PubMatic (PUBM)


Market Price (10/4/2026): $18.39 | Market Cap: $847.9 MilSector: Information Technology | Industry: Application Software

PubMatic (PUBM)


Market Price (10/4/2026): $18.39
Market Cap: $847.9 Mil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Social Media & Creator Economy, and Digital Advertising. Themes include Ad-Tech Platforms.

Key risks
PUBM key risks include [1] significant revenue volatility due to its high concentration and dependence on a few key DSP partners and [2] strategic challenges to the long-term viability of its stand-alone SSP business model as the lines between supply and demand platforms blur.

0 Megatrend and thematic drivers
Megatrends include Social Media & Creator Economy, and Digital Advertising. Themes include Ad-Tech Platforms.
1 Key risks
PUBM key risks include [1] significant revenue volatility due to its high concentration and dependence on a few key DSP partners and [2] strategic challenges to the long-term viability of its stand-alone SSP business model as the lines between supply and demand platforms blur.

PUBM in ETFs

Weight = PUBM's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
AVUV0.06%
VTWO0.02%
DFAS0.02%
SCHA0.01%
IWN0.01%
+3 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/3/2026

PubMatic (PUBM) stock has gained about 40% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Outperformance and Upbeat Q3 Guidance: PubMatic reported robust fiscal Q2 2026 financial results on August 6, 2026, with an adjusted EPS of $0.12, significantly exceeding the forecast loss of $0.23, and revenue of $78.6 million, an 11% year-over-year increase, surpassing the $69.03 million consensus. This strong performance was complemented by optimistic fiscal Q3 2026 revenue guidance of $75 million to $77 million, which beat the analyst consensus of $71.092 million, signaling continued strong demand.

2. Strategic Growth in High-Value Programmatic Verticals and AI Platform Adoption: The company showcased strong growth in strategic areas, with approximately 60% of its revenue now derived from Connected TV (CTV), mobile applications, and other emerging formats. This shift towards higher-growth, higher-value products was supported by the expanding adoption of its AI-powered platform, including the AgenticOS, which saw its campaigns grow from 30 to 80 across all five global agency holding firms.

Show more
Updated on 10/3/2026

PubMatic (PUBM) stock has gained about 40% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Outperformance and Upbeat Q3 Guidance: PubMatic reported robust fiscal Q2 2026 financial results on August 6, 2026, with an adjusted EPS of $0.12, significantly exceeding the forecast loss of $0.23, and revenue of $78.6 million, an 11% year-over-year increase, surpassing the $69.03 million consensus. This strong performance was complemented by optimistic fiscal Q3 2026 revenue guidance of $75 million to $77 million, which beat the analyst consensus of $71.092 million, signaling continued strong demand.

2. Strategic Growth in High-Value Programmatic Verticals and AI Platform Adoption: The company showcased strong growth in strategic areas, with approximately 60% of its revenue now derived from Connected TV (CTV), mobile applications, and other emerging formats. This shift towards higher-growth, higher-value products was supported by the expanding adoption of its AI-powered platform, including the AgenticOS, which saw its campaigns grow from 30 to 80 across all five global agency holding firms.

3. Elevated Analyst Sentiment and Raised Price Targets: Following the impressive fiscal Q2 results and positive outlook, Wall Street analysts responded with favorable ratings and increased price targets. Several firms, including Citizens Jmp and B. Riley Financial, raised their price objectives to $20.00 and $21.00, respectively. This contributed to a consensus "Moderate Buy" rating for PubMatic with an average price target of $19.73.

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Stock Movement Drivers

Fundamental Drivers

The 46.2% change in PUBM stock from 6/30/2026 to 10/1/2026 was primarily driven by a 39.3% change in the company's P/S Multiple.
(LTM values as of)630202610012026Change
Stock Price ($)13.1219.1846.2%
Change Contribution By: 
Total Revenues ($ Mil)2822892.7%
P/S Multiple2.23.139.3%
Shares Outstanding (Mil)47462.2%
Cumulative Contribution46.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/1/2026
ReturnCorrelation
PUBM46.2% 
Market (SPY)2.3%26.2%
Sector (XLK)3.8%13.6%

Fundamental Drivers

The 134.5% change in PUBM stock from 3/31/2026 to 10/1/2026 was primarily driven by a 127.0% change in the company's P/S Multiple.
(LTM values as of)331202610012026Change
Stock Price ($)8.1819.18134.5%
Change Contribution By: 
Total Revenues ($ Mil)2832892.2%
P/S Multiple1.33.1127.0%
Shares Outstanding (Mil)47461.1%
Cumulative Contribution134.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/1/2026
ReturnCorrelation
PUBM134.5% 
Market (SPY)17.8%20.8%
Sector (XLK)49.0%11.6%

Fundamental Drivers

The 131.6% change in PUBM stock from 9/30/2025 to 10/1/2026 was primarily driven by a 128.7% change in the company's P/S Multiple.
(LTM values as of)930202510012026Change
Stock Price ($)8.2819.18131.6%
Change Contribution By: 
Total Revenues ($ Mil)292289-1.0%
P/S Multiple1.33.1128.7%
Shares Outstanding (Mil)47462.3%
Cumulative Contribution131.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/1/2026
ReturnCorrelation
PUBM131.6% 
Market (SPY)15.6%23.9%
Sector (XLK)40.9%14.9%

