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PubMatic vs Health Catalyst: PUBM and HCAT compared
PubMatic is the larger company: $78.6M of revenue in its latest quarter (Q2 2026) against $56.3M for Health Catalyst (Q3 2026). PubMatic is growing faster (+10% against -26% a year earlier). Health Catalyst is more profitable, with an operating margin of 89.1% against 0.7%.
Where the money goes: PUBM and HCAT
PubMatic (PUBM) · Q2 2026
PubMatic, Q2 2026: revenue $78.6M (+10% year over year), operating margin 0.7%, net loss $1.2M, operating cash flow $20.2M. The chart follows the revenue to costs, profit and cash.
Health Catalyst (HCAT) · Q3 2026
Health Catalyst, Q3 2026: revenue $56.3M (-26% year over year), operating margin 89.1%, net earnings $40.5M, operating cash flow −$1.9M. The chart follows the revenue to costs, profit and cash.
| PubMatic (PUBM) | Health Catalyst (HCAT) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $78.6M | $56.3M |
| Revenue growth, Y/Y | +10% | -26% |
| Operating margin | 0.7% | 89.1% |
| Net earnings | −$1.2M | $40.5M |
| Net margin | -1.5% | 72.0% |
| Operating cash flow | $20.2M | −$1.9M |
| Free cash flow | $17.3M | — |
| Market value | $767M | $131M |
| Analysts’ mean target | $21.00 | $1.77 |
Where the revenue comes from
Health Catalyst
- Technology: $40.7M (72%)
- Accumulated Impairment Losses: $15.6M (28%)
Questions
Which is bigger, PubMatic or Health Catalyst?
PubMatic is the larger company: $78.6M of revenue in its latest quarter (Q2 2026) against $56.3M for Health Catalyst (Q3 2026).
Is PubMatic or Health Catalyst growing faster?
PubMatic is growing faster (+10% against -26% a year earlier).
Which is more profitable, PubMatic or Health Catalyst?
Health Catalyst is more profitable, with an operating margin of 89.1% against 0.7%.
More: PubMatic earnings · how PubMatic makes money · Health Catalyst earnings · how Health Catalyst makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 6, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.