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PubMatic, Inc., a technology company, engages in the provision of a cloud infrastructure platform that enables real time programmatic advertising transactions for digital content creators, advertisers, agencies, agency trading desks, and demand side platforms worldwide. Its PubMatic SSP, a sell side platform for the purchase and sale of digital advertising inventory for publishers and buyers. The company also provides OpenWrap, a header bidding solution; Connect, a solution that provides additional data and insights to publishers and buyers; Activate, which allows buyers to execute direct deals on its platform across publisher inventory; Convert, a commerce media solution; and Identity Hub, an ID management tool for publishers that leverages specialized technology infrastructure to simplify alternative identifier marketplace. Its platform supports an array of ad formats and digital device types, including mobile app, mobile web, desktop, display, video, over the top video, connected television, and media. The company was incorporated in 2006 and is based in Redwood City, California.
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 | $283M | $27M | $-14M | $46M | -5.5% | -2.9% | -215.7% |
| 2024 | $291M | $49M | $13M | $35M | 4.5% | 9.1% | 40.8% |
| 2023 | $267M | $47M | $9M | $53M | 3.0% | 4.1% | -69.1% |
| 2022 | $256M | $75M | $29M | $38M | 9.2% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 256.38 | 267.01 | 291.26 | 282.93 |
| Operating Revenue | - | 256.38 | 267.01 | 291.26 | 282.93 |
| Cost Of Revenue | - | 81.51 | 99.23 | 101.03 | 103.08 |
| Gross Profit | - | 174.87 | 167.78 | 190.23 | 179.84 |
| Operating Expense | - | 134.35 | 165.75 | 186.30 | 197.10 |
| Research And Development | - | 20.85 | 26.73 | 33.26 | 33.82 |
| Selling General And Administration | - | 113.50 | 139.02 | 153.04 | 163.28 |
| Total Expenses | - | 215.86 | 264.98 | 287.33 | 300.18 |
| Operating Income | - | 40.52 | 2.04 | 3.93 | -17.26 |
| Total Operating Income As Reported | - | 40.52 | 2.04 | 3.93 | -17.26 |
| EBITDA | - | 74.77 | 46.81 | 49.28 | 26.51 |
| Normalized EBITDA | - | 80.72 | 46.81 | 49.28 | 26.51 |
| EBIT | - | 40.52 | 2.04 | 3.93 | -17.26 |
| Interest Income | - | 2.21 | 8.83 | 8.48 | 5.46 |
| Net Interest Income | - | 2.21 | 8.83 | 8.48 | 5.46 |
| Other Non Operating Income Expenses | - | 0.68 | -0.36 | 5.37 | -4.15 |
| Other Income Expense | - | -5.27 | -0.36 | 5.37 | -4.15 |
| Interest Income Non Operating | - | 2.21 | 8.83 | 8.48 | 5.46 |
| Net Non Operating Interest Income Expense | - | 2.21 | 8.83 | 8.48 | 5.46 |
| Pretax Income | - | 37.47 | 10.50 | 17.77 | -15.95 |
| Tax Provision | - | 8.76 | 1.62 | 5.27 | -1.49 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.39 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 28.70 | 8.88 | 12.50 | -14.46 |
| Net Income From Continuing And Discontinued Operation | - | 28.70 | 8.88 | 12.50 | -14.46 |
| Net Income From Continuing Operation Net Minority Interest | - | 28.70 | 8.88 | 12.50 | -14.46 |
| Net Income | - | 28.70 | 8.88 | 12.50 | -14.46 |
| Net Income Common Stockholders | - | 28.70 | 8.88 | 12.50 | -14.46 |
| Net Income Including Noncontrolling Interests | - | 28.70 | 8.88 | 12.50 | -14.46 |
| Normalized Income | - | 33.26 | 8.88 | 12.50 | -14.46 |
| Diluted NI Availto Com Stockholders | - | 28.70 | 8.88 | 12.50 | -14.46 |
| Basic Average Shares | - | 52.28 | 51.76 | 49.21 | 47.01 |
| Diluted Average Shares | - | 56.91 | 56.03 | 54.29 | 47.01 |
| Reconciled Depreciation | - | 34.25 | 44.77 | 45.35 | 43.77 |
| Reconciled Cost Of Revenue | - | 81.51 | 99.23 | 101.03 | 103.08 |
| Total Unusual Items | 5.43 | -5.95 | - | - | - |
| Total Unusual Items Excluding Goodwill | 5.43 | -5.95 | - | - | - |
| Gain On Sale Of Security | 5.43 | -5.95 | - | - | - |
| General And Administrative Expense | - | 44.94 | 56.22 | 57.67 | 60.34 |
| Other Gand A | - | 44.94 | 56.22 | 57.67 | 60.34 |
| Selling And Marketing Expense | - | 68.56 | 82.80 | 95.37 | 102.94 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| PubMatic, Inc.this co. | PUBM | $552M | -38.15 | 2.10 | -5.5% | 16.98 |
| Grid Dynamics Holdings, Inc. | GDYN | $583M | 60.29 | 1.08 | 1.8% | 11.11 |
| PowerFleet, Inc. | AIOT | $567M | - | 14.73 | -11.4% | 37.91 |
| Cerence Inc. | CRNC | $557M | - | 3.70 | -12.4% | 57.48 |
| i3 Verticals, Inc. | IIIV | $555M | 31.04 | 1.42 |
| - |
| - |
| - |
| - |
| 4.6% |
| 11.46 |
| OneSpan Inc. | OSPN | $546M | 7.49 | 2.01 | 26.8% | 8.00 |
| Ribbon Communications Inc. | RBBN | $541M | 13.64 | 1.20 | 8.8% | 13.99 |
| NVE Corporation | NVEC | $528M | 34.71 | 9.06 | 26.1% | 31.06 |
| Rapid7, Inc. | RPD | $521M | 22.27 | 3.36 | 15.1% | 11.79 |
| Peer Median | - | 26.65 | 2.69 | 6.7% | 12.89 | |