PubMatic, Inc. (PUBM) Key Metrics
PUBM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $758.0M
- Enterprise value
- $698.2M
- P/E (TTM)
- — 10-yr median 50.5
- Forward P/E
- 185.2
- PEG ratio
- 5.34
- Price / sales
- 2.6 10-yr median 3.1
- Price / book
- 3.3 10-yr median 3.0
- EV / EBITDA
- 27.2 10-yr median 12.5
- Dividend yield
- —
- Beta
- 1.56
PUBM key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPUBM valuation Price multiples at each fiscal year-end price.
PUBM returns How much profit the business earns on the capital it uses.
PUBM per-share figures Results divided by the shares outstanding at year-end.
PUBM financial health Debt, liquidity and how easily interest is covered.
PUBM efficiency & capital use Working capital cycle and where the cash goes.
PUBM valuation history
PUBM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PUBM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PUBM cash returned to shareholders
PUBM price vs earnings per share
PUBM key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $417.0M | $797.6M | $913.8M | $729.0M | $1.93B | $1.34B | — | — |
| Enterprise value | $315.3M | $702.4M | $760.3M | $581.2M | $1.79B | $1.25B | — | — |
| P/E ratio | — | 63.8 | 102.9 | 25.4 | 34.1 | 50.5 | — | — |
| Price / sales | 1.5 | 2.7 | 3.4 | 2.8 | 8.5 | 9.0 | — | — |
| Price / book | 1.6 | 2.9 | 3.1 | 2.3 | 7.5 | 7.7 | — | — |
| Price / free cash flow | 6.2 | 22.9 | 17.3 | 19.0 | 39.1 | — | — | — |
| Price / operating cash flow | 5.1 | 10.9 | 11.3 | 8.4 | 21.7 | 55.3 | — | — |
| EV / sales | 1.1 | 2.4 | 2.8 | 2.3 | 7.9 | 8.4 | — | — |
| EV / EBITDA | 11.3 | 11.1 | 13.8 | 8.1 | 22.2 | 26.2 | — | — |
| EV / free cash flow | 4.7 | 20.1 | 14.4 | 15.2 | 36.3 | — | — | — |
| Earnings yield | −3.5% | 1.6% | 1.0% | 3.9% | 2.9% | 2.0% | — | — |
| Free cash flow yield | 16.0% | 4.4% | 5.8% | 5.3% | 2.6% | −0.5% | — | — |
| Dividend yield | — | — | 6.3% | 0.2% | 0.5% | — | — | — |
| Shareholder yield (dividends + buybacks) | 11.2% | 9.4% | 12.8% | 0.2% | 0.5% | 0.0% | — | — |
| Share price at fiscal year-end | $8.87 | $14.69 | $16.31 | $12.81 | $34.05 | $27.96 | — | — |
| Per share | ||||||||
| Revenue per share | $6.02 | $5.36 | $4.77 | $4.51 | $4.01 | $3.09 | $2.38 | $2.09 |
| Earnings per share | −$0.31 | $0.23 | $0.16 | $0.50 | $1.00 | $0.55 | $0.14 | $0.09 |
| Operating cash flow per share | $1.72 | $1.35 | $1.45 | $1.53 | $1.57 | $0.51 | $0.73 | $0.33 |
| Free cash flow per share | $1.42 | $0.64 | $0.94 | $0.67 | $0.87 | −$0.15 | $0.42 | $0.12 |
| Cash per share | $3.10 | $2.59 | $3.13 | $3.06 | $2.82 | $2.10 | $1.16 | $0.75 |
| Book value per share | $5.59 | $5.11 | $5.29 | $5.49 | $4.54 | $3.65 | $0.68 | $0.50 |
| Tangible book value per share | $4.90 | $4.48 | $4.65 | $4.82 | $4.43 | $3.52 | $0.55 | $0.36 |
| Dividends per share | — | — | $1.03 | $0.02 | $0.17 | — | — | — |
| Capex per share | $0.31 | $0.71 | $0.50 | $0.86 | $0.70 | $0.65 | $0.31 | $0.20 |
