SMSI Nasdaq Services-Prepackaged Software Financials FY2016βFY2025
Smith Micro Software, Inc. had $17.4M of revenue in fiscal 2025, down 15.5% on the year before. Over five years, revenue changed β19.5% a year on average.
Last close Β· Oct 23, 2026
$2.33
0.2%Hi! I read Smith Micro Software, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β15.5%
No. Sales fell 15.5% last year.
Does it make a profit?
β168.9%
No. It lost money last year.
Does profit turn into cash?
β41.9%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 8
Weak. It passes 3 of 8 health tests.
How is the share priced?
1.1x
One share costs 1.1 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Smith Micro Software, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 4, 2026
Wednesday Β· in 9 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 13, 2026 | Q2 '26 | After the market closes | 8-K β |
| Apr 29, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 3, 2026 | Q4 '25 | Time not announced | 8-K β |
| Nov 5, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 6, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 7, 2025 | Q1 '25 | After the market closes | 8-K β |
| Mar 11, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 13, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Smith Micro Software, Inc. had $17.4M of revenue in fiscal 2025, down 15.5% on the year before. Over five years, revenue changed β19.5% a year on average. Its operating margin was β167.1%, up 73.2Β pts: of every 100 in sales, about β167 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Smith Micro Software, Inc. lost $29.3M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$7.3M in fiscal 2025, β41.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Smith Micro Software, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $16.1M | $14.0M | $7.1M | $2.8M | $1.5M |
| Interest coverage | β | β | β | β | β71.3x |
| Current ratio | 3.1x | 1.3x | 2.2x | 1.8x | 0.7x |
| Quick ratio | 3.1x | 1.3x | 2.2x | 1.8x | 0.7x |
| Total assets | $115M | $104M | $85.6M | $48.0M | $25.0M |
| Total liabilities | $14.0M | $27.2M | $10.2M | $7.3M | $6.6M |
| Shareholders' equity | $101M | $76.4M | $75.4M | $40.8M | $18.4M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Smith Micro Software, Inc. passes 3 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 9 | 3 / 8 | 5 / 8 | 3 / 8 | 1 / 8 | 1 / 8 | 5 / 8 | 1 / 8 | 3 / 8 |
| Accruals ratio | β26.8% | 5.4% | 0.7% | 1.7% | β5.6% | β19.3% | β9.2% | β18.4% | β51.5% | β60.6% |
| Altman Z'' | β57.62 | β55.48 | β21.86 | β3.14 | β2.44 | β0.32 | β7.55 | β4.59 | β24.51 | β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $28.2M | $23.0M | $26.3M | $43.3M | $51.3M | $58.4M | $48.5M | $40.9M | $20.6M | $17.4M |
| Net interest income | β$0.3M | β$1.1M | β$0.5M | $0.2M | $0.1M | $0.0M | β$2.7M | β$6.4M | β | β |
| Gross profit | $20.7M | $17.9M | $22.0M | $39.4M | $46.1M | $45.7M | $34.3M | $30.3M | $14.4M | $12.9M |
| Research and development | $15.9M | $9.0M | $8.6M | $11.7M | $17.8M | $26.2M | $29.4M | $17.1M | $14.1M | $10.7M |
| Operating income | β$15.9M | β$5.7M | β$1.2M | $10.1M | $3.5M | β$30.9M | β$30.9M | β$18.1M | β$49.4M | β$29.0M |
| Interest expense | β | β | β | β | β | β | β | β | β$0.1M | $0.4M |
| Pretax income | β$15.6M | β$7.2M | β$2.7M | $10.8M | $4.3M | β$30.8M | β$29.1M | β$24.2M | β$48.7M | β$29.4M |
| Income tax | β$0.2M | β$0.5M | $0.0M | $0.1M | $0.2M | $0.2M | $0.2M | $0.2M | β$0.0M | β$0.1M |
| Net income | β$15.3M | β$6.7M | β$2.7M | $10.7M | $4.2M | β$31.0M | β$29.3M | β$24.4M | β$48.7M | β$29.3M |
| Net income to common | β | β$6.7M | β$3.1M | $10.6M | $4.2M | β | β | β | β$48.7M | β$30.1M |
| Diluted EPS | β$1.28 | β$0.49 | β$0.14 | $0.29 | $0.10 | β$0.61 | β$0.53 | β$3.01 | β$3.94 | β$1.46 |
| Diluted shares | 0.01B | 0.01B | 0.02B | 0.04B | 0.04B | 0.05B | 0.06B | 0.01B | 0.01B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | β$11.5M | β$7.4M | β$2.9M | $10.0M | $7.9M | β$12.9M | β$19.3M | β$7.0M | β$14.3M | β$7.2M |
| Capital expenditure | $0.5M | $0.1M | $0.2M | $1.7M | $1.3M | $0.8M | $0.0M | $0.0M | $0.0M | $0.1M |
