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PubMatic, Inc.

PUBM Clue Score34
United States Fiscal year ends December CIK 0001422930
$18.64 -0.21% Close, 9 Oct 2026
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Price $18.64 −18.21% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 9 Dec 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue113.9Operating income8.5Net income6.6EPS, diluted0.04Fiscal year 2020Revenue148.7 +30.6%Operating income31.8Net income26.6 +300.6%EPS, diluted0.46Fiscal year 2021Revenue226.9 +52.5%Operating income58.8Net income56.6 +112.7%EPS, diluted1.00Fiscal year 2022Revenue256.4 +13.0%Operating income40.5Net income28.7 −49.3%EPS, diluted0.50Fiscal year 2023Revenue267.0 +4.1%Operating income2.0Net income8.9 −69.1%EPS, diluted0.16Fiscal year 2024Revenue291.3 +9.1%Operating income3.9Net income12.5 +40.8%EPS, diluted0.23Fiscal year 2025Revenue282.9 −2.9%Operating income−17.3Net income−14.5 −215.7%EPS, diluted−0.31
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 113.9 148.7 226.9 256.4 267.0 291.3 282.9
Growth +30.6% +52.5% +13.0% +4.1% +9.1% −2.9%
Operating income 8.5 31.8 58.8 40.5 2.0 3.9 −17.3
Net income 6.6 26.6 56.6 28.7 8.9 12.5 −14.5
Growth +300.6% +112.7% −49.3% −69.1% +40.8% −215.7%
EPS, diluted 0.04 0.46 1.00 0.50 0.16 0.23 −0.31

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2019Gross margin68.3%Operating margin7.5%Net margin5.8%Free cash flow margin22.5%Fiscal year 2020Gross margin72.3%Operating margin21.3%Net margin17.9%Free cash flow margin0.1%Fiscal year 2021Gross margin74.3%Operating margin25.9%Net margin24.9%Free cash flow margin25.7%Fiscal year 2022Gross margin68.2%Operating margin15.8%Net margin11.2%Free cash flow margin20.0%Fiscal year 2023Gross margin62.8%Operating margin0.8%Net margin3.3%Free cash flow margin26.4%Fiscal year 2024Gross margin65.3%Operating margin1.3%Net margin4.3%Free cash flow margin19.2%Fiscal year 2025Gross margin63.6%Operating margin−6.1%Net margin−5.1%Free cash flow margin23.6%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 68.3% 72.3% 74.3% 68.2% 62.8% 65.3% 63.6%
Operating margin 7.5% 21.3% 25.9% 15.8% 0.8% 1.3% −6.1%
Net margin 5.8% 17.9% 24.9% 11.2% 3.3% 4.3% −5.1%
Free cash flow margin 22.5% 0.1% 25.7% 20.0% 26.4% 19.2% 23.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow35.1Capital expenditure−9.6Free cash flow25.6Buybacks−0.0Fiscal year 2020Operating cash flow24.3Capital expenditure−24.2Free cash flow0.2 −99.4%Buybacks−0.0Fiscal year 2021Operating cash flow88.7Capital expenditure−30.4Free cash flow58.2 +37,971.2%Buybacks−0.1Fiscal year 2022Operating cash flow87.2Capital expenditure−35.9Free cash flow51.3 −11.9%Buybacks0.0Fiscal year 2023Operating cash flow81.1Capital expenditure−10.6Free cash flow70.5 +37.4%Buybacks−59.3Fiscal year 2024Operating cash flow73.4Capital expenditure−17.6Free cash flow55.8 −20.8%Buybacks−75.3Fiscal year 2025Operating cash flow81.1Capital expenditure−14.3Free cash flow66.7 +19.5%Buybacks−46.5
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 35.1 24.3 88.7 87.2 81.1 73.4 81.1
Capital expenditure −9.6 −24.2 −30.4 −35.9 −10.6 −17.6 −14.3
Free cash flow 25.6 0.2 58.2 51.3 70.5 55.8 66.7
Growth −99.4% +37,971.2% −11.9% +37.4% −20.8% +19.5%
Buybacks −0.0 −0.0 −0.1 0.0 −59.3 −75.3 −46.5

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2019Cash34.3Shareholders’ equity13.3Fiscal year 2020Cash81.2Shareholders’ equity175.4Fiscal year 2021Cash82.5Shareholders’ equity257.2Fiscal year 2022Cash92.4Shareholders’ equity312.2Fiscal year 2023Cash78.5Shareholders’ equity296.2Fiscal year 2024Cash100.5Shareholders’ equity277.3Fiscal year 2025Cash145.5Shareholders’ equity262.6
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 34.3 81.2 82.5 92.4 78.5 100.5 145.5
Shareholders’ equity 13.3 175.4 257.2 312.2 296.2 277.3 262.6

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
68.3% 72.3% 74.3% 68.2% 62.8% 65.3% 63.6%
7.5% 21.3% 25.9% 15.8% 0.8% 1.3% −6.1%
8.1% 21.2% 28.6% 14.6% 3.9% 6.1% −5.6%
5.8% 17.9% 24.9% 11.2% 3.3% 4.3% −5.1%
22.5% 0.1% 25.7% 20.0% 26.4% 19.2% 23.6%
Spending
10.9% 8.2% 7.0% 8.1% 10.0% 11.4% 12.0%
17.8% 13.6% 15.8% 17.5% 21.1% 19.8% 21.3%
8.4% 16.3% 13.4% 14.0% 4.0% 6.0% 5.1%
28.0% 15.7% 12.7% 23.4% 15.5% 29.7% n/a
Returns
50.0% 15.2% 22.0% 9.2% 3.0% 4.5% −5.5%
n/a 7.2% 10.3% 4.5% 1.3% 1.7% −2.1%
Balance and payout
n/a 52.7% 53.3% 51.4% 57.4% 62.5% 61.4%
0.0% 2.0% 0.1% 0.0% 84.0% 134.9% 69.7%