Skip to content
Forensic Analysis · Software & SaaS · as of Nov 10, 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
Distress distance
Clean
Earnings quality
2
Forensic signals
-5.4%
ROE
-2.9%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

PubMatic, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 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

-7.2%
FY2025
Return on invested capital. Return on invested capital is -7.2% in the latest fiscal year and slipping across FY2023–FY2025 from 0.7%. After-tax operating profit was $2M in FY2023 and ($14M) in FY2025, with operating income at 0.8% of revenue in FY2023, 1.3% in FY2024 and -6.1% in FY2025. The capital base behind it came down -20% across FY2023–FY2025, from $237M to $190M, so this return is struck on a smaller base than it started on.
101% of FCF
FY2025
Shareholder returns. Returned $46M to shareholders (buybacks + dividends) in FY2025 — 101% of free cash flow. That is $295,000 (0.6%) more than free cash flow covered. Over FY2025 cash and short-term investments rose $5M, so that line did not fund the gap. The FY2025 cash-flow statement filed $2M from shares issued; $27M from sales and maturities of investments against $26M of investments purchased; net cash provided by investing activities of $6M; net cash used in financing activities of $43M. That ratio has actually been EASING, not tightening further — down from ~112% of free cash flow two years back. Counting the $38M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 184%.

Key fundamentals

Latest Revenue$282.9M
Revenue Growth YoY-2.9%
Revenue CAGR (2yr)+2.9%
Net Margin-5.1%
Free Cash Flow$46.2M
Return on Equity-5.4%

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from PubMatic, Inc.'s actual 10-K/10-Q/8-K filings?

Generate the AI investment read →

No credit card · informational only, not investment advice · see the track record

← Browse all forensic stock analyses

Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.