Similarweb Ltd.

SMWB

Communication ServicesInternet Content & InformationNYSE

$3.28

Market Cap: $285.24M

Similarweb Ltd. (SMWB) Valuation Summary

Updated May 10, 2026 06:58

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.68 – $20.97	$4.41	+34.4%
Revenue DCF 10Y	$0.11 – $36.45	$9.43	+187.6%
▸ Trading Multiples
EV/Revenue	$2.57 – $5.54	$3.21	-2.3%

Valuation History

DCF Analysis

Similarweb Ltd. (SMWB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$9.43

Market Price

$3.28

Upside / Downside

+187.6%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -8.3% to a target of 10.4% over 5 years, discounted at a WACC of 7.4%, Similarweb Ltd. (SMWB) has an intrinsic value of $9.43 per share (range: $0.11 – $36.45).

Key Assumptions

Current Operating Margin

-8.3%

Target Operating Margin

10.4%

WACC

7.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.2%

Target CapEx/Rev

6.0%

D&A/Revenue

4.0%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	307	8.8%	-4.6%	-14	-14	12	(14)	9	-25	-24
2027	334	8.5%	-0.8%	-3	-3	13	(15)	4	-9	-8
2028	366	9.6%	2.9%	11	8	15	(17)	5	0	0
2029	504	37.9%	6.7%	34	27	20	(25)	22	-1	-0
2030	603	19.7%	10.4%	63	50	24	(31)	16	27	19
2031	705	16.9%	10.4%	74	58	28	(37)	16	32	22
2032	805	14.1%	10.4%	84	66	32	(44)	16	38	24
2033	896	11.3%	10.4%	93	74	36	(51)	15	44	26
2034	973	8.6%	10.4%	101	80	39	(57)	12	50	27
2035	1,029	5.8%	10.4%	107	85	41	(62)	9	55	28

Enterprise Value Bridge

Sum of PV(FCFF)115

Terminal Value (Gordon Growth at 3.0%)1,291

PV of Terminal Value656

Enterprise Value771

(–) Net Debt-29

Equity Value800

(÷) Shares Outstanding85

Fair Value per Share$9.43

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.4%	$1	$10	$19	$28	$36
6.4%	$1	$7	$13	$19	$25
7.4%	$0	$5	$9	$14	$18
8.4%	$0	$4	$7	$11	$14
9.4%	$0	$3	$6	$9	$12

Current price: $3.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Similarweb Ltd. (SMWB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.41

Market Price

$3.28

Upside / Downside

+34.4%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-8.3%

Target Operating Margin

10.4%

WACC

7.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.2%

Target CapEx/Rev

6.0%

D&A/Revenue

4.0%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	307	8.8%	-4.6%	-14	-14	12	(14)	9	-25	-24
2027	334	8.5%	-0.8%	-3	-3	13	(16)	4	-10	-9
2028	366	9.6%	2.9%	11	8	15	(19)	5	-2	-1
2029	504	37.9%	6.7%	34	27	20	(28)	22	-4	-3
2030	603	19.7%	10.4%	63	50	24	(36)	16	21	16

Enterprise Value Bridge

Sum of PV(FCFF)-22

Terminal Value (Gordon Growth at 3.0%)506

PV of Terminal Value367

Enterprise Value345

(–) Net Debt-29

Equity Value374

(÷) Shares Outstanding85

Fair Value per Share$4.41

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.4%	$-1	$3	$9	$15	$21
6.4%	$-1	$2	$6	$10	$14
7.4%	$-1	$1	$4	$8	$11
8.4%	$-1	$1	$3	$6	$9
9.4%	$-1	$1	$3	$5	$7

Current price: $3.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.21

Market Price

$3.28

Upside / Downside

-2.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Similarweb Ltd. (SMWB) has a fair value of $3.21 based on 7 comparable companies in the Internet Content & Information industry.

EV/Revenue Valuation — Internet Content & Information

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Similarweb Ltd.SMWB	278	0.9x	0.9x
Nextdoor Holdings, Inc.NXDR	783	3.0x	2.8x
EverQuote, Inc.EVER	725	0.9x	0.8x
Groupon, Inc.GRPN	724	1.6x	1.6x
Shutterstock, Inc.SSTK	624	0.8x	0.7x
Fiverr International Ltd.FVRR	412	0.7x	0.7x
Getty Images Holdings, Inc.GETY	350	1.0x	1.0x
Angi Inc.ANGI	236	0.4x	0.4x
Industry Median		0.9x	0.8x
(*) Revenue		283	286
= Enterprise Value		258	227
(-) Net Debt		-29	-29
Equity Value		287	257
(/) Outstanding shares		85	85
Fair Price		$3	$3

Selected Fair Value (avg of trailing + forward)

$3.21

-2.3%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.68 – $20.97

$4.41

+34.4%

Revenue DCF 10Y

$0.11 – $36.45

$9.43

+187.6%

▸ Trading Multiples

EV/Revenue

$2.57 – $5.54

$3.21

-2.3%

DCF Analysis

Similarweb Ltd. (SMWB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$9.43

Market Price

$3.28

Upside / Downside

+187.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-8.3%

Target Operating Margin

10.4%

WACC

7.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.2%

Target CapEx/Rev

6.0%

D&A/Revenue

4.0%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	307	8.8%	-4.6%	-14	-14	12	(14)	9	-25	-24
2027	334	8.5%	-0.8%	-3	-3	13	(15)	4	-9	-8
2028	366	9.6%	2.9%	11	8	15	(17)	5	0	0
2029	504	37.9%	6.7%	34	27	20	(25)	22	-1	-0
2030	603	19.7%	10.4%	63	50	24	(31)	16	27	19
2031	705	16.9%	10.4%	74	58	28	(37)	16	32	22
2032	805	14.1%	10.4%	84	66	32	(44)	16	38	24
2033	896	11.3%	10.4%	93	74	36	(51)	15	44	26
2034	973	8.6%	10.4%	101	80	39	(57)	12	50	27
2035	1,029	5.8%	10.4%	107	85	41	(62)	9	55	28

Enterprise Value Bridge

Sum of PV(FCFF)115

Terminal Value (Gordon Growth at 3.0%)1,291

PV of Terminal Value656

Enterprise Value771

(–) Net Debt-29

Equity Value800

(÷) Shares Outstanding85

Fair Value per Share$9.43

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.4%	$1	$10	$19	$28	$36
6.4%	$1	$7	$13	$19	$25
7.4%	$0	$5	$9	$14	$18
8.4%	$0	$4	$7	$11	$14
9.4%	$0	$3	$6	$9	$12

Current price: $3.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.21

Market Price

$3.28

Upside / Downside

-2.3%

Verdict

Overvalued

EV/Revenue Valuation — Internet Content & Information

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Similarweb Ltd.SMWB	278	0.9x	0.9x
Nextdoor Holdings, Inc.NXDR	783	3.0x	2.8x
EverQuote, Inc.EVER	725	0.9x	0.8x
Groupon, Inc.GRPN	724	1.6x	1.6x
Shutterstock, Inc.SSTK	624	0.8x	0.7x
Fiverr International Ltd.FVRR	412	0.7x	0.7x
Getty Images Holdings, Inc.GETY	350	1.0x	1.0x
Angi Inc.ANGI	236	0.4x	0.4x
Industry Median		0.9x	0.8x
(*) Revenue		283	286
= Enterprise Value		258	227
(-) Net Debt		-29	-29
Equity Value		287	257
(/) Outstanding shares		85	85
Fair Price		$3	$3

Selected Fair Value (avg of trailing + forward)

$3.21

-2.3%