# PubMatic, Inc. (PUBM)

> Source: Nexqual · https://nexqual.com/PUBM · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, PubMatic, Inc. (PUBM), nexqual.com/PUBM" · informational, not investment advice.

**Price:** USD 17.01 (+0.18% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 16.98 · day 16.23–17.13 · 52w 6.15–19.48 · market cap $775M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $289M, net income -$13.5M (-4.7% margin), free cash flow $73.5M (SEC filings).
- Analysts: Buy (mean 1.92 on a 1–5 scale) (13 analysts), mean target USD 21 (range 18–24).
- Total return with dividends: 1Y +106.3% vs S&P 500 +14.8%; 5Y -40.5% vs S&P 500 +79.1%.
- Next earnings: 2026-11-09, EPS estimate USD 0.14, revenue estimate $76.1M. All companies reporting that day: https://nexqual.com/earnings/2026-11-09
- Dividend: PUBM paid no cash dividend in the last five years.
- Short interest: 8.36% of float (as of 2026-10-15), 4.0 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $227M | $256M | $267M | $291M | $283M | $289M |
| Gross profit | $169M | $175M | $168M | $190M | $180M | — |
| Operating income | $58.8M | $40.5M | $2.0M | $3.9M | -$17.3M | -$14.6M |
| Net income | $56.6M | $28.7M | $8.9M | $12.5M | -$14.5M | -$13.5M |
| EPS (diluted) | $1.00 | $0.50 | $0.16 | $0.23 | -$0.31 | — |
| Free cash flow | $58.2M | $51.3M | $70.5M | $55.8M | $66.7M | $73.5M |
| Gross margin | 74.3% | 68.2% | 62.8% | 65.3% | 63.6% | — |
| Operating margin | 25.9% | 15.8% | 0.8% | 1.3% | -6.1% | -5.0% |
| Net margin | 24.9% | 11.2% | 3.3% | 4.3% | -5.1% | -4.7% |
| Revenue growth | +52.5% | +13.0% | +4.1% | +9.1% | -2.9% | — |
| Cash + short-term investments | $160M | $174M | $175M | $141M | $146M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.7x · P/FCF 10.5x · P/B 3.3x · FCF yield 9.49% · Earnings yield -1.74% · Buyback yield (TTM) 4.30%
P/E at fiscal year-ends: Dec 2024 63.8x, Dec 2023 102.9x.

## Analysts
Consensus Buy (mean 1.92 on a 1–5 scale), 13 analysts; mean target USD 21 (low 18, high 24).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-24 | Craig-Hallum | Initiated | Buy | $24 |
| 2026-09-18 | B. Riley Securities | Target raised | Buy | $17 → $21 |
| 2026-08-11 | Jefferies | Target raised | Hold | $10 → $18 |
| 2026-08-11 | Evercore ISI Group | Target raised | Outperform | $15 → $21 |
| 2026-08-07 | Citizens | Target raised | Market Outperform | $12 → $20 |
| 2026-08-07 | Scotiabank | Upgrade | Sector Perform → Sector Outperform | $8 → $21 |
| 2026-08-07 | Raymond James | Upgrade | Market Perform → Outperform | $22 |
| 2026-08-07 | Rosenblatt | Target raised | Buy | $21 → $23 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +106.3% | -40.5% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +107.3% | -9.8% |
| Volatility (annualized) | 65.8% | 65.2% |
| Max drawdown | -42.8% (Nov 2025→Feb 2026) | -83.7% (Nov 2021→Feb 2026) |

## Dividends
PUBM paid no cash dividend in the last five years.

## Short interest
3,074,341 shares sold short, 8.36% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,438,982 shares (+26.1%). Days to cover: 4.0 (short shares ÷ average daily volume).

## Peers (Software - Application)
RNG (Ringcentral, Inc.) USD 83.7 -2.90% · APPF (AppFolio, Inc.) USD 207.05 +1.00% · TTAN (ServiceTitan, Inc.) USD 80.73 -0.16% · DSGX (The Descartes Systems Group Inc) USD 92.03 -0.36% · IDCC (InterDigital, Inc.) USD 334.27 +4.28% · YMM (Full Truck Alliance Co. Ltd.) USD 8.09 +0.12%

## More
Full page: https://nexqual.com/PUBM · 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

## Supply chain and relationships (SEC annual reports)

Named in PUBM's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1422930/000142293026000010/pubm-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Alphabet (Google) (GOOGL) | "Google is a significant participant in the digital advertising ecosystem and both a major partner and competitor to PubMatic." |
| Competitor | Meta Platforms (META) | "The uncertain regulatory environment caused by the CCPA, GDPR, UK GDPR, increasing numbers of U.S. state privacy laws, or other emerging regulations may disadvantage us in comparison to larger, integrated competitors suc…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $41.6M | 52.9% | +5.6% |
| EMEA | $25.0M | 31.8% | +4.0% |
| APAC | $10.3M | 13.1% | +64.9% |
| Rest of the world | $1.7M | 2.2% | +18.4% |
| Total revenue | $78.6M | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "Our outlook assumes that general market conditions do not significantly deteriorate as it relates to current macroeconomic and geopolitical conditions."
- "For the third quarter of 2026, we expect the following: • Revenue to be in the range of $75 million to $77 million. • Adjusted EBITDA to be in the range of $17.0 million to $19.0 million."
- "Adjusted EBITDA expectation assumes a negative foreign currency exchange impact predominantly from Euro and Pound Sterling."

Analysts expect $76.1M for the current quarter, +0.1% vs the guidance midpoint $76.0M. Source: https://www.sec.gov/Archives/edgar/data/1422930/000142293026000029/q226pressrelease.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.14 | $0.02 | +600.0% | $76.1M | 6 |
| Next quarter (ends 2026-12-31) | $0.36 | $0.39 | -8.9% | $91.3M | 6 |
| Current fiscal year (ends 2026-12-31) | $0.52 | $0.28 | +83.6% | $308.5M | 6 |
| Next fiscal year (ends 2027-12-31) | $0.81 | $0.49 | +66.6% | $334.2M | 6 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.12 | −$0.01 | Beat +$0.13 | — |
| — | Quarter ended Mar 31, 2026 | −$0.11 | −$0.17 | Beat +35.3% | — |
| — | Quarter ended Dec 31, 2025 | $0.29 | $0.15 | Beat +93.3% | — |
| — | Quarter ended Sep 30, 2025 | $0.03 | −$0.01 | Beat +$0.04 | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).