Latest Ratios: P/E Ratio -43.6x · EV/EBITDA 20.0x · ROE -5.4%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $631M | $417M | $798M | $914M | $729M | $1.9B | $1.3B | — | — |
| Enterprise Value | $530M | $315M | $743M | $864M | $663M | $1.9B | $1.3B | — | — |
| P/E Ratio → | -43.61 | — | 63.87 | 101.94 | 25.62 | 34.05 | 50.84 | — | — |
| P/S Ratio | 2.23 | 1.47 | 2.74 | 3.42 | 2.84 | 8.50 | 9.04 | — | — |
| P/B Ratio | 2.42 | 1.59 | 2.88 | 3.09 | 2.34 | 7.50 | 7.66 | — | — |
| P/FCF | 9.46 | 6.25 | 22.86 | 17.30 | 19.02 | 39.10 | — | — | — |
| P/OCF | 7.79 | 5.14 | 10.86 | 11.26 | 8.36 | 21.74 | 55.26 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.11 | 2.55 | 3.23 | 2.59 | 8.25 | 8.50 | — | — |
| EV / EBITDA | 19.98 | 11.89 | 15.07 | 18.45 | 8.23 | 25.13 | 26.63 | — | — |
| EV / EBIT | — | — | 189.08 | 424.12 | 17.70 | 31.83 | 39.83 | — | — |
| EV / FCF | — | 4.73 | 21.28 | 16.34 | 17.31 | 37.94 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.6% | 63.6% | 65.3% | 62.8% | 68.2% | 74.3% | 72.3% | 68.3% | 68.5% |
| Operating Margin | -6.1% | -6.1% | 1.3% | 0.8% | 15.8% | 25.9% | 21.3% | 7.5% | 5.0% |
| Net Profit Margin | -5.1% | -5.1% | 4.3% | 3.3% | 11.2% | 24.9% | 17.9% | 5.8% | 4.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.4% | -5.4% | 4.4% | 2.9% | 10.1% | 26.2% | 25.6% | 23.7% | 18.7% |
| ROA | -2.0% | -2.0% | 1.7% | 1.3% | 4.8% | 12.3% | 9.2% | 3.4% | 2.5% |
| ROIC | -6.8% | -6.8% | 1.3% | 0.6% | 13.6% | 29.8% | 50.7% | 1634.3% | 137.4% |
| ROCE | -5.5% | -5.5% | 1.2% | 0.6% | 13.0% | 25.4% | 23.0% | 9.2% | 5.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.16 | 0.10 | 0.09 | 0.10 | 0.01 | — | 0.01 |
| Debt / EBITDA | 1.65 | 1.65 | 0.92 | 0.60 | 0.33 | 0.34 | 0.03 | — | 0.02 |
| Net Debt / Equity | — | -0.39 | -0.20 | -0.17 | -0.21 | -0.22 | -0.45 | -1.06 | -0.89 |
| Net Debt / EBITDA | -3.83 | -3.83 | -1.12 | -1.07 | -0.82 | -0.76 | -1.68 | -1.62 | -1.21 |
| Debt / FCF | — | -1.52 | -1.58 | -0.95 | -1.72 | -1.15 | — | -1.70 | -3.53 |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($146M) exceeds total debt ($44M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.39 | 1.39 | 1.37 | 1.48 | 1.67 | 1.73 | 1.71 | 1.61 | 1.66 |
| Quick Ratio | 1.39 | 1.39 | 1.37 | 1.48 | 1.67 | 1.73 | 1.71 | 1.61 | 1.66 |
| Cash Ratio | 0.39 | 0.39 | 0.34 | 0.46 | 0.58 | 0.60 | 0.53 | 0.50 | 0.39 |
| Asset Turnover | — | 0.42 | 0.39 | 0.38 | 0.40 | 0.41 | 0.40 | 0.55 | 0.56 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 462.16 | 532.37 | 513.25 | 447.46 | 461.53 | 538.64 | 377.13 | 401.88 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.6% | 1.0% | 3.9% | 2.9% | 2.0% | — | — |
| FCF Yield | 10.6% | 16.0% | 4.4% | 5.8% | 5.3% | 2.6% | — | — | — |
| Buyback Yield | 7.4% | 11.2% | 9.4% | 6.5% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 7.4% | 11.2% | 9.4% | 6.5% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $47M | $54M | $56M | $57M | $57M | $48M | $48M | $48M |
Fixed cost operating leverage
Based on current market data, PubMatic trades at an EV/EBITDA of 18.45, a multiple that appears disconnected from the company's recent negative operating margins and suggests investors are pricing in a recovery that remains speculative given the current -2.86% revenue growth trend observed in recent filings.
The current valuation reflects a significant premium relative to the company's immediate lack of profitability, implying that the market is valuing the platform's potential for future operating leverage rather than current cash generation. Investors should monitor whether this multiple compresses further if the company fails to demonstrate a clear path back to positive earnings growth in the coming quarters.
As reported in recent financial statements, PubMatic's ROIC has declined to -7.2% in 2026Q1, a sharp reversal from the 6.7% peak seen in 2023Q4, indicating that the company's proprietary infrastructure investments are currently failing to generate adequate returns on the capital deployed into the business.
The decay in ROIC highlights the difficulty of maintaining high returns when revenue growth turns negative and fixed infrastructure costs remain static. This trend suggests that the company's capital allocation strategy, while historically disciplined, is currently struggling to navigate the transition from a growth phase to a period of cyclical contraction.
According to recent quarterly data, PubMatic's DSO has reached 500 days, a figure that warrants further investigation as it suggests significant friction in the collection process and potential reliance on extended payment terms that could impact the company's overall working capital efficiency and liquidity position.
The elevated DSO levels, when compared to historical norms, may indicate a shift in the customer mix or increased pressure from larger publishers demanding longer payment cycles. This inefficiency effectively ties up cash that could otherwise be deployed for infrastructure maintenance or strategic initiatives, potentially exacerbating the company's current cash flow volatility.
Based on reported figures, PubMatic maintains a D/E ratio of 0.17, which, as noted in recent SEC filings, provides a robust buffer against interest rate volatility and allows the company to navigate its current period of negative operating margins without the immediate threat of debt service constraints.
The company's conservative capital structure is a key defensive attribute, distinguishing it from more leveraged peers in the ad-tech space. While this low leverage is a positive, it also highlights that the company's primary financial risk is operational rather than financial, as it must rely on its cash reserves to fund ongoing losses.
The P/E ratio is frequently misapplied to PubMatic, as the company's GAAP earnings are heavily distorted by significant stock-based compensation and non-cash depreciation charges related to its proprietary infrastructure, which obscures the underlying cash-generating potential of the platform's core programmatic advertising business model.
Analysts should prioritize EV/Gross Profit or EV/EBITDA metrics to better assess the company's valuation, as these ratios account for the capital-intensive nature of the business and the impact of its fixed-cost infrastructure. Relying on P/E in a period of negative net margins provides a misleading picture of the company's true valuation and operational health.
Includes 30+ ratios · 8 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PUBM stock.
PubMatic, Inc.'s current P/E ratio is -43.6x. The historical average is 55.3x.
PubMatic, Inc.'s current EV/EBITDA is 20.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.6x.
PubMatic, Inc.'s return on equity (ROE) is -5.4%. The historical average is 13.3%.
Based on historical data, PubMatic, Inc. is trading at a P/E of -43.6x. Compare with industry peers and growth rates for a complete picture.
PubMatic, Inc. has 63.6% gross margin and -6.1% operating margin.
PubMatic, Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.