Forensic Analysis · Technology / Software · as of Jun 28, 2026
SIMILARWEB LTD. (SMWB)
A forensic read on SIMILARWEB LTD. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-6.6
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-129.6%
ROE
$487M
Market cap
SIMILARWEB LTD. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -6.6, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-413%Return on invested capital.Return on invested capital is -413% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.0%/yrShare-count dilution.Diluted share count changed +12% over the last 3 years to FY2025 (+4.0%/yr). The count is GROWING — existing holders are being diluted. That's ~4.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~12%.
8% of revStock-based comp load.Stock-based compensation ran 8% of revenue and 161% of free cash flow in FY2025 — about $0.25 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-11.7%
Free Cash Flow$13.2M
Latest Revenue$282.6M
Return on Equity-141.2%
Revenue Growth YoY+13.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on SIMILARWEB LTD.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SMWB's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown