PUBM
PubMatic, Inc.

PubMatic, Inc.PUBM

Technology · Software - Application
17.81USD
+6.14%
Nov 09, 2026
PUBM overview ready
Cloud Platform Enabling Automated Programmatic Advertising Transactions Globally
PubMatic is a sell-side programmatic advertising infrastructure provider.
Theme not measured
Advertising Technology has no leadership state this session.
Constructive pullback in an uptrend
Longer-term context reads early trend, with a near-term setup of constructive pullback.
Fair valuation
The price broadly reflects the cash the business actually produces, with upside and risk reasonably balanced.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Decline in digital advertising spend.
Market Nov 6Filing Jun 30Price action Nov 8Research Oct 18

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction6.3BusinessPerformance7.0BusinessQuality6.8Valuation3.5ThemeMomentum—Improving — Revenue growth has accelerated across 3 consecutive quarters, rising from -6.4% to +11% year over year. The company is still loss-making: the diluted loss per share narrowed to -$0.03 from -$0.11 a year earlier. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
Advertising Technology — Advertising Technology is tracked (3–4 priced members) — too few for a leadership state
Its economic family, Software, reads Weakening (+6.0pp vs SPY) — the family’s reading, not this theme’s.
Price
Loading price history…

Price Action

Constructive pullback in an uptrend
Longer-term context reads early trend, with a near-term setup of constructive pullback.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA100 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$830.1M
Avg Volume (60D)
625.2K
60 sessions
Revenue Growth YoY
-2.9%
FY2025 vs FY2024
Gross Margin
+64.4%
Trailing twelve months
Operating Margin
-5.0%
Trailing twelve months
Free Cash Flow Yield
+8.9%
Distance from 200DMA
+44.5%
Next Earnings
2026-11-09
P/E
N/M
Market metrics as of Nov 6, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Business Performance

Improving

Revenue growth has accelerated across 3 consecutive quarters, rising from -6.4% to +11% year over year. The company is still loss-making: the diluted loss per share narrowed to -$0.03 from -$0.11 a year earlier.

Latest reported: Q2 FY2026, ended Jun 30
Revenue growthAccelerating
+11%
$78.6M in Q2 FY2026 · YoY
YoY growth, last 4 quarters
  1. -5.3%
  2. -6.4%
  3. -2.0%
  4. +11%
Earnings growthLoss narrowing
-$0.03
Diluted EPS -$0.03 vs -$0.11 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginSwinging
0.7%
+8.4 pp YoY · gross margin 67.1% (+4.5 pp)

Business Quality

6.8 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

One of the two valuation perspectives says cheap; peers is the dissenting view. The published stance is held at fair because operating losses behind the low multiple.
PubMatic, Inc. has a Fair valuation stance because the price broadly reflects the cash the business actually produces, with upside and risk reasonably balanced.

Company Research

Thesis
PubMatic is a sell-side programmatic advertising infrastructure provider. Its cloud platform processes real-time advertising bids for publishers and supports CTV, mobile-app, online-video, and display monetization; its buyer-facing tools also facilitate more direct, transparent access to publisher supply.
Opportunity
Moderate opportunity
Publisher, buyer, and agency adoption of transparent programmatic infrastructure to transact connected-TV and other premium digital-video inventory more efficiently, with greater control, measurement, and automation.
Key risk
Decline in digital advertising spend.

Economic classification

Loading the economic classification…

Business & Markets

Technology · Software - Application
What they do

PubMatic operates a cloud infrastructure platform that facilitates real-time programmatic advertising transactions between digital content creators and advertisers globally, enabling automated buying and selling of digital ad inventory.

How it earns

The company generates revenue primarily through transactional fees on digital advertising inventory bought and sold via its platform.

Products & services
PubMatic SSP (Sell Side Platform)
OpenWrap header bidding solution
Connect data and insights platform
Activate direct deal execution tool
Customers & end markets
Digital content publishers
Advertisers
Advertising agencies
Agency trading desks
Demand side platforms
Market position

PubMatic is a recognized sell-side programmatic advertising infrastructure provider competing in a specialized technology niche.

Demand drivers
Medium cyclicality

Demand for digital advertising fluctuates with broader economic cycles and advertising budgets.