Smith Micro Software, Inc. (SMSI) Key Metrics
SMSI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $13.2M
- Enterprise value
- $16.6M
- P/E (TTM)
- —
- Forward P/E
- 5.8
- PEG ratio
- 1.25
- Price / sales
- 0.8 10-yr median 1.9
- Price / book
- 0.9 10-yr median 1.1
- EV / EBITDA
- 45.6
- Dividend yield
- —
- Beta
- 0.76
SMSI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSMSI valuation Price multiples at each fiscal year-end price.
Price / sales−18.7%
0.6
2025 · hover or tap a bar for each year
20162025
Price / book+52.2%
0.6
2025 · hover or tap a bar for each year
20162025
Free cash flow yield+22.9 pts
−65.4%
2025 · hover or tap a bar for each year
20162025
SMSI returns How much profit the business earns on the capital it uses.
Return on equity−17.9 pts
−101.8%
2025 · hover or tap a bar for each year
20162025
Return on invested capital+18.8 pts
−50.9%
2025 · hover or tap a bar for each year
20162025
Return on assets−9.5 pts
−82.4%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+27.7 pts
−41.9%
2025 · hover or tap a bar for each year
20162025
Asset turnover+54.6%
0.48
2025 · hover or tap a bar for each year
20162025
SMSI per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−49.3%
$4.21
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$7.30
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$1.77
2025 · hover or tap a bar for each year
20162025
Book value per share−72.9%
$4.46
2025 · hover or tap a bar for each year
20162025
Dividends per share
$0.19
2025 · hover or tap a bar for each year
20162025
Shares outstanding+66.6%
4.1M
2025 · hover or tap a bar for each year
20162025
SMSI financial health Debt, liquidity and how easily interest is covered.
Debt / equity+101.9%
0.13
2025 · hover or tap a bar for each year
20162025
Net debt+$1.1M
$844,000
2025 · hover or tap a bar for each year
20162025
Current ratio−58.2%
0.74
2025 · hover or tap a bar for each year
20162025
Interest coverage
-47.3
2025 · hover or tap a bar for each year
20162025
Debt / assets+75.3%
0.09
2025 · hover or tap a bar for each year
20162025
SMSI efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−42 days
79 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding+22 days
149 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−64 days
-70 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+0.4 pts
0.5%
2025 · hover or tap a bar for each year
20162025
SMSI valuation history
Fiscal year-endToday10-year median
SMSI returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SMSI debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SMSI cash returned to shareholders
DividendsBuybacksFree cash flow
SMSI price vs earnings per share
Share price at year-endEPS (right axis)
SMSI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $11.1M | $16.2M | $53.9M | $116.4M | $252.1M | — | — | — | — | $93.8M |
| Enterprise value | $12.0M | $16.0M | $50.0M | $115.8M | $241.9M | — | — | — | — | $95.1M |
| Price / sales | 0.6 | 0.8 | 1.3 | 2.4 | 4.3 | — | — | — | — | 3.3 |
| Price / book | 0.6 | 0.4 | 0.7 | 1.5 | 2.5 | — | — | — | — | 30.7 |
| EV / sales | 0.7 | 0.8 | 1.2 | 2.4 | 4.1 | — | — | — | — | 3.4 |
| Earnings yield | −270.5% | −300.6% | −45.3% | −25.2% | −12.3% | — | — | — | — | −16.4% |
| Free cash flow yield | −65.4% | −88.4% | −12.9% | −16.6% | −5.5% | — | — | — | — | −12.8% |
| Dividend yield | 6.9% | — | — | — | — | — | — | — | — | 0.4% |
| Shareholder yield (dividends + buybacks) | 6.9% | — | — | 0.0% | 0.0% | — | — | — | — | 0.4% |
| Share price at fiscal year-end | $2.70 | $6.55 | $33.20 | $84.00 | $196.80 | $216.80 | $159.20 | $72.00 | $113.60 | $62.80 |
