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Side-by-side financial comparison of PubMatic, Inc. (PUBM) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $62.6M, roughly 1.5× PubMatic, Inc.). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -20.0%, a 14.1% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs -2.0%). PubMatic, Inc. produced more free cash flow last quarter ($10.7M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% CAGR vs -3.6%).
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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
PUBM vs SHEN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $62.6M | $91.6M |
| Net Profit | $-12.5M | $-5.4M |
| Gross Margin | 58.3% | — |
| Operating Margin | 17.3% | -1.0% |
| Net Margin | -20.0% | -5.9% |
| Revenue YoY | -2.0% | 7.2% |
| Net Profit YoY | -31.9% | -95.8% |
| EPS (diluted) | $-0.27 | $-0.13 |
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.
| Q1 26 | $62.6M | — | ||
| Q4 25 | $80.0M | $91.6M | ||
| Q3 25 | $68.0M | $89.8M | ||
| Q2 25 | $71.1M | $88.6M | ||
| Q1 25 | $63.8M | $87.9M | ||
| Q4 24 | $85.5M | $85.4M | ||
| Q3 24 | $71.8M | $87.6M | ||
| Q2 24 | $67.3M | $85.8M |
| Q1 26 | $-12.5M | — | ||
| Q4 25 | — | $-5.4M | ||
| Q3 25 | $-6.5M | $-9.4M | ||
| Q2 25 | $-5.2M | $-9.0M | ||
| Q1 25 | $-9.5M | $-9.1M | ||
| Q4 24 | — | $-2.7M | ||
| Q3 24 | $-912.0K | $-5.3M | ||
| Q2 24 | $2.0M | $-12.9M |
| Q1 26 | 58.3% | — | ||
| Q4 25 | 68.2% | — | ||
| Q3 25 | 62.6% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 59.9% | — | ||
| Q4 24 | 70.8% | — | ||
| Q3 24 | 64.5% | — | ||
| Q2 24 | 62.6% | — |
| Q1 26 | 17.3% | — | ||
| Q4 25 | 10.6% | -1.0% | ||
| Q3 25 | -12.4% | -8.0% | ||
| Q2 25 | -7.7% | -10.3% | ||
| Q1 25 | -18.6% | -6.9% | ||
| Q4 24 | 17.3% | -6.7% | ||
| Q3 24 | -1.9% | -4.8% | ||
| Q2 24 | -5.9% | -18.5% |
| Q1 26 | -20.0% | — | ||
| Q4 25 | — | -5.9% | ||
| Q3 25 | -9.5% | -10.5% | ||
| Q2 25 | -7.3% | -10.2% | ||
| Q1 25 | -14.9% | -10.4% | ||
| Q4 24 | — | -3.2% | ||
| Q3 24 | -1.3% | -6.0% | ||
| Q2 24 | 2.9% | -15.0% |
| Q1 26 | $-0.27 | — | ||
| Q4 25 | $0.14 | $-0.13 | ||
| Q3 25 | $-0.14 | $-0.20 | ||
| Q2 25 | $-0.11 | $-0.19 | ||
| Q1 25 | $-0.20 | $-0.19 | ||
| Q4 24 | $0.26 | $-0.34 | ||
| Q3 24 | $-0.02 | $-0.13 | ||
| Q2 24 | $0.04 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $144.9M | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $251.0M | $880.8M |
| Total Assets | $659.4M | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $144.9M | — | ||
| Q4 25 | $145.5M | $27.3M | ||
| Q3 25 | $136.5M | $22.6M | ||
| Q2 25 | $90.5M | $29.1M | ||
| Q1 25 | $101.8M | $87.5M | ||
| Q4 24 | $100.5M | $46.3M | ||
| Q3 24 | $78.9M | $43.1M | ||
| Q2 24 | $73.5M | $43.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M |
| Q1 26 | $251.0M | — | ||
| Q4 25 | $262.6M | $880.8M | ||
| Q3 25 | $245.1M | $892.7M | ||
| Q2 25 | $243.3M | $902.0M | ||
| Q1 25 | $275.6M | $910.5M | ||
| Q4 24 | $277.3M | $918.6M | ||
| Q3 24 | $263.2M | $925.4M | ||
| Q2 24 | $282.7M | $933.1M |
| Q1 26 | $659.4M | — | ||
| Q4 25 | $680.2M | $1.9B | ||
| Q3 25 | $676.2M | $1.9B | ||
| Q2 25 | $675.2M | $1.8B | ||
| Q1 25 | $668.6M | $1.8B | ||
| Q4 24 | $739.5M | $1.7B | ||
| Q3 24 | $689.1M | $1.7B | ||
| Q2 24 | $673.1M | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× |
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 | $17.3M | $28.8M |
| Free Cash FlowOCF − Capex | $10.7M | $-78.6M |
| FCF MarginFCF / Revenue | 17.1% | -85.8% |
| Capex IntensityCapex / Revenue | — | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $63.2M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $17.3M | — | ||
| Q4 25 | $18.2M | $28.8M | ||
| Q3 25 | $32.4M | $30.7M | ||
| Q2 25 | $14.9M | $20.9M | ||
| Q1 25 | $15.6M | $20.5M | ||
| Q4 24 | $18.0M | $20.6M | ||
| Q3 24 | $19.1M | $24.3M | ||
| Q2 24 | $11.9M | $2.5M |
| Q1 26 | $10.7M | — | ||
| Q4 25 | $11.3M | $-78.6M | ||
| Q3 25 | $27.7M | $-51.4M | ||
| Q2 25 | $13.6M | $-65.3M | ||
| Q1 25 | $14.2M | $-62.7M | ||
| Q4 24 | $13.7M | $-72.0M | ||
| Q3 24 | $7.4M | $-51.3M | ||
| Q2 24 | $11.2M | $-78.3M |
| Q1 26 | 17.1% | — | ||
| Q4 25 | 14.1% | -85.8% | ||
| Q3 25 | 40.8% | -57.2% | ||
| Q2 25 | 19.1% | -73.7% | ||
| Q1 25 | 22.2% | -71.3% | ||
| Q4 24 | 16.1% | -84.3% | ||
| Q3 24 | 10.3% | -58.5% | ||
| Q2 24 | 16.7% | -91.3% |
| Q1 26 | — | — | ||
| Q4 25 | 8.6% | 117.2% | ||
| Q3 25 | 6.9% | 91.4% | ||
| Q2 25 | 1.9% | 97.3% | ||
| Q1 25 | 2.3% | 94.7% | ||
| Q4 24 | 5.1% | 108.4% | ||
| Q3 24 | 16.3% | 86.2% | ||
| Q2 24 | 1.1% | 94.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 6.06× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PUBM
Segment breakdown not available.
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
