Smith Micro SOFTWARE, Inc. (SMSI) intrinsic value & 10-year financials
Smith Micro SOFTWARE, Inc. (SMSI) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 5.3% a year to $17.4M, with an average return on invested capital of -111.3%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $2.37
- Market cap
- $48.8M
- Revenue (FY2025)
- $17.4M
- Revenue growth (10-yr CAGR)
- -5.3%
- ROIC (10-yr avg)
- -111.3%
- Free cash flow (FY2025)
- -$7.3M
SMSI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $17.4M | -$29.3M | -$1.46 | -$7.3M | -167.1% | -102.3% |
| FY2024 | $20.6M | -$48.7M | -$3.94 | -$14.3M | -240.3% | -90.4% |
| FY2023 | $40.9M | -$24.4M | -$0.38 | -$7.0M | -44.2% | -26.7% |
| FY2022 | $48.5M | -$29.3M | -$0.53 | -$19.3M | -63.7% | -40.1% |
| FY2021 | $58.4M | -$31.0M | -$0.61 | -$13.7M | -53.0% | -48.8% |
| FY2020 | $51.3M | $4.2M | $0.10 | $6.6M | 6.9% | 10.6% |
| FY2019 | $43.3M | $10.7M | $0.29 | $8.3M | 23.3% | 38.3% |
| FY2018 | $26.3M | -$2.7M | -$0.14 | -$3.0M | -4.6% | -19.7% |
| FY2017 | $23.0M | -$6.7M | -$0.49 | -$7.5M | -24.7% | -125.3% |
| FY2016 | $28.2M | -$14.5M | -$1.21 | -$12.0M | -56.3% | -708.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SMITH MICRO SOFTWARE, INC. is facing top-line stagnation, with revenue contracting over the decade.
SMITH MICRO SOFTWARE, INC. has historically struggled to out-earn its cost of capital, averaging just -41.1% ROIC.
SMITH MICRO SOFTWARE, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SMITH MICRO SOFTWARE, INC. is modeled at -5.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.17 per share.