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Smith Micro Software, Inc. (SMSI) stock

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NASDAQ: SMSI Nasdaq Application Software Next results ~November 4, 2026

D Fundamentals grade

Smith Micro Software, Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Smith Micro Software, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Smith Micro Software, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds18 adding, 0 cuttingOf 2 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Smith Micro Software files

Where Smith Micro Software stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $17m, down 9.5% on a year earlier, a smaller fall than the 12.5% decline a quarter earlier. Free-cash-flow margin rose to -53.8% from -62.4% a year earlier. Operating margin widened to -86.4% from -166.8%. It passes 1 of our 2 financial-health checks.

Our model value for Smith Micro Software is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Smith Micro Software, Inc.'s trailing-twelve-month revenue fell 9.5% year on year, with a free-cash-flow margin of -53.8%. Where it lags: revenue growth of -9.5% ranks 169 of 184 application software companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 22.0% while net income grew 49.6%: a 28pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 80.4 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 9.5% over the last 12 months.
  • Loss-making. Operating margin is -86.4%: costs exceed revenue.
  • Burning cash. Free cash flow was -53.8% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 34.9% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 78% and a beta of 1.3 against the S&P 500.

Latest results: FY2026 Q2

Filed August 14, 2026
Earnings per share
-$0.19 against an average estimate of -$0.10: missed by 90.0%
Revenue
$4m, down 1.8% on a year earlier
Share reaction
-5.9% in the first session after the results on August 13, 2026, against +0.5% for the S&P 500
Next report
November 4, 2026; average EPS estimate -$0.11

Smith Micro Software's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week-1.7%
  • 1 month-12.8%
  • This year-14.4%
  • 1 year-34.9%
  • 5 years-99.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$16.9M
Operating margin
-86.4%
Net margin
-92.6%

Growth

Revenue growth
−9.5%
Change in growth rate
+3.0 pts

Cash

Free cash flow (TTM)
-$9.1M
FCF margin
-53.8%
Stock pay % of revenue
12.9%

Earnings

Last results
August 13, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Smith Micro Software, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Smith Micro Software, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.2 ~$4.5–$18 Left out: out of range vs price (0.07x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Smith Micro Software, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$116.80$62.80$113.60$72.00$159.20$216.80$196.80$84.00$33.20$6.55$2.70
Market value$168m$94m$192m$201m$736m$1.2bn$1.3bn$582m$269m$81m$56m
+ Net debt (− = net cash)−$9m$371000$2m−$10m−$28m−$26m−$16m−$5m−$7m−$3m−$487000
Enterprise value$159m$94m$193m$190m$708m$1.1bn$1.2bn$577m$262m$78m$55m
Multiples
Price / sales 4.2x3.3x8.3x7.6x17.0x22.6x21.6x12.0x6.6x3.9x3.2x
Price / earnings ————68.7xn/m—————
Price / free cash flow ————88.4x175.6x—————
EV / EBITDA ————67.4xn/m—————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

31 /100

Weak moat

How hard Smith Micro Software's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Cash operating profit has been a median 12.5% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 76.5%, moving by 6.7 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -54.0%; its worst year was -166.8%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -28.1% of revenue.

  • Discipline 3 / 20

    The diluted share count rose 145.6% over five years; stock-based pay has been a median 7.9% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (46 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026. Analysts expect revenue of $5m and EPS of −$0.11 (range −$0.11 to −$0.11) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.67 +74% $20m +13%
Next $0.46 +169% $31m +57%

Next year's EPS estimate has moved −54.0% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +67.5% on 90 days ago. In the last 30 days, 0 analysts raised Smith Micro Software, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Smith Micro Software, Inc., last 90 days
−$1.00 −$0.50 $0.00 $0.50 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.40 Current fiscal year, 60 days ago: −$0.40 Current fiscal year, 30 days ago: −$0.40 Current fiscal year, 7 days ago: −$0.67 Current fiscal year, Now: −$0.67 −$0.67 Next fiscal year, 90 days ago: $1.00 Next fiscal year, 60 days ago: $1.00 Next fiscal year, 30 days ago: $1.00 Next fiscal year, 7 days ago: $0.46 Next fiscal year, Now: $0.46 $0.46

