51 31 1.72 2.76 -12
Normalized NOPAT Margin		 5.38% 17.99% 22.63% 12.11% 0.64% 0.95% -4.27%
Pre Tax Income Margin		 8.10% 21.23% 28.56% 14.61% 3.93% 6.10% -5.64%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 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
EBIT Less CapEx to Interest Expense		 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
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.08% 0.01% 0.09% 0.00% 667.36% 619.64% -321.52%

Quarterly Metrics And Ratios for PubMatic

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - 48,527,293.00 48,533,649.00 45,723,032.00 - 47,405,424.00 46,443,325.00
DEI Adjusted Shares Outstanding		 - - - - - 48,527,293.00 48,533,649.00 45,723,032.00 - 47,405,424.00 46,443,325.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -0.20 -0.11 -0.14 - -0.26 -0.03
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 13.87% 20.38% 6.22% 12.73% 1.07% -4.31% 5.69% -5.33% -6.38% -1.97% 10.55%
EBITDA Growth		 17.91% 718.24% 296.91% -20.21% -9.38% -135.98% -60.14% -86.24% -34.64% -273.92% 161.06%
EBIT Growth		 31.23% 52.71% 100.58% -535.73% -18.09% -145.24% -17,423.26% -307.67% -50.56% -26.39% 108.97%
NOPAT Growth		 31.91% 48.23% 34.00% -77.81% -32.58% -115.44% -15.98% -516.78% -46.85% -28.31% 90.32%
Net Income Growth		 46.33% 58.20% 134.43% -151.41% -25.68% -286.55% -364.23% -607.46% -51.91% -31.88% 76.92%
EPS Growth		 59.09% 54.55% 136.36% -166.67% -25.71% -300.00% -375.00% -600.00% -46.15% -35.00% 72.73%
Operating Cash Flow Growth		 48.12% 90.48% -24.63% -19.74% -37.06% -35.70% 24.79% 69.15% 0.62% 10.72% 35.59%
Free Cash Flow Firm Growth		 164.66% 79.42% 28.56% -578.80% -259.71% -301.30% -42.98% 113.16% 198.55% 147.09% 206.73%
Invested Capital Growth		 -0.97% 4.46% 13.34% 34.94% 29.13% 22.30% 17.46% -7.21% -12.62% -17.18% -18.57%
Revenue Q/Q Growth		 32.86% -21.16% 0.85% 6.72% 19.11% -25.35% 11.39% -4.41% 17.78% -21.84% 25.61%
EBITDA Q/Q Growth		 204.73% -84.57% 115.52% -21.25% 246.07% -106.13% 338.76% -72.82% 1,544.18% -135.04% 266.69%
EBIT Q/Q Growth		 5,786.98% -125.66% 100.82% -5,437.21% 832.72% -176.81% 42.33% -25.60% 188.85% -296.39% 104.09%
NOPAT Q/Q Growth		 3,182.76% -123.35% 14.78% 71.01% 1,268.92% -174.60% 54.12% -54.17% 200.73% -280.10% 96.54%
Net Income Q/Q Growth		 954.23% -113.12% 180.32% -146.27% 1,624.01% -168.25% 45.10% -23.89% 203.60% -287.16% 90.39%
EPS Q/Q Growth		 1,066.67% -114.29% 180.00% -150.00% 1,400.00% -176.92% 45.00% -27.27% 200.00% -292.86% 88.89%
Operating Cash Flow Q/Q Growth		 20.25% -15.28% -50.84% 60.24% -5.70% -13.45% -4.58% 117.20% -43.91% -4.76% 16.85%
Free Cash Flow Firm Q/Q Growth		 104.45% -184.10% -101.74% -111.85% 31.80% -37.68% 28.12% 119.51% 410.52% -34.22% 62.93%
Invested Capital Q/Q Growth		 16.41% -2.52% 0.73% 12.89% 11.40% -3.46% -3.26% -10.82% 4.92% -8.49% -4.89%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 71.39% 61.88% 62.60% 64.47% 70.84% 59.91% 62.57% 62.62% 68.17% 58.29% 67.07%
EBITDA Margin		 36.10% 7.06% 15.09% 11.14% 32.36% -2.66% 5.69% 1.62% 22.59% -10.13% 13.44%
Operating Margin		 24.13% -8.28% -5.92% -1.90% 17.31% -18.65% -7.68% -12.39% 10.65% -24.41% 0.74%