| Per share | ||||||||||
| Revenue per share | $4.21 | $8.31 | $25.18 | $35.01 | $45.61 | — | — | — | — | $18.90 |
| Earnings per share | −$7.30 | −$19.69 | −$15.03 | −$21.13 | −$24.24 | — | — | — | — | −$10.27 |
| Operating cash flow per share | −$1.75 | −$5.78 | −$4.30 | −$13.90 | −$10.08 | — | — | — | — | −$7.70 |
| Free cash flow per share | −$1.77 | −$5.79 | −$4.30 | −$13.94 | −$10.73 | — | — | — | — | −$8.03 |
| Cash per share | $0.36 | $1.14 | $4.39 | $10.12 | $12.55 | — | — | — | — | $1.49 |
| Book value per share | $4.46 | $16.48 | $46.45 | $55.13 | $78.51 | — | — | — | — | $2.05 |
| Tangible book value per share | −$0.02 | $2.47 | $6.67 | $3.62 | $17.87 | — | — | — | — | −$0.92 |
| Dividends per share | $0.19 | — | — | — | — | — | — | — | — | $0.27 |
| Capex per share | $0.02 | $0.01 | $0.00 | $0.04 | $0.65 | — | — | — | — | $0.33 |
| Debt per share | $0.57 | $1.04 | $2.01 | $9.69 | $4.58 | — | — | — | — | $2.38 |
| Shares outstanding | 4.1M | 2.5M | 1.6M | 1.4M | 1.3M | — | — | — | — | 1.5M |
| Change in shares outstanding | +66.6% | +52.4% | +17.1% | +8.2% | — | — | — | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −101.8% | −83.9% | −32.1% | −33.1% | −39.0% | 7.8% | 31.0% | −21.8% | −174.7% | −179.6% |
| Return on invested capital (ROIC) | −50.9% | −69.6% | −19.4% | −29.4% | −37.7% | 10.2% | 56.0% | −13.2% | −85.3% | −455.6% |
| Return on assets (ROA) | −82.4% | −72.9% | −25.8% | −26.9% | −33.1% | 6.2% | 24.8% | −14.0% | −47.3% | −79.1% |
| Return on tangible assets | −464.5% | −363.5% | −116.1% | −90.9% | −84.3% | 8.7% | 21.9% | −12.9% | −68.6% | −155.3% |
| Free cash flow margin | −41.9% | −69.6% | −17.1% | −39.8% | −23.5% | 12.9% | 19.2% | −11.6% | −32.6% | −42.5% |
| Income quality (OCF / net income) | — | — | — | — | — | 1.90 | 0.93 | — | — | — |
| Financial health | ||||||||||
| Total debt | $2.3M | $2.6M | $3.3M | $13.4M | $5.9M | $6.2M | $7.0M | — | $3.8M | $3.6M |
| Cash & short-term investments | $1.5M | $2.8M | $7.1M | $14.0M | $16.1M | $25.8M | $28.3M | $12.2M | $2.2M | $2.2M |
| Net debt | $844,000 | −$242,000 | −$3.9M | −$602,000 | −$10.2M | −$19.5M | −$21.3M | −$12.2M | $1.6M | $1.3M |
| Debt / equity | 0.13 | 0.06 | 0.04 | 0.18 | 0.06 | 0.11 | 0.14 | — | 0.82 | 1.16 |
| Debt / assets | 0.09 | 0.05 | 0.04 | 0.13 | 0.05 | 0.09 | 0.11 | — | 0.27 | 0.25 |
| Net debt / EBITDA | — | — | — | — | — | −2.75 | −1.83 | — | — | — |
| Current ratio | 0.74 | 1.77 | 2.21 | 1.28 | 3.06 | 4.69 | 6.99 | 5.94 | 1.65 | 1.44 |
| Quick ratio | 0.74 | 1.77 | 2.21 | 1.28 | 3.06 | 4.69 | 6.99 | 5.94 | 1.64 | 1.44 |
| Interest coverage | -47.3 | -441.0 | -2.8 | -11.5 | -1.2 | 2.4 | 44.3 | -2.6 | -5.1 | -40.9 |
| Working capital | −$1.6M | $4.3M | $9.2M | $5.8M | $19.3M | $30.9M | $34.2M | $16.7M | $3.1M | $2.4M |
| Invested capital | $19.2M | $40.5M | $71.5M | $75.8M | $90.3M | $39.2M | $27.4M | $8.4M | $6.1M | $4.4M |
| Tangible asset value | −$102,000 | $6.1M | $10.8M | $5.0M | $22.9M | $33.8M | $36.4M | $16.6M | $395,000 | −$1.4M |
| Net current asset value | −$2.1M | $2.7M | $6.7M | −$692,000 | $14.7M | $25.1M | $27.5M | $15.4M | −$1.4M | −$3.3M |
| Graham net-net per share | −$0.90 | −$0.08 | $1.77 | −$3.83 | $7.86 | — | — | — | — | −$3.54 |
| Capital allocation | ||||||||||
| Dividends paid | $769,000 | — | — | — | — | $0 | $119,000 | $404,000 | $404,000 | $404,000 |
| Share buybacks (net) | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | — | 0.0% | 1.1% | — | — | — |
| Dividends + buybacks / free cash flow | — | — | — | — | — | 0.0% | 1.4% | — | — | — |