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.40$1.00
60 days ago −$0.40$1.00
30 days ago −$0.40$1.00
7 days ago −$0.67$0.46
Now −$0.67$0.46

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.10 −$0.19 −90.0%
Mar 2026 −$0.15 −$0.30 −100.0%
Dec 2025 −$0.35 −$0.40 −14.3%
Sept 2025 −$0.65 −$0.60 +7.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

2 analysts, Oct 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202622
  2. Sep 202622

Counts of recommendations published by analysts covering Smith Micro Software, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.8%
of tradable shares
Days to cover
3.78
at average volume
Short interest, 1 month
−23%
to October 15, 2026
Held by institutions
9%
of shares
Held by insiders
23.7%
of shares
Employees
118
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SMSI−9%−57%−61%−80%−59%−14%
Industry peers (median)−7%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SMSI42%8%42%50%33%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SMSI−42%−59%−80%−93%−71%−50%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 99% from February 4, 2021 to February 17, 2026. Getting back needed a 14191% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.20 – $4.55
From 52-week high
−49.2%
vs 50-day average
−12.8%
vs 200-day average
−25.5%
Volatility (1 year)
78%
Beta vs S&P 500
1.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±17.4%
After a week
4 up, 8 down
typical move ±19.9%
After a month
3 up, 9 down
typical move ±22.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 13, 2026 −5.9% +0.5% −2.3% −3.6%
April 29, 2026 +12.5% +1.0% +8.7% +8.7%
March 4, 2026 +30.8% +0.1% +46.2% +38.5%
November 5, 2025 −13.4% −0.7% −1.5% −7.5%
August 6, 2025 −6.9% +0.7% −1.4% +2.8%
May 7, 2025 +4.3% +1.1% +1.1% −2.2%
March 11, 2025 −37.7% −0.3% −28.1% −30.7%
November 13, 2024 −5.6% −0.6% −13.3% −15.6%
August 1, 2024 −19.2% −3.3% −55.9% −74.7%
May 8, 2024 −6.8% +0.6% +6.8% −13.9%
February 22, 2024 −38.0% +2.1% −51.9% −54.4%
November 8, 2023 −27.9% −0.7% −22.1% −19.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Smith Micro Software, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Smith Micro Software, Inc.
$10M $20M $30M $40M $50M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $43.7M Revenue (TTM), FY23 Q4: $40.9M Revenue (TTM), FY24 Q1: $35.7M Revenue (TTM), FY24 Q2: $30.5M Revenue (TTM), FY24 Q3: $24.2M Revenue (TTM), FY24 Q4: $20.6M Revenue (TTM), FY25 Q1: $19.4M Revenue (TTM), FY25 Q2: $18.7M Revenue (TTM), FY25 Q3: $18.4M Revenue (TTM), FY25 Q4: $17.4M Revenue (TTM), FY26 Q1: $17M Revenue (TTM), FY26 Q2: $16.9M $16.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $43.7M
FY23 Q4 $40.9M
FY24 Q1 $35.7M
FY24 Q2 $30.5M
FY24 Q3 $24.2M
FY24 Q4 $20.6M
FY25 Q1 $19.4M
FY25 Q2 $18.7M
FY25 Q3 $18.4M
FY25 Q4 $17.4M
FY26 Q1 $17M
FY26 Q2 $16.9M
Revenue growth, TTM YoY Smith Micro Software, Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -15.7% Revenue growth, TTM YoY, FY23 Q4: -15.8% Revenue growth, TTM YoY, FY24 Q1: -23.5% Revenue growth, TTM YoY, FY24 Q2: -31.2% Revenue growth, TTM YoY, FY24 Q3: -44.6% Revenue growth, TTM YoY, FY24 Q4: -49.7% Revenue growth, TTM YoY, FY25 Q1: -45.8% Revenue growth, TTM YoY, FY25 Q2: -38.9% Revenue growth, TTM YoY, FY25 Q3: -24.1% Revenue growth, TTM YoY, FY25 Q4: -15.5% Revenue growth, TTM YoY, FY26 Q1: -12.5% Revenue growth, TTM YoY, FY26 Q2: -9.5% -9.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -15.7%
FY23 Q4 -15.8%
FY24 Q1 -23.5%
FY24 Q2 -31.2%
FY24 Q3 -44.6%
FY24 Q4 -49.7%
FY25 Q1 -45.8%
FY25 Q2 -38.9%
FY25 Q3 -24.1%
FY25 Q4 -15.5%
FY26 Q1 -12.5%
FY26 Q2 -9.5%
Operating margin (TTM) Smith Micro Software, Inc.
-300% -200% -100% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -44.7% Operating margin (TTM), FY23 Q4: -44.2% Operating margin (TTM), FY24 Q1: -119.1% Operating margin (TTM), FY24 Q2: -151.7% Operating margin (TTM), FY24 Q3: -209.4% Operating margin (TTM), FY24 Q4: -240.3% Operating margin (TTM), FY25 Q1: -119.5% Operating margin (TTM), FY25 Q2: -166.8% Operating margin (TTM), FY25 Q3: -158.5% Operating margin (TTM), FY25 Q4: -167.1% Operating margin (TTM), FY26 Q1: -160.2% Operating margin (TTM), FY26 Q2: -86.4% -86.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -44.7%