Fundamental Drivers

The 58.5% change in PUBM stock from 9/30/2023 to 10/1/2026 was primarily driven by a 25.1% change in the company's P/S Multiple.
(LTM values as of)930202310012026Change
Stock Price ($)12.1019.1858.5%
Change Contribution By: 
Total Revenues ($ Mil)25828912.3%
P/S Multiple2.43.125.1%
Shares Outstanding (Mil)524612.8%
Cumulative Contribution58.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/1/2026
ReturnCorrelation
PUBM58.5% 
Market (SPY)84.9%31.5%
Sector (XLK)145.6%26.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PUBM Return22%-62%27%-10%-40%112%-33%
Peers Return18%-41%49%45%4%3%61%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
PUBM Win Rate50%33%42%33%50%78% 
Peers Win Rate57%27%68%63%48%42% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
PUBM Max Drawdown-68%-64%-44%-43%-57%-29% 
Peers Max Drawdown-30%-51%-28%-21%-42%-34% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MGNI, TTD, GOOGL, AMZN, MSFT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)

How Low Can It Go

EventPUBMS&P 500
2025 US Tariff Shock
  % Loss-48.6%-18.8%
  % Gain to Breakeven94.7%23.1%
  Time to Breakeven486 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.6%-9.5%
  % Gain to Breakeven65.6%10.5%
  Time to Breakeven118 days24 days
2023 SVB Regional Banking Crisis
  % Loss-21.6%-6.7%
  % Gain to Breakeven27.5%7.1%
  Time to Breakeven8 days31 days

Compare to MGNI, TTD, GOOGL, AMZN, MSFT

In The Past

PubMatic's stock fell -48.6% during the 2025 US Tariff Shock. Such a loss loss requires a 94.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPUBMS&P 500
2025 US Tariff Shock
  % Loss-48.6%-18.8%
  % Gain to Breakeven94.7%23.1%
  Time to Breakeven486 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.6%-9.5%
  % Gain to Breakeven65.6%10.5%
  Time to Breakeven118 days24 days
2023 SVB Regional Banking Crisis
  % Loss-21.6%-6.7%
  % Gain to Breakeven27.5%7.1%
  Time to Breakeven8 days31 days

Compare to MGNI, TTD, GOOGL, AMZN, MSFT

In The Past

PubMatic's stock fell -48.6% during the 2025 US Tariff Shock. Such a loss loss requires a 94.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About PubMatic (PUBM)

PubMatic operates a cloud-based infrastructure platform that facilitates real-time programmatic advertising transactions worldwide. The company acts as a crucial link in the digital advertising supply chain, primarily serving as a sell-side platform (SSP). It connects internet content creators and publishers (who have ad space to sell) with advertisers and media buyers (who want to display ads). Essentially, PubMatic enables publishers to effectively monetize their digital content across various platforms and formats, while providing advertisers with automated tools to reach their target audiences efficiently.

The company offers a comprehensive suite of solutions designed to optimize ad inventory monetization and buying. Key products include its "Openwrap" suite, which provides advanced header bidding solutions for web, in-app, and over-the-top (OTT) content, helping publishers maximize revenue by allowing multiple ad buyers to bid simultaneously. PubMatic also provides real-time bidding (RTB) programmatic technologies, private marketplace solutions for exclusive ad deals, and sophisticated tools for ensuring ad quality, detecting invalid traffic, and managing identity solutions like "Identity Hub" for privacy-compliant audience targeting. Its "cross-platform video" solution further connects trusted video buyers to premium publishers.

PubMatic's platform supports a wide array of ad formats, including display and video, across various digital device types. This includes mobile applications, mobile web, desktop, and the growing over-the-top (OTT) and connected television (CTV) segments. Its primary customers are digital publishers, app developers, and OTT providers seeking to monetize their ad inventory, as well as advertisers and media agencies looking to purchase ad space and reach audiences across diverse digital channels globally.

AI Analysis | Feedback

Here are a few brief analogies to describe PubMatic:

  • The Nasdaq for digital ad space. (PubMatic is a real-time marketplace facilitating buying and selling of ad impressions, much like a stock exchange trades securities.)

  • Sotheby's for digital ad inventory. (PubMatic provides tools for publishers to auction off their ad space to advertisers in real-time, similar to how an auction house facilitates bidding for valuable items.)

  • An Amazon Web Services (AWS) for programmatic advertising. (PubMatic provides the underlying cloud infrastructure platform that powers automated, real-time ad transactions for publishers and advertisers, much like AWS provides cloud infrastructure for websites and applications.)

