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Institutional distribution: ownership decreased -2.40% quarter-over-quarter.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Top 23 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.4M 100.0% | $20.6M 100.0% | $40.9M 100.0% | $48.5M 100.0% | $58.4M 100.0% | $51.3M 100.0% | $43.3M 100.0% | $26.3M 100.0% | $23.0M 100.0% | $28.2M 100.0% |
| Cost of Revenue | $4.5M 25.9% | $6.1M 29.8% | $10.6M 25.8% | $14.2M 29.3% | $12.7M 21.7% | $5.2M 10.1% | $3.9M 9.1% | $4.3M 16.5% | $5.1M 22.1% | $7.6M 26.8% |
| Gross Profit | $12.9M 74.1% | $14.4M 70.2% | $30.3M 74.2% | $34.3M 70.7% | $45.7M 78.3% | $46.1M 89.9% | $39.4M 90.9% | $22.0M 83.5% | $17.9M 77.9% | $20.7M 73.2% |
| Research & Development | $10.7M 61.7% | $14.1M 68.5% | $17.1M 42.0% | $29.4M 60.6% | $26.2M 44.8% | $17.8M 34.6% | $11.7M 27.0% | $8.6M 32.7% | $9.0M 39.0% | $15.9M 56.3% |
| Selling, General & Admin | $10.0M 57.6% | $10.6M 51.5% | $12.8M 31.3% | $15.5M 32.0% | $17.9M 30.7% | $12.8M 25.0% | $9.9M 22.9% | $8.6M 32.7% | $8.6M 37.2% | $10.3M 36.6% |
| Total Operating Expenses | $41.9M 241.1% | $63.8M 310.5% | $48.4M 118.3% | $65.2M 134.5% | $76.7M 131.2% | $42.6M 83.0% | $29.3M 67.6% | $23.2M 88.1% | $23.6M 102.6% | $36.6M 129.5% |
| Operating Income | -$29.0M -167.1% | -$49.4M -240.3% | -$18.1M -44.2% | -$30.9M -63.7% | -$30.9M -53.0% | $3.5M 6.9% | $10.1M 23.3% | -$1.2M -4.6% | -$5.7M -24.7% | -$15.9M -56.3% |
| Interest Expense | $407K 2.3% | -$112K -0.5% | — | — | — | — | — | — | — | — |
| Other Income (Expense), net | -$153K -0.9% | $680K 3.3% | -$52K -0.1% | -$115K -0.2% | $76K 0.1% | -$3K -0.0% | -$14K -0.0% | -$26K -0.1% | -$8K -0.0% | -$22K -0.1% |
| Pretax Income | -$29.4M -169.3% | -$48.7M -237.0% | -$24.2M -59.3% | -$29.1M -59.9% | -$30.8M -52.8% | $4.3M 8.4% | $10.8M 24.9% | -$2.7M -10.4% | -$7.2M -31.4% | -$15.6M -55.2% |
| Income Tax Expense | -$76K -0.4% | -$13K -0.1% | $158K 0.4% | $226K 0.5% | $215K 0.4% | $160K 0.3% | $80K 0.2% | $13K 0.0% | -$546K -2.4% | -$229K -0.8% |
| Net Income | -$30K -0.2% | -$49K -0.2% | -$24K -0.1% | -$29.3M -60.4% | -$31.0M -53.1% | $4.2M 8.1% | $10.7M 24.7% | -$2.7M -10.4% | -$6.7M -29.0% | -$15.3M -54.3% |
| Per Share | ||||||||||
| EPS (Basic) | $-1.46 | $-3.94 | $-3.01 | $-0.53 | $-0.61 | $0.10 | $0.31 | $-0.14 | $-0.49 | $-1.28 |
| EPS (Diluted) | $-1.46 | $-3.94 | $-3.01 | $-0.53 | $-0.61 | $0.10 | $0.29 | $-0.14 | $-0.49 | $-1.28 |
| Weighted Avg Shares (Basic) | 20.6M | 12.4M | 8.1M | 55.4M | 51.2M | 40.8M | 34.5M | 22.3M | 13.5M | 12.0M |
| Weighted Avg Shares (Diluted) | 20.6M | 12.4M | 8.1M | 55.4M | 51.2M | 42.8M | 37.0M | 22.3M | 13.5M | 12.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$7M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -159%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-09-17
Where each multiple sits in its own 14-yr range · 14th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.7× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 16.5 | 9.1 | 10.1 | 21.7 | 29.3 | 25.8 | 29.8 | 25.9 |
| Gross Profit | 83.5 | 90.9 | 89.9 | 78.3 | 70.7 | 74.2 | 70.2 | 74.1 |
| R&D | 32.7 | 27.0 | 34.6 | 44.8 | 60.6 | 42.0 | 68.5 | 61.7 |
| SG&A | 32.7 | 22.9 | 25.0 | 30.7 | 32.0 | 31.3 | 51.5 | 57.6 |
| Operating Income | -4.6 | 23.3 | 6.9 | -53.0 | -63.7 | -44.2 | -240.3 | -167.1 |
| Income Tax | 0.0 | 0.2 | 0.3 | 0.4 | 0.5 | 0.4 | -0.1 | -0.4 |
| Net Income | -10.4 | 24.7 | 8.1 | -53.1 | -60.4 | -0.1 | -0.2 | -0.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SMSI: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 743 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSM | $11.16T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.33T | 44.8× | 40.0× | 24.7× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.98T | 45.2× | 34.8× | 12.0× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.70T | 27.7× | 19.6× | 11.1× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.65T | 72.8× | 65.1× | 25.8× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.10T | 128.8× | 60.7× | 29.3× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $888.5B | 205.7× | 210.2× | 25.6× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $543.3B | — | 67.4× | 10.3× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $436.6B | 43.2× | 36.6× | 7.7× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $421.4B | 279.8× | 291.6× | 94.2× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $383.6B | 67.8× | 36.1× | 3.4× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $341.7B | 64.9× | 54.5× | 18.5× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| RPAY | $338.0B | — | — | 1092.8× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| AMAT | $331.0B | 48.2× | 38.1× | 11.7× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| UMC | $307.4B | — | — | — | — | — | — | — | — | — | 302 |
| ARM | $281.9B | 311.6× | 242.9× | 57.3× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| SAP | $262.5B | — | — | — | — | — | — | — | — | — | 794 |
| ANET | $250.7B | 72.6× | 63.3× | 27.8× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| PANW | $250.5B | 234.4× | 156.5× | 27.2× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| SNDK | $235.7B | — | — | 32.0× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| TXN | $234.6B | 47.4× | 30.9× | 13.3× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $225.6B | 31.1× | 24.4× | 5.4× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $222.8B | 21.3× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| MRVL | $204.0B | 78.4× | 133.3× | 24.9× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
| QCOM | $202.7B | 37.7× | 15.2× | 4.6× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| SMSI | $76M | — | — | 4.4× | -15.5% | 74.1% | -169% | -159% | -159% | — | 22 |
Peers = companies sharing SMSI's sector (Technology) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.