Does Smith Micro Software, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Smith Micro Software, Inc. (SMSI) 44.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 93, returns on capital 7, balance-sheet safety 28, capital discipline 44.

How has SMSI's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 44.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Smith Micro Software, Inc.

SMSI · Technology · $66.8M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power93

Median gross margin 76.0% over 10y, stable.

Returns on capital7

Median ROIC -34.1%, above the 9% hurdle in 20% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -71x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $2.59
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for SMSI yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — SMSI has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#253 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#251DDOG Datadog, Inc.44.3 out of 100, Shallow moatShallow moat
#252PCOR Procore Technologies, Inc.44.3 out of 100, Shallow moatShallow moat
#254MTSI MACOM Technology Solutions Holdings, Inc.44.2 out of 100, Shallow moatShallow moat
#255SBIG SPRINGBIG HOLDINGS, INC.44.2 out of 100, Shallow moatShallow moat

Compare SMSI with its nearest peers →All Technology companies on the Index →

Common questions about SMSI

Does Smith Micro Software, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Smith Micro Software, Inc. (SMSI) 44.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 93, returns on capital 7, balance-sheet safety 28, capital discipline 44.
How has SMSI's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 44.2 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SMSI. See the disclaimer.