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Magnite, Inc., together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory, or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that brings buyers and sellers together. It markets its solutions through sales teams that operate from various locations. Magnite, Inc. was formerly known as The Rubicon Project, Inc. and changed name to Magnite, Inc. in July 2020. The company was incorporated in 2007 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $714M | $143M | $145M | $152M | 15.7% | 6.9% | 534.7% |
| 2024 | $668M | $112M | $23M | $188M | 3.0% | 7.8% | -114.3% |
| 2023 | $620M | $116M | $-159M | $177M | -22.7% | 7.4% | 22.1% |
| 2022 | $577M | $110M | $-130M | $148M | -16.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 577.07 | 619.71 | 668.17 | 713.95 |
| Operating Revenue | - | 577.07 | 619.71 | 668.17 | 713.95 |
| Cost Of Revenue | - | 307.17 | 409.91 | 258.84 | 266.62 |
| Gross Profit | - | 269.90 | 209.80 | 409.33 | 447.33 |
| Operating Expense | - | 375.22 | 357.35 | 358.24 | 349.57 |
| Research And Development | - | 93.76 | 94.32 | 95.24 | 84.71 |
| Selling General And Administration | - | 281.46 | 263.03 | 263 | 264.86 |
| Total Expenses | - | 682.38 | 767.25 | 617.08 | 616.19 |
| Operating Income | - | -105.32 | -147.54 | 51.09 | 97.76 |
| Total Operating Income As Reported | - | -112.78 | -155.01 | 51.09 | 97.60 |
| EBITDA | - | 109.72 | 115.64 | 112.03 | 143.22 |
| Normalized EBITDA | - | 116.05 | 98.58 | 114.65 | 152.51 |
| EBIT | - | -106.34 | -125.18 | 53.52 | 89.55 |
| Interest Expense | - | 29.26 | 32.37 | 27.03 | 18.92 |
| Net Interest Income | - | -29.26 | -32.37 | -27.03 | -18.92 |
| Other Non Operating Income Expenses | - | 5.32 | 5.30 | 5.05 | 1.07 |
| Other Income Expense | - | -1.02 | 22.37 | 2.43 | -8.21 |
| Interest Expense Non Operating | - | 29.26 | 32.37 | 27.03 | 18.92 |
| Net Non Operating Interest Income Expense | - | -29.26 | -32.37 | -27.03 | -18.92 |
| Pretax Income | - | -135.60 | -157.55 | 26.48 | 70.63 |
| Tax Provision | - | -5.27 | 1.64 | 3.70 | -73.99 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.25 | 3.58 | -0.37 | -1.95 |
| Net Income Continuous Operations | - | -130.32 | -159.18 | 22.79 | 144.61 |
| Net Income From Continuing And Discontinued Operation | - | -130.32 | -159.18 | 22.79 | 144.61 |
| Net Income From Continuing Operation Net Minority Interest | - | -130.32 | -159.18 | 22.79 | 144.61 |
| Net Income | - | -130.32 | -159.18 | 22.79 | 144.61 |
| Net Income Common Stockholders | - | -130.32 | -159.18 | 22.79 | 144.61 |
| Net Income Including Noncontrolling Interests | - | -130.32 | -159.18 | 22.79 | 144.61 |
| Normalized Income | - | -124.23 | -172.66 | 25.04 | 151.95 |
| Diluted NI Availto Com Stockholders | - | -130.32 | -159.18 | 22.79 | 144.61 |
| Basic Average Shares | - | 132.89 | 136.62 | 140.56 | 142.56 |
| Diluted Average Shares | - | 132.89 | 136.62 | 146.81 | 153.77 |
| Reconciled Depreciation | - | 216.05 | 240.82 | 58.51 | 53.67 |
| Reconciled Cost Of Revenue | - | 307.17 | 409.91 | 258.84 | 266.62 |
| Total Unusual Items | - | -6.34 | 17.06 | -2.62 | -9.29 |
| Total Unusual Items Excluding Goodwill | - | -6.34 | 17.06 | -2.62 | -9.29 |
| Special Income Charges | - | -7.47 | 19.02 | -7.71 | -2.31 |
| Other Special Charges | - | - | -26.48 | 7.71 | 2.15 |
| Restructuring And Mergern Acquisition | - | 7.47 | 7.46 | 0 | 0.16 |
| Gain On Sale Of Security | - | 1.13 | -1.95 | 5.08 | -6.97 |
| General And Administrative Expense | - | 81.38 | 89.05 | 96.86 | 93.19 |
| Other Gand A | - | 81.38 | 89.05 | 96.86 | 93.19 |
| Total Other Finance Cost | 19.85 | 29.26 | - | - | - |
| Selling And Marketing Expense | - | 200.08 | 173.98 | 166.14 | 171.67 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Magnite, Inc.this co. | MGNI | $2.1B | 14.72 | 2.31 | 15.7% | 15.37 |
| IMAX Corporation | IMAX | $2.2B | 61.68 | 6.37 | 10.3% | 17.12 |
| Rumble Inc. | RUM | $1.8B | -21.63 | 6.44 | -29.8% | -15.63 |
| Ziff Davis, Inc. | ZD | $1.8B | 37.30 | 1.01 | 2.7% | 6.04 |
| Genius Sports Limited | GENI | $1.7B | -15.24 | 2.35 |
| - |
| - |
| - |
| - |
| -15.4% |
| -20.47 |
| Stagwell Inc. | STGW | $1.7B | 56.98 | 2.19 | 3.8% | 7.82 |
| DoubleVerify Holdings, Inc. | DV | $1.6B | 32.03 | 1.43 | 4.5% | 10.37 |
| WEBTOON Entertainment Inc. | WBTN | $1.6B | -4.56 | 1.35 | -29.6% | -2.88 |
| Liberty Latin America Ltd. | LILAK | $1.5B | -2.49 | 2.74 | -110.0% | 10.03 |
| Peer Median | - | 14.77 | 2.27 | -6.4% | 6.93 | |