(PUBM) Pubmatic - Overview
Stock: SSP, Header Bidding, Identity Hub, Commerce Media
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 64.1% |
| Relative Tail Risk | -22.2% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.87 |
| Alpha | -78.00 |
| Character TTM | |
|---|---|
| Beta | 1.348 |
| Beta Downside | 1.220 |
| Drawdowns 3y | |
|---|---|
| Max DD | 73.86% |
| CAGR/Max DD | -0.33 |
Description: PUBM Pubmatic December 26, 2025
PubMatic Inc. (NASDAQ: PUBM) operates a cloud-based infrastructure that powers real-time programmatic advertising transactions for publishers and buyers worldwide. Its flagship Sell-Side Platform (SSP) enables the automated sale of digital inventory, while complementary products-OpenWrap (header bidding), Connect (data insights), Activate (direct-deal execution), Convert (commerce-media), and Identity Hub (alternative ID management)-expand the value chain across formats such as mobile, desktop, video, OTT, and connected TV.
According to the company’s most recent Form 10-K (FY 2023) and Q2 2024 earnings release, PubMatic generated $354 million in revenue for the full year, representing a 12 % year-over-year increase driven primarily by growth in CTV and video inventory. The firm reported an adjusted EBITDA margin of roughly 14 % and held $300 million in cash and short-term investments, giving it a liquidity runway of over 12 months at current burn rates. These metrics are subject to revision pending the FY 2024 full-year results, which have not yet been filed.
Key macro drivers for PubMatic’s market include: (1) the continued expansion of programmatic ad spend, projected by eMarketer to reach $165 billion globally in 2025, (2) accelerated adoption of connected-TV and over-the-top video, which command higher CPMs than traditional display, and (3) heightened privacy regulation (e.g., iOS 14.5, GDPR) that elevates demand for server-side solutions like Identity Hub. Conversely, any slowdown in advertiser budgets or further fragmentation of identity solutions could pressure margins.
For a deeper, data-driven assessment of PubMatic’s valuation and risk profile, you may find ValueRay’s analytical dashboard worth exploring.
Piotroski VR‑10 (Strict, 0-10) 5.5
| Net Income: -7.25m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA 0.52 > 1.0 |
| NWC/Revenue: 45.78% < 20% (prev 47.20%; Δ -1.41% < -1%) |
| CFO/TA 0.12 > 3% & CFO 80.9m > Net Income -7.25m |
| Net Debt (-92.0m) to EBITDA (34.7m): -2.65 < 3 |
| Current Ratio: 1.34 > 1.5 & < 3 |
| Outstanding Shares: last quarter (45.9m) vs 12m ago -6.37% < -2% |
| Gross Margin: 64.44% > 18% (prev 0.65%; Δ 6379 % > 0.5%) |
| Asset Turnover: 42.24% > 50% (prev 42.13%; Δ 0.11% > 0%) |
| Interest Coverage Ratio: -2.99 > 6 (EBITDA TTM 34.7m / Interest Expense TTM -3.59m) |
Altman Z'' 2.11
| A: 0.20 (Total Current Assets 520.4m - Total Current Liabilities 388.4m) / Total Assets 676.2m |
| B: 0.19 (Retained Earnings 128.2m / Total Assets 676.2m) |
| C: -0.02 (EBIT TTM -10.7m / Avg Total Assets 682.7m) |
| D: 0.30 (Book Value of Equity 128.3m / Total Liabilities 431.1m) |
| Altman-Z'' Score: 2.11 = BBB |
Beneish M -3.14
| DSRI: 0.97 (Receivables 362.6m/376.8m, Revenue 288.4m/290.4m) |
| GMI: 1.02 (GM 64.44% / 65.46%) |
| AQI: 1.06 (AQ_t 0.10 / AQ_t-1 0.09) |
| SGI: 0.99 (Revenue 288.4m / 290.4m) |
| TATA: -0.13 (NI -7.25m - CFO 80.9m) / TA 676.2m) |
| Beneish M-Score: -3.14 (Cap -4..+1) = AA |
What is the price of PUBM shares?