EBIT Margin		 24.27% -7.90% 0.06% -3.20% 19.67% -20.24% -10.48% -13.77% 10.39% -26.09% 0.85%
Profit (Net Income) Margin		 22.11% -3.68% 2.93% -1.27% 16.26% -14.86% -7.33% -9.49% 8.35% -19.99% -1.53%
Tax Burden Percent		 81.15% 90.79% 82.71% 279.75% 75.46% 83.77% 85.80% 79.09% 69.64% 82.79% -63.90%
Interest Burden Percent		 112.25% 51.32% 5,541.86% 14.20% 109.54% 87.67% 81.49% 87.20% 115.46% 92.56% 281.59%
Effective Tax Rate		 18.85% 0.00% 17.29% 0.00% 24.54% 0.00% 0.00% 0.00% 30.36% 0.00% 163.90%
Return on Invested Capital (ROIC)		 38.13% -11.85% -10.49% -2.81% 24.34% -24.35% -10.31% -16.40% 12.71% -30.95% -0.91%
ROIC Less NNEP Spread (ROIC-NNEP)		 36.85% -12.73% -13.85% -2.84% 22.24% -23.44% -9.06% -15.85% 12.00% -29.26% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -20.24% 6.91% 7.52% 1.42% -10.11% 10.60% 3.81% 6.34% -4.66% 11.98% 0.00%
Return on Equity (ROE)		 17.89% -4.95% -2.97% -1.39% 14.22% -13.75% -6.50% -10.06% 8.05% -18.97% -0.91%
Cash Return on Invested Capital (CROIC)		 2.23% -0.56% -6.14% -24.39% -23.66% -21.01% -9.77% 2.44% 6.15% 9.50% 13.63%
Operating Return on Assets (OROA)		 9.69% -3.65% 0.03% -1.43% 7.98% -9.02% -4.54% -5.82% 4.14% -11.07% 0.36%
Return on Assets (ROA)		 8.83% -1.70% 1.32% -0.57% 6.60% -6.62% -3.18% -4.01% 3.33% -8.48% -0.64%
Return on Common Equity (ROCE)		 17.89% -4.95% -2.97% -1.39% 14.22% -13.75% -6.50% -10.06% 8.05% -18.97% -0.91%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 4.26% 7.07% 6.58% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 17 -3.87 -3.30 -0.96 11 -8.33 -3.82 -5.89 5.94 -11 -0.37
NOPAT Margin		 19.58% -5.80% -4.90% -1.33% 13.06% -13.05% -5.38% -8.67% 7.42% -17.09% -0.47%
Net Nonoperating Expense Percent (NNEP)		 1.28% 0.88% 3.36% 0.03% 2.09% -0.90% -1.25% -0.55% 0.71% -1.69% -0.91%
Return On Investment Capital (ROIC_SIMPLE)		 5.31% - - - 3.53% -2.65% -1.35% -2.08% 1.98% -3.74% -0.14%
Cost of Revenue to Revenue		 28.61% 38.12% 37.40% 35.53% 29.16% 40.09% 37.43% 37.38% 31.83% 41.71% 32.93%
SG&A Expenses to Revenue		 15.11% 21.03% 21.32% 21.08% 16.57% 22.83% 21.98% 23.00% 18.13% 23.65% 21.45%
R&D to Revenue		 8.09% 11.93% 12.87% 12.28% 9.16% 13.74% 12.82% 14.15% 7.89% 12.76% 11.64%
Operating Expenses to Revenue		 47.26% 70.17% 68.52% 66.37% 53.53% 78.56% 70.25% 75.01% 57.52% 82.70% 66.34%
Earnings before Interest and Taxes (EBIT)		 21 -5.27 0.04 -2.30 17 -13 -7.45 -9.36 8.31 -16 0.67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 31 4.71 10 8.00 28 -1.70 4.05 1.10 18 -6.34 11
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.80 4.17 3.59 2.80 2.53 1.61 2.48 1.54 1.57 1.54 2.55
Price to Tangible Book Value (P/TBV)		 3.18 4.75 4.09 3.22 2.88 1.83 2.87 1.78 1.79 1.77 2.94
Price to Revenue (P/Rev)		 3.10 4.33 3.59 2.54 2.41 1.54 2.07 1.31 1.46 1.38 2.11
Price to Earnings (P/E)		 93.23 97.91 50.72 42.60 56.12 81.06 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 1.07% 1.02% 1.97% 2.35% 1.78% 1.23% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 4.90 7.58 6.22 4.00 3.41 1.99 3.19 1.91 1.97 1.97 3.77
Enterprise Value to Revenue (EV/Rev)		 2.50 3.79 3.09 2.18 2.06 1.17 1.80 0.97 1.07 0.99 1.75
Enterprise Value to EBITDA (EV/EBITDA)		 15.78 22.05 15.72 11.84 11.89 7.66 13.81 9.01 14.07 16.44 21.55
