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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% | - |
| 2023 | $620M | $116M | $-159M | $177M | -22.7% | 7.4% | - |
| 2022 | $577M | $110M | $-130M | $148M | -16.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 | 358.25 | 349.57 |
| Operating Income | -105.32 | -147.54 | 51.09 | 97.76 |
| EBITDA | 109.72 | 115.64 | 112.03 | 143.22 |
| EBIT | -106.34 | -125.18 | 53.52 | 89.55 |
| Pretax Income | -135.60 | -157.55 | 26.48 | 70.63 |
| Tax Provision | -5.27 | 1.64 | 3.70 | -73.99 |
| Net Income | -130.32 | -159.18 | 22.79 | 144.61 |
| Net Income Common Stockholders | -130.32 | -159.18 | 22.79 | 144.61 |
| Total Expenses | 682.38 | 767.25 | 617.08 | 616.19 |
| Interest Expense | 29.26 | 32.37 | 27.03 | 18.92 |
| Research And Development | 93.76 | 94.32 | 95.24 | 84.71 |
| Selling General And Administration | 281.46 | 263.03 | 263 | 264.86 |
| Normalized EBITDA | 116.05 | 98.58 | 114.65 | 152.51 |
| Normalized Income | -124.23 | -172.66 | 25.04 | 151.95 |
| Basic EPS | -0.98 | -1.17 | 0.16 | 1.01 |
| Diluted EPS | -0.98 | -1.17 | 0.16 | 0.95 |
| Tax Effect Of Unusual Items | -0.25 | 3.58 | -0.37 | -1.95 |
| Tax Rate For Calcs | 0.04 | 0.21 | 0.14 | 0.21 |
| Total Unusual Items | -6.34 | 17.06 | -2.62 | -9.29 |
| Total Unusual Items Excluding Goodwill | -6.34 | 17.06 | -2.62 | -9.29 |
| Net Income From Continuing Operation Net Minority Interest | -130.32 | -159.18 | 22.79 | 144.61 |
| Reconciled Depreciation | 216.05 | 240.82 | 58.51 | 53.67 |
| Reconciled Cost Of Revenue | 307.17 | 409.91 | 258.84 | 266.62 |
| Net Interest Income | -29.26 | -32.37 | -27.03 | -18.92 |
| Net Income From Continuing And Discontinued Operation | -130.32 | -159.18 | 22.79 | 144.61 |
| Total Operating Income As Reported | -112.78 | -155.01 | 51.09 | 97.60 |
| Diluted Average Shares | 132.89 | 136.62 | 146.81 | 153.77 |
| Basic Average Shares | 132.89 | 136.62 | 140.56 | 142.56 |
| Diluted NI Availto Com Stockholders | -130.32 | -159.18 | 22.79 | 144.61 |
| Net Income Including Noncontrolling Interests | -130.32 | -159.18 | 22.79 | 144.61 |
| Net Income Continuous Operations | -130.32 | -159.18 | 22.79 | 144.61 |
| Other Income Expense | -1.02 | 22.37 | 2.43 | -8.21 |
| Other Non Operating Income Expenses | 5.32 | 5.30 | 5.05 | 1.07 |
| Special Income Charges | -7.47 | 19.02 | -7.71 | -2.31 |
| Other Special Charges | 0 | -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 |
| Net Non Operating Interest Income Expense | -29.26 | -32.37 | -27.03 | -18.92 |
| Total Other Finance Cost | 29.26 | 0 | 0 | 0 |
| Interest Expense Non Operating | 29.26 | 32.37 | 27.03 | 18.92 |
| Selling And Marketing Expense | 200.08 | 173.98 | 166.14 | 171.67 |
| General And Administrative Expense | 81.38 | 89.05 | 96.86 | 93.19 |
| Other Gand A | 81.38 | 89.05 | 96.86 | 93.19 |
| Operating Revenue | 577.07 | 619.71 | 668.17 | 713.95 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Magnite, Inc.this co. | MGNI | $1.9B | 13.60↓ discount | 2.00 | 15.7% | 14.07 |
| IMAX Corporation | IMAX | $2.0B | 59.11 | 5.94 | 8.2% | 16.52 |
| Ziff Davis, Inc. | ZD | $1.9B | 37.19 | 1.00 | 2.7% | 6.02 |
| Yelp Inc. | YELP | $1.8B | 11.02 | 2.26 | 20.5% | 5.77 |
| Stagwell Inc. | STGW | $1.7B | 83.63 | 2.23 |
| 3.6% |
| 10.02 |
| WEBTOON Entertainment Inc. | WBTN | $1.7B | - | 1.37 | -28.2% | -37.50 |
| Liberty Latin America Ltd. | LILAK | $1.6B | - | 2.92 | -57.5% | 9.02 |
| Liberty Latin America Ltd. | LILA | $1.6B | - | 2.85 | -57.5% | 8.98 |
| Rumble Inc. | RUM | $1.4B | - | 8.22 | -29.8% | -20.63 |
| Peer Median | - | 48.15 | 2.55 | -12.7% | 7.50 | |