AI Analysis | Feedback

  • Openwrap: A header bidding solution providing enterprise-grade management and analytics tools, including versions for OTT and in-app developers.
  • Private Marketplace Solutions: Tools facilitating exclusive programmatic advertising transactions between specific buyers and sellers.
  • Media Buyer Consoles: Interfaces and tools designed for advertisers and agencies to manage their ad buying activities.
  • Real-Time Bidding (RTB) Programmatic Technologies: Provides various options for selling digital ad inventory across screens and ad formats through automated real-time auctions.
  • Digital Advertising Inventory Quality Solutions: Services to detect and filter out invalid traffic and other nefarious activity to ensure the quality of ad inventory.
  • Ad Quality Solutions: Technologies targeting the reduction of security, quality, and performance issues related to digital advertisements.
  • Identity Hub: A privacy-compliant identity solution enabling the use of various advertiser-preferred user identifiers at scale.
  • Audience Encore: An audience data platform designed for managing and activating audience data.
  • Cross-Platform Video Sell Side Platform: Connects trusted video buyers with premium publishers for video advertising inventory across various platforms.

AI Analysis | Feedback

PubMatic (PUBM) sells primarily to other companies within the digital advertising ecosystem. The provided background information describes the categories of companies it serves rather than listing specific customer names.

Based on the description, PubMatic's major customers are:

  • Internet Content Creators and Publishers: This includes a wide range of entities such as owners of websites, mobile applications, and Over-The-Top (OTT) / Connected Television (CTV) platforms. These customers utilize PubMatic's platform to manage and monetize their digital advertising inventory. The company specifically mentions serving "premium publishers" and providing solutions for "in-app developers."
  • Advertisers and Media Buyers: These customers are brands, advertising agencies, or demand-side platforms (DSPs) that utilize PubMatic's platform to purchase digital ad inventory and reach their target audiences across various formats and devices. The description refers to "advertisers worldwide," "media buyer consoles," and "trusted video buyers."

AI Analysis | Feedback

Alphabet Inc. (GOOG, GOOGL)

Amazon.com, Inc. (AMZN)

AI Analysis | Feedback

Rajeev Goel, Co-Founder & Chief Executive Officer

Rajeev Goel co-founded PubMatic in 2006. He is a serial entrepreneur, having previously co-founded Chipshot.com, an online retailer of custom-built golf equipment, where he served as vice president of technology. Prior to PubMatic, he was also a product marketing director at SAP and a principal at Diamond Management and Technology Consultants.

Steve Pantelick, Chief Financial Officer

Steve Pantelick joined PubMatic as Chief Financial Officer in 2011. His extensive background includes serving as CFO of Aggregate Knowledge, a data management platform company, and as CFO of Ofoto/Kodak Gallery, an online photo-sharing company. Earlier in his career, he held various leadership roles at Blockbuster Inc., including COO of its New Media Division and Senior Vice President of U.S. Financial Operations, and played a pivotal role in taking the company public in 1999. He also spent seven years with Cadbury Schweppes in roles across the US and Europe.

Amar Goel, Founder, Chairman & Chief Innovation Officer

Amar Goel co-founded PubMatic in 2006 and was the company's first CEO. He previously co-founded Chipshot.com.

Mukul Kumar, Co-Founder & President, Engineering

Mukul Kumar co-founded PubMatic in 2006. He is responsible for driving the development of the company's AI-powered platform.

Paulina Klimenko, Chief Growth Officer

Paulina Klimenko serves as the Chief Growth Officer, focusing on scaling new revenue streams for PubMatic. Prior to this role, she was the Senior Vice President of Corporate Development and General Manager of Mobile at PubMatic.

AI Analysis | Feedback

Key Risks to PubMatic (PUBM)

  • Intense Competition and Dependence on Major Demand-Side Platforms (DSPs): PubMatic operates in a highly competitive digital advertising technology market with numerous rivals, including established ad tech giants like Google Ad Manager, Magnite, Index Exchange, and Xandr. Google Ad Manager, in particular, is noted as a formidable competitor due to its extensive market reach. PubMatic has even filed a lawsuit against Google, alleging anticompetitive behavior that has hindered its growth and created an unlevel playing field. Furthermore, PubMatic faces significant risk due to its reliance on a few large DSP partners, such as Google DV360 and The Trade Desk. Changes in the buying patterns or strategies of these major DSPs, or increased competitive pressure from them, can directly impact PubMatic's revenue and market share. The ad-tech sector has also seen volatility driven by investor concerns over intensified competition, especially from AI-driven digital giants.
  • Evolving Data Privacy Regulations and Deprecation of Third-Party Identifiers: The digital advertising industry is undergoing a significant transformation towards a privacy-centric environment, driven by stricter global data privacy regulations (such as GDPR and CCPA) and the phasing out of third-party cookies and other traditional user identifiers. This shift necessitates continuous adaptation of PubMatic's platform and solutions to maintain compliance and effectiveness in an ecosystem with fewer traditional targeting signals. Failure to effectively navigate these regulatory changes and technological shifts could impact PubMatic's ability to offer effective advertising solutions, potentially affecting monetization for publishers and advertisers. Privacy-related class-action litigation also presents an increasing financial and operational risk.
  • Macroeconomic Uncertainty and Volatility in Advertising Spend: PubMatic's business is directly dependent on overall advertising demand, making it vulnerable to macroeconomic uncertainties and fluctuations in advertising budgets. Economic downturns can lead to advertisers reducing their spending, which directly impacts PubMatic's revenue streams. The ad-tech sector has experienced considerable volatility, with investor apprehension regarding the sustainability of growth in digital advertising amidst evolving macroeconomic conditions. Seasonal fluctuations or broader market changes in digital advertising activity also pose a risk to the company's business and financial performance.

