PubMatic, Inc.
- Open
- 16.28
- Day high
- 17.59
- Day low
- 16.17
- Prev close
- 16.27
- Volume
- 1.2M
- Mkt cap
- $792M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.3
- P/S
- 2.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$10.0M over the last 3 months (0 open-market buys, 26 sales)
- 🏛Institutions accumulating (13F)
PubMatic, Inc. (PUBM) is a Technology company listed on NASDAQ. The stock is up 106% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 26 sales (SEC Form 4). Drillr has 2 published research articles covering PUBM.
PubMatic, Inc. (PUBM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PUBM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $-0.18 | $-0.03 | +83.2% | $79M | +14.0% |
| May 7, 2026 | $-0.32 | $-0.27 | +15.4% | $63M | +3.6% |
| May 8, 2025 | $-0.05 | $-0.04 | +20.0% | $64M | -5.1% |
| Feb 27, 2025 | $0.37 | $0.41 | +10.8% | $86M | -3.1% |
| Aug 8, 2024 | $0.01 | $0.04 | +328.7% | $67M | -4.1% |
| Feb 26, 2024 | $0.20 | $0.34 | +70.0% | $85M | +8.2% |
| Feb 28, 2023 | $0.26 | $0.33 | +26.9% | $74M | -3.2% |
| Feb 28, 2022 | $0.27 | $0.42 | +55.6% | $76M | +0.0% |
| Aug 10, 2021 | $0.08 | $0.18 | +125.0% | $50M | +7.7% |
| May 13, 2021 | — | $0.09 | — | $44M | — |
| Feb 23, 2021 | $0.31 | $0.34 | +9.7% | $56M | +10.7% |
| Dec 9, 2020 | — | $0.01 | — | $26M | — |
PUBM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 18, 2026 | Gimbel Lisaofficer: CHIEF ACCOUNTING OFFICER | Option | 1,395 | — |
| Aug 18, 2026 | Kumar Mukulofficer: PRESIDENT, ENGINEERING | Sell | 8,000 | $17.05 |
| Aug 18, 2026 | Gimbel Lisaofficer: CHIEF ACCOUNTING OFFICER | Option | 772 | — |
| Aug 18, 2026 | Kumar Mukulofficer: PRESIDENT, ENGINEERING | Option | 8,000 | $2.15 |
| Aug 18, 2026 | Gimbel Lisaofficer: CHIEF ACCOUNTING OFFICER | Sell | 1,396 | $17.04 |
| Aug 18, 2026 | Gimbel Lisaofficer: CHIEF ACCOUNTING OFFICER | Option | 801 | — |
| Aug 18, 2026 | Gimbel Lisaofficer: CHIEF ACCOUNTING OFFICER | Option | 794 | — |
| Aug 14, 2026 | Pantelick Stevenofficer: CHIEF FINANCIAL OFFICER | Sell | 22,203 | $17.25 |
| Aug 14, 2026 | Gimbel Lisaofficer: CHIEF ACCOUNTING OFFICER | Sell | 500 | $17.50 |
| Aug 14, 2026 | Pantelick Stevenofficer: CHIEF FINANCIAL OFFICER | Sell | 19,716 | $17.31 |
| Aug 10, 2026 | Woods Andrewofficer: GENERAL COUNSEL & SECRETARY | Sell | 38,331 | $17.96 |
| Aug 7, 2026 | Goel Rajeev K.director, 10 percent owner, officer: CHIEF EXECUTIVE OFFICER | Option | 211,302 | $3.89 |
| Aug 7, 2026 | Goel Rajeev K.director, 10 percent owner, officer: CHIEF EXECUTIVE OFFICER | Sell | 211,302 | $17.74 |
| Jul 27, 2026 | Goel Rajeev K.director, 10 percent owner, officer: CHIEF EXECUTIVE OFFICER | Sell | 49,979 | $12.35 |
| Jul 27, 2026 | Goel Rajeev K.director, 10 percent owner, officer: CHIEF EXECUTIVE OFFICER | Option | 21,870 | $2.15 |
Source: PUBM SEC Form 4 filings, latest Aug 18, 2026. For informational purposes only — not investment advice.
