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Side-by-side financial comparison of PubMatic, Inc. (PUBM) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $80.0M, roughly 1.2× PubMatic, Inc.). On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -6.4%). Over the past eight quarters, PubMatic, Inc.'s revenue compounded faster (9.5% CAGR vs 2.5%).
PubMatic, Inc. develops and implements online advertising software and strategies for the digital publishing and advertising industry. PubMatic's sell-side, real-time programmatic ad transaction advertising software puts publishers of websites, videos, and mobile apps into contact with ad buyers by using automated systems, while allowing users to opt-out of having their personal information collected on internet searches. PubMatic has a number of offices in countries around the world.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
PUBM vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $80.0M | $97.9M |
| Net Profit | — | $27.9M |
| Gross Margin | 68.2% | 98.6% |
| Operating Margin | 10.6% | 27.4% |
| Net Margin | — | 28.5% |
| Revenue YoY | -6.4% | 6.5% |
| Net Profit YoY | — | 7.1% |
| EPS (diluted) | $0.14 | $0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $80.0M | $97.9M | ||
| Q3 25 | $68.0M | $96.2M | ||
| Q2 25 | $71.1M | $93.8M | ||
| Q1 25 | $63.8M | $97.7M | ||
| Q4 24 | $85.5M | $91.9M | ||
| Q3 24 | $71.8M | $90.7M | ||
| Q2 24 | $67.3M | $89.9M | ||
| Q1 24 | $66.7M | $93.2M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | $-6.5M | $29.3M | ||
| Q2 25 | $-5.2M | $27.9M | ||
| Q1 25 | $-9.5M | $29.4M | ||
| Q4 24 | — | $26.0M | ||
| Q3 24 | $-912.0K | $19.3M | ||
| Q2 24 | $2.0M | $29.7M | ||
| Q1 24 | $-2.5M | $30.7M |
| Q4 25 | 68.2% | 98.6% | ||
| Q3 25 | 62.6% | 98.5% | ||
| Q2 25 | 62.6% | 99.1% | ||
| Q1 25 | 59.9% | 98.8% | ||
| Q4 24 | 70.8% | 98.8% | ||
| Q3 24 | 64.5% | 98.8% | ||
| Q2 24 | 62.6% | 98.8% | ||
| Q1 24 | 61.9% | 98.8% |
| Q4 25 | 10.6% | 27.4% | ||
| Q3 25 | -12.4% | 25.9% | ||
| Q2 25 | -7.7% | 25.5% | ||
| Q1 25 | -18.6% | 25.9% | ||
| Q4 24 | 17.3% | 24.6% | ||
| Q3 24 | -1.9% | 17.5% | ||
| Q2 24 | -5.9% | 26.7% | ||
| Q1 24 | -8.3% | 26.4% |
| Q4 25 | — | 28.5% | ||
| Q3 25 | -9.5% | 30.5% | ||
| Q2 25 | -7.3% | 29.8% | ||
| Q1 25 | -14.9% | 30.1% | ||
| Q4 24 | — | 28.3% | ||
| Q3 24 | -1.3% | 21.3% | ||
| Q2 24 | 2.9% | 33.0% | ||
| Q1 24 | -3.7% | 33.0% |
| Q4 25 | $0.14 | $0.38 | ||
| Q3 25 | $-0.14 | $0.41 | ||
| Q2 25 | $-0.11 | $0.39 | ||
| Q1 25 | $-0.20 | $0.41 | ||
| Q4 24 | $0.26 | $0.36 | ||
| Q3 24 | $-0.02 | $0.27 | ||
| Q2 24 | $0.04 | $0.42 | ||
| Q1 24 | $-0.05 | $0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $145.5M | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $262.6M | $2.4B |
| Total Assets | $680.2M | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $21.7M | ||
| Q3 25 | $136.5M | $12.1M | ||
| Q2 25 | $90.5M | $13.9M | ||
| Q1 25 | $101.8M | $17.3M | ||
| Q4 24 | $100.5M | $8.3M | ||
| Q3 24 | $78.9M | $15.6M | ||
| Q2 24 | $73.5M | $13.4M | ||
| Q1 24 | $80.2M | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $262.6M | $2.4B | ||
| Q3 25 | $245.1M | $2.4B | ||
| Q2 25 | $243.3M | $2.4B | ||
| Q1 25 | $275.6M | $2.4B | ||
| Q4 24 | $277.3M | $2.3B | ||
| Q3 24 | $263.2M | $2.3B | ||
| Q2 24 | $282.7M | $2.3B | ||
| Q1 24 | $288.7M | $2.3B |
| Q4 25 | $680.2M | $7.2B | ||
| Q3 25 | $676.2M | $7.1B | ||
| Q2 25 | $675.2M | $7.1B | ||
| Q1 25 | $668.6M | $6.9B | ||
| Q4 24 | $739.5M | $6.9B | ||
| Q3 24 | $689.1M | $6.8B | ||
| Q2 24 | $673.1M | $6.8B | ||
| Q1 24 | $626.2M | $6.7B |
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $18.2M | $47.8M |
| Free Cash FlowOCF − Capex | $11.3M | — |
| FCF MarginFCF / Revenue | 14.1% | — |
| Capex IntensityCapex / Revenue | 8.6% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $66.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.2M | $47.8M | ||
| Q3 25 | $32.4M | $-1.4M | ||
| Q2 25 | $14.9M | $28.0M | ||
| Q1 25 | $15.6M | $8.9M | ||
| Q4 24 | $18.0M | $37.9M | ||
| Q3 24 | $19.1M | $8.3M | ||
| Q2 24 | $11.9M | $24.8M | ||
| Q1 24 | $24.3M | $-3.1M |
| Q4 25 | $11.3M | — | ||
| Q3 25 | $27.7M | — | ||
| Q2 25 | $13.6M | — | ||
| Q1 25 | $14.2M | — | ||
| Q4 24 | $13.7M | — | ||
| Q3 24 | $7.4M | — | ||
| Q2 24 | $11.2M | — | ||
| Q1 24 | $23.5M | — |
| Q4 25 | 14.1% | — | ||
| Q3 25 | 40.8% | — | ||
| Q2 25 | 19.1% | — | ||
| Q1 25 | 22.2% | — | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 10.3% | — | ||
| Q2 24 | 16.7% | — | ||
| Q1 24 | 35.2% | — |
| Q4 25 | 8.6% | — | ||
| Q3 25 | 6.9% | — | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 5.1% | — | ||
| Q3 24 | 16.3% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 1.2% | — |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | 6.06× | 0.83× | ||
| Q1 24 | — | -0.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PUBM
Segment breakdown not available.
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
