A Business at a Glance
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Table of Contents SUMMARY OF RISK FACTORS The following is a summary of the principal risks described below in Part I, Item 1A “Risk Factors” in this Annual Report on Form 10-K. We believe that the risks described in the “Risk Factors” section are material to investors, but other factors not presently known to us or that we currently believe are immaterial may also adversely affect us. The following summary should not be considered an exhaustive summary of the material risks facing us, and it should be read in conjunction with the “Risk Factors” section and the other information contained in this Annual Report on Form 10-K. •Our revenue and results of operations are highly dependent on the overall demand for advertising. •If our existing customers do not expand their usage of our platform, or if we fail to attract new customers, our growth will suffer.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 283M | 283M | 291M | 267M | 256M | 227M |
| Net Income | -14M | -14M | 13M | 8.9M | 29M | 57M |
| EPS | $-0.31 | $-0.31 | $0.23 | $0.16 | $0.50 | $1.00 |
| Free Cash Flow | 67M | 67M | 56M | 71M | 51M | 58M |
| ROIC | -11.6% | -5.5% | 4.5% | 3.0% | 22.5% | 52.6% |
| Gross Margin | 63.6% | 63.6% | 65.3% | 62.8% | 68.2% | 74.3% |
| Debt/Equity | 0.00 | 1.59 | 1.67 | 1.35 | 1.06 | 1.14 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -17M | -17M | 3.9M | 2.0M | 41M | 59M |
| Operating Margin | -6.1% | -6.1% | 1.3% | 0.8% | 15.8% | 25.9% |
| ROE | -5.5% | -5.4% | 4.5% | 3.0% | 9.2% | 22.0% |
| Shares Outstanding | 47M | 47M | 54M | 56M | 57M | 57M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 114M | 149M | 227M | 256M | 267M | 291M | 283M | 283M |
| Gross Margin | 68.3% | 72.3% | 74.3% | 68.2% | 62.8% | 65.3% | 63.6% | 63.6% |
| R&D | 12M | 12M | 16M | 21M | 27M | 33M | 34M | 34M |
| SG&A | 20M | 20M | 36M | 45M | 56M | 58M | 60M | 60M |
| EBIT | 8.5M | 32M | 59M | 41M | 2.0M | 3.9M | -17M | -17M |
| Op. Margin | 7.5% | 21.3% | 25.9% | 15.8% | 0.8% | 1.3% | -6.1% | -6.1% |
| Net Income | 439K | 27M | 57M | 29M | 8.9M | 13M | -14M | -14M |
| Net Margin | 0.4% | 17.9% | 24.9% | 11.2% | 3.3% | 4.3% | -5.1% | -5.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | 68.4% | 35.9% | 52.6% | 22.5% | 3.0% | 4.5% | -5.5% | -11.6% |
| ROE | 4.9% | 15.2% | 22.0% | 9.2% | 3.0% | 4.5% | -5.4% | -5.5% |
| ROA | N/A | 7.2% | 10.3% | 4.5% | 1.3% | 1.7% | -2.0% | -2.1% |
| Cash Flow | ||||||||
| Op. Cash Flow | 35M | 24M | 89M | 87M | 81M | 73M | 81M | 81M |
| Free Cash Flow | 26M | 153K | 58M | 51M | 71M | 56M | 67M | 67M |
| Owner Earnings | 26M | 5.0M | 52M | 32M | 7.5M | -9.6M | -1.1M | -1.1M |
| CapEx | 9.6M | 24M | 30M | 36M | 11M | 18M | 14M | 14M |
| Maint. CapEx | 6.9M | 16M | 23M | 34M | 45M | 45M | 44M | 44M |
| Growth CapEx | 2.7M | 8.4M | 7.4M | 1.6M | 0 | 0 | 0 | 0 |
| D&A | 6.9M | 16M | 23M | 34M | 45M | 45M | 44M | 44M |
| CapEx/OCF | N/A | 99.4% | 34.3% | 41.1% | 13.1% | 24.0% | 17.7% | 17.7% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 5K | 3K | 52K | 0 | 59M | 75M | 46M | 46M |
| Buyback Yield | N/A | 0.0% | 0.0% | N/A | 6.4% | 9.2% | 11.1% | 11.3% |
| Stock-Based Comp | 2.0M | 3.6M | 14M | 21M | 29M | 38M | 38M | 38M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -146M |