AI Analysis | Feedback

The digital advertising industry is undergoing significant structural shifts that present clear emerging threats to companies like PubMatic (PUBM):

  1. Evolving Privacy Regulations and the Deprecation of Third-Party Identifiers: The increasing implementation of stringent global data privacy regulations (e.g., GDPR, CCPA, and similar frameworks) combined with significant platform-level changes such as Google's planned deprecation of third-party cookies in Chrome and Apple's App Tracking Transparency (ATT) framework are fundamentally disrupting traditional methods of user tracking, targeting, and measurement in digital advertising. PubMatic's core business relies on enabling efficient, data-driven programmatic advertising transactions. While PubMatic offers solutions like "Identity Hub" to address these changes, the continuous evolution and tightening of privacy controls could fundamentally alter the effectiveness and scale of open internet advertising, making it harder for advertisers to reach desired audiences and potentially reducing demand for programmatic inventory. This constitutes a structural threat to the entire ad tech ecosystem that relies on established identity and tracking mechanisms.

  2. Dominance and Expansion of Walled Gardens: The increasing consolidation of ad spend and user data within large "walled garden" platforms (e.g., Google, Meta, Amazon, Apple) presents a significant competitive threat. These platforms offer highly integrated advertising solutions within their own vast ecosystems, often leveraging proprietary first-party data for superior targeting, measurement, and simplified buying experiences. If advertisers increasingly direct their budgets to these closed environments due to perceived better performance, ease of use, or exclusive data access, it could reduce the overall ad spend available for the open internet, where PubMatic primarily operates. This shift could limit PubMatic's growth opportunities and reduce the transaction volumes and monetization potential for its publisher partners.

AI Analysis | Feedback

PubMatic (PUBM) operates within several significant addressable markets related to programmatic advertising.

The **global programmatic advertising market** was estimated at USD 678.37 billion in 2023 and is projected to reach USD 2,753.03 billion by 2030, growing at a compound annual growth rate (CAGR) of 22.8% from 2024 to 2030. Another estimate valued the global programmatic advertising market at USD 595.4 billion in 2024, poised to grow to USD 3165.54 billion by 2033, with a CAGR of 20.4% during the forecast period of 2026-2033. In 2025, global programmatic ad spending reached approximately $716 billion. North America held the largest share of the global programmatic advertising market, accounting for 32.6% in 2023.

Within the broader programmatic advertising market, specific segments address PubMatic's key offerings:

  • For **programmatic video advertising**, the video segment constituted the largest market share of 41.8% within programmatic advertising in 2023. Programmatic video is forecast to increase at a 25.1% CAGR to 2031.

  • The **global programmatic Connected TV (CTV) and Over-the-Top (OTT) advertising market** is experiencing rapid growth. Global CTV ad spending is projected to exceed USD 45 billion by the end of 2026. In the U.S. alone, CTV ad spending surpassed $30 billion. More than 90% of CTV display ad spending is transacted programmatically, a trend expected to drive nearly all of the channel's growth through 2026. The total global OTT/CTV ad spend is anticipated to increase to $18.3 billion by 2024.

  • For **Real-Time Bidding (RTB) programmatic technologies**, the global real-time bidding market was valued at USD 14.37 billion in 2023 and is expected to reach USD 39.61 billion by 2030, with a CAGR of 16.0% from 2024 to 2030. The RTB segment held the largest market share of 42.0% within the overall programmatic advertising market in 2023.

  • Regarding **header bidding solutions** (such as Openwrap, Openwrap OTT, and Openwrap SDK), while a specific market size in USD is not readily available, header bidding is widely adopted and recognized for increasing publisher revenue. As of Q1 2022, 70% of U.S. publishers adopted header bidding technology on their sites. Additionally, 84.1% of U.S.-based sites were utilizing header bidding by the end of Q2 2021. This technology can maximize publisher revenue by up to 30%.

AI Analysis | Feedback

PubMatic (PUBM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends: * **Growth in Connected TV (CTV) and Mobile App Advertising:** PubMatic consistently highlights strong performance in these high-engagement, first-party data-rich environments. Connected TV (CTV) revenue grew over 50% year-over-year in fiscal year 2025, excluding political ad spend. Mobile app revenue increased more than 25% year-over-year in Q4 2025, representing over 20% of total revenue in 2025. These segments are considered secular growth engines for the company. * **Expansion of AI Capabilities and Solutions (Agentic AI):** The company is prioritizing its AI capabilities, including the launch of AgenticOS, an operating system designed for autonomous ad campaign execution. PubMatic anticipates its AI solutions will provide an incremental and growing tailwind, with nearly 10% of publishers on its platform already generating revenue from these solutions. Emerging revenues, which include new AI solutions, nearly doubled over 2024. * **Diversification of Demand-Side Platform (DSP) Partnerships and Buy-Side Expansion:** PubMatic is actively diversifying its buyer mix by adding new DSP partners, with 50 new integrations completed in fiscal year 2025. Ad spending from performance marketers and mid-market focused DSPs grew 30% year-over-year in Q4 2025. The company also increased its buyer-focused sales team by nearly 20% year-over-year. This strategy aims to broaden revenue growth and enhance the resilience of its model. * **Growth of Emerging Revenue Streams (Activate and Commerce Media):** PubMatic's "emerging revenues," which encompass Activate, commerce media, and new AI solutions, nearly doubled over 2024 and constituted approximately 10% of total revenues. Specifically, the Activate platform experienced over three times growth in activity and 100% year-over-year growth, while commerce media expanded by 80% year-over-year.

