What is PubMatic, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on PubMatic, Inc.'s reported free cash flow gives $49.44 per share. The share price was $18.60 on September 25, 2026, 62% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $31.04 | +67% |
| Base | 15.0% | 9.0% | $49.44 | +166% |
| Bull | 20.0% | 8.0% | $83.70 | +350% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $63.37 | $67.72 | $73.02 | $79.66 | $88.19 |
| 8.0% | $52.91 | $55.72 | $59.05 | $63.05 | $67.93 |
| 9.0% | $45.29 | $47.22 | $49.44 | $52.03 | $55.10 |
| 10.0% | $39.52 | $40.89 | $42.44 | $44.22 | $46.26 |
| 11.0% | $35.00 | $36.01 | $37.13 | $38.39 | $39.82 |
Where the presets come from
Base: years 1 to 5 grow at PubMatic, Inc.'s revenue growth rate over the last 4 fiscal years (17.4% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions