Smartkem, Inc. is a US-listed company in the semiconductors industry. Its financial year ends in December.
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Third-party market data · may be delayed
Under review: every model's value for Smartkem, 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.
Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.
Smartkem, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Smartkem has little or no product revenue yet; it used $5m of cash in the twelve months to June 2026. The diluted share count is up 155.4% on a year earlier, which dilutes existing holders. It passes 2 of our 2 financial-health checks.
Our model value for Smartkem 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.
Smartkem, Inc.'s trailing-twelve-month revenue grew 582.5% year on year, with a free-cash-flow margin of -756.5%. Where it stands out: revenue growth of 582.5% ranks 1 of 75 semiconductor companies we cover. Where it lags: net margin of -4320.4% ranks 74 of 75 semiconductor companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 49.0% while net income fell 184.1%: a 233pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
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.
We value Smartkem, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.4 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| 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-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. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.0 ~$0.1–$0.3 | Left out: out of range vs price (0.09x) |
| 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 Smartkem, Inc. with Semiconductors 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.
| At fiscal year end | 2024 | 2025 | Now |
|---|---|---|---|
| Share price | $145.00 | $53.25 | $0.35 |
| Market value | $473m | $434m | $5m |
| + Net debt (− = net cash) | −$7m | $554000 | −$4m |
| Enterprise value | $466m | $435m | $1m |
| Multiples | |||
| Price / sales | n/m | n/m | 7.4x |
| Price / earnings | — | — | — |
| Price / free cash flow | — | — | — |
| EV / EBITDA | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
No analyst estimates are published for Smartkem, Inc.: too few analysts cover it.
| Calendar year | 2025 | 2026 to date |
|---|---|---|
| Return | ||
| SMTK | −63% | −99% |
| Industry peers (median) | +19% | +17% |
| S&P 500 | +18% | +11% |
| Months that ended higher | ||
| SMTK | 33% | 18% |
| S&P 500 | 75% | 46% |
| Largest fall from a high during the year | ||
| SMTK | −86% | −100% |
| S&P 500 | −19% | −9% |
Worst fall since May 31, 2024: 100% from May 31, 2024 to October 30, 2026. Getting back needed a 155152% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| November 13, 2025 | +5.0% | −1.7% | −17.8% | −7.5% |
| August 12, 2025 | −15.9% | +1.4% | −14.6% | +111.0% |
| May 14, 2025 | −42.8% | +0.6% | −38.3% | −43.3% |
| April 1, 2025 | −6.3% | +0.9% | −10.3% | −21.3% |
| November 12, 2024 | +0.2% | −0.3% | +28.6% | +50.2% |
| August 12, 2024 | −6.5% | +1.7% | −19.4% | −11.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY20 Q4 | $93.8K |
| FY22 Q4 | $40K |
| FY23 Q1 | $26K |
| FY23 Q2 | $30K |
| FY23 Q3 | $7K |
| FY23 Q4 | $27K |
| FY25 Q1 | $105K |
| FY25 Q2 | $97K |
| FY25 Q3 | $178K |
| FY25 Q4 | $697K |
| FY26 Q1 | $694K |
| FY26 Q2 | $662K |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY20 Q4 | -3331.1% |
| FY22 Q4 | -24235.0% |
| FY23 Q1 | -37846.2% |
| FY23 Q2 | -32630.0% |
| FY23 Q3 | -143185.7% |
| FY23 Q4 | -37003.7% |
| FY25 Q1 | -10621.9% |
| FY25 Q2 | -13142.3% |
| FY25 Q3 | -7359.0% |
| FY25 Q4 | -1841.5% |
| FY26 Q1 | -1768.0% |
| FY26 Q2 | -1404.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY20 Q4 | -3161.4% |
| FY22 Q4 | -22820.0% |
| FY23 Q1 | -31796.2% |
| FY23 Q2 | -21560.0% |
| FY23 Q3 | -111914.3% |
| FY23 Q4 | -29766.7% |
| FY25 Q1 | -9393.3% |
| FY25 Q2 | -10118.6% |
| FY25 Q3 | -4161.8% |
| FY25 Q4 | -1109.9% |
| FY26 Q1 | -860.2% |
| FY26 Q2 | -756.5% |
| Fiscal year | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Gross profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | −4 | −16 | −9 | −10 | −10 | −13 | −9 |
| Operating income | −5 | −16 | −10 | −10 | −10 | −13 | −9 |
| Net income | −23 | −17 | −11 | −8 | −10 | −11 | −29 |
| Diluted EPS | −$31.42 | −$23.74 | −$13.88 | −$6.32 | −$6.00 | −$1.29 | −$2.05 |
| Growth (year on year) | |||||||
| Revenue | — | −80.9% | +122.2% | −32.5% | +203.7% | +750.0% | +582.5% |
| Margins | |||||||
