PubMatic (PUBM)
Independent platform that lets publishers auction display, video, mobile, and CTV ad inventory to buyers.
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Sells software that lets web and app publishers auction display, video, mobile, and connected-TV ad inventory to buyers, taking a share of each transaction rather than owning the inventory itself. The company builds and runs its own infrastructure instead of leasing cloud capacity, and most of its engineering work happens in India.
Runs the sell-side of the programmatic advertising exchange, giving publishers software to price and sell display, video, mobile-app, and connected-TV inventory instead of ceding pricing power to ad networks.
The platform runs on infrastructure built and operated in-house rather than rented from a major cloud provider, with the bulk of engineering based in India and commercial leadership concentrated in the US.
Beyond the header-bidding wrapper that anchors publisher relationships, newer products route direct deals between buyers and publisher inventory and package audience data for advertisers, while connected-TV and video have grown into a large and rising share of revenue.
That independence extends into litigation: the company sued Google over ad-exchange monopoly practices after a federal court found the search giant had acted anticompetitively in that market, treating the claim as central strategy rather than a side dispute.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 11, 2026 | Jefferies | Reiterate | Rating: —Target: $16 | Target: $18 |
| Aug 10, 2026 | Evercore ISI | Reiterate | Rating: —Target: — | Target: $21 |
| Aug 7, 2026 | Lake Street | Reiterate | Rating: —Target: — | Target: $20 |
| Aug 7, 2026 | Rosenblatt Securities | Target | Target: — | Target: $23 |
| Aug 7, 2026 | Scotiabank | Upgrade | Target: — | Target: $21 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $137.5M · Total debt $40.9M · Total assets $700.0M · Shareholders' equity $238.7M
- Revenue
- $78.6M
- Operating income
- $579.0K
- Net income
- −$1.2M
No dividends on record.
| Institutions | 67.65% | 30.81M shares | |
|---|---|---|---|
| 167 holders · as of Jun 30, 2026 | |||
| Insiders | 25.98% | 11.84M shares | |
| 10 holders · as of Sep 18, 2026 | |||
| Other | 6.37% | 2.90M shares | |
| remainder | |||
45.55M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Amar K. Goel1Insiderdirector, 10 percent owner, officer: CHAIRMAN, CHIEF INNOVATION OFF | 10.52% | 5.10M A | filed Sep 4, 2026 |
Rajeev K. Goel2Insiderdirector, 10 percent owner, officer: CHIEF EXECUTIVE OFFICER | 10.15% | 4.91M A | filed Aug 21, 2026 |
Graham Holdings CoInstitution | 7.46% | 3.40M A | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.20% | 3.28M A | as of Jun 30, 2026 |
Duk Ho ChoInsider | 3.72% | 1.69M | filed Mar 24, 2022 |
- Amar K. Goel's transaction reports restate only vehicles that traded; the 2022 ownership statement (5.10M) less the 303.8K net shares sold since is used instead.
- Rajeev K. Goel's transaction reports restate only vehicles that traded; the 2022 ownership statement (4.91M) less the 282.0K net shares sold since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 16, 2026 | Mukul Kumar | officer: PRESIDENT, ENGINEERING | −8,000 | $16.78 |
| Sep 3, 2026 | Amar K. Goel | director, 10 percent owner, officer: CHAIRMAN, CHIEF INNOVATION OFF | −6,250 | $17.04 |
| Sep 1, 2026 | Lisa Gimbel | officer: CHIEF ACCOUNTING OFFICER | −500 | $16.43 |
| Aug 20, 2026 | Rajeev K. Goel | director, 10 percent owner, officer: CHIEF EXECUTIVE OFFICER | −49,980 | $16.49 |
| May 18, 2026 | Lisa Gimbel | officer: CHIEF ACCOUNTING OFFICER | −4,259 | $12.23 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| PubMatic | $17.50 | −2.15% | $835.1M | — | 74.8 | 2.9 | +10.6% |
| Alphabet Class A | $350.96 | −1.13% | $4.30T | 17.8 | 26.1 | 9.6 | +24.2% |
| Magnite | $24.39 | −3.65% | $3.62B | 23.0 | 20.8 | 4.9 | +9.4% |
| The Trade Desk | $13.27 | −4.43% | $6.53B | 16.3 | 109.8 | 2.2 | +3.0% |
| AppLovin | $324.56 | −1.70% | $110.92B | 25.4 | 17.9 | 16.2 | +52.8% |
| Nexxen International (ADR) | $8.78 | −1.07% | $494.2M | 39.8 | 7.7 | 1.3 | +7.5% |
| Criteo | $16.80 | 0.00% | $844.1M | 8.5 | 4.6 | 0.5 | −47.1% |
| Perion Network | $8.72 | −0.85% | $363.1M | — | 6.4 | 0.8 | −4.6% |
| Digital Turbine | $11.63 | −3.53% | $1.46B | — | 15.3 | 2.4 | +26.8% |
| Median | 20.4 | 16.6 | 2.3 | +8.5% |