MGNI
Magnite, Inc.
MGNI's fundamentals are strong and it looks cheap: trading at 24x earnings, about a third of its usual 73x. Analysts expect strong earnings growth, though they disagree widely on how much.
MGNI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
MGNI's revenue, profitability, cash flow and balance sheet are all currently healthy.
MGNI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $23.34 | -20% |
| Forward | 22x | $29.34 | — |
| Current | 24x | $29.34 | — |
| Fair | 72x | $86.77 | +196% |
| Expensive | 291x | $349 | +1091% |
Historical ranges are pointers, not guarantees.
MGNI's PE is in its cheap range at 24x. If earnings grow as analysts expect, today's price would be 22x next year's earnings.
MGNI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for MGNI, with profitability improving. However, they disagree widely on these estimates.
MGNI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.32 | +10% |
| Q3 2026 | $1.20 | +200% |
| Q2 2026 | $1.10 | +255% |
| Q1 2026 | $1.05 | +377% |
| Q4 2025 | $0.95 | +494% |
| Q3 2025 | $0.40 | +208% |
| Q2 2025 | $0.31 | +$0.35 |
| Q1 2025 | $0.22 | +$0.79 |
| Q4 2024 | $0.16 | +$1.33 |
MGNI's earnings per share have climbed steadily: $1.20 over the past year, about three times what it earned the year before, and higher year over year for 11 quarters in a row.
MGNI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $204.2M | +14% |
| Q2 2026 | $192.8M | +11% |
| Q1 2026 | $164.4M | +5.5% |
| Q4 2025 | $205.4M | +5.9% |
| Q3 2025 | $179.5M | +11% |
| Q2 2025 | $173.3M | +6.4% |
| Q1 2025 | $155.8M | +4.3% |
| Q4 2024 | $194M | +3.8% |
MGNI's revenue has grown year over year every quarter since late 2020: $204M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | +11 points |
| Q2 2026 | 16% | +3.5 points |
| Q1 2026 | 4.7% | +5.6 points |
| Q4 2025 | 25% | +4.6 points |
| Q3 2025 | 14% | +4.6 points |
| Q2 2025 | 13% | +6.8 points |
| Q1 2025 | -0.9% | +8.4 points |
| Q4 2024 | 21% | +1.9 points |
MGNI's operating margin was 25% last quarter, up 11 points from the same quarter a year ago, near the top of its range since 2019.
MGNI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $93M | +36% |
| Q2 2026 | $174.5M | +2801% |
| Q1 2026 | -$130.2M | -$118.4M |
| Q4 2025 | $103.1M | -7.1% |
| Q3 2025 | $68.4M | -12% |
| Q2 2025 | $6M | -93% |
| Q1 2025 | -$11.8M | +$54.5M |
| Q4 2024 | $111M | +40% |
MGNI generated $240M in free cash flow over the past year, up 38% from the year before.
MGNI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.5% | +3.6M shares |
| 1 year | -1.5% | -2.4M shares |
| 3 years | +9.8% | +13.4M shares |
| 5 years | +15% | +19.3M shares |
| Available history | +153% | +91.2M shares |
MGNI has 151M diluted shares, down 1.5% from a year ago, with $79M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $20M |
| Q2 2026 | $21.1M |
| Q1 2026 | $14.5M |
| Q4 2025 | $23.4M |
| Q3 2025 | — |
| Q2 2025 | $3.7M |
| Q1 2025 | $19.2M |
| Q4 2024 | $5.6M |
MGNI spent $79M buying back its own shares over the past year, up 178% from the year before.
MGNI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 0.0x | Very low |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 1.0x | Very low |
| Q1 2025 | 1.0x | Healthy |
| Q4 2024 | 0.6x | Very low |
MGNI has more cash than debt.
MGNI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.6 | Neutral |
| Stochastic | 73.9 | Neutral |
MGNI's weekly RSI is 70 (neutral) and its Stochastic is 74 (neutral).
MGNI PE vs Communication Services Sector
| Metric | MGNI | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 16x | 48% above |
| PE % | 28 | 26 | 2 pts above |
MGNI is trading at 24x earnings, a 48% premium to the Communication Services sector's median of 16x.
MGNI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $24.8 | 18% above |
| 20 week MA | $23.3 | 26% above |
| 50 week MA | $17.8 | 65% above |
| 100 week MA | $17.9 | 64% above |
| 200 week MA | $14.5 | 102% above |
MGNI is in an uptrend: it's above all five of its weekly moving averages, and 102% above its 200-week average.
MGNI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $8.38 | $32.5 | +288% |
| 2021 | $32.5 | $18.8 | -42% |
| 2022 | $18.8 | $10.7 | -43% |
| 2023 | $10.7 | $9.34 | -13% |
| 2024 | $9.34 | $16.4 | +75% |
| 2025 | $16.4 | $16.5 | +0.5% |
| 2026 YTD | $16.5 | $29.3 | +78% |
MGNI's yearly returns have swung widely, from +288% in 2020 to −43% in 2022. It's up 78% so far in 2026.