Detailed financial statements for PubMatic, Inc. (PUBM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
PubMatic, Inc. operates a global cloud-based infrastructure designed to facilitate real-time programmatic advertising exchanges between online publishers and advertisers. Its comprehensive suite of solutions includes Openwrap, an enterprise-level header bidding tool with robust management and analytics capabilities, including specialized versions like Openwrap OTT for over-the-top media and Openwrap SDK for in-app developers.
Analysis Summary
PubMatic, Inc. reported revenue of $282.9M in the most recent fiscal year, growing at a 5-year CAGR of 13.7%.
Trailing-twelve-month margins: gross margin 64.4%, operating margin -4.9%, net margin -4.7%.
At the current price of $16.85, PUBM has negative trailing earnings (P/E not meaningful) and an ROE of -5.41%. Market capitalisation stands at $787M.
Balance sheet quality for PUBM: current ratio of 1.4, net cash position of $101.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $99.3M | $113.9M | $148.7M | $226.9M | $256.4M | $267.0M | $291.3M | $282.9M |
| Cost of Revenue | $31.2M | $36.1M | $41.2M | $58.3M | $81.5M | $99.2M | $101.0M | $103.1M |
| Gross Profit | $68.0M | $77.8M | $107.6M | $168.6M | $174.9M | $167.8M | $190.2M | $179.8M |
| Research & Development | $12.6M | $12.5M | $12.2M | $15.9M | $20.8M | $26.7M | $33.3M | $33.8M |
| Selling, General & Admin | $50.4M | $56.8M | $63.6M | $93.9M | $113.5M | $139.0M | $153.0M | $163.3M |
| Operating Expenses | $63.1M | $69.3M | $75.8M | $109.8M | $134.3M | $165.7M | $186.3M | $197.1M |
| Operating Income | $5.0M | $8.5M | $31.8M | $58.8M | $40.5M | $2.0M | $3.9M | -$17.3M |
| EBITDA | $12.3M | $21.8M | $47.5M | $80.5M | $77.5M | $55.3M | $63.1M | $27.8M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $5.6M | $9.2M | $31.6M | $64.8M | $37.5M | $10.5M | $17.8M | -$16.0M |
| Income Tax | $1.2M | $2.6M | $5.0M | $8.2M | $8.8M | $1.6M | $5.3M | -$1.5M |
| Net Income | $4.4M | $6.6M | $26.6M | $56.6M | $28.7M | $8.9M | $12.5M | -$14.5M |
| EPS | $0.09 | $0.14 | $0.55 | $1.13 | $0.55 | $0.17 | $0.25 | $-0.31 |
| EPS (Diluted) | $0.09 | $0.14 | $0.55 | $1.00 | $0.50 | $0.16 | $0.23 | $-0.31 |
| Shares Outstanding (Diluted) | $47.5M | $47.8M | $48.1M | $56.6M | $56.9M | $56.0M | $54.3M | $47.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $68.0M | $80.0M | $62.6M | $78.6M |
| Gross Profit | $42.6M | $54.6M | $36.5M | $52.7M |
| Operating Income | -$8.4M | $8.5M | -$14.8M | $579000 |
| EBITDA | $2.3M | $19.4M | -$5.1M | $21.9M |
| Net Income | -$6.5M | $6.7M | -$12.5M | -$1.2M |
| EPS | $-0.14 | $0.14 | $-0.27 | $-0.03 |
| EPS (Diluted) | $-0.14 | $0.14 | $-0.27 | $-0.03 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $21.2M | $34.2M | $81.2M | $82.5M | $92.4M | $78.5M | $100.5M | $145.5M |
| Short-term Investments | $14.3M | $21.2M | $19.8M | $77.1M | $82.0M | $96.8M | $40.1M | 0 |
| Receivables | $109.3M | $117.7M | $219.5M | $286.9M | $314.3M | $375.5M | $424.8M | $358.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $149.9M | $177.6M | $327.1M | $460.7M | $503.5M | $562.0M | $575.5M | $522.6M |
| Property, Plant & Equipment | $18.8M | $20.3M | $30.0M | $71.8M | $97.4M | $81.8M | $102.9M | $90.8M |
| Goodwill | $6.2M | $6.2M | $6.2M | $6.2M | $29.6M | $29.6M | $29.6M | $29.6M |
| Intangible Assets | $337000 | 0 | 0 | 0 | $8.3M | $5.9M | $4.3M | $2.7M |
| Total Assets | $178.2M | $207.4M | $371.2M | $550.2M | $642.2M | $695.2M | $739.5M | $680.2M |
| Accounts Payable | $81.9M | $99.4M | $176.7M | $244.3M | $277.4M | $347.7M | $386.6M | $343.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $7.0M |
| Total Current Liabilities | $90.5M | $110.5M | $191.6M | $267.0M | $302.0M | $379.6M | $418.8M | $375.9M |
| Long-term Debt | $276000 | 0 | $1.6M | 0 | 0 | 0 | 0 | $36.9M |
| Total Liabilities | $154.6M | $175.1M | $195.8M | $293.0M | $330.0M | $399.0M | $462.3M | $417.6M |