FY23 Q4 -44.2%
FY24 Q1 -119.1%
FY24 Q2 -151.7%
FY24 Q3 -209.4%
FY24 Q4 -240.3%
FY25 Q1 -119.5%
FY25 Q2 -166.8%
FY25 Q3 -158.5%
FY25 Q4 -167.1%
FY26 Q1 -160.2%
FY26 Q2 -86.4%
FCF margin (TTM) Smith Micro Software, Inc.
-80% -60% -40% -20% 0% FY22 Q1 FY22 Q4 FY25 Q1 FY26 Q2 FCF margin (TTM), FY22 Q1: -40.0% FCF margin (TTM), FY22 Q2: -47.1% FCF margin (TTM), FY22 Q3: -57.6% FCF margin (TTM), FY22 Q4: -39.8% FCF margin (TTM), FY24 Q3: -43.0% FCF margin (TTM), FY24 Q4: -69.6% FCF margin (TTM), FY25 Q1: -70.0% FCF margin (TTM), FY25 Q2: -62.4% FCF margin (TTM), FY25 Q3: -54.4% FCF margin (TTM), FY25 Q4: -41.9% FCF margin (TTM), FY26 Q1: -61.5% FCF margin (TTM), FY26 Q2: -53.8% -53.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY22 Q1 -40.0%
FY22 Q2 -47.1%
FY22 Q3 -57.6%
FY22 Q4 -39.8%
FY24 Q3 -43.0%
FY24 Q4 -69.6%
FY25 Q1 -70.0%
FY25 Q2 -62.4%
FY25 Q3 -54.4%
FY25 Q4 -41.9%
FY26 Q1 -61.5%
FY26 Q2 -53.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 107 131 58 43 43 37 40 28 23 26 43 51 58 49 41 21 17 17
Gross profit 92 115 44 35 33 28 31 21 18 22 39 46 46 34 30 14 13 13
EBITDA 22 30 −155 −23 −24 −9 −1 −15 −5 −1 11 4 −30 −23 −11 −43 −24 −9
Operating income 11 18 −166 −27 −28 −12 −3 −16 −6 −1 10 4 −31 −31 −18 −49 −29 −15
Net income 5 12 −160 −25 −28 −12 −3 −15 −7 −3 11 4 −31 −29 −24 −49 −29 −16
Diluted EPS $4.48 $11.52 −$143.36 −$22.72 −$24.32 −$9.28 −$1.84 −$1.28 −$0.49 −$0.14 $0.29 $4.00 −$0.61 −$0.53 −$3.01 −$3.94 −$1.46 —
Growth (year on year)
Revenue — +21.6% −55.7% −25.0% −1.5% −13.3% +6.8% −28.5% −18.6% +14.4% +64.9% +18.4% +13.9% −17.0% −15.8% −49.7% −15.5% −9.5%
EBITDA — +39.3% −615.6% — — — — — — — — −59.8% −804.5% — — — — —
Operating income — +65.5% <−999% — — — — — — — — −65.2% −978.7% — — — — —
Net income — +159.8% <−999% — — — — — — — — −61.2% −845.3% — — — — —
Diluted EPS — +157.1% <−999% — — — — — — — — +>999% −115.3% — — — — —
Margins
Gross margin 85.6% 88.1% 76.2% 80.5% 77.3% 74.8% 79.4% 73.2% 77.9% 83.5% 90.9% 89.9% 78.3% 70.7% 74.2% 70.2% 74.1% 77.5%
EBITDA margin 20.2% 23.1% −269.2% −52.1% −55.8% −23.9% −1.6% −52.1% −21.7% −2.7% 24.2% 8.2% −50.9% −48.2% −26.2% −209.6% −136.0% −55.4%
Operating margin 10.4% 14.1% −286.8% −62.3% −65.2% −31.8% −6.4% −56.3% −24.7% −4.6% 23.3% 6.9% −53.0% −63.7% −44.2% −240.3% −167.1% −86.4%
Net margin 4.4% 9.5% −276.3% −58.8% −65.5% −31.9% −6.6% −54.3% −29.0% −10.4% 24.7% 8.1% −53.1% −60.4% −59.7% −236.9% −168.9% −92.6%
Free-cash-flow margin 12.7% 14.1% −46.7% −30.3% −40.8% −19.1% −0.5% −42.5% −32.6% −11.6% 19.2% 12.9% −23.5% −39.8% −17.1% −69.6% −41.9% −53.8%
Cash flow
Cash from operations 18 25 −14 −13 −17 −7 −0 −12 −7 −3 10 8 −13 −19 −7 −14 −7 −9
Capital spending 5 6 13 0 1 0 0 1 0 0 2 1 1 0 0 0 0 0
Free cash flow 14 18 −27 −13 −17 −7 −0 −12 −7 −3 8 7 −14 −19 −7 −14 −7 −9
Stock-based pay 9 9 7 4 4 4 2 2 1 1 1 3 5 5 5 5 4 2
Free cash flow after stock pay 5 9 −34 −17 −21 −11 −2 −14 −9 −4 7 4 −19 −24 −12 −19 −11 −11
Balance sheet
Cash 15 18 7 19 12 10 9 2 2 12 28 26 16 14 7 3 1 3
Total debt 0 0 4 3 0 0 0 3 4 2 0 0 0 9 — 0 1 2
Net debt (negative = net cash) −15 −18 −4 −15 −12 −10 −9 0 2 −10 −28 −26 −16 −5 −7 −3 −0 −1
Diluted shares 1m 1m 1m 1m 1m 1m 1m 1m 2m 3m 5m 5m 6m 7m 8m 12m 21m —
Returned to shareholders
Buybacks — — — 1 — — — — — — — — — — — — — —
Total returned — — — 1 — — — — — — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 2 checks passed · June 30, 2026
What it owns · $26m
Short-term assets $7mLonger-term assets $19m
What it owes, and who funded it · $22m
Short-term liabilities $5mShareholders' equity $17m
  • Short-term assets cover short-term liabilities $7m of assets due within a year against $5m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$15m against $1m of interest.

