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I have, for some clients, seen PDFs rank in their search results. It does seem to be very dependent on industry and the nature of the PDF.
I also have several clients with PDFs that index, but do not rank unless you are very targeted in your search.
With the schema of it all, PDFs are a little tricky in how you approach them, but I think they can complement content. I include them in client content occasionally, but I haven’t had a ton of success.
