Latest Ratios: P/E Ratio -20.4x · EV/EBITDA N/A · ROE -129.6%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $697M | $635M | $1.2B | $414M | $487M | $1.3B | — | — |
| Enterprise Value | $668M | $606M | $1.1B | $410M | $483M | $1.2B | — | — |
| P/E Ratio → | -20.41 | — | — | — | — | — | — | — |
| P/S Ratio | 2.47 | 2.25 | 4.65 | 1.90 | 2.52 | 9.74 | — | — |
| P/B Ratio | 28.94 | 27.23 | 42.28 | 26.66 | 22.18 | 15.79 | — | — |
| P/FCF | 53.01 | 48.30 | 42.38 | — | — | — | — | — |
| P/OCF | 47.62 | 43.38 | 38.54 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.14 | 4.56 | 1.88 | 2.50 | 8.80 | — | — |
| EV / EBITDA | — | — | 1318.10 | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 46.08 | 41.50 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.5% | 79.5% | 78.1% | 78.4% | 72.4% | 76.9% | 77.1% | 70.9% |
| Operating Margin | -8.3% | -8.3% | -3.9% | -13.2% | -45.5% | -48.0% | -21.0% | -22.8% |
| Net Profit Margin | -11.7% | -11.7% | -4.6% | -13.5% | -43.3% | -50.1% | -23.5% | -25.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -129.6% | -129.6% | -53.2% | -156.7% | -156.6% | -182.3% | — | — |
| ROA | -13.1% | -13.1% | -4.8% | -12.1% | -35.4% | -41.7% | -29.4% | -38.5% |
| ROIC | — | — | -99.2% | -146.2% | -359.9% | — | — | — |
| ROCE | -36.2% | -36.2% | -16.0% | -48.0% | -111.2% | -151.3% | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.86 | 1.86 | 1.44 | 4.34 | 3.38 | — | — | — |
| Debt / EBITDA | — | — | 45.99 | — | — | — | — | — |
| Net Debt / Equity | — | -1.25 | -0.88 | -0.28 | -0.17 | -1.52 | — | — |
| Net Debt / EBITDA | — | — | -27.94 | — | — | — | — | — |
| Debt / FCF | — | -2.21 | -0.88 | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -34.85 | -11.70 | -14.17 |
Net cash position: cash ($72M) exceeds total debt ($43M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.76 | 0.76 | 0.80 | 0.79 | 0.79 | 1.40 | 0.81 | 0.44 |
| Quick Ratio | 0.76 | 0.76 | 0.80 | 0.79 | 0.79 | 1.40 | 0.81 | 0.44 |
| Cash Ratio | 0.37 | 0.37 | 0.36 | 0.39 | 0.43 | 0.96 | 0.49 | 0.10 |
| Asset Turnover | — | 1.08 | 1.03 | 0.91 | 0.79 | 0.61 | 0.90 | 1.54 |
| Inventory Turnover | — | — | 246.91 | — | — | — | — | — |
| Days Sales Outstanding | — | 69.83 | 75.50 | 82.52 | 74.02 | 84.96 | 100.52 | 99.33 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 1.9% | 2.1% | 2.4% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $85M | $82M | $78M | $76M | $75M | $66M | $13M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SMWB stock.
Similarweb Ltd.'s current P/E ratio is -20.4x. This places it at the 50th percentile of its historical range.
Similarweb Ltd.'s return on equity (ROE) is -129.6%. The historical average is -135.7%.
Based on historical data, Similarweb Ltd. is trading at a P/E of -20.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Similarweb Ltd. has 79.5% gross margin and -8.3% operating margin.
Key Metrics
Top Statement Risk
Path to profitability remains unproven
Valuation Reflects Profitability Uncertainty
Similarweb's forward P/E of 42.89 and P/S of 2.81 appear to price in a significant earnings recovery, yet the company's negative TTM P/E and decelerating growth suggest the market is betting on a margin expansion that has yet to materialize.
The valuation multiples are disconnected from current fundamentals, as the forward P/E implies a rapid shift to profitability that is not yet supported by the operating margin trend. The P/S ratio is modest for a high-growth SaaS firm, but this may reflect the market's discount for the company's persistent negative net margins and the recent deceleration in revenue growth to 13.1% YoY. Investors are essentially pricing in a successful transition to operating leverage, a catalyst that remains unproven based on the reported financials.
Gross Margin Strength Masked by Operating Drag
Similarweb's gross margin expanded to 80.7% in 2026Q2, yet the operating margin only reached 1.0%, indicating that the scalability of the data platform is being almost entirely consumed by persistent sales and marketing intensity.
The high gross margin confirms the low incremental cost of serving additional users on the platform, a core strength of the business model. However, the minimal operating margin suggests that customer acquisition and retention costs are scaling nearly in line with revenue, preventing the realization of meaningful operating leverage. This dynamic implies that the path to sustainable profitability hinges on improving sales efficiency or shifting toward a more automated, lower-touch go-to-market motion.
Negative Returns Signal Capital Destruction
Similarweb's ROE of -16.5% in 2026Q2 and historically negative ROIC indicate the company is destroying shareholder value, as operating losses continue to erode the equity base despite a high-gross-margin model.
The persistently negative returns on capital are a direct consequence of the company's strategy to prioritize growth and platform investment over near-term profitability. The negative ROIC, which reached -109.0% in 2025Q2, suggests that the capital invested in the business is generating significant losses rather than compounding value. For this to improve, the company must demonstrate that its growth investments can translate into positive operating income at scale, a transition that has not yet occurred.
Rising Leverage on an Eroding Equity Base
The debt-to-equity ratio has surged to 2.01 in 2026Q2, driven by a combination of rising debt and negative retained earnings, which suggests the company's financial flexibility is becoming increasingly constrained.
While the absolute debt level of $45.7M is manageable, the rapid increase in leverage is a function of the eroding equity base from accumulated losses. The negative interest coverage ratio of 0.34 in 2026Q2 indicates that operating income is insufficient to cover interest expenses, a situation that could become more precarious if the company needs to access debt markets in a higher-rate environment. This trend warrants monitoring as it could limit strategic options and increase refinancing risk.
Tight Liquidity Amidst Negative Working Capital
Similarweb's current and quick ratios of 0.76 in 2026Q2 indicate a liquidity position that is below the conventional threshold of 1.0, suggesting the company relies on ongoing cash generation to meet short-term obligations.
The sub-1.0 liquidity ratios are a direct result of the company's negative working capital structure, where current liabilities exceed current assets. While this can be efficient for a SaaS business with high deferred revenue, the erratic pattern of deferred revenue and the recent $10.8M working capital outflow in 2026Q2 introduce volatility. The cash position of $73.9M provides a buffer, but the liquidity profile would appear strained under a scenario of significant revenue contraction or delayed customer payments.
The Misleading Signal of the P/E Ratio
The P/E ratio is the most commonly misapplied metric for Similarweb, as its negative earnings make the multiple meaningless and obscure the underlying cash flow generation and asset-light nature of the business.
Focusing on the P/E ratio is misleading because the company is not yet profitable on a GAAP basis, rendering the metric either negative or extremely volatile. A more appropriate alternative is the P/S ratio, which at 2.81 provides a clearer view of valuation relative to the company's recurring revenue base. For a deeper assessment of operational efficiency, analysts should instead examine the FCF margin, which was 11.4% in 2026Q2, as it better reflects the cash-generating potential of the high-margin, low-capex business model once non-cash charges are excluded.