Enterprise Value to EBIT (EV/EBIT)		 398.45 139.72 58.31 48.60 64.61 205.26 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 388.20 203.50 103.83 85.80 217.42 0.00 54.83 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.24 11.38 9.82 7.52 8.18 5.22 7.75 3.46 3.74 3.36 5.73
Enterprise Value to Free Cash Flow (EV/FCFF)		 218.92 0.00 0.00 0.00 0.00 0.00 0.00 75.26 29.86 18.79 24.80
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.05 0.08 0.08 0.13 0.14 0.14 0.16 0.16 0.14 0.14 0.14
Long-Term Debt to Equity		 0.05 0.06 0.06 0.11 0.14 0.14 0.16 0.16 0.14 0.14 0.14
Financial Leverage		 -0.55 -0.54 -0.54 -0.50 -0.45 -0.45 -0.42 -0.40 -0.39 -0.41 -0.38
Leverage Ratio		 2.20 2.02 2.18 2.36 2.50 2.29 2.56 2.69 2.63 2.52 2.85
Compound Leverage Factor		 2.47 1.04 120.65 0.34 2.74 2.01 2.09 2.34 3.04 2.33 8.03
Debt to Total Capital		 5.01% 7.81% 7.52% 11.84% 12.48% 12.30% 13.77% 13.50% 12.32% 12.17% 12.08%
Short-Term Debt to Total Capital		 0.00% 2.18% 2.22% 2.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 5.01% 5.62% 5.30% 9.71% 12.48% 12.30% 13.77% 13.50% 12.32% 12.17% 12.08%
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% 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% 0.00%
Common Equity to Total Capital		 94.99% 92.19% 92.48% 88.16% 87.52% 87.70% 86.23% 86.50% 87.68% 87.83% 87.92%
Debt to EBITDA		 0.37 0.51 0.41 0.66 0.78 0.88 1.02 1.23 1.71 2.06 1.40
Net Debt to EBITDA		 -3.77 -3.13 -2.57 -1.97 -2.00 -2.39 -2.07 -3.16 -5.04 -6.52 -4.47
Long-Term Debt to EBITDA		 0.37 0.37 0.29 0.54 0.78 0.88 1.02 1.23 1.71 2.06 1.40
Debt to NOPAT		 9.07 4.72 2.74 4.80 14.31 -26.38 4.06 -4.98 -3.06 -2.41 -3.21
Net Debt to NOPAT		 -92.80 -28.88 -16.99 -14.25 -36.58 71.98 -8.22 12.79 8.99 7.62 10.25
Long-Term Debt to NOPAT		 9.07 3.40 1.93 3.93 14.31 -26.38 4.06 -4.98 -3.06 -2.41 -3.21
Altman Z-Score		 2.32 3.19 2.55 1.96 1.92 1.62 1.74 1.41 1.58 1.42 1.65
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.48 1.55 1.44 1.35 1.37 1.44 1.32 1.34 1.39 1.37 1.27
Quick Ratio		 1.45 1.51 1.40 1.32 1.35 1.41 1.29 1.29 1.34 1.31 1.23
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 18 -9.81 -20 -42 -29 -39 -28 5.52 28 19 30
Operating Cash Flow to CapEx		 313.75% 302.47% 237.41% 117.61% 196.34% 187.73% 264.27% 337.65% 160.60% 262.44% 308.69%
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 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 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 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.40 0.46 0.45 0.45 0.41 0.45 0.43 0.42 0.40 0.42 0.42
Accounts Receivable Turnover		 0.77 1.00 0.93 0.87 0.73 0.88 0.80 0.78 0.72 0.82 0.75
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 4.05 4.45 4.49 4.64 4.88 5.20 5.23 5.03 5.09 5.39 5.25
Accounts Payable Turnover		 0.32 0.39 0.35 0.32 0.28 0.33 0.29 0.29 0.28 0.31 0.27
Days Sales Outstanding (DSO)		 471.45 364.79 394.17 419.98 501.45 412.87 459.04 467.91 505.11 444.49 483.82
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 1,149.65 926.63 1,050.79 1,153.34 1,326.43 1,105.17 1,248.45 1,276.43 1,292.77 1,173.77 1,333.25
Cash Conversion Cycle (CCC)		 -678.20 -561.85 -656.63 -733.37 -824.98 -692.30 -789.41 -808.52 -787.67 -729.27 -849.43