| Debt per share | $0.93 | $0.84 | $0.39 | $0.47 | $0.38 | $0.03 | — | $0.01 |
| Shares outstanding | 47.0M | 54.3M | 56.0M | 56.9M | 56.6M | 48.1M | 47.8M | 47.5M |
| Change in shares outstanding | −13.4% | −3.1% | −1.5% | +0.5% | +17.8% | +0.5% | +0.7% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | −5.4% | 4.4% | 2.9% | 10.1% | 26.2% | 25.6% | 23.7% | 18.7% |
| Return on invested capital (ROIC) | −8.0% | 1.7% | 1.1% | 21.9% | 52.6% | 101.2% | — | — |
| Return on assets (ROA) | −2.0% | 1.7% | 1.3% | 4.8% | 12.3% | 9.2% | 3.4% | 2.5% |
| Return on tangible assets | −2.2% | 1.8% | 1.3% | 4.8% | 10.4% | 7.3% | 3.3% | 2.6% |
| Free cash flow margin | 23.6% | 12.0% | 19.8% | 14.9% | 21.7% | −4.8% | 17.7% | 6.0% |
| Income quality (OCF / net income) | — | 5.87 | 9.13 | 3.04 | 1.57 | 0.91 | 5.29 | 3.52 |
| Financial health | ||||||||
| Total debt | $43.9M | $45.4M | $21.8M | $26.6M | $21.7M | $1.6M | — | $276,000 |
| Cash & short-term investments | $145.5M | $140.6M | $175.3M | $174.4M | $159.6M | $101.0M | $55.5M | $35.5M |
| Net debt | −$101.7M | −$95.2M | −$153.5M | −$147.8M | −$137.9M | −$99.4M | −$55.5M | −$35.2M |
| Debt / equity | 0.17 | 0.16 | 0.07 | 0.09 | 0.08 | 0.01 | — | 0.01 |
| Debt / assets | 0.06 | 0.06 | 0.03 | 0.04 | 0.04 | 0.00 | — | 0.00 |
| Net debt / EBITDA | −3.65 | −1.51 | −2.78 | −2.06 | −1.71 | −2.09 | −2.54 | −2.88 |
| Current ratio | 1.39 | 1.37 | 1.48 | 1.67 | 1.73 | 1.71 | 1.61 | 1.66 |
| Quick ratio | 1.39 | 1.37 | 1.48 | 1.67 | 1.73 | 1.71 | 1.61 | 1.66 |
| Interest coverage | — | — | — | 13.3 | 9.8 | 181.5 | 11.9 | — |
| Working capital | $146.8M | $156.7M | $182.4M | $201.5M | $193.8M | $135.5M | $67.1M | $59.5M |
| Invested capital | $160.9M | $182.1M | $142.7M | $164.4M | $119.3M | $76.0M | −$23.1M | −$11.6M |
| Tangible asset value | $230.3M | $243.4M | $260.8M | $274.3M | $250.9M | $169.2M | $26.1M | $17.1M |
| Net current asset value | $105.0M | $113.3M | $162.9M | $173.5M | $167.7M | $131.3M | $2.5M | −$4.7M |
| Graham number | — | $5.14 | $4.34 | $7.89 | $10.11 | $6.74 | $1.45 | $1.02 |
| Graham net-net per share | −$0.07 | −$0.06 | $1.03 | $1.41 | $1.44 | $1.45 | −$0.66 | −$0.78 |
| Capital allocation | ||||||||
| Dividends paid | — | — | $57.7M | $1.2M | $9.4M | — | — | — |
| Share buybacks (net) | $46.5M | $75.3M | $59.3M | $0 | $858,000 | $3,000 | $5,000 | $301,000 |
| Dividend payout ratio | — | — | 649.9% | 4.2% | 16.6% | — | — | — |
| Dividends + buybacks / free cash flow | 69.7% | 215.9% | 221.4% | 3.1% | 20.8% | — | 0.0% | 5.1% |
| Capex / revenue | 5.1% | 13.2% | 10.6% | 19.1% | 17.3% | 21.1% | 13.2% | 9.7% |
| Capex / operating cash flow | 17.7% | 52.5% | 34.9% | 56.1% | 44.4% | 129.1% | 42.7% | 61.9% |
| Capex / depreciation | 0.33 | 0.85 | 0.63 | 1.43 | 1.71 | 1.99 | 1.18 | 0.79 |
| Stock-based compensation / revenue | 13.6% | 12.9% | 10.8% | 8.1% | 6.2% | 2.4% | 1.8% | 3.2% |
| R&D / revenue | 12.0% | 11.4% | 10.0% | 8.1% | 7.0% | 8.2% | 10.9% | 12.7% |
