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PUBM

PubMatic, Inc.

Technology · $869M market cap

Verdict

Share price

$18.42

close of Oct 3, 2026

Fair value

$16.19

Sticker Price

Payback Price

$6.47

buy price

Overpriced

PUBM is Overpriced: at $18.42 it trades 14% above its fair value of $16.19. Its buy price (Payback Price) is $6.47, 65% below today's price. Business quality is mixed: 2 of 5 key numbers clear the 10% bar.

How we valued it

Free Cash Flow Growth. Reported earnings are shrinking, but free cash flow keeps growing, so we value it on cash flow.

Business quality

2 of 5 clear the 10% bar. What are the Big Five?

Earnings per share growth-43.7% a year✗
Equity per share growth-1.0% a year✗
Sales growth17.3% a year✓
Free cash flow growth23.9% a year✓
Return on invested capital-1.2%✗

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Insider activity

Since Apr 1, 2026: no open-market purchases, 26 sales worth $9.8M and 69 other filings (stock awards, tax withholding and similar). Why purchases matter

Sales

Goel Amar K.

CHAIRMAN, CHIEF INNOVATION OFF · 2026-09-03

Sold

$107K

Gimbel Lisa

CHIEF ACCOUNTING OFFICER · 2026-09-01

Sold

$8K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-08-20

Sold

$824K

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-08-17

Sold

$136K

Pantelick Steven

CHIEF FINANCIAL OFFICER · 2026-08-13

Sold

$341K

Show all 26 sales

Gimbel Lisa

CHIEF ACCOUNTING OFFICER · 2026-08-12

Sold

$9K

Pantelick Steven

CHIEF FINANCIAL OFFICER · 2026-08-12

Sold

$383K

Woods Andrew

GENERAL COUNSEL & SECRETARY · 2026-08-10

Sold

$688K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-08-07

Sold

$3.7M

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-23

Sold

$617K

Woods Andrew

GENERAL COUNSEL & SECRETARY · 2026-07-16

Sold

$45K

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-07-16

Sold

$109K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-16

Sold

$125K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-15

Sold

$56K

Klimenko Paulina

CHIEF GROWTH OFFICER · 2026-07-06

Sold

$121K

Pantelick Steven

CHIEF FINANCIAL OFFICER · 2026-07-06

Sold

$168K

Klimenko Paulina

CHIEF GROWTH OFFICER · 2026-07-02

Sold

$204K

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-07-02

Sold

$108K

Woods Andrew

GENERAL COUNSEL & SECRETARY · 2026-07-02

Sold

$79K

Goel Amar K.

CHAIRMAN, CHIEF INNOVATION OFF · 2026-07-02

Sold

$90K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-02

Sold

$687K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-02

Sold

$118K

Pantelick Steven

CHIEF FINANCIAL OFFICER · 2026-07-02

Sold

$321K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-01

Sold

$239K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-06-18

Sold

$487K

Gimbel Lisa

CHIEF ACCOUNTING OFFICER · 2026-05-18

Sold

$24K

Other filings

Goel Amar K.

CHAIRMAN, CHIEF INNOVATION OFF · 2026-09-03

Option exercise

6,250 shares

Goel Amar K.

CHAIRMAN, CHIEF INNOVATION OFF · 2026-09-03

Option exercise

$13K

Goel Amar K.

