PUBMNasdaqServices-Computer Programming, Data Processing, Etc.Fiscal year ends December 31
PubMatic, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$17.01+0.37 (+2.22%)
Close on Oct 19, 2026
- Market cap
- $784.26M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
63.6%−8.7 pts over 5 years
Operating margin
-6.1%−27.4 pts over 5 years
Net margin
-5.1%−23.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -2.9% | +3.3% | +13.7% | – | |
| Gross profit | -5.5% | +0.9% | +10.8% | – | |
| Free cash flow | +19.5% | +9.1% | +237.2% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 28.2% | -5.4% | |
| Return on assets | – | – | -2.0% | |
| Current ratio | – | 1.71 | 1.39 | |
| Capex to revenue | – | 16.3% | 5.1% | |
| Diluted shares | – | 17M | 47M |
Where the cash went
Fiscal 2021 to 2025, five years combined
PubMatic generated $411.50M from operations and spent $289.99M on capital expenditure, dividends and share buybacks. 38% of that went back into the business.
Generated
$411.50M
Used
$289.99M
Capital expenditure$108.84M38%Dividends$00%Share buybacks$181.15M62%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-5.1%
×Asset turnover0.40×
×Equity multiplier2.63×
=Return on equity, FY2025-5.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -5.1% | 0.40× | 2.63× | -5.4% |
| FY2024 | 4.3% | 0.41× | 2.50× | 4.4% |
| FY2023 | 3.3% | 0.40× | 2.20× | 2.9% |
| FY2022 | 11.2% | 0.43× | 2.09× | 10.1% |
| FY2021 | 24.9% | 0.49× | 2.13× | 26.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$14.46M
- Cash generatingOperating cash flow above zero$81.06M
- Return on assets improvedROA up on the prior year1.8% → -2.0%
- Earnings backed by cashOperating cash flow above net income$81.06M vs -$14.46M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.37 → 1.39
- No dilutionShare count did not rise54M → 47M
- Gross margin improvedGross margin up on the prior year65.31% → 63.56%
- More efficientAsset turnover rose0.42 → 0.38