| Free cash flow | β$12.0M | β$7.5M | β$3.0M | $8.3M | $6.6M | β$13.7M | β$19.3M | β$7.0M | β$14.3M | β$7.3M |
| Depreciation and amortization | $1.2M | $0.7M | $0.5M | $0.4M | $0.7M | $1.2M | $7.6M | $7.3M | $6.3M | $5.4M |
| Stock-based compensation | $1.5M | $1.2M | $0.9M | $1.5M | $3.1M | $4.8M | $4.9M | $4.8M | $4.5M | $3.6M |
| Acquisitions | $2.5M | β | β | $4.0M | $13.5M | $56.9M | $0.0M | β | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.2M | $2.2M | $12.2M | $28.3M | $25.8M | $16.1M | $14.0M | $7.1M | $2.8M | $1.5M |
| Total debt | $2.6M | $3.8M | β | β | β | β | β | β | β | β |
| Current assets | $7.9M | $7.9M | $20.1M | $40.0M | $39.3M | $28.7M | $26.5M | $16.9M | $10.0M | $4.5M |
| Current liabilities | $5.5M | $4.8M | $3.4M | $5.7M | $8.4M | $9.4M | $20.7M | $7.6M | $5.7M | $6.1M |
| Inventory | $0.0M | β | β | β | β | β | β | β | β | β |
| Property and equipment, net | $1.8M | $1.2M | $0.9M | $2.1M | $2.2M | $2.7M | $1.5M | $0.9M | $0.5M | $0.3M |
| Goodwill | $3.7M | $3.7M | $3.7M | $7.8M | $12.3M | $35.0M | $35.0M | $35.0M | $11.1M | $0.0M |
| Intangible assets | $0.7M | $0.5M | $0.2M | $4.5M | $12.7M | $42.6M | $36.3M | $29.5M | $23.6M | $18.5M |
| Total assets | $14.3M | $13.9M | $25.2M | $61.2M | $72.9M | $115M | $104M | $85.6M | $48.0M | $25.0M |
| Total liabilities | $11.2M | $9.3M | $4.6M | $12.5M | $14.2M | $14.0M | $27.2M | $10.2M | $7.3M | $6.6M |
| Shareholders' equity | $3.1M | $4.6M | $20.6M | $48.7M | $58.7M | $101M | $76.4M | $75.4M | $40.8M | $18.4M |
| Margins | ||||||||||
| Gross margin | 73.2% | 77.9% | 83.5% | 90.9% | 89.9% | 78.3% | 70.7% | 74.2% | 70.2% | 74.1% |
| Operating margin | β56.3% | β24.7% | β4.6% | 23.3% | 6.9% | β53.0% | β63.7% | β44.2% | β240.3% | β167.1% |
| EBITDA margin | β52.1% | β21.7% | β2.7% | 24.2% | 8.2% | β50.9% | β48.2% | β26.2% | β209.6% | β136.0% |
| Net margin | β54.3% | β29.0% | β10.4% | 24.7% | 8.1% | β53.1% | β60.4% | β59.7% | β236.9% | β168.9% |
| FCF margin | β42.5% | β32.6% | β11.6% | 19.2% | 12.9% | β23.5% | β39.8% | β17.1% | β69.6% | β41.9% |
| Net interest share of revenue | β1.1% | β4.9% | β1.8% | 0.5% | 0.2% | 0.1% | β5.5% | β15.5% | β | β |
| Returns | ||||||||||
| Return on capital | β366.3% | β72.7% | β | β | β | β | β | β | β | β |
| Return on capital employed | β180.7% | β62.6% | β5.6% | 18.2% | 5.5% | β29.4% | β37.3% | β23.2% | β116.5% | β153.9% |
| Return on equity | β501.6% | β174.7% | β21.8% | 31.0% | 7.8% | β39.0% | β33.1% | β32.1% | β83.9% | β99.2% |
| Return on assets | β107.2% | β47.3% | β14.0% | 24.8% | 6.2% | β33.1% | β26.9% | β25.8% | β72.9% | β80.3% |
| Return on tangible equity | β | β1,686.3% | β18.9% | 29.2% | 12.3% | β135.6% | β583.5% | β225.5% | β797.4% | β |
| Growth | ||||||||||
| Revenue growth | β | β18.6% | 14.4% | 64.9% | 18.4% | 13.9% | β17.0% | β15.8% | β49.7% | β15.5% |
| Net income growth | β | β | β | β | β61.2% | β845.3% | β | β | β | β |
| EPS growth | β | β | β | β | β65.5% | β710.0% | β | β | β | β |
| FCF growth | β | β | β | β | β20.7% | β308.2% | β | β | β | β |
| Share count change | β | 12.9% | 65.5% | 65.7% | 15.6% | 19.8% | 8.2% | β85.4% | 52.4% | 66.6% |
| Financial health | ||||||||||
| Debt / equity | 0.9x | 0.8x | β | β | β | β | β | β | β | β |
| Interest coverage | β | β | β | β | β | β | β | β | β | β71.3x |
| Current ratio | 1.4x | 1.6x | 5.9x | 7.0x | 4.7x | 3.1x | 1.3x | 2.2x | 1.8x | 0.7x |
| Quick ratio | 1.4x | 1.6x | 5.9x | 7.0x | 4.7x | 3.1x | 1.3x | 2.2x | 1.8x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.8% | 0.3% | 0.7% | 3.8% | 2.6% | 1.4% | 0.1% | 0.0% | 0.1% | 0.5% |
| Stock comp / revenue | 5.4% | 5.1% | 3.6% | 3.4% | 6.0% | 8.3% | 10.2% | 11.8% | 21.9% | 20.8% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 3.0 | 3.0 | 5.0 | 3.0 | 1.0 | 1.0 | 5.0 | 1.0 | 3.0 |
| Altman Z'' | β57.6 | β55.5 | β21.9 | β3.1 | β2.4 | β0.3 | β7.6 | β4.6 | β24.5 | β |
| Accruals ratio | β26.8% | 5.4% | 0.7% | 1.7% | β5.6% | β19.3% | β9.2% | β18.4% | β51.5% | β60.6% |
Source: SEC EDGAR XBRL filings (CIK 0000948708). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
