Company Analysis

PubMatic, Inc. (PUBM)

Nasdaq: PUBM · Services-Computer Programming, Data Processing, Etc. · Redwood City, CA · filing with the SEC since 2008
Grade4.7
◀ Past 6.1● Present 5.2▶ Future 3.4

The grade of PubMatic, Inc.

Nine metrics read from its own filings, by tense
Headline grade
4.7/10
◀ Past6.125% of the headline
● Present5.235% of the headline
▶ Future3.440% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

All nine metrics read as filed from the record.

◀ Past

What did they actually do?

6.1/1025% of the headline grade · 3 of 3 filed

Surviving crises

as filed
2.9/10

Has it survived what it has been through?

1 warning event since 2017; the latest 2022-01-03.

weight 22% of this tense · 28th percentile among 79 sector filers · read for itself

From the record

PubMatic, Inc.'s filings since 2017 show 1 warning event: a notice about its exchange listing (8-K item 3.01, the latest 2022-01-03) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
5.8/10

What has it actually done, year after year?

+16.4% a year over 7 filed years; profitable in 6 of 7.

weight 45% of this tense · 58th percentile among 70 sector filers · read for its customers

From the record

PubMatic, Inc.'s 7 filed years say what it did: revenue went from $114 million in fiscal 2019 to $283 million in fiscal 2025, up 16.4% a year; it rose in 5 of 6 years; the deepest fall was 3% from fiscal 2024 to fiscal 2025; net income was positive in 6 of 7 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span16.4%top 48% of its family
  • the share of years revenue rosebottom 49% of its family
  • the share of filed years with a profittop 23% of its family
  • the deepest fall from a revenue peak2.9%top 45% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
8.7/10

How has it treated the people who own it?

Share count shrank 6.2% a year. 77% of cash flow returned. Insiders: 84 sales, 0 purchases.

weight 33% of this tense · 87th percentile among 41 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, PubMatic, Inc.'s diluted share count shrank about 6.2% a year, and dividends and buybacks returned about 77% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 84 sales (58 under scheduled 10b5-1 plans) and 0 purchases of their own stock on the open market in the year to 2026-11-03 (their Form 4 filings).

What it rests on

  • the share count over the yearstop 8% of its family
  • cash returned against operating cash flowtop 18% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

5.2/1035% of the headline grade · 3 of 3 filed

Financial health

as filed
5.6/10

Is it financially healthy right now?

ROE -6%: lost 6¢ per shareholder dollar. Leverage 61%: owes 61¢ per asset dollar.

weight 45% of this tense · 56th percentile among 74 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, PubMatic, Inc. lost about 6 cents for every dollar of shareholders' money, and gross profitability: its products earned about 26 cents per dollar of everything the company owns. Leverage: it owed about 61 cents per dollar of assets, and net share issuance: its share count shrank 13.4% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 39% of its family
  • return on equitybottom 39% of its family
  • gross profit against assetsbottom 46% of its family
  • the share count against the year beforetop 1% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
4.1/10

How strong is its position in its industry?

bottom 41% of 73 in its family; net margin -5.1%.

weight 33% of this tense · 41st percentile among 73 sector filers · read for its customers

From the record

PubMatic, Inc.'s standing among 73 graded names in its industry family: revenue of $283 million in fiscal 2025 ranks in the bottom 43% by size; a net margin of -5.1% ranks in the bottom 45%; revenue growth of 3.3% a year over the last 3 filed years ranks in the bottom 35% (its annual reports).

What it rests on

  • revenue against the family$283Mbottom 43% of its family
  • net margin-5.1%bottom 45% of its family
  • three-year revenue growth3.3%bottom 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
6.0/10

What are the people in charge doing?

top 40% of 34 in its family for leadership; chief executive since 2020.

weight 22% of this tense · 60th percentile among 34 sector filers · read for its shareholders

From the record

PubMatic, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Goel, Rajeev K. (CHIEF EXECUTIVE OFFICER, as filed), filing under that title since 2020-12-08, 5.9 years (top 38% of its family); the 13 officers and directors filing in the last fifteen months have been on the record a median of 4.4 years (bottom 41%); 4 officer or director changes were reported on Form 8-K since 2023-11-13, against the 13 people in charge now (top 23%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge4 in three years among 13 peopletop 23% of its family
  • the median years the people in charge have filed4.4 yearsbottom 41% of its family
  • the chief executive's years on the record5.9 yearstop 38% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

3.4/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed
6.1/10

How much room does it have to grow?

top 39% of 71 in its family for room to expand.

weight 22% of this tense · 61st percentile among 71 sector filers · read for itself

From the record

PubMatic, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $146 million against no long-term debt tagged leaves 21.4% of its assets as net cash, top 24% of its family; cash from operations less capital spending is 23.6% of revenue (top 23%); a gross margin of 63.6% (top 44%); research spending of 12% of revenue (bottom 32%) (its annual report).

What it rests on

  • cash less debt against assets21.4%top 24% of its family
  • cash from operations less capital spending against revenue23.6%top 23% of its family
  • gross margin63.6%top 44% of its family
  • research spending against revenue12.0%bottom 32% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
3.5/10

What could actually drive growth from here?

bottom 35% of 70 in its family for growth drivers.

weight 45% of this tense · 35th percentile among 70 sector filers · read for its customers

From the record

PubMatic, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 3.3% a year over the last three filed years against 16.4% over all 7, slowing (bottom 31% of its family); the newest year grew -2.9% (bottom 18%); research spending grew 17.5% a year (top 25%); capital spending grew -26.3% a year (bottom 16%) (its annual reports). PubMatic, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span-13.0 points a yearbottom 31% of its family
  • the newest year's revenue growth-2.9%bottom 18% of its family
  • three-year growth of research spending17.5%top 25% of its family
  • three-year growth of capital spending-26.3%bottom 16% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
1.5/10

Did its newest year beat what its own record pointed to?

bottom 15% of 65 in its family for expectations against reality.

weight 33% of this tense · 15th percentile among 65 sector filers · read for its shareholders

From the record

PubMatic, Inc.'s newest year against its own record: revenue of $283 million in fiscal 2025 came in 8.9% below the $310 million its prior three years' pace pointed to (bottom 18% of its family); net income of $14 million against a prior three-year average of $17 million (bottom 12%); a net margin of -5.1% against 6.3% before (bottom 16%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-8.9%bottom 18% of its family
  • net income against the prior three years' average-187%bottom 12% of its family
  • net margin against its prior average-11.4 pointsbottom 16% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton PUBM · research, not advice