See the full PUBM insider & 13F page →PUBM research & analysis
Connected-TV Ad Buying Shifts to Direct Publisher Access
Viant says over 80% of its CTV ad spend now clears through direct access to publisher ad servers, up from just over 50% in Q1, at 35% lower CPMs.
CMCSADSPMGNIPubMatic's Q1 Beat Sets Up Hedge Fund Buying Spree?
PubMatic's preliminary Q1 2026 beat above guidance confirms ad tech momentum, setting up hedge fund buying and a potential 70% rally to $28. The market remains skeptical, trading PUBM at a deep discount to peers. Risks center on Q2 delivery and 13F flows.
PubMatic, Inc. company profile
Overview
PubMatic, Inc. (NASDAQ:PUBM) is a cloud-based programmatic advertising technology company founded in 2006 and headquartered in Redwood City, California. The company went public in December 2020 and operates as a supply-side platform (SSP) that connects digital content publishers with advertisers through real-time automated auctions. PubMatic has evolved from a traditional display advertising platform into a comprehensive omnichannel solution serving connected TV, mobile applications, and emerging commerce media markets globally.
Business
PubMatic operates in the programmatic advertising technology industry, which facilitates the automated buying and selling of digital advertising space in real-time. The company's core offering is a supply-side platform (SSP) that acts as an intermediary between publishers who have digital advertising inventory to sell and advertisers or demand-side platforms (DSPs) looking to purchase that inventory. The programmatic advertising ecosystem works through real-time bidding (RTB), where when a user visits a website or opens an app, an auction occurs in milliseconds to determine which advertiser's ad will be displayed. PubMatic's platform sits on the publisher side, helping them maximize revenue from their advertising inventory by connecting them to multiple demand sources simultaneously. PubMatic's primary products include Openwrap, a header bidding solution that allows publishers to offer their inventory to multiple demand sources before sending it to their primary ad server. The company also offers Openwrap OTT for over-the-top streaming services, Openwrap SDK for mobile app developers, and various data and identity solutions. The company's revenue streams can be segmented as follows: • Omnichannel Video (approximately 40% of revenue): Including connected TV (CTV) and streaming video advertising, representing the fastest-growing segment • Display Advertising (approximately 40% of revenue): Traditional web-based banner and display ads across desktop and mobile web • Mobile App Advertising (approximately 20% of revenue): In-app advertising for mobile applications • Emerging Revenue Streams (approximately 6% of revenue): Including commerce media, data services through their Connect platform, and other specialized solutions
Revenue model
PubMatic operates on a take-rate business model, earning revenue by taking a percentage of the advertising dollars that flow through its platform. When advertisers purchase inventory through PubMatic's SSP, the company retains a portion of the transaction value (typically 10-20%) and passes the remainder to the publisher. This creates a variable revenue stream that scales with the volume and value of advertising transactions processed. The company's paying customers are primarily digital publishers - including streaming services, mobile app developers, website operators, and media companies - who use PubMatic's technology to monetize their content through advertising. Secondary customers include advertisers and agencies who access inventory through PubMatic's demand-side solutions. Several factors influence PubMatic's margins and revenue potential. Positive margin drivers include the ongoing shift from traditional linear TV advertising to connected TV and streaming platforms, where PubMatic has strong positioning; the consolidation of advertising technology vendors, which can increase PubMatic's market share; growing adoption of supply path optimization (SPO) by advertisers seeking more efficient ad buying; and the expansion into higher-margin services like data curation and commerce media. Margin pressures come from intense competition among SSPs and other ad tech providers, which can compress take rates; macroeconomic conditions that reduce overall advertising spending; the potential loss of major demand-side platform partners; and the ongoing costs of technology infrastructure required to process billions of advertising transactions. The company also faces regulatory headwinds around data privacy that could impact targeting capabilities and advertiser demand. The business benefits from network effects - more publishers attract more advertisers and vice versa - and enjoys relatively predictable revenue from its large base of retained publisher customers, though individual campaign performance can vary significantly based on seasonal advertising patterns and economic conditions.