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 136 139 140 158 176 170 165 147 154 141 134
Invested Capital Turnover		 1.95 2.04 2.14 2.11 1.86 1.87 1.92 1.89 1.71 1.81 1.94
Increase / (Decrease) in Invested Capital		 -1.33 5.94 16 41 40 31 24 -11 -22 -29 -31
Enterprise Value (EV)		 668 1,054 871 632 601 338 525 280 303 278 505
Market Capitalization		 828 1,204 1,014 737 702 444 604 379 412 388 609
Book Value per Share		 $5.84 $5.77 $5.66 $5.31 $5.80 $5.68 $5.01 $5.36 $5.66 $5.29 $5.14
Tangible Book Value per Share		 $5.14 $5.07 $4.97 $4.62 $5.10 $4.99 $4.33 $4.65 $4.96 $4.62 $4.46
Total Capital		 312 313 306 299 317 314 282 283 299 286 272
Total Debt		 16 24 23 35 40 39 39 38 37 35 33
Total Long-Term Debt		 16 18 16 29 40 39 39 38 37 35 33
Net Debt		 -160 -150 -143 -105 -101 -105 -79 -98 -109 -110 -105
Capital Expenditures (CapEx)		 9.14 8.03 5.03 16 9.19 8.32 5.64 9.59 11 6.59 6.55
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 7.02 5.89 3.03 3.04 16 11 6.65 -4.52 1.28 -9.56 -22
Debt-free Net Working Capital (DFNWC)		 182 180 169 143 157 155 124 132 147 135 116
Net Working Capital (NWC)		 182 173 162 137 157 155 124 132 147 135 116
Net Nonoperating Expense (NNE)		 -2.14 -1.41 -5.27 -0.04 -2.73 1.15 1.39 0.56 -0.75 1.82 0.83
Net Nonoperating Obligations (NNO)		 -160 -150 -143 -105 -101 -105 -79 -98 -109 -110 -105
Total Depreciation and Amortization (D&A)		 10 9.98 10 10 11 11 11 10 9.77 9.99 9.90
Debt-free, Cash-free Net Working Capital to Revenue		 2.63% 2.11% 1.07% 1.05% 5.54% 3.81% 2.28% -1.57% 0.45% -3.39% -7.52%
Debt-free Net Working Capital to Revenue		 68.30% 64.66% 59.75% 49.39% 53.81% 53.79% 42.51% 45.78% 51.89% 48.04% 40.03%
Net Working Capital to Revenue		 68.30% 62.21% 57.34% 47.20% 53.81% 53.79% 42.51% 45.78% 51.89% 48.04% 40.03%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.36 ($0.05) $0.04 ($0.02) $0.28 ($0.20) ($0.11) ($0.14) $0.14 ($0.27) ($0.03)
Adjusted Weighted Average Basic Shares Outstanding		 51.76M 50.04M 49.78M 49.06M 49.21M 48.35M 47.19M 45.93M 47.01M 47.12M 46.11M
Adjusted Diluted Earnings per Share		 $0.35 ($0.05) $0.04 ($0.02) $0.26 ($0.20) ($0.11) ($0.14) $0.14 ($0.27) ($0.03)
Adjusted Weighted Average Diluted Shares Outstanding		 56.03M 50.04M 55.58M 49.06M 54.29M 48.35M 47.19M 45.93M 47.01M 47.12M 46.11M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 50.01M 49.93M 49.58M 47.77M 48.53M 48.53M 45.72M 46.41M 47.41M 46.44M 45.55M
Normalized Net Operating Profit after Tax (NOPAT)		 17 -3.87 -3.30 -0.96 11 -8.33 -3.82 -5.89 5.94 -11 0.41
Normalized NOPAT Margin		 19.58% -5.80% -4.90% -1.33% 13.06% -13.05% -5.38% -8.67% 7.42% -17.09% 0.52%
Pre Tax Income Margin		 27.24% -4.05% 3.54% -0.45% 21.54% -17.74% -8.54% -12.00% 11.99% -24.15% 2.39%
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 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 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 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 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% 0.00%
Augmented Payout Ratio		 667.36% 577.48% 369.15% 493.08% 619.64% 1,148.25% -4,868.95% -794.56% -321.52% -285.93% -247.40%

