Ibotta vs PubMatic
Ibotta reported revenue of $342 million in fiscal 2025, 1.2 times PubMatic's $283 million in fiscal 2025. Ibotta's revenue fell 6.8% in its latest year, and PubMatic's fell 2.9%. Ibotta had an operating margin of -0.2%, against -6.1% at PubMatic. Free cash flow was $75 million at Ibotta and $67 million at PubMatic.
Side by side
| Ibotta | PubMatic | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $342M | $283M |
| Revenue growth | −6.8% | −2.9% |
| Revenue growth a year, last 5 years | — | 13.7% |
| Gross margin | 79.2% | 63.6% |
| Operating margin | −0.2% | −6.1% |
| Net margin | 1.0% | −5.1% |
| Free cash flow | $75M | $67M |
| Free cash flow margin | 21.9% | 23.6% |
| Return on capital | −0.4% | — |
| Net debt to EBITDA | −24.9x | — |
| Dividends and buybacks | $233M | $46M |
| Change in diluted share count | 12.1% | −13.4% |
| Last close | $58.11 | $17.81 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | — | — |
| Piotroski F-score | 3 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
IbottaPubMatic
Operating margin
Percent of revenue
IbottaPubMatic
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
IbottaPubMatic