PUBMPubMatic, Inc.

Services-Computer Programming, Data Processing, Etc.

Revenue: $283M; 2.9% YoY
Operating margin: -6.1%; 552% YoY
EBITDA: $2M; 94% YoY
Market cap: $741M
Employees: 1,030; $275K revenue each
Net debt / EBITDA: —
AI in 10-K: 17.3; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
14% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
57% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$275K · 19th pct
Bottom quartile of its SIC industry
Quiet on AINo
17.3 per 10K words · 97th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$741M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$22M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$227M	$256M	$267M	$291M	$283M	2.9%
Operating income	$59M	$41M	$2M	$4M	−$17M	539%
Net income	$57M	$29M	$9M	$13M	−$14M	208%
Operating cash flow	$89M	$87M	$81M	$73M	$81M	10%
Capex	$30M	$36M	$11M	$18M	$14M	18%
Stock-based comp	$14M	$21M	$29M	$38M	$38M	1.9%
Buybacks	$52K	$0	$59M	$75M	$46M	38%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $22M · 83
Net: −$22M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$9M	$773K	32	211
FY2024	$9M	$11M	53	171
FY2023	$10M	$13M	58	136
FY2022	$7M	−$4M	46	83
FY2021	$9M	$14M	122	133