Updated
The most significant concentration PubMatic discloses is large DSPs (Google and The Trade Desk), classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: PubMatic’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'We depend upon a limited number of large DSPs for a large percentage of impressions purchased...Two of our largest DSP relationships are with Google and The Trade Desk.'”
PubMatic's concentration risk sits on the demand side of its advertising marketplace: the company depends upon a limited number of large demand-side platforms for a large percentage of impressions purchased, with Google and The Trade Desk named as two of its largest DSP relationships. No specific percentage is disclosed, but this is characterized as a dependency exposure of moderate scale rather than a structural feature of the business model — it reflects the company's reliance on a small set of counterparties rather than an inherent characteristic of what PubMatic sells. Because DSPs sit between PubMatic and the advertisers actually spending money, a shift in how Google or The Trade Desk allocates spend, or a change in the commercial terms of those relationships, could have an outsized effect on PubMatic's revenue relative to a more fragmented demand base. With no other concentration exposures disclosed — no single customer, geography, or supplier flagged — this DSP dependency is the primary lens through which to assess concentration risk for the company, and it is a counterparty-specific risk rather than a macro-cyclical one.
For the engine’s reasoning on PUBM’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ADSK | Autodesk, Inc. | 1 | 1 | 1 | 3 |
| ADEA | Adeia Inc. | 1 | 0 | 0 | 1 |
| AGYS | Agilysys, Inc. | 0 | 2 | 0 | 2 |
| PUBM● | PubMatic, Inc. | 0 | 1 | 0 | 1 |
| ADBE | Adobe Inc. | 0 | 0 | 0 | 0 |
| ADP | Automatic Data Processing, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.