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MGNI

Magnite, Inc.

MGNI

Magnite, Inc. • NASDAQ
$14.69 ▲ 0.10% (+0.01)
Market Cap $2.08 B
52w High $26.65
52w Low $8.22
Dividend Yield 0%
P/E 36.72
Volume 1.39M
Outstanding Shares 141.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $179.494M ▲ $85.097M ▼ $20.058M ▲ 11.175% ▲ $0.14 ▲ $41.152M ▲
Q2-2025 $173.332M ▲ $86.42M ▼ $11.139M ▲ 6.426% ▲ $0.079 ▲ $32.108M ▲
Q1-2025 $155.771M ▼ $94.336M ▲ $-9.634M ▼ -6.185% ▼ $-0.07 ▼ $13.534M ▼
Q4-2024 $193.968M ▲ $85.964M ▲ $36.407M ▲ 18.77% ▲ $0.26 ▲ $63.861M ▲
Q3-2024 $162.003M $84.336M $5.214M 3.218% $0.037 $27.628M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $482.127M ▲ $2.921B ▼ $2.113B ▼ $807.954M ▲
Q2-2025 $426.004M ▼ $2.927B ▲ $2.159B ▲ $768.467M ▲
Q1-2025 $429.708M ▼ $2.675B ▼ $1.933B ▼ $741.753M ▼
Q4-2024 $483.22M ▲ $2.855B ▲ $2.087B ▲ $768.218M ▲
Q3-2024 $387.244M $2.738B $2.012B $725.876M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $20.058M ▲ $86.622M ▲ $-30.486M ▼ $345K ▲ $56.123M ▲ $68.382M ▲
Q2-2025 $11.139M ▲ $18.528M ▲ $-16.057M ▲ $-7.935M ▲ $-3.704M ▲ $2.471M ▲
Q1-2025 $-9.634M ▼ $2.561M ▼ $-17.198M ▼ $-39.45M ▼ $-53.512M ▼ $-14.637M ▼
Q4-2024 $36.407M ▲ $114.697M ▲ $-6.833M ▲ $-9.457M ▲ $95.976M ▲ $108.296M ▲
Q3-2024 $5.214M $91.348M $-18.113M $-13.801M $60.78M $77.306M

Five-Year Company Overview

Income Statement

Income Statement Magnite’s revenue has climbed steadily over the past several years, showing that the business is scaling, especially in digital video and connected TV. Profitability has been more uneven: the company spent several years in the red as it invested heavily, then moved back into modest profit at the operating and net income level most recently. Underneath that, cash-style earnings (like EBITDA) have been consistently positive and improving, which suggests the core operations are stronger than past net losses might imply. Margins, however, have swung around quite a bit, reflecting both the cyclical nature of advertising and the integration costs of acquisitions. Overall, the income statement tells a story of a company transitioning from a heavy investment phase to one where growth and profitability are starting to coexist, but with a track record that still shows volatility and execution risk.

Balance Sheet

Balance Sheet Magnite’s balance sheet shows a company that has bulked up through acquisitions and now operates at a much larger scale than a few years ago. It holds a meaningful cash balance, providing a cushion for downturns and flexibility for ongoing investment. At the same time, it carries a notable level of debt relative to its early years, which has remained fairly steady in recent periods rather than being rapidly paid down. Shareholders’ equity is solidly positive, indicating the balance sheet is not stretched to an extreme, but leverage is a factor that needs monitoring in any weaker ad market. In short, the balance sheet looks reasonably sound for a scaled ad-tech player, but not risk-free given the combination of debt and exposure to a cyclical industry.

Cash Flow

Cash Flow Magnite’s cash flow profile is a key strength. Operating cash flow has been positive and gradually improving, which shows that the underlying business reliably converts its activity into actual cash. Free cash flow has also been positive for several years, helped by relatively modest capital spending needs; the platform does not require heavy physical investment to grow. This gives the company room to fund product development, service its debt, and selectively pursue strategic initiatives without constantly relying on outside financing. The main risk is that cash generation is tied to advertising demand, so a sharp downturn in ad budgets could reduce this cushion, but recent history points to a business that is now structurally cash-generative.

Competitive Edge

Competitive Edge Magnite is positioned as the largest independent sell-side ad platform, which gives it a distinct role versus the big “walled garden” platforms like Google. Its strength is on the publisher side, especially in connected TV, where it has deep relationships with major streaming services and a reputation for being a neutral partner focused on maximizing publisher revenue. Scale and independence create a network effect: more premium inventory attracts more ad spend, which in turn reinforces publisher loyalty. However, the company still operates in a fiercely competitive market, facing both other independent ad-tech firms and large integrated platforms that can bundle buying and selling tools. Ongoing industry trends like supply-path optimization and consolidation can benefit a scaled player like Magnite, but they can also intensify pricing pressure and make it harder for smaller or less differentiated offerings to stand out.

Innovation and R&D

Innovation and R&D Magnite has leaned heavily into product and technology innovation, particularly around connected TV and video. The SpringServe ad server and its deeper integration with Magnite’s streaming platform are central bets aimed at simplifying workflows for major media owners and improving yield. Tools like ClearLine (direct access for agencies), advanced AI-driven optimization, and contextual targeting show a focus on both making ad buying more efficient and helping publishers earn more from each impression. The company is also investing in new ad formats, identity and data solutions, and emerging areas like live sports and commerce media, signaling a push to stay ahead of industry shifts such as cookie deprecation. The upside of this strategy is a potentially durable technology edge; the downside is ongoing execution, integration, and adoption risk if key products fail to gain broad traction or if competitors match these capabilities quickly.

Summary

Magnite’s recent financials suggest a company moving from heavy investment and integration toward a more mature phase where growth and profitability are beginning to line up. Revenue has grown steadily, cash flow is solid and improving, and the balance sheet is supported by a meaningful cash position, albeit with leverage that needs watching. Strategically, Magnite occupies an important niche as a leading independent sell-side platform with particular strength in connected TV, backed by deep relationships with top-tier publishers. Its competitive edge rests on scale, independence, and a strong product suite, especially in CTV and AI-driven optimization, but the firm still faces intense competition, cyclical ad spending, and the usual risks that come with rapid innovation. Overall, the picture is of a scaled ad-tech platform with growing operational strength and clear strategic opportunities, offset by industry cyclicality and the need to keep executing well on its technology roadmap and debt management.

NEWS

October 30, 2025 · 8:30 AM UTC

ITN and Magnite Empower Advertisers with Programmatic Access to Local Linear TV through New Private Marketplace

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October 29, 2025 · 8:00 AM UTC

Magnite to Participate in Upcoming Financial Conferences

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October 8, 2025 · 12:30 AM UTC

Digital News Publishers Association (DNPA) Adopts Magnite Access to Streamline Access to Premium Inventory and Audience Data

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October 6, 2025 · 8:00 AM UTC

Magnite to Announce Third Quarter 2025 Financial Results on November 5, 2025

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October 1, 2025 · 8:00 AM UTC

Magnite To Unify Curation and Activation Within ClearLine

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