National CineMedia vs PubMatic
PubMatic reported revenue of $283 million in fiscal 2025, 1.2 times National CineMedia's $243 million in fiscal 2025. National CineMedia's revenue grew 1.0% in its latest year, and PubMatic's fell 2.9%. National CineMedia had an operating margin of -5.7%, against -6.1% at PubMatic. Free cash flow was $3 million at National CineMedia and $67 million at PubMatic. Their fiscal years end in different months (January 1 and December 31), so the periods don't line up exactly.
Side by side
| National CineMedia | PubMatic | |
|---|---|---|
| Latest fiscal year | FY2025, Jan 1, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $243M | $283M |
| Revenue growth | 1.0% | −2.9% |
| Revenue growth a year, last 5 years | 21.9% | 13.7% |
| Gross margin | 94.7% | 63.6% |
| Operating margin | −5.7% | −6.1% |
| Net margin | −4.4% | −5.1% |
| Free cash flow | $3M | $67M |
| Free cash flow margin | 1.1% | 23.6% |
| Return on capital | −3.1% | — |
| Net debt to EBITDA | −0.9x | — |
| Dividends and buybacks | $33M | $46M |
| Change in diluted share count | −1.8% | −13.4% |
| Last close | $1.58 | $17.81 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | — | — |
| Piotroski F-score | 6 of 9 | — |
Amounts in each company's own currency, US$ 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
National CineMediaPubMatic
Operating margin
Percent of revenue
National CineMediaPubMatic
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
National CineMediaPubMatic
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the National CineMedia and PubMatic pages.