Forensic Analysis · Technology / Software · as of Jun 27, 2026
PubMatic, Inc. (PUBM)
A forensic read on PubMatic, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.5
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-7.0%
ROE
$588M
Market cap
PubMatic, Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 2.5, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-9%Return on invested capital.Return on invested capital is -9% and slipping from 13% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
14% of revStock-based comp load.Stock-based compensation ran 14% of revenue and 58% of free cash flow in FY2025 — about $0.82 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-5.1%
Free Cash Flow$66.7M
Latest Revenue$282.9M
Return on Equity-5.5%
Revenue Growth YoY-2.9%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on PubMatic, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PUBM's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown