PubMatic, Inc.
PUBM · Services-Computer Programming, Data Processing, Etc. · 56.0M shares · +46%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $30M (gross $59M, SBC $29M)
Reference price $11.30 · est. market cap ~$633M — last insider sale, 2026-06-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C58Ad-tech SSP with strong free cash flow but declining revenue and a net loss.
Strengths
- Strong free cash flow — FCF $66.7M (38th), FCF margin 23.6%, OCF margin 28.7%
- Healthy gross margin, debt-free — 63.6%
Risks
- Declining revenue — -2.9% (9th)
- Net loss — operating margin -6.1%, net income -215.7% (10th)
- Ad-spend and platform-dependence cyclicality — per 10-K
Notable findings
- Chronic dilutionShare count +46%/yr over 4y (dilution, book value/share -78%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -5.1%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $146M cash & investments
- Insider sellingInsider selling — 33 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$7M, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- Revenue declineRevenue -21.8% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
63.6%
Operating margin
-6.1%
Net margin
-5.1%
Return on equity
-5.5%
Return on assets
-2.1%
Revenue growth (QoQ)
-21.8%
Net-income growth
-215.7%
Current ratio
1.4×
Free cash flow
$67M
EBITDA
$2M
Tangible book value
$230M
Cash & investments
$146M
Stock comp / revenue
13.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | Goel Rajeev K. | Sell | 43K | $11.30 |
| 2026-06-18 | Goel Rajeev K. | Conversion | 22K | — |
| 2026-06-08 | Goel Rajeev K. | Conversion | 44K | — |
| 2026-06-08 | Goel Rajeev K. | Sell | 44K | $11.33 |
| 2026-06-02 | Kumar Mukul | Sell | 8.0K | $11.96 |
| 2026-06-02 | Kumar Mukul | Conversion | 8.0K | — |
| 2026-05-31 | Glaser Shelagh | Option exercise | 13K | — |
| 2026-05-31 | Shulman Yakov (Jacob) | Option exercise | 10.0K | — |
| 2026-05-26 | Goel Rajeev K. | Conversion | 44K | — |
| 2026-05-26 | Goel Rajeev K. | Sell | 44K | $10.41 |
| 2026-05-18 | Gimbel Lisa | Sell | 2.9K | $9.89 |
| 2026-05-15 | Gimbel Lisa | Option exercise | 802 | — |
| 2026-05-15 | Gimbel Lisa | Option exercise | 773 | — |
| 2026-05-15 | Gimbel Lisa | Option exercise | 795 | — |
| 2026-05-15 | Gimbel Lisa | Option exercise | 1.4K | — |
| 2026-05-14 | Goel Rajeev K. | Conversion | 44K | — |
| 2026-05-14 | Goel Rajeev K. | Sell | 44K | $9.55 |
| 2026-04-27 | Goel Rajeev K. | Conversion | 44K | — |
| 2026-04-27 | Goel Rajeev K. | Sell | 44K | $9.78 |
| 2026-04-13 | Goel Rajeev K. | Sell | 44K | $8.65 |
| 2026-04-13 | Goel Rajeev K. | Conversion | 17K | — |
| 2026-04-06 | Pantelick Steven | Sell | 16K | $8.44 |
| 2026-04-06 | Klimenko Paulina | Sell | 12K | $8.44 |
| 2026-04-02 | Klimenko Paulina | Sell | 12K | $8.17 |
| 2026-04-02 | Goel Amar K. | Sell | 6.5K | $8.17 |
| 2026-04-02 | Woods Andrew | Sell | 5.7K | $8.17 |
| 2026-04-02 | Goel Rajeev K. | Sell | 50K | $8.17 |
| 2026-04-02 | Kumar Mukul | Sell | 7.8K | $8.17 |
| 2026-04-02 | Pantelick Steven | Sell | 17K | $8.17 |
| 2026-04-01 | Goel Amar K. | Option exercise | 18K | — |
| 2026-04-01 | Klimenko Paulina | Option exercise | 34K | — |
| 2026-04-01 | Woods Andrew | Option exercise | 16K | — |
| 2026-04-01 | Goel Rajeev K. | Option exercise | 98K | — |
| 2026-04-01 | Pantelick Steven | Option exercise | 46K | — |
| 2026-04-01 | Kumar Mukul | Option exercise | 20K | — |
| 2026-03-30 | Goel Rajeev K. | Conversion | 44K | — |
| 2026-03-30 | Goel Rajeev K. | Sell | 44K | $8.10 |
| 2026-03-09 | Goel Rajeev K. | Sell | 44K | $8.72 |
| 2026-03-09 | Goel Rajeev K. | Conversion | 44K | — |
| 2026-02-17 | Gimbel Lisa | Sell | 1.3K | $6.29 |
| 2026-02-17 | Goel Rajeev K. | Conversion | 44K | — |
| 2026-02-17 | Goel Rajeev K. | Sell | 44K | $6.28 |
| 2026-02-15 | Gimbel Lisa | Option exercise | 1.4K | — |
| 2026-02-15 | Gimbel Lisa | Option exercise | 773 | — |
| 2026-02-15 | Gimbel Lisa | Option exercise | 801 | — |
| 2026-02-02 | Goel Rajeev K. | Conversion | 23K | — |
| 2026-02-02 | Goel Rajeev K. | Sell | 44K | $7.26 |
| 2026-01-30 | Goel Rajeev K. | Sell | 22K | $7.32 |
| 2026-01-29 | Goel Rajeev K. | Option exercise | 42K | — |
| 2026-01-20 | Goel Rajeev K. | Conversion | 44K | — |
| 2026-01-20 | Goel Rajeev K. | Sell | 44K | $7.55 |
| 2026-01-06 | Goel Amar K. | Sell | 7.2K | $8.73 |
| 2026-01-06 | Klimenko Paulina | Sell | 12K | $8.73 |
| 2026-01-05 | Goel Rajeev K. | Sell | 44K | $8.80 |
| 2026-01-05 | Goel Rajeev K. | Conversion | 3.8K | — |
| 2026-01-05 | Pantelick Steven | Sell | 18K | $8.81 |
| 2026-01-02 | Goel Amar K. | Sell | 5.3K | $8.61 |
| 2026-01-02 | Klimenko Paulina | Sell | 9.0K | $8.61 |
| 2026-01-02 | Woods Andrew | Sell | 4.9K | $8.61 |
| 2026-01-02 | Goel Rajeev K. | Sell | 25K | $8.61 |
| 2026-01-02 | Pantelick Steven | Sell | 13K | $8.61 |
| 2026-01-01 | Goel Rajeev K. | Option exercise | 66K | — |
| 2026-01-01 | Goel Amar K. | Option exercise | 12K | — |
| 2026-01-01 | Klimenko Paulina | Option exercise | 21K | — |
| 2026-01-01 | Pantelick Steven | Option exercise | 31K | — |
| 2026-01-01 | Kumar Mukul | Option exercise | 14K | — |
| 2026-01-01 | Kumar Mukul | Sell | 5.6K | $8.61 |
| 2026-01-01 | Woods Andrew | Option exercise | 11K | — |
| 2025-12-22 | Goel Rajeev K. | Sell | 44K | $8.92 |
| 2025-12-22 | Goel Rajeev K. | Conversion | 44K | — |
| 2025-12-08 | Goel Rajeev K. | Conversion | 44K | — |
| 2025-12-08 | Goel Rajeev K. | Sell | 44K | $9.02 |
| 2025-11-24 | Goel Rajeev K. | Sell | 44K | $8.68 |
| 2025-11-24 | Goel Rajeev K. | Conversion | 44K | — |
| 2025-11-17 | Gimbel Lisa | Sell | 1.1K | $9.37 |
| 2025-11-15 | Gimbel Lisa | Option exercise | 772 | — |
| 2025-11-15 | Gimbel Lisa | Option exercise | 1.4K | — |
| 2025-11-15 | Gimbel Lisa | Option exercise | 801 | — |
| 2025-11-06 | Goel Rajeev K. | Sell | 44K | $7.48 |
| 2025-11-06 | Goel Rajeev K. | Conversion | 44K | — |
| 2025-10-27 | Goel Rajeev K. | Sell | 44K | $8.72 |
| 2025-10-27 | Goel Rajeev K. | Conversion | 44K | — |
| 2025-10-06 | Goel Rajeev K. | Conversion | 12K | — |
| 2025-10-06 | Goel Rajeev K. | Sell | 44K | $8.45 |
| 2025-10-03 | Goel Amar K. | Sell | 8.0K | $8.38 |
| 2025-10-03 | Klimenko Paulina | Sell | 10K | $8.38 |
| 2025-10-03 | Pantelick Steven | Sell | 15K | $8.38 |
| 2025-10-02 | Kumar Mukul | Sell | 5.4K | $8.24 |
| 2025-10-02 | Klimenko Paulina | Sell | 11K | $8.23 |
| 2025-10-02 | Woods Andrew | Sell | 4.1K | $8.23 |
| 2025-10-02 | Goel Rajeev K. | Sell | 33K | $8.23 |
| 2025-10-02 | Goel Amar K. | Sell | 4.5K | $8.23 |
| 2025-10-02 | Pantelick Steven | Sell | 16K | $8.23 |
| 2025-10-01 | Goel Amar K. | Option exercise | 12K | — |
| 2025-10-01 | Klimenko Paulina | Option exercise | 21K | — |
| 2025-10-01 | Woods Andrew | Option exercise | 11K | — |
| 2025-10-01 | Pantelick Steven | Option exercise | 31K | — |
| 2025-10-01 | Goel Rajeev K. | Option exercise | 66K | — |
| 2025-10-01 | Kumar Mukul | Option exercise | 14K | — |
| 2025-09-15 | Goel Rajeev K. | Sell | 44K | $8.22 |
| 2025-09-15 | Goel Rajeev K. | Conversion | 44K | — |
| 2025-09-02 | Goel Amar K. | Sell | 8.0K | $8.45 |
| 2025-09-02 | Goel Rajeev K. | Conversion | 44K | — |
| 2025-09-02 | Goel Rajeev K. | Sell | 44K | $8.45 |
| 2025-08-27 | Pantelick Steven | Sell | 3.7K | $8.44 |
| 2025-08-18 | Goel Rajeev K. | Conversion | 44K | — |
| 2025-08-18 | Goel Rajeev K. | Sell | 44K | $8.42 |
| 2025-08-18 | Gimbel Lisa | Sell | 1.1K | $8.41 |
| 2025-08-15 | Gimbel Lisa | Option exercise | 773 | — |
| 2025-08-15 | Gimbel Lisa | Option exercise | 1.4K | — |
| 2025-08-15 | Gimbel Lisa | Option exercise | 802 | — |
| 2025-08-01 | Goel Rajeev K. | Conversion | 44K | — |
| 2025-08-01 | Goel Rajeev K. | Sell | 44K | $11.28 |
| 2025-07-21 | Goel Rajeev K. | Conversion | 44K | — |
| 2025-07-21 | Goel Rajeev K. | Sell | 44K | $12.80 |
| 2025-07-07 | Goel Rajeev K. | Conversion | 11K | — |
| 2025-07-07 | Goel Rajeev K. | Sell | 44K | $12.53 |
| 2025-07-03 | Pantelick Steven | Conversion | 4.0K | — |
| 2025-07-03 | Pantelick Steven | Sell | 16K | $12.82 |
| 2025-07-02 | Woods Andrew | Sell | 4.1K | $12.56 |
| 2025-07-02 | Goel Amar K. | Sell | 4.4K | $12.56 |
| 2025-07-02 | Goel Rajeev K. | Sell | 33K | $12.56 |
| 2025-07-02 | Klimenko Paulina | Sell | 8.1K | $12.56 |
| 2025-07-02 | Pantelick Steven | Sell | 16K | $12.54 |
| 2025-07-02 | Kumar Mukul | Sell | 5.4K | $12.56 |
| 2025-07-01 | Woods Andrew | Option exercise | 11K | — |
| 2025-07-01 | Klimenko Paulina | Option exercise | 21K | — |
| 2025-07-01 | Kumar Mukul | Option exercise | 14K | — |
| 2025-07-01 | Goel Rajeev K. | Option exercise | 66K | — |
| 2025-07-01 | Goel Amar K. | Option exercise | 12K | — |
| 2025-07-01 | Pantelick Steven | Option exercise | 31K | — |
| 2025-06-23 | Goel Rajeev K. | Sell | 44K | $11.02 |
| 2025-06-23 | Goel Rajeev K. | Conversion | 44K | — |
| 2025-06-09 | Goel Rajeev K. | Sell | 44K | $12.13 |
| 2025-06-09 | Goel Rajeev K. | Conversion | 36K | — |
| 2025-06-03 | Pantelick Steven | Conversion | 4.0K | — |
| 2025-06-03 | Pantelick Steven | Sell | 4.0K | $12.07 |
| 2025-06-03 | Gimbel Lisa | Sell | 1.1K | $11.98 |
| 2025-06-02 | Goel Rajeev K. | Conversion | 25K | — |
| 2025-06-02 | Goel Rajeev K. | Sell | 25K | $11.80 |
| 2025-05-31 | MEHTA NIKHIL RAMESH | Option exercise | 8.4K | — |
| 2025-05-16 | Gimbel Lisa | Sell | 1.1K | $11.50 |
| 2025-05-15 | Gimbel Lisa | Option exercise | 772 | — |
| 2025-05-15 | Gimbel Lisa | Option exercise | 1.4K | — |
| 2025-05-15 | Gimbel Lisa | Option exercise | 801 | — |
| 2025-05-05 | Pantelick Steven | Conversion | 4.0K | — |
| 2025-05-05 | Pantelick Steven | Sell | 4.0K | $9.83 |
| 2025-05-05 | Goel Rajeev K. | Conversion | 993 | — |
| 2025-05-05 | Goel Rajeev K. | Sell | 25K | $9.84 |
| 2025-04-03 | Pantelick Steven | Sell | 18K | $8.45 |
| 2025-04-03 | Pantelick Steven | Conversion | 4.0K | — |
| 2025-04-03 | Goel Amar K. | Sell | 5.9K | $8.43 |
| 2025-04-03 | Woods Andrew | Sell | 2.8K | $8.43 |
| 2025-04-02 | Klimenko Paulina | Sell | 7.6K | $9.31 |
| 2025-04-02 | Goel Rajeev K. | Sell | 33K | $9.31 |
| 2025-04-02 | Kumar Mukul | Sell | 5.4K | $9.31 |
| 2025-04-02 | Woods Andrew | Sell | 4.1K | $9.31 |
| 2025-04-02 | Goel Amar K. | Sell | 4.4K | $9.31 |
| 2025-04-02 | Pantelick Steven | Sell | 12K | $9.31 |
| 2025-04-01 | Pantelick Steven | Option exercise | 31K | — |
| 2025-04-01 | Goel Amar K. | Option exercise | 12K | — |
| 2025-04-01 | Klimenko Paulina | Option exercise | 21K | — |
| 2025-04-01 | Goel Rajeev K. | Conversion | 25K | — |
| 2025-04-01 | Goel Rajeev K. | Sell | 25K | $9.14 |
| 2025-04-01 | Woods Andrew | Option exercise | 11K | — |
| 2025-04-01 | Kumar Mukul | Option exercise | 14K | — |
| 2025-04-01 | Goel Rajeev K. | Option exercise | 66K | — |
| 2025-03-03 | Pantelick Steven | Conversion | 4.0K | — |
| 2025-03-03 | Goel Rajeev K. | Conversion | 25K | — |
| 2025-03-03 | Pantelick Steven | Sell | 4.0K | $10.61 |
| 2025-02-18 | Gimbel Lisa | Sell | 911 | $15.39 |
| 2025-02-15 | Gimbel Lisa | Option exercise | 1.4K | — |
| 2025-02-15 | Gimbel Lisa | Option exercise | 773 | — |
| 2025-02-10 | Kumar Mukul | Conversion | 7.0K | — |
