Similarweb (SMWB) valuation at a glance
Similarweb (SMWB) trades above the fair value estimate shown here. At $4.38 versus a $4.25 estimate, that is a 3% downside.
- Price
- $4.38
- Fair value estimate
- $4.25
- Upside
- -3%
- Forward P/E
- 21.9×
- Market cap
- $360M
- P/S (TTM)
- 1.3×
CompaniesSMWB
SMWB
Similarweb
TechnologySaaSWeb AnalyticsWatchlist
Overview
$4.38+1.9%
Market Cap
$360M
Company filings / IR
P/E (TTM)
–
Company filings / IR
Rev Growth YoY
13.0%
+13%Company filings / IR
Gross Margin
79.4%
Company filings / IR
FCF Yield
3.6%
Calculated from Company filings / IR
Upside to FV
-3.0%
internal forensic
Conviction
3/5Digital-intelligence SaaS under 40-agent forensic review, fair but not yet cheap; a research-stage watchlist name.
Research Depth
ScreeningDeep ResearchFull Model
Data as of 2026-05-28
Quality Snowflake
Overall 53/100
Value2/3
Future1/2
Past2/4
Health4/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Similarweb sells web and app traffic intelligence as a subscription. A 40-agent forensic review characterized it as a fair-but-not-cheap SaaS turnaround: ~78% gross margins and a defensible data panel, but still operating at a loss with an unproven path to GAAP profitability. The research conclusion is that the valuation is not yet compelling at current levels.
Bull Case
Margins~78% gross margin; recurring subscription revenue.
Data MoatProprietary traffic panel is hard to replicate at scale.
Bear Case
ProfitabilityStill operating at a loss; path to GAAP profit unproven.
ValuationNot yet cheap enough relative to the operating-loss profile.
Key Metrics
Market Cap
$360M
Company filings / IR
Enterprise Value
$295M
Calculated from Company filings / IR
Revenue (TTM)
$280M
Company filings / IR
P/E (TTM)
–
Company filings / IR
Forward P/E
21.9×
internal forensic
P/S (TTM)
1.3×
Company filings / IR
P/B
3.0×
Company filings / IR
EV/EBITDA
–
Calculated from Company filings / IR
PEG
–
Calculated from Company filings / IR
Revenue Growth
13.0%
Company filings / IR
Gross Margin
79.4%
Company filings / IR
Operating Margin
-5.0%
Company filings / IR
Net Margin
-8.0%
Company filings / IR
Free Cash Flow
$13M
Company filings / IR
FCF Yield
3.6%
Calculated from Company filings / IR
Debt / Equity
0.0×
Company filings / IR
Current Ratio
1.3×
Company filings / IR
Short Interest
0.8%
Company filings / IR
Institutional Own.
60.5%
Company filings / IR
Insider Own.
17.2%
Company filings / IR
Shares Out.
87.6M
Company filings / IR
Float
60.0M
Company filings / IR
Valuation
Price vs Fair Value
Bear$3.00
Base$4.25
Bull$5.00
Now $4.38
Bear Case
$3.00
Analyst low 12-month target (6 analysts)
Base Case
$4.25
Analyst mean 12-month target (6 analysts)
Bull Case
$5.00
Analyst high 12-month target (6 analysts)
Cash-Flow Snapshot
FCF (TTM)
$25M
FCF Yield
7.0%
Balance Sheet
$26M net cash
Rev CAGR
14%
Free cash flow and balance sheet from Company filings / IR. A full multi-scenario DCF is built at the deep-research stage; the fair-value range above is the working estimate until then.