Over the past week, the price has changed by -10.61%, over one month by -26.50%, over three months by -12.06% and over the past year by -59.03%.
Is PUBM a buy, sell or hold?
- StrongBuy: 4
- Buy: 2
- Hold: 5
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the PUBM price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 12.2 | 87.5% |
| Analysts Target Price | 12.2 | 87.5% |
| ValueRay Target Price | 5 | -23.4% |
PUBM Fundamental Data Overview February 03, 2026
P/S = 1.1685
P/B = 1.411
P/EG = 5.3444
Revenue TTM = 288.4m USD
EBIT TTM = -10.7m USD
EBITDA TTM = 34.7m USD
Long Term Debt = 44.6m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 6.33m USD (from shortTermDebt, last quarter)
Debt = 44.6m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -92.0m USD (from netDebt column, last quarter)
Enterprise Value = 245.0m USD (337.0m + Debt 44.6m - CCE 136.5m)
Interest Coverage Ratio = -2.99 (Ebit TTM -10.7m / Interest Expense TTM -3.59m)
EV/FCF = 5.08x (Enterprise Value 245.0m / FCF TTM 48.2m)
FCF Yield = 19.68% (FCF TTM 48.2m / Enterprise Value 245.0m)
FCF Margin = 16.72% (FCF TTM 48.2m / Revenue TTM 288.4m)
Net Margin = -2.51% (Net Income TTM -7.25m / Revenue TTM 288.4m)
Gross Margin = 64.44% ((Revenue TTM 288.4m - Cost of Revenue TTM 102.5m) / Revenue TTM)
Gross Margin QoQ = 62.62% (prev 62.57%)
Tobins Q-Ratio = 0.36 (Enterprise Value 245.0m / Total Assets 676.2m)
Interest Expense / Debt = 3.20% (Interest Expense 1.43m / Debt 44.6m)
Taxrate = 29.65% (5.27m / 17.8m)
NOPAT = -7.54m (EBIT -10.7m * (1 - 29.65%)) [loss with tax shield]
Current Ratio = 1.34 (Total Current Assets 520.4m / Total Current Liabilities 388.4m)
Debt / Equity = 0.18 (Debt 44.6m / totalStockholderEquity, last quarter 245.1m)
Debt / EBITDA = -2.65 (Net Debt -92.0m / EBITDA 34.7m)
Debt / FCF = -1.91 (Net Debt -92.0m / FCF TTM 48.2m)
Total Stockholder Equity = 260.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -1.06% (Net Income -7.25m / Total Assets 676.2m)
RoE = -2.78% (Net Income TTM -7.25m / Total Stockholder Equity 260.3m)
RoCE = -3.52% (EBIT -10.7m / Capital Employed (Equity 260.3m + L.T.Debt 44.6m))
RoIC = -2.90% (negative operating profit) (NOPAT -7.54m / Invested Capital 260.3m)
WACC = 9.87% (E(337.0m)/V(381.6m) * Re(10.88%) + D(44.6m)/V(381.6m) * Rd(3.20%) * (1-Tc(0.30)))
Discount Rate = 10.88% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -8.56%
[DCF Debug] Terminal Value 67.80% ; FCFF base≈47.2m ; Y1≈39.0m ; Y5≈28.2m
Fair Price DCF = 12.47 (EV 383.9m - Net Debt -92.0m = Equity 475.9m / Shares 38.2m; r=9.87% [WACC]; 5y FCF grow -20.84% → 2.90% )
EPS Correlation: -11.58 | EPS CAGR: -12.77% | SUE: 0.63 | # QB: 0
Revenue Correlation: 32.19 | Revenue CAGR: -2.79% | SUE: 1.03 | # QB: 2
EPS next Quarter (2026-03-31): EPS=-0.17 | Chg30d=-0.073 | Revisions Net=-1 | Analysts=6
EPS next Year (2026-12-31): EPS=0.15 | Chg30d=+0.012 | Revisions Net=+3 | Growth EPS=-30.2% | Growth Revenue=+0.8%