PubMatic - Public Comps and Valuation Multiples

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

Employees

1.0K+

Website

pubmatic.com

Sectors

AdTech Software
B2B SaaS
Horizontal SaaS
MarTech

Financials

LTM Revenue $293M

LTM EBITDA $88.4M

EV

$311M

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PubMatic Financials

PubMatic has a last 12-month revenue of $293M and a last 12-month EBITDA of $88.4M.

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

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$267M	$291M	XXX	XXX	XXX
Gross Profit	$175M	$168M	XXX	XXX	XXX
Gross Margin	65%	58%	XXX	XXX	XXX
EBITDA	$46.8M	$49.3M	XXX	XXX	XXX
EBITDA Margin	18%	17%	XXX	XXX	XXX
Net Profit	$28.7M	$8.9M	XXX	XXX	XXX
Net Margin	11%	3%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

PubMatic Stock Performance

As of April 15, 2025, PubMatic's stock price is $8.

PubMatic has current market cap of $407M, and EV of $311M.

See PubMatic trading valuation data

PubMatic Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$311M	$407M	XXX	XXX	XXX	XXX	$0.14

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PubMatic Valuation Multiples

As of April 15, 2025, PubMatic has market cap of $407M and EV of $311M.

PubMatic's trades at 1.1x LTM EV/Revenue multiple, and 3.5x LTM EBITDA.

Analysts estimate PubMatic's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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PubMatic Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$311M	XXX	XXX	XXX
EV/Revenue	1.1x	XXX	XXX	XXX
EV/EBITDA	6.3x	XXX	XXX	XXX
P/E	32.5x	XXX	XXX	XXX
P/E/Growth	-1.2x	XXX	XXX	XXX
EV/FCF	8.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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PubMatic Valuation Multiples

PubMatic's NTM/LTM revenue growth is 4%

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

Over next 12 months, PubMatic's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate PubMatic's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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PubMatic Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	9%	XXX	XXX	XXX	XXX
EBITDA Margin	17%	XXX	XXX	XXX	XXX
EBITDA Growth	5%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	21%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	33%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	20%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	11%	XXX	XXX	XXX	XXX
Opex to Revenue	64%	XXX	XXX	XXX	XXX

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