Historical Multiples
| Year | P/E | P/S | EV/EBITDA |
|---|---|---|---|
| FY22 | – | 2.5× | – |
| FY23 | – | 1.9× | – |
| FY24 | – | 4.7× | – |
| FY25 | – | 2.3× | – |
| TTM · | – | 1.6× | – |
Current multiple highlighted vs trailing history.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| SMWB | $460M | – | 1.6× | – | +10.0% | 80.0% | -10.0% |
| SEMR | $1.81B | – | 4.1× | – | +15.0% | 81.0% | -4.0% |
| AMPL | $907M | – | 2.5× | – | +17.0% | 74.0% | -25.0% |
| BRZE | $2.45B | – | 3.1× | – | +30.0% | 66.0% | -16.0% |
| GTLB | $4.78B | – | 4.8× | – | +23.0% | 87.0% | -2.0% |
Financials
| Line Item | Q1 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|
| Revenue | $67.1M | $72.8M | $73.9M |
| Gross Profit | $53.1M | $57.8M | $58.7M |
| Gross Margin | 79.1% | 79.4% | 79.4% |
| Operating Income | -$9.3M | -$4.7M | -$4.4M |
| Net Income | -$9.3M | -$7.5M | -$6.4M |
| Item | Value | Notes |
|---|---|---|
| Cash | $65.3M | n/a |
| Total Debt | $39.4M | 100% lease obligations |
| Net Cash | $25.9M | Thin vs ~$33M annual loss |
| Deferred Revenue | $117.5M | ~1.6 quarters prepaid (backlog) |
| Tangible Book Value | -$35.0M | NEGATIVE, no asset floor |
| Retained Earnings | -$403.9M | n/a |
True FCF (OCF − capex − SBC) ≈ −$8.2M in FY25; company funding itself via shareholder dilution (share count 83.1M→87.6M, +5.4% in 15 months).
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $218.0M | $249.9M | $282.6M |
| Operating Income | -$28.8M | -$9.7M | -$23.6M |
| Net Income | -$29.4M | -$11.5M | -$32.9M |
| Stock-Based Comp | $18.1M | $17.6M | $21.2M |
| Operating Cash Flow | -$3.0M | $30.2M | $14.6M |
| Free Cash Flow | -$5.4M | $27.4M | $13.0M |
Quarterly income statement and FY23–FY25 annuals from company filings (yfinance). Gross margin stable ~79–80%; operating losses narrowed through FY24 then widened in FY25. SBC ($21.2M) exceeds operating cash flow ($14.6M). Source: 20-F filed 2026-03-02 ↗
Catalysts
Q3 '26
Earnings
Q2 2026 earnings
Watch net revenue retention and FCF.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Unproven path to profitability | Execution | Medium | Medium | Operating losses widened in FY25; quality is fine but valuation is not yet compelling. |
| SBC exceeds operating cash flow | Execution | Medium | High | $21.2M SBC vs $14.6M OCF; true FCF negative, funded by dilution (~4.3% annualized). |
| Negative tangible book value | Market/Macro | Low | High | -$35.0M tangible book; no asset floor under the equity. |
Technical Snapshot
52-Week Range
$3.00$4.38$8.50
RSI (14)
44
neutral
50-Day MA
$4.60
-4.8%below
200-Day MA
$5.50
-20.4%below
Avg Vol (30d)
0.9M
-10%vs average
Support Levels
$4.00$3.00
Resistance Levels
$5.00$6.00
Technical inputs: Company filings / IR. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holders
| Institution | Shares | % Held | Chg QoQ | Reported |
|---|---|---|---|---|
| Naspers Ltd. | 11,173,265 | 12.8 | flat | 2026-Q1 |
| Viola Ventures | 10,810,778 | 12.3 | flat | 2026-Q1 |
| Menora Mivtachim | 4,015,494 | 4.6 | flat | 2026-Q1 |
| ION Crossover Partners | 3,030,826 | 3.5 | flat | 2026-Q1 |
| Wellington Management | 2,966,757 | 3.4 | flat | 2026-Q1 |
Insider Activity
Coordinated cluster buy: 4 open-market purchases over 4 days by the CEO plus 3 board/exec members, all below market, totalling ~$813K (SEC Form 4 confirmed).
