Magnite

MGNI · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

MGNI · Last close · November 6, 2026

$27.39

Magnite's revenue rose 6.8% to $714 million in fiscal 2025. Its operating margin was 13.7%, up from 7.7% a year earlier. Free cash flow was $166 million, down 18.2%. It paid out $46 million in dividends and buybacks, 28% of free cash flow. The diluted share count rose 4.7%.

MAGNITE, INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001595974-26-000007 Updated November 8, 2026

Revenue

$714M

6.8%

Operating margin

13.7%

6.0 pts

Net income

$145M

534.7%

Free cash flow

$166M

18.2%

Return on capital

11.1%

6.1 pts

Market cap

$4.1B

Nov 6 close

P/E

22.8x

On $1.20 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Magnite does

Magnite runs a technology platform that connects the owners of digital ad space with the companies that want to buy it. Its sellers, called publishers, include streaming TV services, broadcasters, websites and apps. Its buyers include advertisers, agencies and the software tools they use to bid on ads.

The company earns money each time an ad is sold through its platform, under a fee structure it sets with each publisher. Much of its focus is on ads shown on internet-connected TVs, known as CTV, where its SpringServe product helps publishers manage and sell all of their ad space. It also offers tools for buyers to find and package inventory, such as ClearLine.

Magnite describes itself as an independent alternative to the large internet companies that both own ad space and control the buying side. It says it competes with companies that have more financial, technical and marketing resources. It operates worldwide, with offices in North America, Australia and Europe and a growing presence in Asia and South America. Its non-U.S. units mainly do sales, marketing and service work.

Its biggest risks, as it describes them

Competition from larger companies with more money, technology and marketing power.
Slower growth in connected-TV ad spending, or growth that goes to sellers that do not use its platform.
Streaming sellers being slow to adopt auction-based ad buying, or restricting its access to their ad space.
Advances in AI changing how ads are bought and sold, and new AI rules.
Falling demand for advertising in a weak economy, which its revenue depends on.

From Magnite's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2024 to 2025, earnings per share grew 493.8% a year and net income 534.2% a year, as new shares raised the share count by 5% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	230	326	326	483	553
Debt incl. finance leases	759	755	537	554	556
Net debt (negative means net cash)	529	429	210	71	3
Net debt to EBITDA	8.0x	4.2x	2.5x	0.6x	0.0x
Debt to equity	0.9x	0.9x	0.8x	0.7x	0.6x
Interest coverage	−6.3x	−3.9x	−4.8x	1.9x	5.2x
Current ratio	1.1x	1.2x	1.1x	1.1x	1.0x
Quick ratio	1.1x	1.2x	1.1x	1.1x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Magnite's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Magnite's projections

Insider trades

No officer, director or 10% owner of Magnite reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	4 of 9	7 of 9	7 of 9
Rule of 40	37.7%	38.1%	30.1%
Altman Z''	−0.55	0.23	0.19
Accruals ratio	−13.8%	−7.7%	−3.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	4 of 9	7 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Magnite side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Magnite	FY25	6.8%	13.7%	23.2%	11.1%	0.0x	7
DoubleVerify	FY25	13.9%	10.6%	23.1%	—	—	—	Compare
Ziff Davis	FY25	3.5%	12.6%	19.8%	6.0%	0.6x	6	Compare
PubMatic	FY25	−2.9%	−6.1%	23.6%	—	—	—	Compare
The Trade Desk	FY25	18.5%	20.4%	27.5%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	278	156	125	156	222	468	577	620	668	714
Revenue growth	12.0%	−44.1%	−19.8%	25.4%	41.7%	111.3%	23.2%	7.4%	7.8%	6.8%
Gross profit	205	99	65	99	144	267	270	210	409	447
Research and development	51	48	38	40	52	74	94	94	95	85
Operating income	−25	−157	−64	−28	−54	−81	−113	−155	51	98
Net income	−18	−155	−62	−26	−53	0	−130	−159	23	145
Diluted EPS (US$)	−0.39	−3.17	−1.23	−0.48	−0.55	0.00	−0.98	−1.17	0.16	0.95
Diluted shares (millions)	47	49	50	53	97	136	133	137	147	154
Cash flow
Cash from operations	60	22	−23	32	−12	127	192	214	235	236
Capital expenditure	24	32	11	11	14	18	31	27	33	70
Free cash flow	37	−11	−34	21	−26	109	162	188	202	166
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	6	16	0	15	46
Acquisitions	0	39	0	11	55	662	21	0	0	8
Stock-based compensation	29	20	16	19	28	41	64	73	76	77
Balance sheet at fiscal year end
Cash and short-term investments	149	77	80	89	118	230	326	326	483	553
Debt incl. finance leases	0	0	0	0	0	759	755	537	554	556
Total assets	520	384	360	395	939	2,713	2,712	2,689	2,855	3,164
Total liabilities	220	219	242	283	557	1,832	1,921	1,987	2,086	2,242
Shareholders' equity	300	165	118	112	382	881	791	702	768	922
Margins and ratios
Gross margin	73.7%	63.5%	51.9%	63.3%	64.9%	57.0%	46.8%	33.9%	61.3%	62.7%
Operating margin	−8.9%	−100.9%	−51.0%	−17.6%	−24.5%	−17.3%	−19.5%	−25.0%	7.7%	13.7%
Net margin	−6.5%	−99.5%	−49.6%	−16.3%	−24.1%	0.0%	−22.6%	−25.7%	3.4%	20.3%
Free cash flow margin	13.2%	−7.0%	−27.4%	13.1%	−11.9%	23.2%	28.0%	30.3%	30.3%	23.2%
Rule of 40 (growth + FCF margin)	25.1%	−51.1%	−47.2%	38.6%	29.8%	134.6%	51.2%	37.7%	38.1%	30.1%
Return on capital	−12.6%	−104.2%	−80.1%	—	−29.9%	−7.7%	−6.8%	−11.5%	5.0%	11.1%
Return on equity	−6.2%	−66.7%	−43.8%	−22.2%	−21.6%	0.0%	−15.6%	−21.3%	3.1%	17.1%
Return on assets	−3.4%	−34.3%	−16.6%	−6.8%	−8.0%	0.0%	−4.8%	−5.9%	0.8%	4.8%
Net debt to EBITDA	−8.4x	—	—	−19.6x	—	8.0x	4.2x	2.5x	0.6x	0.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Magnite's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Magnite.