Pubmatic, Inc.

Technology
Computer Software: Programming, Data Processing
www.pubmatic.com

Earnings Score
Moat Score

Market Cap $712.29M
PE 41
Debt -
Cash $78.91M
EV -
FCF $65.61M

Earnings

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Sales & Net Margins

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Earnings	$17.31M
EBIT	$22.40M
ROE	7%
ROA	3%
FCF	$65.61M
Equity	$263.20M
Growth Stability	29%
PE	41.16
PEG	-2.67
PB	2.71
P/FCF	10.86
P/S	2.45
Price/Cash	0.11
Net Margins	-1%
Gross Margins	65%
Op. Margins	8%
Earnings CAGR	-15%
Sales Growth YoY	13%
Sales Growth QoQ	7%
Sales CAGR	16%
FCF CAGR	120%
Equity CAGR	77%
Earnings Stability	-0.67
Earnings Growth YoY	-151%

Earnings Growth QoQ	-146%
Earnings CAGR 5Y	-15%
Sales CAGR 5Y	16%
FCF CAGR 5Y	120%
Equity CAGR 5Y	77%
Earnings CAGR 3Y	7%
Sales CAGR 3Y	7%
FCF CAGR 3Y	9%
Equity CAGR 3Y	1%
Market Cap	$712.29M
Revenue	$290.35M
Assets	$689.14M
Cash	$78.91M
Shares Outstanding	49.06M
Earnings Score	6%
Moat Score	48%
Working Capital	137.04M
Current Ratio	1.35
Gross Profit	$190.05M
Shares Growth 3y	-1%
Equity Growth QoQ	-7%
Equity Growth YoY	-9%

Assets & ROA

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Stockholders Equity & ROE

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PubMatic Inc is engaged in the digital advertising business. The company provides a specialized cloud infrastructure platform that enables real-time programmatic advertising transactions. The platform helps independent app developers and publishers to control and maximize their digital advertising businesses.

SEC Filings

Direct access to Pubmatic, Inc. (PUBM) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Pubmatic, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Pubmatic, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -15%

Stability -67%

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Pubmatic, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Pubmatic, Inc..

Years

Calculation mode

= $803B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$66M	$144M	$317M	$698M	$1.5B	$3.4B	$7.4B	$16B	$36B	$79B	$174B	$1.7T
DCF		$131M	$262M	$524M	$1B	$2.1B	$4.2B	$8.4B	$17B	$33B	$67B	$669B
Value	$803B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	0%	4%	25%	11%	3%	-1%
ROA	-	9%	12%	6%	2%	3%
ROE	-	4%	22%	9%	3%	7%

Bad Net Margins (-0.68%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-
Growth Stability	-	-	-	100%	29%	29%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (29%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	31%	53%	13%	4%	16%
Earnings YoY growth	-	1K%	781%	-49%	-69%	-15%
Equity YoY growth	-	1K%	47%	21%	-5%	77%
FCF YoY growth	-	-99%	38K%	-12%	37%	120%