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Eilam Barak | Insider | Buy | 50,000 | $3.86 | 2026-05-21 | $193K |
| Beit-On Harel | Director | Buy | 75,000 | $3.89 | 2026-05-20 | $292K |
| Offer Or | CEO | Buy | 56,105 | $3.20–3.58 | 2026-05-19 | ~$190K |
| Rapaport Dagim Tamar | Insider | Buy | 40,000 | $3.22 | 2026-05-18 | $129K |
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| SMWB | $460M | – | 1.6× | – | +10.0% | 80.0% | -10.0% |
| SEMR | $1.81B | – | 4.1× | – | +15.0% | 81.0% | -4.0% |
| AMPL | $907M | – | 2.5× | – | +17.0% | 74.0% | -25.0% |
| BRZE | $2.45B | – | 3.1× | – | +30.0% | 66.0% | -16.0% |
| GTLB | $4.78B | – | 4.8× | – | +23.0% | 87.0% | -2.0% |
Recognizable sector comparables. Source basis: Company filings / IR; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-02Recomputed from the FY2025 Form 20-F
The company has no borrowings and the page charged it for some
The total debt of $39.4M on this page is entirely lease liability, $6.4M current and $33.0M non current, and the page's own balance table already says as much. There are no borrowings. The $25.0M revolver drawn at the end of 2023 was repaid in full during 2024 and nothing has been drawn since. On this site's convention operating leases sit outside the debt figure, so net cash is the full $65.3M rather than the $25.9M published and the enterprise value is $294.7M rather than $320M. The debt to equity of 0.15 reconciles to nothing; the backfill layer separately held 1.89, which is the lease liability divided by equity. On borrowings it is zero. Read against the market capitalisation on this page the enterprise value error is 8.6%, and read against price times share count it is 0.5%, because those two disagree by 6.6% for the separate reason set out in the note on free cash flow.
2026-09-02Recomputed from the FY2025 Form 20-F, cross-checked against SEC XBRL
The free cash flow yield came from a model, not a cash flow statement
This page published a free cash flow yield of 5.5% beside a free cash flow of $13.0M and a market capitalisation of $360M, which divide to 3.6%. The $13.0M is right and reproduces exactly from the filing, where operating cash flow of $14,644,000 less $1,490,000 of property and equipment and $163,000 of capitalised software gives $12,991,000. The 5.5% came from a data feed field called free cash flow that is the feed's own levered free cash flow model rather than operating cash flow less capital expenditure. The same feed reports $29,070,124 of free cash flow for this company against $16,136,000 of operating cash flow in the same response. Free cash flow cannot exceed operating cash flow while capital expenditure is positive, and this company's is positive in every filed period, so the field is a model output and not a measurement. The yield is corrected to 3.6% on the page's own window and its own market capitalisation. Two things this does not fix. The FY2023 and FY2024 figures on this page also reconcile to the filing exactly, so the cash flow series is sound. The market capitalisation of $360M is struck on a share count from December 2024, and on the 86,962,202 shares the FY2025 filing reports the figure would be higher and the yield lower.
2026-05-28Internal
40-agent forensic complete
Quality is fine but the valuation is not compelling at current levels. Classified as a research-stage watchlist name pending a cheaper entry or improving profitability.
Sources
Similarweb valuation questions
Is Similarweb (SMWB) stock undervalued?
Against the fair value estimate shown on this page, Similarweb trades above: $4.38 today versus a $4.25 estimate, about -3%. The methodology and per-scenario sources are set out in the Valuation section. Treat it as research, not advice, and do your own homework.
What is Similarweb's fair value?
The fair value estimate shown for SMWB is $4.25. Its valuation scenarios span bear $3.00, base $4.25, bull $5.00. See the Valuation section for the basis of each.
What is Similarweb's forward P/E ratio?
Similarweb (SMWB) trades at a forward P/E of 21.9×, and 1.3× trailing sales.
What is Similarweb's market cap?
Similarweb (SMWB) has a market capitalization (its market value, often searched as "net worth") of $360M, and an enterprise value of $295M.
What is the bull and bear case for SMWB?
Valuation scenarios: bull $5.00, base $4.25, bear $3.00. Each reflects a distinct set of assumptions; the drivers and sources are detailed in the Valuation section above.