Financials Breakdown Chart

Key Financial Trends

PubMatic’s latest results show improving revenue growth and gross margins, but profitability remains fragile. Q2 2026 revenue increased to $78.6 million from $71.1 million in Q2 2025 and $63.3 million in Q2 2023. Gross profit rose to $52.7 million, lifting the gross margin to approximately 67.1%, compared with 62.6% in Q2 2025 and 60.5% in Q2 2023.

Operating performance also improved sequentially. PubMatic reported operating income of $579,000 in Q2 2026, compared with an operating loss of $15.3 million in Q1 2026. However, the company still posted a net loss of $1.2 million, or $0.03 per share. The improvement from the $12.5 million net loss in Q1 is encouraging, but the company has not yet established consistent GAAP profitability.

The balance sheet remains supported by liquid assets, although liquidity has tightened. Cash and short-term investments totaled approximately $137.5 million at June 30, 2026, down from roughly $170.9 million in Q2 2023 but above the $117.6 million reported in Q2 2025. Current liabilities increased to $422.1 million, leaving a current ratio of about 1.3. Accounts payable represented $390.0 million of current liabilities, making working-capital management an important consideration.

Cash flow was mixed. PubMatic generated $20.2 million of reported operating cash flow in Q2 2026, but spent $24.5 million on investing activities and $20.6 million on financing activities. The company repurchased $22.0 million of stock during the quarter, contributing to a $40.9 million decline in cash and equivalents. Investors should also note that the cash-flow data includes a discrepancy between continuing operating cash flow and total operating cash flow, so the reported cash-flow classifications warrant additional review.

  • Revenue growth has strengthened: Q2 revenue increased approximately 10.6% year over year and is up from $55.4 million in Q1 2023, indicating continued expansion in the company’s advertising technology business.
  • Gross-margin improvement is significant: Q2 2026 gross margin reached approximately 67.1%, well above the roughly 57.0% reported in Q2 2022 and 60.5% in Q2 2023.
  • Operating losses have narrowed materially: PubMatic moved from a $15.3 million operating loss in Q1 2026 to a $579,000 operating profit in Q2 2026.
  • Operating cash flow remains positive: The company reported $20.2 million of operating cash flow in Q2 2026, following $17.3 million in Q1 and $18.2 million in Q4 2025.
  • Share count is declining: Weighted-average basic shares fell to 46.1 million in Q2 2026 from 47.2 million in Q1 2026 and Q2 2025, helped by ongoing repurchases.
  • Interest and investment income provides support: PubMatic generated $1.2 million of interest and investment income in Q2 2026, but this income is not a substitute for sustainable operating profitability.
  • Seasonality remains a factor: The company has often produced stronger fourth-quarter results than first- and second-quarter results, making full-year performance more informative than any single quarter.
  • GAAP profitability remains inconsistent: PubMatic recorded net losses in Q1 and Q2 2026, as well as Q1 and Q2 2025, despite revenue growth and positive operating cash flow.
  • Cash declined sharply during Q2: Cash and equivalents fell from $144.9 million at March 31, 2026, to $120.0 million at June 30, while total cash and short-term investments declined by approximately $8.8 million.
  • Buybacks are consuming substantial cash: PubMatic repurchased $30.5 million of stock during the first half of 2026 while reporting net losses, capital expenditures and a $40.9 million quarterly decrease in cash.
10/09/26 02:49 PM ETAI Generated. May Contain Errors.

PubMatic Financials - Frequently Asked Questions

According to the most recent income statement we have on file, PubMatic's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

PubMatic's net income appears to be on a downward trend, with a most recent value of -$14.46 million in 2025, compared with $6.64 million in 2019. The previous period was $12.50 million in 2024. See where experts think PubMatic is headed by visiting PubMatic's forecast page.

PubMatic's total operating income in 2025 was -$17.26 million, based on the following breakdown:
  • Total Gross Profit: $179.84 million
  • Total Operating Expenses: $197.10 million

Over the last 6 years, PubMatic's total revenue changed from $113.87 million in 2019 to $282.93 million in 2025, a change of 148.5%.

In the past 13 quarters, PubMatic's cash and equivalents has ranged from $73.52 million in Q2 2024 to $144.88 million in Q1 2026, and is currently $119.97 million as of their latest financial filing in Q2 2026.

PubMatic had total debt of $36.91 million at the end of 2025, a 6.6% decrease from 2024, and none in 2019.

Over the last 6 years, PubMatic's book value per share changed from 0.00 in 2019 to 5.66 in 2025, a change of 565.7%.


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Financial statements for NASDAQ:PUBM last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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