| Capex / revenue | 0.5% | 0.1% | 0.0% | 0.1% | 1.4% | 2.6% | 3.8% | 0.7% | 0.3% | 1.8% |
| Capex / operating cash flow | — | — | — | — | — | 16.7% | 16.6% | — | — | — |
| Capex / depreciation | 0.02 | 0.00 | 0.00 | 0.01 | 0.09 | 0.37 | 1.24 | 0.22 | 0.08 | 0.36 |
| Stock-based compensation / revenue | 20.8% | 21.9% | 11.8% | 10.2% | 8.3% | 6.0% | 3.4% | 3.6% | 5.1% | 5.4% |
| R&D / revenue | 61.7% | 68.5% | 42.0% | 61.6% | 44.8% | 34.6% | 27.0% | 32.7% | 39.0% | 56.3% |
| SG&A / revenue | 92.1% | 94.7% | 58.4% | 59.9% | 50.5% | 42.7% | 40.2% | 54.7% | 64.1% | 70.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 79.2 | 121.0 | 82.2 | 79.3 | 71.7 | 82.7 | 75.9 | 85.2 | 80.3 | 84.8 |
| Days of inventory on hand | — | — | 0.0 | — | 0.0 | 0.0 | 0.0 | 0.5 | 0.9 | 1.2 |
| Days payables outstanding | 148.9 | 126.9 | 99.5 | 84.0 | 80.2 | 152.3 | 149.2 | 105.0 | 116.4 | 87.2 |
| Cash conversion cycle (days) | -69.6 | -5.9 | -17.3 | -4.6 | -8.6 | -69.6 | -73.3 | -19.3 | -35.2 | -1.2 |
| Receivables turnover | 4.61 | 3.02 | 4.44 | 4.60 | 5.09 | 4.41 | 4.81 | 4.28 | 4.55 | 4.30 |
| Payables turnover | 2.45 | 2.88 | 3.67 | 4.35 | 4.55 | 2.40 | 2.45 | 3.48 | 3.14 | 4.18 |
| Inventory turnover | — | — | 10,559,000.00 | — | 12,698,000.00 | 5,190,000.00 | 3,927,000.00 | 722.11 | 423.50 | 296.63 |
| Asset turnover | 0.48 | 0.31 | 0.43 | 0.44 | 0.62 | 0.77 | 1.00 | 1.35 | 1.63 | 1.46 |
| Average receivables | $3.8M | $6.8M | $9.2M | $10.5M | $11.5M | $11.6M | $9.0M | $6.1M | $5.1M | $6.6M |
| Average payables | $1.8M | $2.1M | $2.9M | $3.3M | $2.8M | $2.2M | $1.6M | $1.2M | $1.6M | $1.8M |
| Average inventory | — | — | $1 | — | $1 | $1 | $1 | $6,000 | $12,000 | $25,500 |
| Intangibles / total assets | 74.1% | 72.1% | 75.5% | 68.9% | 67.8% | 34.2% | 20.2% | 15.6% | 30.1% | 31.0% |
Computed from SMSI's annual financial statements (latest annual report filed March 5, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SMSI valuation and financial ratios
Smith Micro Software earned a return on equity of −101.8% and a return on invested capital of −50.9% in fiscal 2025. It ended the year with $2.3 million of debt and $1.5 million in cash and short-term investments, net debt of $0.8 million. It returned $0.8 million to shareholders: $0.8 million in dividends and $0 in share buybacks. The share count rose 175.9% from 1.5M to 4.1M over 9 years.
See the SMSI income statement, the SMSI chart for price history, or the SMSI stock overview for the latest quote and news.
SMSI key metrics FAQ
What is Smith Micro Software's return on equity?
Smith Micro Software's return on equity (ROE) was −101.8% in fiscal 2025: net income of -$30.1 million on average shareholders' equity of $29.6 million.
What is Smith Micro Software's ROIC?
Smith Micro Software's return on invested capital was −50.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Smith Micro Software have?
Smith Micro Software had total debt of $2.3 million at the end of fiscal 2025, a debt-to-equity ratio of 0.13.
What is Smith Micro Software's dividend yield?
Smith Micro Software paid $0.8 million in dividends in fiscal 2025 ($0.19 per share), a payout ratio of —.
What is Smith Micro Software's free cash flow yield?
Smith Micro Software generated -$7.3 million of free cash flow in fiscal 2025, a free cash flow yield of −65.4% on its market value at year-end ($11.1 million).
What is Smith Micro Software's current ratio?
Smith Micro Software's current ratio was 0.74 at the end of fiscal 2025: current assets were 0.74 times current liabilities.