PubMatic
Independent platform that lets publishers auction display, video, mobile, and CTV ad inventory to buyers.
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Profile
Sells software that lets web and app publishers auction display, video, mobile, and connected-TV ad inventory to buyers, taking a share of each transaction rather than owning the inventory itself. The company builds and runs its own infrastructure instead of leasing cloud capacity, and most of its engineering work happens in India.
Runs the sell-side of the programmatic advertising exchange, giving publishers software to price and sell display, video, mobile-app, and connected-TV inventory instead of ceding pricing power to ad networks.
The platform runs on infrastructure built and operated in-house rather than rented from a major cloud provider, with the bulk of engineering based in India and commercial leadership concentrated in the US.
Beyond the header-bidding wrapper that anchors publisher relationships, newer products route direct deals between buyers and publisher inventory and package audience data for advertisers, while connected-TV and video have grown into a large and rising share of revenue.
That independence extends into litigation: the company sued Google over ad-exchange monopoly practices after a federal court found the search giant had acted anticompetitively in that market, treating the claim as central strategy rather than a side dispute.
Company facts
Categories
Key statistics
Year to date +95.5% · Average volume (30d) 699.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | Jefferies | Reiterate | Hold | $16 | $18 | |
| Aug 10, 2026 | Evercore ISI | Reiterate | Outperform | $21 | ||
| Aug 7, 2026 | Lake Street | Reiterate | Buy | $20 | ||
| Aug 7, 2026 | Rosenblatt Securities | Target | $23 | |||
| Aug 7, 2026 | Scotiabank | Upgrade | Sector Perform | Outperform | $21 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.18 | −$0.03 | +83.2% | $69.0M | $78.6M | +14.0% | +31.90% |
| May 7, 2026Q1 FY26 | −$0.32 | −$0.27 | +15.4% | $60.4M | $62.6M | +3.6% | +4.88% |
| Feb 26, 2026Q4 FY25 | −$0.01 | $0.14 | +1,154.2% | $75.3M | $80.0M | +6.3% | +14.57% |
| Nov 10, 2025Q3 FY25 | −$0.01 | $0.03 | +400.0% | $76.1M | $68.0M | −10.7% | +43.40% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $63.8M | $71.1M | $68.0M | $80.0M | $62.6M | $78.6M | |
| Gross profit | $38.2M | $44.5M | $42.6M | $54.6M | $36.5M | $52.7M | |
| Operating income | −$11.9M | −$5.5M | −$8.4M | $8.5M | −$14.8M | $579.0K | |
| Net income | −$9.5M | −$5.2M | −$6.5M | $6.7M | −$12.5M | −$1.2M | |
| Diluted EPS | −$0.20 | −$0.11 | −$0.14 | $0.14 | −$0.27 | −$0.03 | |
| Gross margin | 59.9% | 62.6% | 62.6% | 68.2% | 58.3% | 67.1% | |
| Operating margin | -18.6% | -7.7% | -12.4% | 10.6% | -23.7% | 0.7% |
Fiscal years (4-quarter sums)FY21 $226.9M · FY22 $256.4M · FY23 $267.0M · FY24 $291.3M · FY25 $282.9M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $137.5M · Total debt $40.9M · Total assets $700.0M · Shareholders' equity $238.7M
Dividends
No dividends on record.
Ownership
Shares outstanding 46.70M · Float 46.34M · 99.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Graham Holdings Co | 3.40M | 7.28% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 3.28M | 7.02% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 1.66M | 3.56% | 13F | Aug 13, 2026 |
| Acadian Asset Management LLC | 1.57M | 3.37% | 13F | Aug 13, 2026 |
| Dimensional Fund Advisors LP | 1.49M | 3.19% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | Rajeev K. Goel | director, 10 percent owner, officer: CHIEF EXECUTIVE OFFICER | −49,980 | $16.49 |
| May 18, 2026 | Lisa Gimbel | officer: CHIEF ACCOUNTING OFFICER | −4,259 | $12.23 |
| Aug 17, 2026 | Mukul Kumar | officer: PRESIDENT, ENGINEERING | −8,000 | $17.05 |
| Aug 12, 2026 | Lisa Gimbel | officer: CHIEF ACCOUNTING OFFICER | −500 | $17.50 |
| Aug 13, 2026 | Steven Pantelick | officer: CHIEF FINANCIAL OFFICER | −19,716 | $17.31 |
Peers
- Alphabet Class A
Dominant vertically integrated ad-tech rival and antitrust litigation adversary
- Magnite
Head-to-head SSP rival across CTV, video, and display publisher monetization
- The Trade Desk
Leading independent DSP whose OpenPath and Kokai moves squeeze SSP margins
- AppLovin
Runs MAX, the dominant mobile in-app ad mediation platform rivaling OpenWrap
- Nexxen International (ADR)
End-to-end SSP+DSP ad tech platform focused on video and CTV monetization
- Criteo
French commerce-media ad-tech platform spanning DSP and SSP tools
- Perion Network
Diversified Israeli ad-tech player with narrow DOOH/web supply-side overlap
- Digital Turbine
Mobile growth platform pairing OEM app pre-load with an in-app ad exchange
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| PubMatic | $16.82 | +0.15% | $785.6M | — | 71.8 | 2.7 | +10.6% |
| Alphabet Class A | $346.00 | −0.14% | $4.19T | 17.4 | 25.8 | 9.4 | +24.2% |
| Magnite | $23.10 | −2.45% | $3.39B | 21.5 | 20.2 | 4.6 | +9.4% |
| The Trade Desk | $13.60 | +0.18% | $6.38B | 16.0 | 123.2 | 2.1 | +3.0% |
| AppLovin | $318.40 | +0.18% | $106.75B | 24.4 | 17.4 | 15.6 | +52.8% |
| Nexxen International (ADR) | $10.23 | +0.15% | $570.0M | 45.9 | 9.0 | 1.5 | +7.5% |
| Criteo | $17.46 | +0.11% | $877.3M | 8.9 | 4.7 | 0.5 | −47.1% |
| Perion Network | $9.70 | −0.05% | $400.6M | — | 7.1 | 0.9 | −4.6% |
| Digital Turbine | $11.02 | −0.68% | $1.34B | — | 14.6 | 2.2 | +26.8% |
| Median | 19.5 | 16.0 | 2.2 | +8.5% |