From Smith Micro Software, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

R&D spending
49.3%
of revenue
Days sales outstanding
57 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated SMSI INLX SAGT AWRE BLIN MF Median
Revenue, last 12 months $17m $16m $18m $16m $16m $15m $482m
Revenue growth, last 12 months −9.5% −5.5% 59.1% −9.8% 1.6% −49.9% 12.0%
Revenue growth, 3-year average −27.5% −0.3% — −4.3% −1.4% — 11.1%
Revenue growth, latest quarter −1.8% −1.6% — −13.9% 2.0% — 11.9%
Gross margin 77.5% 65.2% 22.7% 88.8% 65.2% −0.5% 69.2%
Operating margin −86.4% −17.7% — −55.8% −9.9% −98.2% 1.1%
Operating margin, 3-year average −135.0% −7.6% — −48.0% −29.8% — −0.8%
Net margin −92.6% −17.6% 9.1% −52.6% −8.6% −222.9% 2.1%
Cash from operations / revenue −53.1% 3.9% 21.4% −37.1% −1.7% −14.5% 18.2%
Free-cash-flow margin −53.8% 2.9% −16.4% −37.8% −2.0% −14.5% 15.0%
Free-cash-flow margin, 3-year average −52.0% 9.2% — −39.5% −4.2% — 16.2%
Stock pay / revenue 12.9% 7.7% 3.2% 7.0% 2.7% 78.6% 9.3%
Change in share count 34.9% 6.4% 81.9% 1.0% 11.7% 362.2% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth -9.5% 12.0% 169 of 184
Change in growth rate Growth +3.0pp +0.2pp 44 of 184
Gross margin Profitability 77.5% 69.8% 44 of 160
Operating margin Profitability -86.4% 1.1% 151 of 181
Net margin Profitability -92.6% 2.1% 156 of 185
Free-cash-flow margin Cash generation -53.8% 15.2% 152 of 180
Stock pay as % of revenue Cash generation 12.9% 9.3% 115 of 177
Days sales outstanding Balance sheet 57 days 57 days 82 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Family Safety $14.1M 81.0% ▼ 14.1%
Cloud Based Usage Fees $11M 78.1% ▼ 20.8%
Hosted Environment Usage Fees $3.1M 22.0% ▲ 5.2%
Licenses and services $3.2M 18.2% ▲ 1.5%
Commsuite $3.1M 97.9% ▲ 4.9%
Consulting Services and Other $56,000 1.8% ▼ 89.9%
Viewspot $142,000 0.8% ▼ 87.9%
Geography
Region Revenue Share YoY
Americas $17.3M 99.7% ▼ 13.5%
EMEA $56,000 0.3% ▼ 89.6%

