PubMatic, Inc. · Internet and software services

PUBM

Low riskNext report: Around Nov 9 (est.)

View price ↗

The short version

A company still losing money with growing sales. Institutions are adding.

Going well

Sales up 11% in the latest quarter vs a year ago
Buying back shares: share count down 17% in 3 years

Watch out for

Losing money

Money moves

Insiders sold $3.6M in the last 30 days
Institutions added 5.7% to their holdings in the quarter ending June 2026 (78 bought, 64 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$16.60-3.7% that day

Company value: $765M; Share price times all shares
Price vs sales: 2.6x; No profit over the last year, so this compares value with sales instead
Cash vs value: 16%; Cash as a share of company value

From PUBM's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$78.6M+11% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $289.2M, down 1.0% from the 12 months before. Over 5 years, sales grew about 14% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of PUBM. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).

Sales growth-1% a yearRecently: -1.0% a yearProfit margin10%Last 12 months: -4.5%P/E at the end15xMany steady companies trade at 12x to 25xShare count change-5% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$275M

Profit in 5 years$27M

Price these guesses point to$11.56-30% vs $16.60 todayAbout -7.0% a year, before dividends

What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 6.4% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

3/6Mixed

MissReturn on equity 15%+Earns a lot on the money owners have in the business.-5.2%
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-4.9%
MissProfitable every yearSteady profits, not one good year.6 of 7 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$66.7M
PassShare count not growingNot diluting owners. Falling means buybacks.-17.4% in 3 years
PassGross margin 40%+Pricing power: sells for well above what it costs to make.63.6%

Revenue: $282.9M; -2.9% vs prior year
5-year growth: +13.7%/yr; revenue, per year
Current ratio: 1.39x; short-term assets / bills due
Free cash flow: $66.7M; 23.6% of revenue

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: debt under half of equity. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 6

Revenue: $78.6M; +10.5% YoY
EPS: -$0.03; vs -$0.11
Op. margin: 0.7%; +8.4 pts
Gross margin: 67.1%; +4.5 pts
Free cash flow: $17.3M
Share count: -2.3%; vs a year ago

Insider rating

Last 90 days

19Heavy selling

5 insiders sold $1.8M (not pre-planned)
Pre-planned sales of $2.7M (weaker signal)

50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.

Weekly insider trend

13 weeks agoBoughtSoldThis week

Filing buzz

Last 7 days vs normal

39/ 100

This week: 2
Normal week: 3.3
vs normal: 0.6x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+5.7%

Institutions added 5.7% to their holdings. 78 bought, 64 sold. 2 quarters of net buying in a row.

Shares held by institutions30.5M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-3.9%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

Total liabilities $461.3M

Shares outstandingLatest reported

46M

Why low risk

Losing money

Earnings reports

Last 12

Next reportAround Nov 9 (est.)Estimated from the same quarter last year

Results filedAug 6
Results filedMay 7
Results filedApr 22
Results filedFeb 26
Results filedNov 10, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

No offerings, red flags or new big holders. Clean record.

Insider trades

Open-market buys and sells, last 90 days

Bought$00 insiders

Sold$4.5M6 insiders, 7 pre-planned

Insider	Trade	Shares	Avg price	Value	Owns after	Date
Rajeev K. GoelCHIEF EXECUTIVE OFFICER	Sell	50K	$17.26	$863K	32K	Oct 22Filing ↗
-61.2% of their holdings Pre-planned sale (10b5-1) Also Director and 10% owner Filed 1 day after
Mukul KumarPRESIDENT, ENGINEERING	Sell	8K	$17.12	$137K	117K	Oct 16Filing ↗
-6.4% of their holdings $16.80 to $17.78 across 2 trades Pre-planned sale (10b5-1) Filed 3 days after
Andrew WoodsGENERAL COUNSEL & SECRETARY	Sell	10K	$18.65	$188K	40K	Oct 5Filing ↗
-20.2% of their holdings Pre-planned sale (10b5-1) Filed 1 day after
Amar K. GoelCHAIRMAN, CHIEF INNOVATION OFF	Sell	11K	$18.66	$201K	36K	Oct 5Filing ↗
-23.3% of their holdings Pre-planned sale (10b5-1) Also Director and 10% owner Filed 1 day after
Steven PantelickCHIEF FINANCIAL OFFICER	Sell	22K	$18.66	$414K	10K	Oct 5Filing ↗
-68.2% of their holdings Pre-planned sale (10b5-1) Filed 1 day after
Andrew WoodsGENERAL COUNSEL & SECRETARY	Sell	6K	$18.97	$109K	50K	Oct 2Filing ↗
-10.3% of their holdings $18.93 to $19.43 across 2 trades Not a pre-planned sale Filed 3 days after
Rajeev K. GoelCHIEF EXECUTIVE OFFICER	Sell	50K	$18.97	$953K	47K	Oct 2Filing ↗
-51.4% of their holdings $18.93 to $19.43 across 2 trades Not a pre-planned sale Also Director and 10% owner Filed 3 days after
Amar K. GoelCHAIRMAN, CHIEF INNOVATION OFF	Sell	7K	$18.97	$139K	46K	Oct 2Filing ↗
-13.6% of their holdings $18.93 to $19.43 across 2 trades Not a pre-planned sale Also Director and 10% owner Filed 3 days after
Steven PantelickCHIEF FINANCIAL OFFICER	Sell	23K	$18.97	$446K	33K	Oct 2Filing ↗
-41.9% of their holdings $18.93 to $19.43 across 2 trades Not a pre-planned sale Filed 3 days after
Mukul KumarPRESIDENT, ENGINEERING	Sell	8K	$18.97	$149K	125K	Oct 2Filing ↗
-5.9% of their holdings $18.93 to $19.43 across 2 trades Not a pre-planned sale Filed 3 days after
Lisa GimbelCHIEF ACCOUNTING OFFICER	Sell	500	$18.99	$9K	16K	Oct 1Filing ↗
-3% of their holdings Pre-planned sale (10b5-1) Filed 1 day after
Rajeev K. GoelCHIEF EXECUTIVE OFFICER	Sell	50K	$18.45	$931K	0	Sep 24Filing ↗
Sold entire stake $18.05 to $18.54 across 2 trades Pre-planned sale (10b5-1) Also Director and 10% owner Filed 1 day after