AI Analysis | Feedback

Share Repurchases

  • PubMatic's Board of Directors authorized an additional $100 million for its share repurchase program through the end of 2025 on February 26, 2024. This expanded the previous authorization of $75 million. As of December 31, 2023, the company had used $59.3 million to repurchase 4.0 million shares.
  • On May 7, 2025, the Board further increased the share repurchase program by $100 million, bringing the total authorized for buybacks to approximately $130.8 million until December 31, 2026.
  • Through March 31, 2025, PubMatic had used $138.2 million to repurchase 8.7 million shares of Class A common stock since the program's inception.

Share Issuance

  • PubMatic completed its Initial Public Offering (IPO) in December 2020, offering 2,655,000 shares of Class A common stock at $20.00 per share. Selling stockholders also offered shares, but PubMatic did not receive proceeds from those sales.
  • The number of shares outstanding saw a significant increase from 19.98 million in December 2020 to 51.46 million in December 2021 following the IPO.
  • In the years following the IPO, the number of outstanding shares decreased, notably by -3.69% in 2023, -5.26% in 2024, and -4.29% in 2025, indicating that share repurchases have been offsetting new issuances like employee stock awards.

Outbound Investments

  • PubMatic acquired Martin, an AI-based advertising technology for bidding management, in September 2022 for $65 million.
  • This acquisition was intended to bolster PubMatic's data capabilities and led to the subsequent launch of its Activate platform, an end-to-end supply path optimization solution.

Capital Expenditures

  • PubMatic's full-year capital expenditures are projected to be approximately $15 million to $19 million for 2026, with a strategic shift in focus towards expanding support for AI workloads rather than increasing ad impression capacity.
  • For the full year 2025, the company maintained a capital expenditure projection of $15 million.
  • The company significantly reduced total capital expenditures in 2023 by over 70% compared to 2022, primarily through infrastructure optimization initiatives aimed at capacity expansion and software-driven efficiency. Annual capital expenditures were $49 million in 2024, $28 million in 2023, and $39 million in 2022.

Peer Outperformance in Application Software

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Share of Application Software constituents that PUBM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
—
insufficient peer history
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PUBMMGNITTDGOOGLAMZNMSFTMedian
NamePubMatic Magnite Trade De.Alphabet Amazon.c.Microsoft 
Mkt Price---343.22251.37517.12343.22
Mkt Cap---4,170.52,707.03,840.13,840.1
Rev LTM---445,867775,680331,839445,867
Op Inc LTM---147,62893,712155,237147,628
FCF LTM---53,273-11,62566,98753,273
FCF 3Y Avg---60,26316,73270,89060,263
CFO LTM---185,675161,403182,935182,935
CFO 3Y Avg---141,481130,164145,882141,481

Growth & Margins

PUBMMGNITTDGOOGLAMZNMSFTMedian
NamePubMatic Magnite Trade De.Alphabet Amazon.c.Microsoft 
Rev Chg LTM---20.1%15.8%17.8%17.8%
Rev Chg 3Y Avg---15.5%13.0%16.1%15.5%
Rev Chg Q---24.2%19.6%17.7%19.6%
QoQ Delta Rev Chg LTM---5.5%4.4%4.3%4.4%
Op Inc Chg LTM---21.6%23.0%20.8%21.6%
Op Inc Chg 3Y Avg---25.6%90.0%20.6%25.6%
Op Mgn LTM---33.1%12.1%46.8%33.1%
Op Mgn 3Y Avg---31.9%10.8%45.7%31.9%
QoQ Delta Op Mgn LTM---0.4%0.6%-0.0%0.4%
CFO/Rev LTM---41.6%20.8%55.1%41.6%
CFO/Rev 3Y Avg---36.5%18.9%50.6%36.5%
FCF/Rev LTM---11.9%-1.5%20.2%11.9%
FCF/Rev 3Y Avg---16.1%2.8%25.3%16.1%

Valuation

PUBMMGNITTDGOOGLAMZNMSFTMedian
NamePubMatic Magnite Trade De.Alphabet Amazon.c.Microsoft 
Mkt Cap---4,170.52,707.03,840.13,840.1
P/S---9.43.511.69.4
P/Op Inc---28.228.924.728.2
P/EBIT---13.815.122.715.1
P/E---17.120.028.720.0
P/CFO---22.516.821.021.0
Total Yield---6.2%5.1%4.2%5.1%
Dividend Yield---0.3%0.0%0.7%0.3%
FCF Yield 3Y Avg---2.4%0.8%2.2%2.2%
D/E---0.00.10.00.0
Net D/E----0.00.0-0.0-0.0

