PubMatic, Inc. (PUBM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-18.9%

$12.63

vs $15.57 price

Levered DCF

$14.36

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.72

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-28.61×	58.76×	95.94×	23.29×	30.13×	50.84×	210.36×	316.33×
P/B	1.59×	2.61×	2.85×	2.15×	6.64×	7.66×	43.58×	59.17×
P/S	1.47×	2.48×	3.16×	2.61×	7.53×	9.04×	12.37×	14.1×
EV / EBITDA	11.34×	10.58×	14.25×	8.42×	18.75×	26.63×	62.77×	76.94×
Gross margin	63.6%	65.3%	62.8%	68.2%	74.3%	72.3%	68.3%	68.5%
Operating margin	-6.1%	1.3%	0.8%	15.8%	25.9%	21.3%	7.5%	5.0%
Net margin	-5.1%	4.3%	3.3%	11.2%	24.9%	17.9%	5.8%	4.5%
Current ratio	1.39×	1.37×	1.48×	1.67×	1.73×	1.71×	1.61×	1.66×
Debt / equity	0.17×	0.16×	0.07×	0.09×	0.08×	0.01×	0×	0.01×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-5.5%	4.5%	3.0%	9.2%	22.0%	15.2%	20.6%	18.7%
Return on invested capital	-5.0%	0.8%	0.5%	9.0%	17.9%	14.9%	6.3%	4.4%
Return on assets	-2.1%	1.7%	1.3%	4.5%	10.3%	7.2%	3.2%	2.5%
Free cash flow yield	16.0%	4.8%	6.3%	5.7%	2.9%	-0.5%	1.4%	0.4%
Earnings yield	-3.5%	1.7%	1.1%	4.3%	3.3%	2.0%	0.5%	0.3%
Enterprise value	$315.3M	$667.9M	$787.5M	$603.9M	$1.6B	$1.3B	$1.4B	$1.4B
Net debt / EBITDA	-3.65×	-0.87×	-1.03×	-0.92×	-0.69×	-1.68×	-1.56×	-1.17×
Cash conversion cycle (days)	-755	-864	-766	-795	-1,068	-1,028	-628	-555