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PubMatic, Inc. ( we , or us) is an independent, artificial intelligence-powered advertising technology company that delivers digital advertising performance. Our mission is to fuel the endless potential of Internet content creators and to enable a thriving, advertisement-funded digital ecosystem where global audiences can gain free or affordable access to information and entertainment.
The business is unprofitable at the operating level (-6.10% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 2.9% YoY. Margins deteriorated 7.4pp alongside, both lines moving the wrong way.
ROIC dropped from 0.97% to -4.33%, capital efficiency is deteriorating. Operating margin contracted 7.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$282M
▼ -2.9% YoY
Net Income (TTM)
-$17M
▼ -215.7% YoY
Op. Margin
-7.32%
▼ -7.4pp YoY
ROIC
-5.53%
▼ -5.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$70M
▲ +19.5% YoY
Op. Cash Flow (TTM)
$83M
▲ +10.4% YoY
Net Debt
-$102M
Net Cash Position
Cash & Equiv.
$145M
5Y CAGR: +13.7%
5Y CAGR: +237.2%
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