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what it is
Similarweb sells website, app, shopping, and market data so companies can see what customers and competitors are doing online.
how it gets paid
FY2025 revenue was $282.6M (+13% vs. prior year). The segment mix on this page rounds to about ~$283M — Web Intelligence ~35% (~$99M).
why it's growing
FY2026 guide: $305M–$315M revenue (~10% vs. prior year at midpoint) and $16M–$19M non-GAAP operating profit. Q4 2025 non-GAAP operating profit was $3.4M (5% of revenue).
what just happened
Q4 2025 revenue $72.8M (+11% vs. prior year). GAAP loss from operations $(4.7)M (6)% of revenue; non-GAAP operating profit $3.4M (5%). FY2025 GAAP EPS $(0.39).
At a glance
B balance sheet — gets the job done, barely
FY2025 GAAP EPS $(0.39) · GAAP op margin ~(8)%
FY2026 guide $305M–$315M rev · $16M–$19M non-GAAP op profit
Non-GAAP FY2025 op margin ~3% · Q4 non-GAAP 5%
Cash ~$72.4M · FCF ~$13M FY2025
xvary composite: 47/100 — below average
What they do
Similarweb sells website, app, shopping, and market data so companies can see what customers and competitors are doing online.
Once your team builds Similarweb data into dashboards, alerts, and sales workflows, switching costs rise. That supports ~79.5% GAAP gross margin on $282.6M FY2025 revenue — strong unit economics before opex. The open question is how much of that gross profit the company can keep on a GAAP basis while investing in sales and AI product.
How they make money
$282.6M
FY2025 revenue · +13% vs. prior year (company reported)
Web Intelligence
$99M
App Intelligence
$51M
Sales Intelligence
$48M
Shopper Intelligence
$37M
Stock Intelligence and APIs
$48M
The products that matter
traffic and market intelligence
Digital Intelligence Platform
100M+ sites and apps tracked
It is the core platform behind the company’s ~$282.6M FY2025 revenue base. If customers trust the traffic data, the subscription model works. If they do not, the whole story gets thinner fast.
core platform
freemium lead funnel
Free Traffic Checker
79.5% gross margin business
The free tool helps bring users into a business that keeps roughly 80 cents of each revenue dollar after direct costs. That is strong top-line economics. The problem is what happens after sales and marketing spend.
top of funnel
ai workflow layer
AI Studio
AI mix · verify on Q4 call
Earnings call summaries (e.g. Yahoo / sell-side) have cited ~11% of Q4 2025 revenue tied to AI-related offerings — that line is not spelled out in the Feb 17, 2026 press release body, so confirm on the transcript or investor deck.
new growth bet
Key numbers
79.5%
gross margin
Gross margin → money left after delivering the product → so what: the software economics are strong even though operating profit is still weak.
13%
revenue growth
FY2025 revenue $282.6M vs $249.9M in 2024 — demand is still growing, but guidance implies ~10% for 2026.
(8)% / 3%
GAAP / non-GAAP op margin
FY2025: GAAP operating loss ~(8)% of revenue; non-GAAP operating profit ~3% — always read reconciliations in the earnings materials.
~$72M
cash · YE 2025
Cash and cash equivalents ~$72.4M at Dec 31, 2025. The balance sheet carries operating lease liabilities (non-current ~$34M), not classic term debt in the same sense.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- liquidity ~$72.4M cash · FY2025 FCF ~$13.0M
- leases (non-current) ~$34.5M operating lease liabilities · YE 2025
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SMWB right now.
source: institutional data · return history unavailable
What just happened
Q4 / FY 2025
Q4 revenue $72.8M (+11%) · FY $282.6M (+13%)
Feb 17, 2026 release: Q4 GAAP loss from operations $(4.7)M (6)% of revenue; non-GAAP operating profit $3.4M (5%). FY2025 GAAP operating loss $(23.6)M (8)% of revenue; non-GAAP operating profit $9.1M (3%). Revenue slightly beat some consensus screens (~$71.9M) while 2026 guidance landed cautiously. Gross margin ~79.5%. Ninth straight quarter of positive FCF; FY2025 FCF ~$13.0M.
$72.8M
q4 revenue
(6)%
q4 GAAP op margin
$(0.39)
FY GAAP EPS
the number that mattered
The bridge from high gross margin to a durable stock story runs through 2026 guidance ($305M–$315M revenue, $16M–$19M non-GAAP operating profit) and whether large AI/data deals close without more slippage.
source: Similarweb Q4/FY2025 press release (Business Wire) · Feb 17, 2026 · Form 20-F tables via IR
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What could go wrong
the top risk is slowing subscription growth before AI is large enough to matter.
med
core growth is already decelerating
2026 guidance of $305M–$315M implies about 10% growth, down from ~13% in FY2025. For a sub-$1B revenue software name, that is a material slowdown.
If growth keeps stepping down, the market stops paying for future operating leverage and starts paying for current margins. Those are two very different math problems.
med
ai demand still needs to become durable revenue
Call commentary has pointed to a growing AI-related revenue mix and flagged timing of large LLM/data deals — verify the exact mix on the Q4 2025 call transcript.
That means quarterly numbers can swing on deal timing, not just demand. In a stock with 10 / 100 price stability, that volatility shows up fast.
med
the margin story is still mostly theoretical
~79.5% gross margin says the product is attractive. FY2025 GAAP operating loss of ~(8)% of revenue says most of that gross profit still feeds opex and stock comp — non-GAAP operating margin was only ~3%.
If Similarweb cannot convert gross profit into durable GAAP operating leverage, the equity story stays fragile even when non-GAAP looks better.
med
sec and legal overhang adds noise a small cap does not need
The company was cited in an SEC filing related to monday.com. The snapshot does not provide quantified exposure, so the clean takeaway is management attention can get pulled away at the wrong time.
For a $235M company still proving profitability, unplanned legal cost or reputational damage matters more than it would at a larger platform.
If FY2026 revenue lands near the ~$310M midpoint but GAAP losses persist while opex stays elevated, there is little cushion for another guide-down or NRR slip.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 results · typically May
Confirm the exact date on ir. Similarweb.com. You want to see whether the quarter supports the $305M–$315M full-year guide and $72M–$74M Q1 revenue guide.
trend
AI revenue mix (transcript-level)
Third-party call summaries have cited ~11% of Q4 revenue from AI-related lines — track whether management updates that metric and whether large LLM contracts close.
metric
GAAP vs non-GAAP operating trend
Gross margin is ~79.5%, but FY2025 GAAP operating margin was negative ~8%. Watch whether GAAP loss narrows as 2026 plays out, not just non-GAAP adjustments.
risk
any update on the monday.com sec reference
The current snapshot gives no quantified impact. That makes fresh disclosure important, because small-cap legal noise can become stock-moving risk very quickly.
Analyst rankings
coverage
8 analysts
That is enough coverage for estimates and target changes to matter, but not enough to make this a heavily institutionalized consensus name.
average target
$9.31
At ~$2.55 on this snapshot, that gap looks dramatic — treat consensus targets as vendor-sourced and stale the moment the tape moves.
the real test
~10%
That is the growth rate implied by 2026 guidance. If results slip below that, analyst optimism stops mattering and estimate cuts take over.
source: institutional data
Institutional activity
institutional ownership data for SMWB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2.55
illustrative price on snapshot · not live
n/a
target midpoint · n/a from current
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