| SG&A / revenue | 57.7% | 52.5% | 52.1% | 44.3% | 41.4% | 42.7% | 49.9% | 50.8% |
| Efficiency | ||||||||
| Days sales outstanding | 505.1 | 501.5 | 471.4 | 428.0 | 407.3 | 413.7 | 363.7 | 401.9 |
| Days of inventory on hand | — | — | — | 0.0 | — | 0.0 | 0.0 | 0.0 |
| Days payables outstanding | 1,292.8 | 1,326.4 | 1,149.6 | 1,168.1 | 1,317.8 | 1,223.5 | 916.2 | 956.6 |
| Cash conversion cycle (days) | -787.7 | -825.0 | -678.2 | -740.2 | -910.4 | -809.8 | -552.4 | -554.7 |
| Receivables turnover | 0.72 | 0.73 | 0.77 | 0.85 | 0.90 | 0.88 | 1.00 | 0.91 |
| Payables turnover | 0.28 | 0.28 | 0.32 | 0.31 | 0.28 | 0.30 | 0.40 | 0.38 |
| Inventory turnover | — | — | — | 81,512,000.00 | — | 41,186,000.00 | 36,104,000.00 | 31,235,000.00 |
| Asset turnover | 0.40 | 0.41 | 0.40 | 0.43 | 0.49 | 0.51 | 0.59 | 0.56 |
| Average receivables | $391.5M | $400.1M | $344.9M | $300.6M | $253.2M | $168.6M | $113.5M | $109.3M |
| Average payables | $365.1M | $367.1M | $312.5M | $260.9M | $210.5M | $138.1M | $90.6M | $81.9M |
| Average inventory | — | — | — | $1 | — | $1 | $1 | $1 |
| Intangibles / total assets | 4.7% | 4.6% | 5.1% | 5.9% | 1.1% | 1.7% | 3.0% | 3.7% |
Computed from PUBM's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PUBM valuation and financial ratios
PubMatic earned a return on equity of −5.4% and a return on invested capital of −8.0% in fiscal 2025. It ended the year with $43.9 million of debt and $145.5 million in cash and short-term investments, a net cash position of $101.7 million. It returned $46.5 million to shareholders: $0 in dividends and $46.5 million in share buybacks, 70% of free cash flow.
See the PUBM income statement, the PUBM chart for price history, or the PUBM stock overview for the latest quote and news.
PUBM key metrics FAQ
What is PubMatic's EV/EBITDA?
PubMatic's enterprise value was 11.3 times EBITDA at the end of fiscal 2025 (enterprise value $315.3 million, EBITDA $27.8 million); the current EV/EBITDA is 27.2.
What is PubMatic's return on equity?
PubMatic's return on equity (ROE) was −5.4% in fiscal 2025: net income of -$14.5 million on average shareholders' equity of $269.9 million.
What is PubMatic's ROIC?
PubMatic's return on invested capital was −8.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does PubMatic have?
PubMatic had total debt of $43.9 million at the end of fiscal 2025, a debt-to-equity ratio of 0.17 and more cash than debt.
Does PubMatic buy back its shares?
Yes. PubMatic spent $46.5 million on net share repurchases in fiscal 2025 Shares outstanding changed −13.4% over the year, to 47.0M..
What is PubMatic's free cash flow yield?
PubMatic generated $66.7 million of free cash flow in fiscal 2025, a free cash flow yield of 16.0% on its market value at year-end ($417.0 million).
What is PubMatic's current ratio?
PubMatic's current ratio was 1.39 at the end of fiscal 2025: current assets were 1.39 times current liabilities.