| Retained Earnings | $9.4M | $16.1M | $42.7M | $99.3M | $128.0M | $136.9M | $149.4M | $134.9M |
| Total Equity | $23.6M | $32.3M | $175.4M | $257.2M | $312.2M | $296.2M | $277.3M | $262.6M |
| Total Debt | $276000 | 0 | $1.6M | $21.7M | $26.6M | $21.8M | $45.4M | $43.9M |
| Net Debt | -$35.2M | -$55.5M | -$99.4M | -$137.9M | -$147.8M | -$153.5M | -$95.2M | -$101.7M |
| Working Capital | $59.5M | $67.1M | $135.5M | $193.8M | $201.5M | $182.4M | $156.7M | $146.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $136.5M | $145.5M | $144.9M | $120.0M |
| Total Assets | $676.2M | $680.2M | $659.4M | $700.0M |
| Total Liabilities | $431.1M | $417.6M | $408.4M | $461.3M |
| Total Equity | $245.1M | $262.6M | $251.0M | $238.7M |
| Total Debt | $44.6M | $43.9M | $42.4M | $40.9M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $4.4M | $6.6M | $26.6M | $56.6M | $28.7M | $8.9M | $12.5M | -$14.5M |
| Depreciation & Amortization | $12.3M | $12.7M | $15.7M | $23.1M | $34.2M | $44.8M | $45.4M | $43.8M |
| Stock-based Compensation | $3.2M | $2.0M | $3.6M | $14.1M | $20.6M | $28.9M | $37.7M | $38.4M |
| Change in Working Capital | -$4.7M | $9.6M | -$24.9M | -$6.5M | -$514000 | $4.2M | -$13.8M | $22.4M |
| Operating Cash Flow | $15.6M | $35.1M | $24.3M | $88.7M | $87.2M | $81.1M | $73.4M | $81.1M |
| Capital Expenditure | -$9.7M | -$15.0M | -$31.4M | -$39.4M | -$48.9M | -$28.3M | -$38.5M | -$14.3M |
| Acquisitions | $4.5M | -$500000 | 0 | 0 | -$28.1M | 0 | 0 | 0 |
| Stock Repurchased | -$301000 | -$5000 | -$3000 | -$858000 | 0 | -$59.3M | -$75.3M | -$46.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $5.9M | $20.1M | -$7.1M | $49.3M | $38.3M | $52.8M | $34.9M | $66.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $32.4M | $18.2M | $17.3M | $20.2M |
| Capital Expenditure | -$9.6M | -$24.9M | -$11000 | -$6.5M |
| Free Cash Flow | $22.8M | -$6.8M | $17.3M | $13.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $9.5M | $9.4M | $8.5M | $8.3M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +14.7% | +30.6% | +52.5% | +13.0% | +4.1% | +9.1% | -2.9% |
| Net Income Growth (YoY) | | +50.1% | +300.6% | +112.7% | -49.3% | -69.1% | +40.8% | -215.7% |
| EPS Growth (YoY) | | +50.4% | +292.9% | +105.5% | -51.3% | -69.1% | +47.1% | -224.0% |
| Shares Change (YoY) | | +0.7% | +0.5% | +17.8% | +0.5% | -1.5% | -3.1% | -13.4% |
| FCF Growth (YoY) | | +239.0% | -135.1% | +797.3% | -22.3% | +37.9% | -33.9% | +91.2% |
| Gross Margin | 68.5% | 68.3% | 72.3% | 74.3% | 68.2% | 62.8% | 65.3% | 63.6% |
| Operating Margin | 5.0% | 7.5% | 21.3% | 25.9% | 15.8% | 0.8% | 1.3% | -6.1% |
| EBITDA Margin | 12.3% | 19.2% | 31.9% | 35.5% | 30.2% | 20.7% | 21.7% | 9.8% |
| Net Margin | 4.5% | 5.8% | 17.9% | 24.9% | 11.2% | 3.3% | 4.3% | -5.1% |
| FCF Margin | 6.0% | 17.7% | -4.8% | 21.7% | 14.9% | 19.8% | 12.0% | 23.6% |
| Effective Tax Rate | 21.4% | 28.0% | 15.7% | 12.7% | 23.4% | 15.5% | 29.7% | 9.4% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.12 | $0.42 | $-0.15 | $0.87 | $0.67 | $0.94 | $0.64 | $1.42 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $47.5M | $47.8M | $48.1M | $50.2M | $52.3M | $51.8M | $49.2M | $47.0M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -5.41% |
| Return on Invested Capital | -4.95% |
| Return on Assets | -1.93% |
| Gross Margin | 64.43% |
| Operating Margin | -4.89% |
| Net Margin | -4.66% |
Financial Health
| Debt / Equity | 0.17 |
| Current Ratio | 1.27 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.47 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 316.33 | 210.36 | 50.84 | 30.13 | 23.29 | 95.94 | 58.76 | -28.61 |
| P/B | 59.17 | 43.58 | 7.66 | 6.64 | 2.15 | 2.85 | 2.61 | 1.59 |
| P/S | 14.10 | 12.37 | 9.04 | 7.53 | 2.61 | 3.16 | 2.48 | 1.47 |
| Gross Margin | 68.5% | 68.3% | 72.3% | 74.3% | 68.2% | 62.8% | 65.3% | 63.6% |
| Operating Margin | 5.0% | 7.5% | 21.3% | 25.9% | 15.8% | 0.8% | 1.3% | -6.1% |
| Net Margin | 4.5% | 5.8% | 17.9% | 24.9% | 11.2% | 3.3% | 4.3% | -5.1% |