CHAIRMAN, CHIEF INNOVATION OFF · 2026-09-03

C-Conversion

6,250 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-08-20

Option exercise

$47K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-08-20

C-Conversion

34,371 shares

Show all 69 other filings

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-08-20

Option exercise

21,871 shares

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-08-17

Option exercise

$17K

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-08-17

C-Conversion

8,000 shares

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-08-17

Option exercise

8,000 shares

Gimbel Lisa

CHIEF ACCOUNTING OFFICER · 2026-08-15

Option exercise

1,395 shares

Gimbel Lisa

CHIEF ACCOUNTING OFFICER · 2026-08-15

Option exercise

772 shares

Gimbel Lisa

CHIEF ACCOUNTING OFFICER · 2026-08-15

Option exercise

801 shares

Gimbel Lisa

CHIEF ACCOUNTING OFFICER · 2026-08-15

Option exercise

794 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-08-07

Option exercise

$822K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-08-07

C-Conversion

211,302 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-08-07

Option exercise

211,302 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-23

Option exercise

$47K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-23

C-Conversion

12,500 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-23

C-Conversion

21,870 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-23

Option exercise

21,870 shares

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-07-16

Option exercise

$17K

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-07-16

C-Conversion

8,000 shares

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-07-16

Option exercise

8,000 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-16

C-Conversion

8,962 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-16

Option exercise

8,962 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-16

Option exercise

$35K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-15

C-Conversion

4,060 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-15

Option exercise

4,060 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-15

Option exercise

$16K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-02

C-Conversion

8,500 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-02

Option exercise

8,500 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-02

Option exercise

$33K

Klimenko Paulina

CHIEF GROWTH OFFICER · 2026-07-01

Option exercise

6,584 shares

Klimenko Paulina

CHIEF GROWTH OFFICER · 2026-07-01

Option exercise

6,485 shares

Klimenko Paulina

CHIEF GROWTH OFFICER · 2026-07-01

Option exercise

5,363 shares

Klimenko Paulina

CHIEF GROWTH OFFICER · 2026-07-01

Option exercise

33,531 shares

Klimenko Paulina

CHIEF GROWTH OFFICER · 2026-07-01

Option exercise

15,099 shares

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-07-01

Option exercise

4,279 shares

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-07-01

Option exercise

4,014 shares

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-07-01

Option exercise

3,320 shares

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-07-01

Option exercise

8,360 shares

Kumar Mukul

PRESIDENT, ENGINEERING · 2026-07-01

Option exercise

19,973 shares

Woods Andrew

GENERAL COUNSEL & SECRETARY · 2026-07-01

Option exercise

4,039 shares

Woods Andrew

GENERAL COUNSEL & SECRETARY · 2026-07-01

Option exercise

3,397 shares

Woods Andrew

GENERAL COUNSEL & SECRETARY · 2026-07-01

Option exercise

2,809 shares

Woods Andrew

GENERAL COUNSEL & SECRETARY · 2026-07-01

Option exercise

4,327 shares

Woods Andrew

GENERAL COUNSEL & SECRETARY · 2026-07-01

Option exercise

15,823 shares

Goel Amar K.

CHAIRMAN, CHIEF INNOVATION OFF · 2026-07-01

Option exercise

2,030 shares

Goel Amar K.

CHAIRMAN, CHIEF INNOVATION OFF · 2026-07-01

Option exercise

4,169 shares

Goel Amar K.

CHAIRMAN, CHIEF INNOVATION OFF · 2026-07-01

Option exercise

3,245 shares

Goel Amar K.

CHAIRMAN, CHIEF INNOVATION OFF · 2026-07-01

Option exercise

18,098 shares

Goel Amar K.

CHAIRMAN, CHIEF INNOVATION OFF · 2026-07-01

Option exercise

8,654 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-01

C-Conversion

17,176 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-01

Option exercise

23,042 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-01

Option exercise

14,410 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-01

Option exercise

97,655 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-01

Option exercise

16,827 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-01

Option exercise

17,176 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-01

Option exercise

$67K

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-07-01

Option exercise

43,376 shares

Pantelick Steven

CHIEF FINANCIAL OFFICER · 2026-07-01

Option exercise

9,547 shares

Pantelick Steven

CHIEF FINANCIAL OFFICER · 2026-07-01

Option exercise

8,955 shares

Pantelick Steven

CHIEF FINANCIAL OFFICER · 2026-07-01

Option exercise

7,407 shares

Pantelick Steven

CHIEF FINANCIAL OFFICER · 2026-07-01

Option exercise

45,665 shares

Pantelick Steven

CHIEF FINANCIAL OFFICER · 2026-07-01

Option exercise

19,756 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-06-18

C-Conversion

21,871 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-06-18

Option exercise

21,871 shares

Goel Rajeev K.

CHIEF EXECUTIVE OFFICER · 2026-06-18

Option exercise

$47K

Woods Andrew

GENERAL COUNSEL & SECRETARY · 2026-04-01

Option exercise

1,251 shares

About PubMatic, Inc.

PubMatic, Inc. operates a global cloud-based infrastructure designed to facilitate real-time programmatic advertising exchanges between online publishers and advertisers. Its comprehensive suite of solutions includes Openwrap, an enterprise-level header bidding tool with robust management and analytics capabilities, including specialized versions like Openwrap OTT for over-the-top media and Openwrap SDK for in-app…

Software - Application

Fair value and Payback Price are estimates from the company's reported financials, not investment advice. Prices as of the close of Oct 3, 2026. How the Payback Price works