| Cash & Equiv. | 34M | 81M | 83M | 92M | 79M | 100M | 146M | 146M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.15 | 1.12 | 1.14 | 1.06 | 1.35 | 1.67 | 1.59 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | 0.2 | 0.5 | -3.2 | -3.2 |
| Equity | 13M | 175M | 257M | 312M | 296M | 277M | 263M | 263M |
| Total Assets | -618K | 371M | 550M | 642M | 695M | 740M | 680M | 680M |
| Total Liabilities | 2.0M | 196M | 293M | 330M | 399M | 462M | 418M | 418M |
| Intangibles | 562K | 6.3M | 6.3M | 38M | 35M | 34M | 32M | 32M |
| Retained Earnings | N/A | 43M | 99M | 128M | 137M | 149M | 135M | 135M |
| Working Capital | N/A | 136M | 194M | 201M | 182M | 157M | 147M | 147M |
| Current Assets | N/A | 327M | 461M | 503M | 562M | 576M | 523M | 523M |
| Current Liabilities | 384K | 192M | 267M | 302M | 380M | 419M | 376M | 376M |
| Per Share Data | ||||||||
| EPS | 0.04 | 0.46 | 1.00 | 0.50 | 0.16 | 0.23 | -0.31 | -0.31 |
| Owner EPS | 2.39 | 0.09 | 0.91 | 0.56 | 0.13 | -0.18 | -0.02 | -0.02 |
| Book Value | 1.21 | 3.03 | 4.54 | 5.44 | 5.34 | 5.10 | 5.63 | 5.63 |
| Cash Flow/Share | 3.20 | 0.42 | 1.57 | 1.52 | 1.46 | 1.35 | 1.74 | 0.63 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 11.0M | 57.9M | 56.6M | 57.4M | 55.5M | 54.4M | 46.7M | 46.7M |
| Valuation | ||||||||
| P/E Ratio | N/A | 61.3 | 34.3 | 24.9 | 104.4 | 65.7 | N/A | -28.4 |
| P/FCF | N/A | N/A | 33.3 | 13.9 | 13.2 | 14.7 | 6.3 | 6.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 9.3 | 7.5 | 2.3 | 3.1 | 3.0 | 1.6 | 1.6 |
| Price/Sales | N/A | 10.6 | 9.3 | 4.6 | 3.1 | 3.4 | 1.8 | 1.4 |
| FCF Yield | N/A | 0.0% | 3.0% | 7.2% | 7.6% | 6.8% | 15.9% | 16.3% |
| Market Cap | N/A | 1.6B | 1.9B | 715M | 928M | 821M | 419M | 410M |
| Avg. Price | N/A | 27.31 | 37.16 | 20.44 | 14.98 | 18.28 | 10.67 | 8.79 |
| Year-End Price | N/A | 28.21 | 34.27 | 12.46 | 16.71 | 15.10 | 8.98 | 8.79 |
PubMatic, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 5.2x vs a median of 13.9x. The company's 5-year average ROIC is 15.4% with a gross margin of 66.8%. Total shareholder yield (buybacks) is 11.3%. At current prices, the estimated annualized return to fair value is +47.3%.
PubMatic, Inc. (PUBM) has a 5-year average return on invested capital (ROIC) of 15.4%. This indicates strong capital allocation and a potential competitive advantage.
PubMatic, Inc. (PUBM) has a market capitalization of $410M. It is classified as a small-cap stock.
PubMatic, Inc. (PUBM) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 11.34%.
PubMatic, Inc. (PUBM) operates in the Services-Computer Programming, Data Processing, Etc. industry, within the Technology sector.
PubMatic, Inc. (PUBM) reported annual revenue of $283 million in its most recent fiscal year, based on SEC EDGAR filings.
PubMatic, Inc. (PUBM) has a net profit margin of -5.1%. The company is currently unprofitable.
PubMatic, Inc. (PUBM) generated $67 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PubMatic, Inc. (PUBM) has a debt-to-equity ratio of 1.59. This indicates higher leverage, which may increase financial risk.
PubMatic, Inc. (PUBM) reported earnings per share (EPS) of $-0.31 in its most recent fiscal year.
PubMatic, Inc. (PUBM) has a return on equity (ROE) of -5.4%. A negative ROE may indicate losses or negative equity.
PubMatic, Inc. (PUBM) has a 5-year average gross margin of 66.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for PubMatic, Inc. (PUBM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PubMatic, Inc. (PUBM) has a book value per share of $5.63, based on its most recent annual SEC filing.