Growth & profitability
- Revenue has grown 13.7% per year over the past 5 years.
- Operating margin has contracted, at -6.1% in the latest year.
- Free cash flow has grown 237.2% per year over the past 5 years.
PUBM Financials Pubmatic, Inc.
7 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $283M | -$14M | 63.6% | -6.1% | $67M | — | $146M |
| 2024 | $291M | $13M | 65.3% | 1.3% | $56M | — | $100M |
| 2023 | $267M | $9M | 62.8% | 0.8% | $71M | — | $79M |
| 2022 | $256M | $29M | 68.2% | 15.8% | $51M | — | $92M |
| 2021 | $227M | $57M | 74.3% | 25.9% | $58M | — | $83M |
| 2020 | $149M | $27M | 72.3% | 21.3% | $153000 | — | $81M |
| 2019 | $114M | $7M | 68.3% | 7.5% | $26M | — | — |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $63M | -$13M | 58.3% | -24.4% | $17M | — | $145M |
| Dec '25 | $80M | $7M | 68.2% | 10.6% | $11M | — | $146M |
| Sep '25 | $68M | -$6M | 62.6% | -12.4% | $28M | — | $137M |
| Jun '25 | $71M | -$5M | 62.6% | -7.7% | $14M | — | $90M |
| Mar '25 | $64M | -$9M | 59.9% | -18.6% | $14M | — | $102M |
| Dec '24 | $86M | $14M | 70.8% | 17.3% | $14M | — | $100M |
| Sep '24 | $72M | -$912000 | 64.5% | -1.9% | $7M | — | $79M |
| Jun '24 | $67M | $2M | 62.6% | -5.9% | $11M | — | $74M |
| Mar '24 | $67M | -$2M | 61.9% | -8.3% | $23M | — | $80M |
| Dec '23 | $85M | $19M | 71.4% | 24.1% | $23M | — | $79M |
| Sep '23 | $64M | $2M | 59.0% | -0.9% | $21M | — | $98M |
| Jun '23 | $63M | -$6M | 60.4% | -11.3% | $15M | — | $106M |
| Mar '23 | $55M | -$6M | 56.9% | -19.3% | $11M | — | $79M |
| Dec '22 | $74M | $13M | 69.1% | 22.2% | $10M | — | $92M |
| Sep '22 | $65M | $3M | 66.5% | 14.9% | $13M | — | $52M |
| Jun '22 | $63M | $8M | 69.9% | 15.5% | $8M | — | $52M |
| Mar '22 | $55M | $5M | 67.0% | 8.4% | $19M | — | $74M |
| Dec '21 | $76M | $28M | 77.6% | 37.0% | $21M | — | $83M |
| Sep '21 | $58M | $14M | 72.4% | 24.2% | $15M | — | $89M |
| Jun '21 | $50M | $10M | 73.6% | 20.4% | $10M | — | $91M |
Valuation over time
How the market has priced PUBM against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 22.4× (Mar '23) to 32.7× (Nov '25).
- The price-to-sales ratio has fallen from 2.5× (Mar '23) to 1.9× (Jun '26).
P/E
P/S
Frequently asked questions
Is PUBM growing its revenue and profit?
Over the past 5 years, Pubmatic, Inc.'s revenue has grown 13.7% per year. These are computed facts, not advice.
How much debt does PUBM have?
As of FY2025, Pubmatic, Inc. reported — of total debt against $146M of cash.
What is PUBM's profit margin?
In FY2025, gross margin was 63.6%, operating margin -6.1%, and net margin -4.9%.
What is PUBM's P/E ratio?
As of Jun '26, Pubmatic, Inc. traded at a price-to-earnings ratio of about 32.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.