Does PUBMATIC, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores PUBMATIC, INC. (PUBM) 57.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 96, returns on capital 30, balance-sheet safety 55, capital discipline 44.

Is PUBM stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $6.33 per share versus a recent price of $12.73 — 101% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has PUBM's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 57.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

PUBMATIC, INC.

PUBM · Technology · $598.4M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power96

Median gross margin 68.2% over 7y, very stable.

Returns on capital30

Median ROIC 7.8%, above the 9% hurdle in 50% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

101% above value

Owner earnings (normalized): $26.8M
Est. intrinsic value / share: $6.33
Recent price: $12.73
Discount to value: 101% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for PUBM yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale57.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — PUBM has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#148 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#146NUTX NUTEX HEALTH INC.57.8 out of 100, Shallow moatShallow moat
#147CXM Sprinklr, Inc.57.7 out of 100, Shallow moatShallow moat
#149P Everpure, Inc.57.6 out of 100, Shallow moatShallow moat
#150AGYS AGILYSYS, INC.57.5 out of 100, Shallow moatShallow moat

Compare PUBM with its nearest peers →All Technology companies on the Index →

Common questions about PUBM

Does PUBMATIC, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores PUBMATIC, INC. (PUBM) 57.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 96, returns on capital 30, balance-sheet safety 55, capital discipline 44.
Is PUBM stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $6.33 per share versus a recent price of $12.73 — 101% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has PUBM's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 57.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PUBM. See the disclaimer.