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PubMatic, Inc.

PUBM

PubMatic, Inc. • NASDAQ
$9.02 ▼ -0.88% (-0.08)
Market Cap $427.13 M
52w High $17.32
52w Low $7.01
Dividend Yield 0%
P/E -47.47
Volume 203.18K
Outstanding Shares 47.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $67.96M ▼ $50.976M ▲ $-6.452M ▼ -9.494% ▼ $-0.14 ▼ $2.301M ▼
Q2-2025 $71.095M ▲ $49.944M ▼ $-5.208M ▲ -7.325% ▲ $-0.11 ▲ $6.4M ▲
Q1-2025 $63.825M ▼ $50.14M ▲ $-9.486M ▼ -14.863% ▼ $-0.2 ▼ $-227K ▼
Q4-2024 $85.502M ▲ $45.765M ▼ $13.899M ▲ 16.256% ▲ $0.29 ▲ $26.223M ▲
Q3-2024 $71.786M $47.643M $-912K -1.27% $-0.019 $10.018M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $136.548M ▲ $676.188M ▲ $431.128M ▼ $245.06M ▲
Q2-2025 $117.565M ▼ $675.22M ▲ $431.936M ▲ $243.284M ▼
Q1-2025 $144.126M ▲ $668.602M ▼ $393.001M ▼ $275.601M ▼
Q4-2024 $140.587M ▲ $739.519M ▲ $462.256M ▲ $277.263M ▲
Q3-2024 $140.377M $689.144M $425.943M $263.201M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.452M ▼ $32.374M ▲ $17.507M ▲ $-3.715M ▲ $46.072M ▲ $22.786M ▲
Q2-2025 $-5.208M ▲ $14.905M ▼ $9.941M ▲ $-36.716M ▼ $-11.335M ▼ $9.265M ▲
Q1-2025 $-9.486M ▼ $15.621M ▼ $-10.069M ▼ $-4.472M ▲ $1.359M ▼ $7.3M ▼
Q4-2024 $13.899M ▲ $18.048M ▼ $12.669M ▼ $-8.861M ▲ $21.538M ▲ $8.856M ▲
Q3-2024 $-912K $19.139M $15.515M $-29.261M $5.393M $2.866M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $60.00M ▲$70.00M ▲$70.00M ▲

Five-Year Company Overview

Income Statement

Income Statement PubMatic’s revenue has grown steadily over the past few years, but profit margins have come under pressure. Gross profit remains healthy, showing the core business can create value, yet operating profit has faded from solid levels to roughly breakeven more recently. Net income is still positive but much lower than in its early post‑IPO years, indicating higher spending, a tougher ad market, or both. Overall, this looks like a business trading near the line between investing for growth and squeezing profitability, with recent years tilted toward heavier investment and thinner earnings.

Balance Sheet

Balance Sheet The balance sheet looks conservative and fairly robust. Total assets have increased consistently, suggesting ongoing investment in infrastructure and capabilities. Cash levels are stable and meaningful, while debt remains low relative to the size of the business, limiting financial risk. Shareholders’ equity has grown versus the IPO period, though it has edged down from its peak, hinting at slimmer retained profits or capital returns. In simple terms, the company appears financially solid with no obvious balance sheet stress.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has been consistently positive and comfortably above accounting earnings, which is a good sign for the underlying economics of the business. After funding capital expenditures, free cash flow has been positive in each of the last several years, even as the company continues to invest heavily in its own infrastructure. This means PubMatic is funding growth largely from its own cash rather than relying heavily on borrowing or new equity, though continued investment needs could still shift this balance if conditions change.

Competitive Edge

Competitive Edge PubMatic occupies a focused, publisher‑centric niche within the crowded ad‑tech ecosystem. Its owned infrastructure and AI‑driven platform can provide cost and performance advantages versus rivals that rely mainly on public clouds. The company’s position is strengthened by its relationships with publishers, its omnichannel capabilities (especially in video and connected TV), and tools that help advertisers optimize their paths to inventory. At the same time, it competes against much larger platforms and faces constant price and technology pressure, so maintaining differentiation and scale will be critical as the market evolves.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of PubMatic’s strategy. It has invested heavily in its own global infrastructure, advanced AI decisioning (including work with NVIDIA), and products such as PubMatic Cloud, Identity Hub, Connect, and Activate that extend its role across the ad supply chain. The company is leaning into trends like the shift away from third‑party cookies, the rise of first‑party data, connected TV, and AI‑driven workflows, and is even helping define new standards like the Ad Context Protocol. The opportunity is significant, but it requires sustained R&D and capex, so the key question is whether these bets translate into durable revenue growth and improved margins over time.

Summary

PubMatic is a growing, profitable ad‑tech platform that has chosen to differentiate itself through heavy investment in owned infrastructure and AI‑driven products. Financially, it combines steady revenue growth and strong cash generation with much thinner recent profitability, reflecting both industry headwinds and its own spending to build long‑term capabilities. The balance sheet appears conservative with modest debt and solid cash, giving it room to keep investing. Strategically, its publisher‑first focus, infrastructure advantage, and emphasis on identity, data, and connected TV give it a credible competitive story, but it operates in a fast‑moving, intensely competitive market where technology cycles and regulatory shifts can quickly alter the landscape. Observers may want to watch how effectively the company converts its innovation pipeline into renewed margin strength and sustained, high‑quality growth.

NEWS

November 13, 2025 · 4:15 PM UTC

PubMatic to Participate in Upcoming Financial Conferences

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November 10, 2025 · 4:05 PM UTC

PubMatic Announces Third Quarter 2025 Financial Results

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October 24, 2025 · 10:11 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Reminds Investors with Losses on their Investment in PubMatic, Inc. of Class Action Lawsuit and Upcoming Deadlines - PUBM

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October 21, 2025 · 8:00 AM UTC

PubMatic Scales Pause Advertising Campaigns Across Connected TV with dentsu First to Partner

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October 20, 2025 · 12:02 PM UTC

INVESTOR ALERT: Pomerantz Law Firm Reminds Investors with Losses on their Investment in PubMatic, Inc. of Class Action Lawsuit and Upcoming Deadlines – PUBM

Read more