Returns

PUBMMGNITTDGOOGLAMZNMSFTMedian
NamePubMatic Magnite Trade De.Alphabet Amazon.c.Microsoft 
1M Rtn---2.5%-1.4%3.2%2.5%
3M Rtn----4.6%3.6%32.7%3.6%
6M Rtn---16.2%19.8%39.0%19.8%
12M Rtn---40.5%13.9%0.3%13.9%
3Y Rtn---158.2%94.2%64.5%94.2%
1M Excs Rtn---2.0%-1.9%2.8%2.0%
3M Excs Rtn----7.1%1.1%30.2%1.1%
6M Excs Rtn----1.3%2.6%23.8%2.6%
12M Excs Rtn---26.7%-0.3%-14.1%-0.3%
3Y Excs Rtn---88.9%19.1%-10.5%19.1%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment283291267256227
Total283291267256227


Operating Income by Segment
$ Mil202520242023
Single Segment-1742
Total-1742


Net Income by Segment
$ Mil202520242023
Single Segment-14139
Total-14139


Price Behavior

Price Behavior
Market Price$19.18 
Market Cap ($ Bil)0.9 
First Trading Date12/09/2020 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$16.28$11.13
DMA Trendupup
Distance from DMA17.8%72.3%
 3M1YR
Volatility73.1%71.9%
Downside Capture83.86106.83
Upside Capture260.99188.33
Correlation (SPY)26.9%24.1%
PUBM Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta1.332.481.741.041.321.32
Up Beta-2.481.710.540.200.381.05
Down Beta4.943.952.851.721.661.49
Up Capture198%399%288%228%274%227%
Bmk +ve Days6162766132424
Stock +ve Days12223275132376
Down Capture-1%13%65%11%105%108%
Bmk -ve Days16263760120328
Stock -ve Days10203249116365

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PUBM
PUBM132.4%71.7%1.43-
Sector ETF (XLK)41.1%26.5%1.2614.9%
Equity (SPY)15.7%13.0%0.8523.9%
Gold (GLD)7.7%29.6%0.258.6%
Commodities (DBC)45.6%20.8%1.69-2.8%
Real Estate (VNQ)1.2%13.6%-0.1616.2%
Bitcoin (BTCUSD)-25.7%44.5%-0.5411.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PUBM
PUBM-7.5%66.5%0.16-
Sector ETF (XLK)21.2%25.9%0.7338.0%
Equity (SPY)13.0%17.2%0.5741.0%
Gold (GLD)18.6%18.9%0.806.1%
Commodities (DBC)10.6%19.6%0.425.9%
Real Estate (VNQ)0.4%18.9%-0.0828.1%
Bitcoin (BTCUSD)13.6%52.3%0.4327.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PUBM
PUBM-4.0%72.4%0.21-
Sector ETF (XLK)24.8%25.0%0.9035.6%
Equity (SPY)15.3%17.9%0.7237.2%
Gold (GLD)11.6%16.4%0.585.2%
Commodities (DBC)8.4%18.1%0.387.8%
Real Estate (VNQ)4.4%20.7%0.1725.7%
Bitcoin (BTCUSD)64.2%66.2%1.0420.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity2.4 Mil
Short Interest: % Change Since 83120267.7%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest4.3 days
Basic Shares Quantity46.1 Mil
Short % of Basic Shares5.3%

Returns Analyses

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202631.9%28.2%22.4%
5/7/20264.9%-7.0%9.8%
2/26/202614.6%25.5%15.8%
11/10/202543.4%20.1%22.0%
8/11/2025-21.1%-20.0%-23.5%
5/8/20250.8%5.0%10.1%
2/27/2025-23.9%-28.4%-33.6%
11/12/2024-1.0%-5.7%0.6%
...
SUMMARY STATS   
# Positive131214
# Negative10119
Median Positive14.6%22.8%13.0%
Median Negative-15.7%-16.2%-15.9%
Max Positive43.4%46.9%49.0%
Max Negative-33.7%-33.1%-33.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202631.9%28.2%22.4%
5/7/20264.9%-7.0%9.8%
2/26/202614.6%25.5%15.8%
11/10/202543.4%20.1%22.0%
8/11/2025-21.1%-20.0%-23.5%
5/8/20250.8%5.0%10.1%
2/27/2025-23.9%-28.4%-33.6%
11/12/2024-1.0%-5.7%0.6%
8/8/2024-28.3%-29.3%-28.5%
5/7/2024-6.0%-5.0%-11.1%
2/26/202423.6%28.6%42.5%
11/8/202323.6%32.1%41.4%
8/8/2023-33.7%-30.8%-27.8%
5/9/202312.8%18.5%49.0%
2/28/2023-7.6%-8.0%-11.8%
11/8/2022-14.2%1.4%-15.9%
8/8/202223.8%27.7%6.6%
5/9/20222.4%10.2%7.7%
2/28/2022-17.2%-33.1%-9.2%
11/9/20219.1%12.6%20.4%
8/10/20212.5%-16.2%-14.2%
5/13/2021-1.4%-0.1%2.7%
2/23/202130.6%46.9%4.9%
SUMMARY STATS   
# Positive131214
# Negative10119
Median Positive14.6%22.8%13.0%
Median Negative-15.7%-16.2%-15.9%
Max Positive43.4%46.9%49.0%
Max Negative-33.7%-33.1%-33.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/07/202410-Q
12/31/202302/28/202410-K
09/30/202311/08/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/07/202410-Q
12/31/202302/28/202410-K
09/30/202311/08/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202202/28/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
03/31/202205/09/202210-Q
12/31/202103/01/202210-K
09/30/202111/10/202110-Q
06/30/202108/11/202110-Q
03/31/202105/14/202110-Q
12/31/202003/26/202110-K
09/30/202012/09/2020424B4

