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PubMatic Balance Sheet 2025-2011 | PUBM
Brief overview of PubMatic's assets and capital
This overview follows the five latest available annual observations between 2021 and 2025.
Assets increased from $550.2 million to $680.2 million, or +23.6%; CAGR of about 5.4% indicates steady balance sheet expansion.
Liability growth of +42.5% exceeded asset growth of +23.6%, increasing reliance on outside funding.
Shareholders' equity accounts for 38.6% of assets, previously 46.7%. Dependence on liabilities is moderate.
Cash exceeds interest-bearing debt, producing net debt of -$138.4 million. The balance sheet therefore carries a net cash position.
Cash accounts for 21.4% of assets versus 15% initially. The change indicates the degree of financial flexibility.
By the end of the period, accumulated earnings were $134.9 million; the change from the start was +35.9%.
Overall assessment
PubMatic retains a reasonably healthy balance sheet structure, which still needs support from earnings and cash flow.
Annual Balance Sheet PubMatic
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-138 M | -94.3 M | -71.8 M | -86.1 M | -77.9 M | - | -34.2 M | -21.2 M | - | - | - | - | - | - | - |
Long Term Debt |
196 K | 344 K | 483 K | 616 K | 741 K | - | - | - | - | - | - | - | - | - | - |
Long Term Debt Current |
6.95 M | 5.84 M | 6.24 M | 5.68 M | 3.86 M | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 83.6 M | 83.1 M | - | - | - | - | - | - | - |
Total Current Liabilities |
376 M | 419 M | 380 M | 302 M | 267 M | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
418 M | 462 M | 399 M | 330 M | 293 M | 196 M | 194 M | 174 M | - | - | - | - | - | - | - |
Retained Earnings |
135 M | 149 M | 137 M | 128 M | 99.3 M | 42.7 M | 16.1 M | 9.44 M | - | - | - | - | - | - | - |
Total Assets |
680 M | 740 M | 695 M | 642 M | 550 M | 371 M | 207 M | 178 M | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
146 M | 100 M | 78.5 M | 92.4 M | 82.5 M | 81.2 M | - | - | - | - | - | - | - | - | - |
Book Value |
263 M | 277 M | 296 M | 312 M | 257 M | 175 M | 13.3 M | 4.62 M | - | - | - | - | - | - | - |
Total Shareholders Equity |
263 M | 277 M | 296 M | 312 M | 257 M | 175 M | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet PubMatic
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
34.8 M | 38.3 M | 38.9 M | 38.6 M | 29 M | 16.2 M | 17.6 M | 16.8 M | 18.2 M | 19.8 M | 20.9 M | 22.5 M | 22.6 M | 21.3 M | 17.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
408 M | 431 M | 432 M | 393 M | 426 M | 390 M | 337 M | 324 M | 289 M | 271 M | 330 M | 310 M | 286 M | 230 M | 293 M | 218 M | 182 M | 149 M | 196 M | 196 M | 196 M | 196 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
122 M | 128 M | 135 M | 140 M | 135 M | 136 M | 134 M | 118 M | 116 M | 122 M | 128 M | 115 M | 112 M | 104 M | 99.3 M | 71.1 M | 57.5 M | 47.6 M | 42.7 M | 42.7 M | 42.7 M | 42.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
659 M | 676 M | 675 M | 669 M | 689 M | 673 M | 626 M | 613 M | 584 M | 577 M | 642 M | 602 M | 570 M | 498 M | 550 M | 439 M | 384 M | 333 M | 371 M | 371 M | 371 M | 371 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
145 M | 137 M | 90.5 M | 102 M | 78.9 M | 73.5 M | 80.2 M | 97.7 M | 106 M | 79.3 M | 92.4 M | 52.2 M | 51.9 M | 74.5 M | 82.5 M | 89.4 M | 90.6 M | 76.6 M | 81.2 M | 81.2 M | 81.2 M | 81.2 M | 34.2 M | - | - | - | 21.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
251 M | 245 M | 243 M | 276 M | 263 M | 283 M | 289 M | 289 M | 295 M | 306 M | 312 M | 293 M | 284 M | 268 M | 257 M | 221 M | 202 M | 184 M | 175 M | 175 M | 175 M | 175 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
251 M | 245 M | 243 M | 276 M | 263 M | 283 M | 289 M | 289 M | 295 M | 306 M | 312 M | 293 M | 284 M | 268 M | 257 M | 221 M | 202 M | 184 M | 175 M | 175 M | 175 M | 175 M | 13.3 M | - | - | - | 4.62 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of PubMatic, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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