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PubMatic Valuation Multiples

Discover revenue and EBITDA valuation multiples for PubMatic and similar public comparables like Investor.bg, Affle 3i, and Brightcom Group.

PubMatic Overview

About PubMatic

PubMatic Inc is a supply-side platform provider in the digital advertising technology market. These platforms help publishers, which supply digital ad inventory, manage their inventory, selling a high percentage of their inventory (increase the ad fill rate) and maximizing revenue per ad sold (optimize yield). The company generates revenue mainly by taking a piece of the ad sales that it enables. Buyers on the platform include intermediary buyers, such as demand-side platforms, or advertisers and ad agencies directly. Geographically, the company generates the majority of its revenue from the United States, followed by EMEA and APAC.


Founded

2006

HQ

United States of America
Employees

1.0K+

Website

pubmatic.com

Financials

LTM Revenue $292M

LTM EBITDA $83.7M

EV

$469M

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PubMatic Financials

PubMatic has a last 12-month revenue (LTM) of $292M and a last 12-month EBITDA of $83.7M.

In the most recent fiscal year, PubMatic achieved revenue of $291M and an EBITDA of $49.3M.

PubMatic expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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PubMatic P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $292M XXX $291M XXX XXX XXX
Gross Profit $191M XXX $190M XXX XXX XXX
Gross Margin 65% XXX 65% XXX XXX XXX
EBITDA $83.7M XXX $49.3M XXX XXX XXX
EBITDA Margin 29% XXX 17% XXX XXX XXX
EBIT -$4.2M XXX $3.9M XXX XXX XXX
EBIT Margin -1% XXX 1% XXX XXX XXX
Net Profit $2.9M XXX $12.5M XXX XXX XXX
Net Margin 1% XXX 4% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

PubMatic Stock Performance

As of May 30, 2025, PubMatic's stock price is $12.

PubMatic has current market cap of $568M, and EV of $469M.

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PubMatic Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$469M $568M XXX XXX XXX XXX $0.05

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PubMatic Valuation Multiples

As of May 30, 2025, PubMatic has market cap of $568M and EV of $469M.

PubMatic's trades at 1.6x EV/Revenue multiple, and 9.5x EV/EBITDA.

Equity research analysts estimate PubMatic's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

PubMatic has a P/E ratio of 198.7x.

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PubMatic Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $568M XXX $568M XXX XXX XXX
EV (current) $469M XXX $469M XXX XXX XXX
EV/Revenue 1.6x XXX 1.6x XXX XXX XXX
EV/EBITDA 5.6x XXX 9.5x XXX XXX XXX
EV/EBIT -112.3x XXX 119.3x XXX XXX XXX
EV/Gross Profit 2.5x XXX n/a XXX XXX XXX
P/E 198.7x XXX 45.4x XXX XXX XXX
EV/FCF 14.0x XXX 13.4x XXX XXX XXX

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PubMatic Margins & Growth Rates

PubMatic's last 12 month revenue growth is 5%

PubMatic's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

PubMatic's rule of 40 is 22% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

PubMatic's rule of X is 40% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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PubMatic Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 5% XXX 5% XXX XXX XXX
EBITDA Margin 29% XXX 17% XXX XXX XXX
EBITDA Growth -5% XXX 24% XXX XXX XXX
Rule of 40 22% XXX 22% XXX XXX XXX
Bessemer Rule of X XXX XXX 40% XXX XXX XXX
Revenue per Employee XXX XXX $0.3M XXX XXX XXX
Opex per Employee XXX XXX $0.2M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 33% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX 11% XXX XXX XXX
Opex to Revenue XXX XXX 64% XXX XXX XXX

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PubMatic Public Comps

See public comps and valuation multiples for AdTech Software comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Azerion Group XXX XXX XXX XXX XXX XXX
Adveritas XXX XXX XXX XXX XXX XXX
Brightcom Group XXX XXX XXX XXX XXX XXX
Affle 3i XXX XXX XXX XXX XXX XXX
Investor.bg XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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PubMatic M&A and Investment Activity

PubMatic acquired  XXX companies to date.

Last acquisition by PubMatic was  XXXXXXXX, XXXXX XXXXX XXXXXX . PubMatic acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by PubMatic

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About PubMatic

When was PubMatic founded? PubMatic was founded in 2006.
Where is PubMatic headquartered? PubMatic is headquartered in United States of America.
How many employees does PubMatic have? As of today, PubMatic has 1.0K+ employees.
Who is the CEO of PubMatic? PubMatic's CEO is Mr. Rajeev K. Goel.
Is PubMatic publicy listed? Yes, PubMatic is a public company listed on NAS.
What is the stock symbol of PubMatic? PubMatic trades under PUBM ticker.
When did PubMatic go public? PubMatic went public in 2020.
Who are competitors of PubMatic? Similar companies to PubMatic include e.g. Azerion Group, Adveritas, Brightcom Group, Affle 3i.
What is the current market cap of PubMatic? PubMatic's current market cap is $568M
What is the current revenue of PubMatic? PubMatic's last 12 months revenue is $292M.
What is the current revenue growth of PubMatic? PubMatic revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of PubMatic? Current revenue multiple of PubMatic is 1.6x.
Is PubMatic profitable? Yes, PubMatic is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of PubMatic? PubMatic's last 12 months EBITDA is $83.7M.
What is PubMatic's EBITDA margin? PubMatic's last 12 months EBITDA margin is 29%.
What is the current EV/EBITDA multiple of PubMatic? Current EBITDA multiple of PubMatic is 5.6x.
What is the current FCF of PubMatic? PubMatic's last 12 months FCF is $33.5M.
What is PubMatic's FCF margin? PubMatic's last 12 months FCF margin is 11%.
What is the current EV/FCF multiple of PubMatic? Current FCF multiple of PubMatic is 14.0x.

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