Recent Forward Guidance

Updated 9/28/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported75.00 Mil76.00 Mil77.00 Mil10.1% Higher NewGuidance: 69.00 Mil for Q2 2026
Q3 2026 Adjusted EBITDAReported17.00 Mil18.00 Mil19.00 Mil100.0% Higher NewGuidance: 9.00 Mil for Q2 2026


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 RevenueReported68.00 Mil69.00 Mil70.00 Mil16.9% Higher NewGuidance: 59.00 Mil for Q1 2026
Q2 2026 Adjusted EBITDAReported8.00 Mil9.00 Mil10.00 Mil35 Higher NewGuidance: 0.25 Mil for Q1 2026

Q4 2025 Earnings Reported 2/26/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevenueReported58.00 Mil59.00 Mil60.00 Mil-21.3% Lower NewGuidance: 75.00 Mil for Q4 2025
Q1 2026 Adjusted EBITDAReported-0.50 Mil0.25 Mil1.00 Mil-98.8% Lower NewGuidance: 20.00 Mil for Q4 2025

Q3 2025 Earnings Reported 11/10/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 RevenueReported73.00 Mil75.00 Mil77.00 Mil18.1% Higher NewGuidance: 63.50 Mil for Q3 2025
Q4 2025 Adjusted EBITDAReported19.00 Mil20.00 Mil21.00 Mil135.3% Higher NewGuidance: 8.50 Mil for Q3 2025

