CompaniesSMWB
Overview
SMWB
Similarweb
TechnologySaaSWeb AnalyticsWatchlist
$4.38+1.9%
Market Cap
$360M
company IR
P/E (TTM)
—
via financials
Rev Growth YoY
13.0%
+13%SEC filing
Gross Margin
79.4%
SEC filing
FCF Yield
—
calculated
Upside to FV
—
vs fair value
Conviction
3/5Digital-intelligence SaaS under 40-agent forensic review — fair but not yet cheap; a research-stage watchlist name.
Research Depth
ScreeningDeep DiveFull Model
Updated 19d ago
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 IR
Enterprise Value
$320M
calculated
Revenue (TTM)
$280M
SEC filing
P/E (TTM)
—
via financials
Forward P/E
[awaiting: consensus]
consensus
P/S (TTM)
1.3×
via financials
P/B
3.0×
via financials
EV/EBITDA
—
calculated
PEG
—
calculated
Revenue Growth
13.0%
SEC filing
Gross Margin
79.4%
SEC filing
Operating Margin
-5.0%
SEC filing
Net Margin
-8.0%
SEC filing
Free Cash Flow
$13M
SEC filing
FCF Yield
—
calculated
Debt / Equity
0.1×
SEC filing
Current Ratio
1.3×
SEC filing
Short Interest
[awaiting: exchange]
exchange
Institutional Own.
[awaiting: 13F]
13F
Insider Own.
[awaiting: proxy]
proxy
Shares Out.
87.6M
SEC filing
Float
60.0M
exchange
Valuation
Price vs Fair Value
Valuation pending
Scenario fair-value range awaiting model.
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches Deep Dive.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
Peer set pending
Comparable companies awaiting selection.
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 | — |
| 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 | — |
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).
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
Price path reconstructed from the 52-week range, current price, and 50/200-day moving averages — connect a live market-data feed for production.
Ownership & Insider Activity
Top Institutional Holders via 13F filings
| Institution | Shares | % Held | Chg QoQ | Filing |
|---|---|---|---|---|
| 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 |
Peer Comparison
Peer set pending
Comparable companies awaiting selection.
Research Notes
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.