Smith Micro Software, Inc. (SMSI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-412.3%

-$7.21

vs $2.31 price

Levered DCF

-$6.45

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-20.13

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-0.37×	-0.33×	-2.17×	-3.96×	-8.07×	52.88×	12.94×	-14.69×
P/B	0.61×	0.4×	0.7×	1.52×	2.49×	3.84×	2.99×	1.95×
P/S	0.64×	0.79×	1.3×	2.39×	4.29×	4.4×	3.36×	1.53×
EV / EBITDA	-0.51×	-0.84×	-4.69×	-6.13×	-27.49×	29.03×	10.67×	-106.95×
Gross margin	74.1%	70.2%	74.2%	70.7%	78.3%	89.9%	90.9%	83.5%
Operating margin	-110.8%	-240.3%	-44.2%	-63.7%	-53.0%	6.9%	23.3%	-4.6%
Net margin	-173.3%	-236.9%	-59.7%	-60.4%	-53.1%	8.1%	24.7%	-10.4%
Current ratio	0.74×	1.77×	2.21×	1.28×	3.06×	4.69×	6.99×	5.94×
Debt / equity	0.13×	0.06×	0.04×	0.18×	0.06×	0.11×	0.14×	0×
Interest coverage	-47.29×	0×	-2.84×	-11.54×	0×	0×	0×	-2.57×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	1.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.1%	-14.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-163.7%	-119.5%	-32.4%	-38.3%	-30.9%	7.1%	22.0%	-13.3%
Return on invested capital	-92.6%	-113.1%	-22.7%	-33.1%	-29.0%	5.1%	17.7%	-5.6%
Return on assets	-120.5%	-101.4%	-28.5%	-28.3%	-27.1%	5.7%	17.5%	-10.9%
Free cash flow yield	-65.4%	-88.4%	-13.2%	-16.6%	-5.5%	2.9%	5.7%	-7.6%
Earnings yield	-270.5%	-300.6%	-46.0%	-25.2%	-12.4%	1.8%	7.4%	-6.8%
Enterprise value	$12M	$16M	$49.2M	$115.4M	$240.2M	$206.2M	$124.2M	$28M
Net debt / EBITDA	-0.04×	0.01×	0.37×	0.03×	1.17×	-2.75×	-1.83×	46.41×
Cash conversion cycle (days)	-119	-2	-17	-4	-29	-73	-99	1