Insider Activity

Updated 10/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gimbel, LisaCHIEF ACCOUNTING OFFICERDirectSell1002202618.995009,495302,454Form
2Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell925202618.4550,453  Form
3Kumar, MukulPRESIDENT, ENGINEERINGDirectSell918202616.788,000134,2281,895,048Form
4Goel, Amar KCHAIRMAN, CHIEF INNOVATION OFFDirectSell904202617.046,250106,527606,436Form
5Gimbel, LisaCHIEF ACCOUNTING OFFICERDirectSell902202616.435008,215269,896Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gimbel, LisaCHIEF ACCOUNTING OFFICERDirectSell1002202618.995009,495302,454Form
2Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell925202618.4550,453  Form
3Kumar, MukulPRESIDENT, ENGINEERINGDirectSell918202616.788,000134,2281,895,048Form
4Goel, Amar KCHAIRMAN, CHIEF INNOVATION OFFDirectSell904202617.046,250106,527606,436Form
5Gimbel, LisaCHIEF ACCOUNTING OFFICERDirectSell902202616.435008,215269,896Form
6Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell821202616.4949,980824,260265,238Form
7Kumar, MukulPRESIDENT, ENGINEERINGDirectSell818202617.058,000136,4021,925,735Form
8Gimbel, LisaCHIEF ACCOUNTING OFFICERDirectSell818202617.041,39623,787288,431Form
9Pantelick, StevenCHIEF FINANCIAL OFFICERDirectSell814202617.3119,716341,205179,169Form
10Gimbel, LisaCHIEF ACCOUNTING OFFICERDirectSell814202617.505008,750254,818Form
11Pantelick, StevenCHIEF FINANCIAL OFFICERDirectSell814202617.2522,203383,064518,774Form
12Woods, AndrewGENERAL COUNSEL & SECRETARYDirectSell810202617.9638,331688,402714,084Form
13Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell807202617.74211,3023,749,427562,356Form
14Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell727202612.3549,979617,006391,247Form
15Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell717202613.948,962124,955659,508Form
16Kumar, MukulPRESIDENT, ENGINEERINGDirectSell717202613.678,000109,3451,543,744Form
17Woods, AndrewGENERAL COUNSEL & SECRETARYDirectSell717202614.013,23945,3751,093,975Form
18Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell717202613.904,06056,448657,645Form
19Pantelick, StevenCHIEF FINANCIAL OFFICERDirectSell706202613.4212,548168,336701,250Form
20Klimenko, PaulinaCHIEF GROWTH OFFICERDirectSell706202613.429,009120,887953,304Form
21Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell706202613.6858,854805,407647,306Form
22Goel, Amar KCHAIRMAN, CHIEF INNOVATION OFFDirectSell706202613.656,58489,862485,614Form
23Woods, AndrewGENERAL COUNSEL & SECRETARYDirectSell706202613.655,75878,5881,110,046Form
24Pantelick, StevenCHIEF FINANCIAL OFFICERDirectSell706202613.6523,548321,395884,696Form
25Kumar, MukulPRESIDENT, ENGINEERINGDirectSell706202613.657,897107,7821,541,530Form
26Klimenko, PaulinaCHIEF GROWTH OFFICERDirectSell706202613.6514,914203,5541,092,603Form
27Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell706202613.9117,176  Form
28Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell622202611.3043,077  Form
29Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell609202611.3344,000498,656240,330Form
30Kumar, MukulPRESIDENT, ENGINEERINGDirectSell603202611.968,00095,7001,206,645Form
31Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell527202610.4144,000458,207220,835Form
32Gimbel, LisaCHIEF ACCOUNTING OFFICERDirectSell51920269.892,86328,319135,283Form
33Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell51520269.5544,000420,270202,551Form
34Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell42920269.7844,000430,144207,310Form
35Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell41420268.6544,000380,503183,385Form
36Klimenko, PaulinaCHIEF GROWTH OFFICERDirectSell40820268.4411,78499,492518,704Form
37Pantelick, StevenCHIEF FINANCIAL OFFICERDirectSell40820268.4416,282137,469348,856Form
38Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell40320268.1749,916407,978390,193Form
39Woods, AndrewGENERAL COUNSEL & SECRETARYDirectSell40320268.175,71046,670571,167Form
40Kumar, MukulPRESIDENT, ENGINEERINGDirectSell40320268.177,83063,997813,121Form
41Klimenko, PaulinaCHIEF GROWTH OFFICERDirectSell40320268.1712,09198,823598,449Form
42Goel, Amar KCHAIRMAN, CHIEF INNOVATION OFFDirectSell40320268.176,52853,355196,699Form
43Pantelick, StevenCHIEF FINANCIAL OFFICERDirectSell40320268.1716,747136,878470,790Form
44Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell33120268.1044,000  Form
45Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell31120268.7244,000  Form
46Gimbel, LisaCHIEF ACCOUNTING OFFICERDirectSell21820266.291,2778,02780,304Form
47Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell20220267.2644,000  Form
48Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell20220267.3221,592157,982150,805Form
49Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell12220267.5544,000  Form
50Klimenko, PaulinaCHIEF GROWTH OFFICERDirectSell10720268.7312,315107,509452,034Form
51Goel, Amar KCHAIRMAN, CHIEF INNOVATION OFFDirectSell10720268.737,15862,510109,126Form
52Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell10520268.8044,000  Form
53Pantelick, StevenCHIEF FINANCIAL OFFICERDirectSell10520268.8118,398162,051252,660Form
54Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell10520268.6125,333218,191346,092Form
55Pantelick, StevenCHIEF FINANCIAL OFFICERDirectSell10520268.6112,567108,238405,521Form
56Klimenko, PaulinaCHIEF GROWTH OFFICERDirectSell10520268.619,02077,688552,044Form
57Goel, Amar KCHAIRMAN, CHIEF INNOVATION OFFDirectSell10520268.615,27945,467169,278Form
58Woods, AndrewGENERAL COUNSEL & SECRETARYDirectSell10520268.614,88142,040514,784Form
59Kumar, MukulPRESIDENT, ENGINEERINGDirectSell10520268.615,57348,000752,259Form
60Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell122320258.9244,000  Form
61Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell120920259.0244,000  Form
62Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell112620258.6844,000  Form
63Gimbel, LisaCHIEF ACCOUNTING OFFICERDirectSell111920259.371,07310,05198,280Form
64Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell110720257.4844,000  Form
65Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell102920258.7244,000  Form
66Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell100820258.4544,000  Form
67Goel, Amar KCHAIRMAN, CHIEF INNOVATION OFFDirectSell100620258.387,96866,761104,699Form
68Klimenko, PaulinaCHIEF GROWTH OFFICERDirectSell100620258.3810,46087,662433,953Form
69Pantelick, StevenCHIEF FINANCIAL OFFICERDirectSell100320258.3815,186127,272226,502Form
70Klimenko, PaulinaCHIEF GROWTH OFFICERDirectSell100320258.2310,87489,534512,472Form
71Pantelick, StevenCHIEF FINANCIAL OFFICERDirectSell100320258.2315,779129,921347,565Form
72Goel, Rajeev KCHIEF EXECUTIVE OFFICERDirectSell100320258.2333,381274,852264,601Form
73Goel, Amar KCHAIRMAN, CHIEF INNOVATION OFFDirectSell100320258.234,46836,789168,496Form
74Woods, AndrewGENERAL COUNSEL & SECRETARYDirectSell100320258.234,13134,014424,000Form
75Kumar, MukulPRESIDENT, ENGINEERINGDirectSell100320258.245,42844,720637,625Form

Investor Activity (13F)

Updated Oct 4, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
S Squared Technology, LLC$5.5 Mil2.1%35ADD +140.7%13F
Whitefort Capital Management, LP$5.6 Mil1.7%19New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Whitefort Capital Management, LP$5.6 Mil1.7%19New13F
S Squared Technology, LLC$5.5 Mil2.1%35ADD +140.7%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Whitefort Capital Management, LP$5.6 Mil1.7%19New13F
S Squared Technology, LLC$5.5 Mil2.1%35ADD +140.7%13F
Core Cache Last Updated: 10/1/2026