PubMatic

PUBM

Software - Application · Technology

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

PubMatic is a technology company that helps website owners and app developers sell their digital advertising space. Publishers — like news sites, streaming apps, and mobile games — use PubMatic's software platform to connect with advertisers who want to show ads to their audiences. The company operates in the programmatic advertising industry, where ad space is bought and sold automatically using software instead of human negotiation.

PubMatic makes money by taking a percentage of the advertising dollars that flow through its platform, so revenue grows when more ads are bought and sold at higher prices. The company operates globally, with customers across North America, Europe, and Asia-Pacific, and generates roughly $280–300 million in annual revenue. Its competitive edge comes from owning and operating its own technology infrastructure rather than relying on third-party cloud providers, which helps keep costs lower. The main risk is that PubMatic competes against much larger players like Google in a market where ad spending can drop sharply during economic downturns.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+72.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$138M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

PubMatic is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

67.1%

Premium pricing power — 67.1% gross margin

Profit after running costs

Operating Margin

0.7%

Thin — 0.7% operating margin

Return on the money invested

ROCE

-5.1%

Weak — -5.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-1.0%

Shrinking sales (-1.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

17.5%

Converts sales into free cash efficiently (17.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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