PubMatic, Inc. — Earnings Quality Grade B
PUBM · Technology
Generally healthy
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 462 days, change -70 days YoY
AR growth -15.7% vs revenue growth -2.9%
Revenue -2.9%, CFFO 10.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -9.5% vs revenue -2.9%. Normal
SG&A/Gross Profit = 90.8%, exceeds 70%
Gross margin 63.6%, change -1.7pp. Stable
Cash Flow Quality
CFFO/NI = -5.60. Below 1.0
FCF $0.0B, FCF/NI = -3.19
Accruals ratio = -14.0%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 12% of equity. Manageable
Debt/EBITDA = 1.7x. Healthy
Other assets grew 49.5% vs revenue -2.9%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -5% YoY. Normal
Manipulation Score
M-Score = -3.21 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25