| 2025-02-10 | Kumar Mukul | Sell | 7.0K | $16.51 |
| 2025-02-04 | Goel Rajeev K. | Conversion | 109 | — |
| 2025-02-04 | Goel Rajeev K. | Sell | 109 | $15.24 |
| 2025-02-04 | Goel Rajeev K. | Sell | 109 | $15.24 |
| 2025-02-03 | Pantelick Steven | Conversion | 4.0K | — |
| 2025-02-03 | Goel Rajeev K. | Sell | 25K | $10.84 |
| 2025-02-03 | Goel Rajeev K. | Conversion | 19K | — |
| 2025-02-03 | Goel Rajeev K. | Sell | 25K | $15.14 |
| 2025-02-03 | Gimbel Lisa | Sell | 300 | $14.69 |
| 2025-02-03 | Goel Rajeev K. | Conversion | 25K | — |
| 2025-02-03 | Goel Rajeev K. | Sell | 25K | $15.14 |
| 2025-02-03 | Pantelick Steven | Sell | 4.0K | $15.14 |
| 2025-01-07 | Goel Rajeev K. | Sell | 6.6K | $14.94 |
| 2025-01-06 | Goel Rajeev K. | Sell | 18K | $15.44 |
| 2025-01-03 | Pantelick Steven | Conversion | 4.0K | — |
| 2025-01-03 | Pantelick Steven | Sell | 20K | $15.15 |
| 2025-01-03 | Woods Andrew | Sell | 2.6K | $15.15 |
| 2025-01-03 | Goel Amar K. | Sell | 3.6K | $15.14 |
| 2025-01-02 | Goel Amar K. | Sell | 4.1K | $14.84 |
| 2025-01-02 | Gimbel Lisa | Sell | 300 | $14.97 |
| 2025-01-02 | Pantelick Steven | Sell | 10K | $14.84 |
| 2025-01-02 | Kumar Mukul | Sell | 4.5K | $14.84 |
| 2025-01-02 | Klimenko Paulina | Sell | 6.8K | $14.84 |
| 2025-01-02 | Woods Andrew | Sell | 3.5K | $14.84 |
| 2025-01-02 | Goel Rajeev K. | Sell | 18K | $14.84 |
| 2025-01-01 | Goel Amar K. | Option exercise | 9.2K | — |
| 2025-01-01 | Klimenko Paulina | Option exercise | 16K | — |
| 2025-01-01 | Woods Andrew | Option exercise | 8.7K | — |
| 2025-01-01 | Goel Rajeev K. | Option exercise | 49K | — |
| 2025-01-01 | Pantelick Steven | Option exercise | 24K | — |
| 2025-01-01 | Kumar Mukul | Option exercise | 11K | — |
| 2024-12-31 | Pantelick Steven | Option exercise | 2.3K | — |
| 2024-12-31 | Goel Amar K. | Option exercise | 1.0K | — |
| 2024-12-31 | Kumar Mukul | Option exercise | 1.1K | — |
| 2024-12-31 | Klimenko Paulina | Option exercise | 1.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-03 | 2026-05-29 | 0001422930-26-000026 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001422930-26-000023 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001422930-26-000024 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0001422930-26-000016 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001422930-26-000010 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001422930-26-000008 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001422930-25-000048 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001422930-25-000050 ↗ |
| 8-K | 2025-09-08 | 2025-09-08 | 0001422930-25-000044 ↗ |
| 8-K | 2025-08-11 | 2025-08-11 | 0001422930-25-000038 ↗ |
| 10-Q | 2025-08-11 | 2025-06-30 | 0001422930-25-000040 ↗ |
| 8-K | 2025-06-04 | 2025-05-30 | 0001422930-25-000029 ↗ |