From Smith Micro Software, Inc.'s 10-K filed March 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.2M
Institutions reporting
18
Positions opened / closed
18 / 0

Top buyers and sellers, Q2 2026: 18 institutions bought and 0 sold ; the biggest buyer was Vanguard Capital Management LLC (+133K shares) . See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $357,568 133K 30.6% —
Pacific Ridge Capital Partners, LLC $279,109 104K 23.9% —
Geode Capital Management, LLC $109,316 41K 9.4% —
HRT Financial LP $78,000 29K 6.7% —
UBS Group AG $75,142 28K 6.4% —
Citadel Advisors LLC $66,284 25K 5.7% —
Renaissance Technologies LLC $63,315 24K 5.4% —
Vanguard Fiduciary Trust Co $46,552 17K 4.0% —
Virtu Financial LLC $42,000 16K 3.6% —
Blackrock, Inc. $24,289 9K 2.1% —
Morgan Stanley $16,418 6K 1.4% —
Wells Fargo & Company $5,757 2K 0.5% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Smith Micro Software, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $44,444 2 trades by 1 insider · 0% under pre-set plans
Net ▼ $44,444 net selling
Insider Date Trade Shares Price Value
Smith William W Jr President and CEO December 11, 2025 Sell 36,597 $0.58 $21,226
Smith William W Jr President and CEO December 10, 2025 Sell 38,697 $0.60 $23,218

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 13, 2026
  • April 29, 2026
  • March 4, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Smith Micro Software, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Smith Micro Software, Inc. in brief

What does Smith Micro Software, Inc. do?
Smith Micro Software, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Smith Micro Software, Inc.'s stock ticker?
Smith Micro Software, Inc. trades under the ticker SMSI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Smith Micro Software, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Smith Micro Software, Inc. reported revenue of $16.9M, 9.5% lower than a year earlier, according to its SEC filings.
What is Smith Micro Software, Inc.'s free cash flow?
Smith Micro Software, Inc.'s free-cash-flow margin is -53.8% of revenue over the trailing twelve months, ranking 152 of the 180 application software companies we cover.
Who are Smith Micro Software, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Pacific Ridge Capital Partners, LLC and Geode Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Smith Micro Software, Inc.'s market cap?
On December 31, 2025, Smith Micro Software, Inc.'s market capitalisation was about $55.6M and net debt of -$487,000. Market figures come from third-party market data and may be delayed.
Who are Smith Micro Software, Inc.'s competitors?
In our Application Software peer group, the companies closest to Smith Micro Software, Inc. are Intellinetics, Inc., Sagtec Global Ltd, Aware Inc, Bridgeline Digital, Inc. and Mindforge Inc. The side-by-side comparison below sets their revenue, margins and growth against Smith Micro Software, Inc.'s.
Are insiders buying or selling Smith Micro Software, Inc. stock?
Over the last 12 months, Smith Micro Software, Inc.'s directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Smith Micro Software, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Smith Micro Software, Inc. announces its own schedule.