| Gross margin | 41.5% | 55.6% | 17.5% | 14.8% | 61.0% | 61.0% | 62.7% |
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −756.5% |
| Cash flow | |||||||
| Cash from operations | −4 | −10 | −9 | −8 | −8 | −8 | −5 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −4 | −10 | −9 | −8 | −8 | −8 | −5 |
| Stock-based pay | — | 6 | 0 | 1 | 1 | 1 | 1 |
| Free cash flow after stock pay | — | −16 | −10 | −9 | −9 | −9 | −6 |
| Balance sheet | |||||||
| Cash | 1 | 12 | 4 | 9 | 7 | 0 | 4 |
| Total debt | 0 | — | 0 | 0 | 0 | 1 | 0 |
| Net debt (negative = net cash) | −1 | −12 | −4 | −9 | −7 | 1 | −4 |
| Diluted shares | — | — | — | 1m | 3m | 8m | 14m |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Gross profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | −3 | −2 | −3 | −4 | −3 | −2 | −3 | −1 |
| Operating income | −3 | −2 | −3 | −4 | −3 | −2 | −3 | −1 |
| Net income | −3 | −3 | −2 | −2 | −4 | −2 | −19 | −3 |
| Diluted EPS | −$0.86 | −$1.20 | −$0.32 | −$0.30 | −$0.45 | −$0.21 | −$1.34 | −$0.14 |
| Growth (year on year) | ||||||||
| Revenue | −100.0% | — | — | −20.0% | — | +>999% | −13.0% | −100.0% |
| Margins | ||||||||
| Gross margin | — | 100.0% | 95.7% | 12.5% | 93.8% | 57.6% | 80.0% | — |
| EBITDA margin | — | <−999% | <−999% | <−999% | <−999% | −373.4% | <−999% | — |
| Operating margin | — | <−999% | <−999% | <−999% | <−999% | −380.7% | <−999% | — |
| Net margin | — | <−999% | <−999% | <−999% | <−999% | −366.3% | <−999% | — |
| Free-cash-flow margin | — | <−999% | — | — | — | −255.4% | — | — |
| Cash flow | ||||||||
| Cash from operations | −3 | −1 | −3 | −3 | −0 | −1 | −2 | −2 |
| Capital spending | — | 0 | — | — | — | 0 | — | 0 |
| Free cash flow | — | −1 | — | — | — | −1 | — | −2 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow after stock pay | — | −1 | — | — | — | −2 | — | −2 |
| Last 12 months unless stated | SMTK | ARBE | ASTI | GCTS | ALMU | MOBX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $662000 | $1m | $191335 | $4m | $4m | $6m | $1.1bn |
| Revenue growth, last 12 months | 582.5% | 33.6% | 365.1% | −32.8% | −4.4% | −49.8% | 13.7% |
| Revenue growth, latest quarter | −100.0% | — | 461.3% | −17.9% | −55.8% | −66.4% | 20.1% |
| Gross margin | 62.7% | −78.2% | — | −38.3% | 35.2% | 33.0% | 48.3% |
| Operating margin | <−999% | <−999% | <−999% | −852.0% | −168.8% | −533.8% | 4.8% |
| Operating margin, 3-year average | <−999% | — | <−999% | −461.4% | −222.1% | −605.7% | 4.8% |
| Net margin | <−999% | <−999% | <−999% | <−999% | −205.3% | −879.3% | 5.3% |
| Cash from operations / revenue | −756.5% | <−999% | <−999% | −933.3% | −73.2% | 18.0% | 17.4% |
| Free-cash-flow margin | −756.5% | <−999% | <−999% | −996.8% | −87.7% | 18.0% | 9.6% |
| Free-cash-flow margin, 3-year average | <−999% | — | <−999% | — | −175.6% | — | 8.5% |
| Stock pay / revenue | 150.8% | 891.0% | 363.4% | 149.4% | 101.3% | 277.5% | 5.8% |
| Change in share count | 155.4% | 37.6% | −1.6% | 36.2% | 0.4% | 93.5% | 0.9% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 582.5% | 13.7% | 1 of 75 |
| Change in growth rate Growth | +21.5pp | +3.7pp | 6 of 75 |
| Gross margin Profitability | 62.7% | 48.3% | 13 of 73 |
| Operating margin Profitability | -1404.4% | 4.8% | 73 of 75 |
| Net margin Profitability | -4320.4% | 5.3% | 74 of 75 |
| Free-cash-flow margin Cash generation | -756.5% | 9.6% | 72 of 75 |
| Stock pay as % of revenue Cash generation | 150.8% | 6.4% | 71 of 74 |
| Change in share count Balance sheet | 155.4% | 0.9% | 71 of 72 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Jane Street Group, LLC | $128,386 | 524K | 35.1% | New |
| Peak6 LLC | $83,067 | 339K | 22.7% | New |
| Rossby Financial, Lcc | $72,520 | 296K | 19.8% | ▲ 25.4% |
| Citadel Advisors LLC | $42,400 | 173K | 11.6% | ▲ 674.2% |
| Virtu Financial LLC | $21,000 | 87K | 5.7% | ▲ 222.9% |
| Geode Capital Management, LLC | $10,701 | 44K | 2.9% | New |
| Pfg Investments, LLC | $3,920 | 16K | 1.1% | ▼ 39.6% |
| Xtx Topco Ltd | $3,552 | 14K | 1.0% | ▼ 39.1% |
| Rockefeller Capital Management L.P. | $245 | 1K | 0.1% | New |
| Arax Advisory Partners | $36 | 0K | 0.0% | New |
| UBS Group AG | $21 | 0K | 0.0% | New |
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 Smartkem, Inc.'s complete shareholder register. Values are as reported by the filers .
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.
Next expected around February 16, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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