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PubMatic PUBM Operating margin

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Other financials

Income statement

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Revenue$62.6M-2.0%
Gross profit$36.5M-4.6%
Operating income-$15.3M-28.3%
Net income-$12.5M-31.9%
EPS (diluted)-$0.27-35.0%

Balance sheet

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Cash & equivalents$144.9M+42.3%
Total debt$42.7M-5.8%
Total equity$251.0M-8.9%
Total assets$659.4M-1.4%

Cash flow

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Operating cash flow$17.3M+10.7%
CapEx$11.0K-99.2%
Free cash flow$17.3M+21.9%

Valuation

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Market cap$534.56M-0.1%
Enterprise value$432.37M-9.6%
P/S1.9×0.0×

Profitability

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Gross margin63.2%-1.7pp
Net margin-2.5%-8.5pp
FCF margin24.8%+8.7pp

Returns & leverage

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Return on equity-2.9%-9.1pp
Debt / equity0.2×0.0×
Current ratio1.4×-0.1×

Where this comes from

Calculated from PubMatic’s reported figures.

Based on trailing twelve months.

The official record: PubMatic’s 10-Q, filed November 10, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is PubMatic's operating margin?
PubMatic (PUBM) reported operating margin of -3.8% in Q3 2025.
How has PubMatic's operating margin changed year-over-year?
PubMatic's operating margin decreased by 215.9% year-over-year, from 3.3% to -3.8%.
What is the long-term trend for PubMatic's operating margin?
Over 4 years (2020 to 2024), PubMatic's operating margin has grown at a -49.9% compound annual growth rate (CAGR), from 21.3% to 1.3%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.