PubMatic, Inc. (PUBM) Stock

PubMatic, Inc. (PUBM) is a Technology stock trading at $16.39 (as of 2026-08-20), with a market capitalization of $755.91M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

PubMatic operates a cloud platform for real-time programmatic advertising transactions, offering solutions for header bidding and related ad monetization workflows across display, video, and OTT, as well as tools for identity and audience management and inventory quality and ad quality. The platform serves advertisers, media buyers, and publishers/content creators.

Understand PubMatic, Inc.: how it makes money

PubMatic provides a cloud infrastructure platform and software for real-time programmatic advertising transactions, helping publishers and advertisers run header bidding and RTB with tools like Openwrap, Openwrap OTT, Openwrap SDK, private marketplace solutions, and media buyer consoles.

The business profit engine is driven by whether PubMatic can capture and keep a large share of programmatic advertising transaction activity (including impressions processed), which shows up in optimization activity share and high net retention, supported by its supply and demand optimization solutions.

Business quality (Weak): KPI evidence points to continued platform usage and retention (including net dollar-based retention above 100%), but the reported operating margin is deeply negative, so cost discipline and monetization at scale remain central concerns.

Bull case

Retention appears resilient: Net Dollar-Based Retention Rate Excluding Yahoo is 117%, which suggests existing customers are spending more on the platform, excluding Yahoo.
Large platform scale and engagement: Gross Impressions Processed is 87,000,000,000,000, and multiple activity share metrics are provided (for example, Share of Activity from Programmatic Supply Optimization at 56%).
Alternative identifier readiness may support monetization: Alternative Signals Availability is 80%, and Publisher Revenue Uplift with Alternative Identifiers Present is 16%.

Bear case

Operating losses persist: Operating margin is -24.4% for the period shown, indicating profitability is currently a challenge even with gross margin of 58.3%.
Results may be sensitive to optimization partner and activity concentration: Several KPIs focus on optimization deals and supply path optimization partners (for example, Share of Activity from Supply Path Optimization Partners at 50% and Sell-Side Platform Optimization Deals Activity Share at 45%).
Programmatic advertising ecosystem can be volatile: The platform depends on continued spending by advertisers and monetization by publishers and app developers, which can change with market conditions and technology shifts.

Valuation — source: SEC EDGAR (first-party)
Price	$16.39
Market Cap	$755.91M
Price / Book	3.17
Price / Sales	2.78
FCF Yield	16.5%
DCF Value (model)	$18.78
DCF Upside vs Price	14.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$282.93M
Net Margin	-5.1%
Revenue Growth (YoY)	-2.0%
EPS Growth (YoY)	35.0%
FCF Growth (YoY)	136.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.98 (grey)

Valuation vs Sector & Industry
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	30.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Graham Holdings Co ($27.80M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Rajeev K. Goel
Employees	1,049
Country	US
IPO Date	2020-12-09

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.