Competitive moat
PubMatic's competitive moat is moderate but strengthening in specific market segments. The company's primary defensive advantages stem from its supply path optimization (SPO) relationships with major advertisers and agencies, which create switching costs as buyers optimize their ad tech stack around fewer, more efficient partners. Currently representing over 50% of platform activity, these SPO relationships provide revenue stability and competitive differentiation. The company has built technical infrastructure advantages in processing high-volume, real-time advertising transactions, with the ability to handle billions of bid requests daily. This scale creates barriers for smaller competitors and provides cost advantages. PubMatic's early investment in connected TV (CTV) technology has established relationships with 80% of the top 30 global streaming platforms, creating a first-mover advantage in this rapidly growing segment. However, PubMatic faces significant competitive threats from larger, more diversified ad tech companies like Google's Ad Manager, Amazon's DSP, and The Trade Desk, which have deeper resources and broader product suites. The programmatic advertising industry has relatively low switching costs for publishers, and new entrants can potentially disrupt pricing through aggressive take-rate compression. The company's emerging moat in data and identity solutions through its Connect platform and commerce media offerings represents a potential strengthening of competitive position, as these services create more integrated relationships with publishers beyond simple transaction processing. The integration of AI-powered optimization tools and the development of proprietary data assets could further enhance switching costs. Overall, while PubMatic operates in a highly competitive industry with powerful incumbents, its focused strategy on high-growth segments like CTV, strong SPO relationships, and expanding service offerings provide reasonable defensive characteristics, though the moat remains vulnerable to well-funded competition and technological disruption.
Risks & safety
PubMatic demonstrates solid financial stability with manageable risk levels, though profitability remains volatile. • Liquidity and Solvency: Strong balance sheet with $101.8 million in cash and short-term investments, current ratio of 1.44, and minimal debt (debt-to-equity ratio of 0.16). Positive operating cash flow of $73.4 million in 2024 provides adequate cushion. • Profitability Volatility: EBITDA swings from positive $26.2 million in Q4 2024 to negative $227K in Q1 2025, indicating earnings instability. Full-year 2024 EBITDA of $49.3 million shows underlying profitability capability. • Valuation Metrics: Trading at reasonable multiples with P/E ratio of 12.7x (based on Q4 2024 earnings), though this masks quarterly volatility. EV/EBITDA of 6.2x appears attractive when profitable. • Growth Investment Phase: Free cash flow of $55.8 million in 2024 demonstrates cash generation ability, though quarterly FCF varies significantly ($7.3 million in Q1 2025). • Revenue Concentration Risk: Dependence on programmatic advertising market cycles and potential loss of major DSP partners creates revenue volatility, as seen with recent DSP partnership changes impacting growth rates.
Recent development
Over the past few years, PubMatic has executed a strategic transformation from a traditional display advertising SSP to a comprehensive omnichannel platform focused on high-growth segments. The company's most significant pivot has been its aggressive expansion into connected TV (CTV) advertising, where revenues more than doubled in 2024 and now represent 20% of total revenue. This involved building specialized technology for streaming platforms and establishing partnerships with major CTV publishers including Roku, Disney+ Hotstar, and 80% of the top 30 global streaming services. The company has also invested heavily in artificial intelligence and automation, implementing generative AI across its software development process to achieve 15% productivity gains and launching AI-powered tools like PubMatic Assistant for reporting and political ad classification. These investments support the company's broader platform strategy of moving beyond simple transaction processing to provide value-added services. PubMatic's expansion into commerce media and data services through its Connect platform represents another strategic shift, with these emerging revenue streams doubling year-over-year and contributing 6% of revenue. The company launched products like Convert for commerce media and Activate for demand-side solutions, expanding its total addressable market beyond traditional publisher services. The focus on supply path optimization (SPO) has become central to the company's competitive strategy, with SPO activity growing to over 50% of platform volume. This involves deeper integration with major advertisers and agencies to streamline their ad buying processes, creating stronger customer relationships and higher switching costs. Recent organizational changes include significant expansion of the sales and engineering teams, with over 100 new hires in 2024, and a shift toward more specialized, relationship-focused sales structures to better serve enterprise customers and emerging market segments.
PUBM company profile · for informational purposes only — not investment advice.
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