SIMILARWEB LTD. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data SIMILARWEB LTD. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	70.6	93.5	138	193	218	250	283
Cost of revenue	20.5	21.4	31.8	53.3	47.1	54.8	57.8
Gross profit	50.1	72.1	106	140	171	195	225
Research and development	16.2	22.1	44.4	59.9	56.2	55.6	72.6
Selling and marketing	38.9	53.7	93.8	123	101	105	124
General and administrative	11	16	33.8	45.3	42.4	43.7	52.1
Operating expenses	66.2	91.7	172	228	200	205	248
Operating income	-16.1	-19.7	-66.1	-87.9	-28.8	-9.66	-23.6
Interest expense	1.14	1.68	1.89
Other non-operating income		0	0	0.29	0	0
Pre-tax income	-17.2	-21.4	-68	-83.1	-27.9	-9.53	-28.8
Income tax	0.46	0.64	0.98	0.52	1.51	1.93	4.16
Net income	-17.7	-22	-69	-83.7	-29.4	-11.5	-32.9
EBITDA	-14.3	-17.7	-62.9	-77.3	-18.5	0.86	-14.6
EPS, basic	-1.32	-1.58	-1.30	-1.10	-0.38	-0.14	-0.39
EPS, diluted	-1.32	-1.58	-1.30	-1.10	-0.38	-0.14	-0.39
Shares, basic (weighted)	13.4	14.4	53.2	75.7	77.8	80.8	84.8
Shares, diluted (weighted)	13.4	14.4	53.2	75.7	77.8	80.8	84.8

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.03	23.9	129	77.8	71.7	63.9	72.4
Short-term investments		30	0
Receivables		25.3	31	38.1	47.9	51	54.1
Other current assets		2.1	7.85	6.63	5.6	4.57	5.95
Total current assets		88.2	188	142	146	141	150
Property, plant and equipment		6.09	6.36	31.8	28.6	25.9	22
Lease right-of-use assets			0	40.8	36	34.4	34.4
Goodwill		2.87	11.3	12.9	12.9	25.3	38.8
Intangible assets		0	11.6	9.56	4.79	5.58	6.77
Other non-current assets		0.4	0.81	0.44	0.49	0.5	0.59
Total assets		104	227	246	239	243	261
Accounts payable		4.35	11.3	7.14	8.42	12.4	13.9
Accrued liabilities		13	28.2	28	23.3	29.3	41.3
Deferred revenue		53.1	76.7	93.2	100	108	112
Total current liabilities		108	134	181	184	177	197
Lease liabilities			0	40.1	35.3	32.8	34.5
Other non-current liabilities		0.77	3.26	2.11	3.07	4.23	5.57
Total liabilities		113	142	224	223	215	238
Paid-in capital		25.9	325	346	368	391	420
Retained earnings		-171	-240	-324	-353	-365	-397
Other comprehensive income		0.08	0.16	-0.37	0.87	0.39	1
Shareholders' equity	-129	-145	84.9	22	15.5	27.5	23.3
Total equity	-129	-145	84.9	22	15.5	27.5	23.3
Total liabilities and equity		104	227	246	239	243	261
Shares outstanding		15.3	74.8	76.4	78.7	82.6	87

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-17.7	-22	-69	-83.7	-29.4	-11.5	-32.9
Depreciation and amortization	1.78	1.96	3.17	10.6	10.3	10.5	8.99
Stock-based compensation	2	4.8	11.2	17	18.1	17.6	21.2
Deferred income tax	0.19	0.27	0.4	-1.53	0.81	0.39	-0.13
Change in receivables	-6.01	-6.62	-5.13	-6.88	-9.73	-2.13	-2.29
Change in payables	-0.19	1.3	6.63	-4.28	1.26	3.6	1.45
Cash from operations	-9.69	-3.76	-27.6	-46.1	-3.04	30.2	14.6
Capital expenditures	-0.28	-0.75	-2.31	-28.3	-1.56	-1.43	-1.49
Acquisitions	0	0	-9.51	-3.79	0	-15.4	-15.8
Cash from investing	0.48	-30.8	7.36	-33	-2.59	-18.7	-13.2
Debt repaid					0	-25	0
Stock issued	0.59	1.44	1.22	2.03	2.3	4.68	4.59
Cash from financing	10.4	51.2	125	29.1	1.19	-18.8	6.91
Exchange rate effect	0.05	0.2	-0.05	-1.11	-1.65	-0.5	0.23
Net change in cash	1.23	16.9	105	-51.1	-6.08	-7.86	8.55
Free cash flow	-9.98	-4.51	-29.9	-74.3	-4.6	28.7	13.2
Interest paid	0.88	1.15	0.53	-0.02
Income taxes paid	0.33	0.19	0.47	0.49	1.88	1.17	1.85

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $7.58 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	79.5%	Gross profit / revenue.
Operating margin	-8.3%	Operating income / revenue.
EBITDA margin	-5.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-10.2%	Pre-tax income / revenue.
Net margin	-11.7%	Net income / revenue.
FCF margin	4.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.2%	Cash from operations / revenue.
Return on equity (ROE)	-129.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-13.1%	Net income / average total assets.
R&D / revenue	25.7%	Research and development expense / revenue.
Stock-based pay / revenue	7.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	25.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-1,787.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-51.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-54.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-15.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	7.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	42.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.76x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.37x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	91.1%	Total liabilities / total assets.
Working capital	-$46.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	17.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$22.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.12x	Revenue / average total assets.
Fixed asset turnover	11.8x	Revenue / average property, plant and equipment.
Receivables turnover	5.38x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Days payables	83 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	10.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.39	Net income per basic share, as reported (split-adjusted).
Revenue per share	$3.33	Revenue / diluted weighted shares.
FCF per share	$0.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.17	Cash from operations / diluted weighted shares.
Book value per share	$0.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.26	Tangible book value / shares outstanding.
Cash per share	$0.83	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$659.2M	Share price x shares outstanding.
Enterprise value	$586.8M	Market cap + total debt - cash - short-term investments.
P/S	2.33x	Market cap / revenue.
P/B	28.3x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	50.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	45.0x	Market cap / cash from operations, when positive.
EV/Sales	2.08x	Enterprise value / revenue.
EV/FCF	44.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.0%	Free cash flow / market cap.
Earnings yield	-5.0%	Net income / market cap (the inverse of P/E).

What was SIMILARWEB LTD.'s revenue in fiscal 2025?

SIMILARWEB LTD. reported revenue of $282.6M for fiscal 2025, 13.1% higher than the year before.

Was SIMILARWEB LTD. profitable in fiscal 2025?

No. It reported a net loss of $32.9M.

How much free cash flow did SIMILARWEB LTD. generate in fiscal 2025?

Cash from operations of $14.6M minus capital expenditures of $1.5M left free cash flow of $13.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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