# Magnite, Inc. (MGNI)

> Source: Nexqual · https://nexqual.com/MGNI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Magnite, Inc. (MGNI), nexqual.com/MGNI" · informational, not investment advice.

**Price:** USD 23.13 (-2.07% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 23.62 · day 22.86–23.87 · 52w 10.82–26.84 · market cap $3.32B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $742M, net income $167M (22.5% margin), free cash flow $216M (SEC filings).
- Valuation: P/E 19.9x (avg 59.9x at the last 2 fiscal year-ends), EV/EBITDA 21.0x, net debt $17.8M.
- 1 of 80 tracked superinvestors hold MGNI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.93 on a 1–5 scale) (15 analysts), mean target USD 29.67 (range 21–43).
- Total return with dividends: 1Y +20.9% vs S&P 500 +14.9%; 5Y -10.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.28, revenue estimate $191M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $468M | $577M | $620M | $668M | $714M | $742M |
| Gross profit | $267M | $270M | $210M | $409M | $447M | — |
| Operating income | -$81.1M | -$113M | -$155M | $51.1M | $97.6M | $116M |
| Net income | $65K | -$130M | -$159M | $22.8M | $145M | $167M |
| EPS (diluted) | $0.00 | -$0.98 | -$1.17 | $0.16 | $0.95 | — |
| Free cash flow | $109M | $162M | $188M | $202M | $166M | $216M |
| Gross margin | 56.9% | 46.8% | 33.9% | 61.3% | 62.7% | — |
| Operating margin | -17.3% | -19.5% | -25.0% | 7.6% | 13.7% | 15.6% |
| Net margin | 0.0% | -22.6% | -25.7% | 3.4% | 20.3% | 22.5% |
| Revenue growth | +111.4% | +23.2% | +7.4% | +7.8% | +6.9% | — |
| Cash + short-term investments | $230M | $326M | $326M | $483M | $553M | — |
| Total debt | $758M | $755M | $537M | $554M | $556M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.9x · P/S 4.5x · EV/EBITDA 21.0x · EV/Sales 4.5x · P/FCF 15.4x · P/B 3.5x · FCF yield 6.50% · Earnings yield 5.03% · Buyback yield (TTM) 1.78% · Net debt $17.8M · EV $3.34B
P/E at fiscal year-ends: Dec 2025 17.3x, Dec 2024 102.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MGNI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $12.7M | Added +49.0% |

## Analysts
Consensus Buy (mean 1.93 on a 1–5 scale), 15 analysts; mean target USD 29.67 (low 21, high 43).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | Rosenblatt | Maintained | Buy | $40 |
| 2026-09-18 | B. Riley Securities | Target raised | Buy | $27 → $30 |
| 2026-09-09 | BTIG | Reiterated | Buy | $27 |
| 2026-09-03 | Needham | Target raised | Buy | $25 → $30 |
| 2026-08-07 | Wells Fargo | Target raised | Equal-Weight | $21 → $22 |
| 2026-08-06 | RBC Capital | Target raised | Outperform | $20 → $27 |
| 2026-08-06 | Evercore ISI Group | Target raised | Outperform | $21 → $25 |
| 2026-08-06 | Benchmark | Target raised | Buy | $30 → $33 |
| 2026-08-06 | B. Riley Securities | Target raised | Buy | $20 → $27 |
| 2026-08-06 | Susquehanna | Target raised | Positive | $22 → $30 |
| 2026-08-06 | Rosenblatt | Target raised | Buy | $39 → $40 |
| 2026-08-06 | BTIG | Target raised | Buy | $20 → $27 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +20.9% | -10.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +20.9% | -2.3% |
| Volatility (annualized) | 58.0% | 75.4% |
| Max drawdown | -44.3% (Oct 2025→Feb 2026) | -76.5% (Oct 2021→Oct 2022) |

## Peers (Advertising Agencies)
LFTO (Liftoff Mobile, Inc.) USD 16.32 -1.03% · STGW (Stagwell Inc.) USD 8.99 +0.78% · DV (DoubleVerify Holdings, Inc.) USD 13.56 -0.00% · ZD (Ziff Davis, Inc.) USD 57.95 +1.61% · WPP (WPP plc) USD 26.71 +1.10% · TTD (The Trade Desk, Inc.) USD 13.16 +4.53%

## More
Full page: https://nexqual.com/MGNI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $142.4M | 73.9% | +7.6% |
| International | $50.4M | 26.1% | +23.1% |
| Total revenue | $192.8M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.28 | $0.27 | +4.0% | $190.6M | 9 |
| Next quarter (ends 2026-12-31) | $0.45 | $0.46 | -1.0% | $220.9M | 9 |
| Current fiscal year (ends 2026-12-31) | $1.10 | $1.11 | -0.2% | $761.4M | 10 |
| Next fiscal year (ends 2027-12-31) | $1.32 | $1.24 | +7.0% | $838.6M | 10 |