PubMatic, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data PubMatic, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	114	149	227	256	267	291	283
Cost of revenue	36.1	41.2	58.3	81.5	99.2	101	103
Gross profit	77.8	108	169	175	168	190	180
Research and development	12.5	12.3	15.9	20.8	26.7	33.3	33.8
Selling and marketing	36.5	43.3	58.2	68.6	82.8	95.4	103
General and administrative	20.3	20.3	35.8	44.9	56.2	57.7	60.3
Operating expenses	69.3	75.8	110	134	166	186	197
Operating income	8.51	31.8	58.8	40.5	2.04	3.93	-17.3
Interest income	1.29	0.54	0.3	2.21
Other non-operating income	0.71	-0.18	6.01	-3.05	8.47	13.8	1.31
Pre-tax income	9.22	31.6	64.8	37.5	10.5	17.8	-16
Income tax	2.58	4.97	8.2	8.76	1.62	5.27	-1.49
Net income	6.64	26.6	56.6	28.7	8.88	12.5	-14.5
EBITDA	15.4	47.5	74.5	64.1	30.5	28.7	1.74
EPS, basic	0.04	0.51	1.13	0.55	0.17	0.25	-0.31
EPS, diluted	0.04	0.46	1.00	0.50	0.16	0.23	-0.31
Shares, basic (weighted)	10	12.6	50.2	52.3	51.8	49.2	47
Shares, diluted (weighted)	12.2	17.1	56.6	56.9	56	54.3	47

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	34.3	81.2	82.5	92.4	78.5	100	146
Short-term investments		19.8	77.1	82	96.8	40.1	0
Receivables		220	287	314	375	425	358
Other current assets		6.62	14.2	14.8	11.1	10.1	18.9
Total current assets		327	461	503	562	576	523
Property, plant and equipment		30	50.1	71.2	60.7	58.5	52.7
Lease right-of-use assets		0	21.6	26.2	21.1	44.4	38.1
Goodwill		6.25	6.25	29.6	29.6	29.6	29.6
Intangible assets			0	8.3	5.86	4.28	2.7
Other non-current assets		7.08	10.9	2.41	2.14	2.32	3.48
Total assets		371	550	642	695	740	680
Accounts payable		177	244	277	348	387	344
Accrued liabilities		14.8	18.8	18.9	25.7	26.4	25.3
Total current liabilities		192	267	302	380	419	376
Lease liabilities		0	17.8	20.9	15.6	39.5	36.9
Other non-current liabilities		2.68	2.16	6.47	3.84	3.91	4.85
Total liabilities		196	293	330	399	462	418
Paid-in capital		144	169	196	230	275	321
Retained earnings		42.7	99.3	128	137	149	135
Treasury stock		-11.4	-11.5	-11.5	-71.1	-147	-193
Other comprehensive income		0	-0.04	-0.01	-0	-0.64	0.07
Shareholders' equity	13.3	175	257	312	296	277	263
Total equity	13.3	175	257	312	296	277	263
Total liabilities and equity		371	550	642	695	740	680

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6.64	26.6	56.6	28.7	8.88	12.5	-14.5
Depreciation and amortization	6.9	15.7	15.7	23.6	28.5	24.8	19
Stock-based compensation	2	3.56	14.1	20.6	28.9	37.7	38.4
Deferred income tax	0.19	2.93	4.75	-7.17	-13.4	-11	-14.5
Change in receivables	-11.9	-102	-67.4	-24.4	-75.7	-49.3	66.6
Change in payables	18.5	77.4	68.3	29.8	79.7	38.1	-42.4
Cash from operations	35.1	24.3	88.7	87.2	81.1	73.4	81.1
Capital expenditures	-9.55	-24.2	-30.4	-35.9	-10.6	-17.6	-14.3
Acquisitions		0	0	-28.1	0	0
Purchases of investments	-37.5	-36.7	-90.6	-138	-141	-142	-26
Sales and maturities of investments	30.3	36	33.2	133	111	203	39.9
Cash from investing	-22.1	-29.9	-96.7	-81.4	-39	22.3	6.07
Stock issued	0	2.41	5.42	1.2	1.55	1.77	1.76
Share buybacks	-0.01	-0	-0.05	0	-59.3	-75.3	-46.5
Cash from financing	-0	52.5	9.36	4.04	-56	-73.5	-42.7
Exchange rate effect				0	0	-0.32	0.67
Net change in cash	13	46.9	1.32	9.88	-13.9	22.3	44.4
Free cash flow	25.6	0.15	58.2	51.3	70.5	55.8	66.7
Income taxes paid	3.02	2.69	6.79	9.19	15.6	14.2	8.61

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $18.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.4%	Gross profit / revenue.
Operating margin	-5.0%	Operating income / revenue.
Pre-tax margin	-4.1%	Pre-tax income / revenue.
Net margin	-4.7%	Net income / revenue.
FCF margin	25.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.4%	Cash from operations / revenue.
Return on equity (ROE)	-5.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.9%	Net income / average total assets.
Return on invested capital (ROIC)	-9.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	11.4%	Research and development expense / revenue.
Stock-based pay / revenue	12.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.0%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-539.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-93.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-69.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-48.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-215.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-234.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	10.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	27.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	19.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	9.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	237.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-8.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-13.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	22.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.27x	Current assets / current liabilities.
Quick ratio	1.23x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	65.9%	Total liabilities / total assets.
Working capital	$115.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$207.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.41x	Revenue / average total assets.
Fixed asset turnover	4.94x	Revenue / average property, plant and equipment.
Receivables turnover	0.75x	Revenue / average receivables.
Days sales outstanding	484 days	365 x average receivables / revenue.
Days payables	1,384 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	16.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.27	Revenue / diluted weighted shares.
FCF per share	$1.59	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.91	Cash from operations / diluted weighted shares.
Book value per share	$5.18	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.49	Tangible book value / shares outstanding.
Cash per share	$2.98	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	45.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$847.2M	Share price x shares outstanding.
Enterprise value	$709.7M	Market cap + total debt - cash - short-term investments.
P/S	2.93x	Market cap / revenue.
P/B	3.55x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.09x	Market cap / tangible book value, when positive.
P/FCF	11.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.62x	Market cap / cash from operations, when positive.
EV/Sales	2.45x	Enterprise value / revenue.
EV/FCF	9.66x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.7%	Free cash flow / market cap.
Earnings yield	-1.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.9%	(Dividends paid + share buybacks) / market cap.

What was PubMatic, Inc.'s revenue in fiscal 2025?

PubMatic, Inc. reported revenue of $282.9M for fiscal 2025, 2.9% lower than the year before.

Was PubMatic, Inc. profitable in fiscal 2025?

No. It reported a net loss of $14.5M.

How much free cash flow did PubMatic, Inc. generate in fiscal 2025?

Cash from operations of $81.1M minus capital expenditures of $14.3M left free cash flow of $66.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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