Fiverr demonstrates high cash-generative efficiency, evidenced by a robust 19.9% FCF margin in 2026Q1 and a historical OCF/NI ratio that reached an extreme 35.47x in 2025Q1.
| Cash from Operations | 103.8M | 104.59M | 83.07M | 83.19M | 30.11M | 38.04M | 17.14M | -13.94M | -51.68M | -5.26M |
| Operating CF Margin % | - | 24.27% | 21.22% | 23.02% | 8.93% | 12.78% | 9.04% | -13.02% | -68.44% | -10.1% |
| Operating CF Growth % | 180.74% | 25.91% | -0.14% | 176.26% | -20.84% | 121.98% | 222.88% | 73.02% | -881.87% | - |
| Net Income | 28.75M | 20.98M | 18.25M | 3.68M | -71.49M | -65.01M | -14.81M | -33.54M | -36.06M | -19.32M |
| Depreciation & Amortization | 13.82M | 14.69M | 10.48M | 5.99M | 10.19M | 6.88M | 4.34M | 3.57M | 2.25M | 1.09M |
| Stock-Based Compensation | 0 | 0 | 73.94M | 68.7M | 71.75M | 55.41M | 15.81M | 8.9M | 11.65M | 1.4M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 8.13M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 65M | 69.21M | 1.23M | 2.09M | 23.79M | 19.52M | 2.09M | -923K | -51K | -225K |
| Working Capital Changes | -3.78M | -298K | -20.83M | 2.73M | -4.13M | 13.11M | 9.7M | 8.05M | -29.46M | 11.79M |
| Change in Receivables | 6.62M | 7.26M | -18.32M | -2.88M | -4.85M | -6.24M | -1.78M | -1.58M | -143K | 11K |
| Change in Inventory | 0 | 0 | 0 | 0 | 4.85M | 6.24M | 0 | 1.58M | 0 | 0 |
| Change in Payables | 2.25M | 2.59M | -409K | -3.19M | 3.88M | 18.12M | 10.36M | 240K | 808K | -145K |
| Cash from Investing | 375.3M | 378.61M | -28.82M | 9.78M | -14.62M | -229.47M | -326.36M | -136.08M | 26.07M | 5.08M |
| Capital Expenditures | -598.29K | -1.31M | -2.51M | -1.05M | -2.37M | -2.58M | -2.09M | -1.75M | -1.6M | -3.4M |
| CapEx % of Revenue | 0.14% | 0.3% | 0.64% | 0.29% | 0.7% | 0.87% | 1.1% | 1.64% | 2.12% | 6.52% |
| Acquisitions | -21.37M | -20.15M | -39.74M | 0 | 0 | -97.08M | 0 | -9.97M | -2.68M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.7M | 750K | -300K | 46.8M | -1.25M | -41.12M | -76.28M | -40K | -490K | -1.52M |
| Cash from Financing | -531.13M | -491.8M | -104.22M | 2.85M | -1.64M | -2.4M | 551.81M | 117.99M | 53.89M | 1.25M |
| Debt Issued (Net) | -487.88M | -460M | -3.99M | 0 | -2.27M | -599K | 446.74M | -470K | -421K | 857K |
| Equity Issued (Net) | -38.44M | -29.16M | -96.73M | 2.77M | 3.77M | 8.29M | 129.85M | 117.69M | 53.07M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -42.52M | -32.53M | -100.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.81M | -2.64M | -3.5M | 87K | -3.13M | -10.09M | -24.78M | 773K | 1.24M | 396K |
| Net Change in Cash | -49.17M | -6.16M | -50.2M | 95.78M | 13.82M | -193.96M | 243.86M | -31.78M | 28.09M | 1.7M |
| Free Cash Flow | 103.24M | 103.94M | 81.77M | 82.07M | 27.74M | 35.46M | 13.1M | -15.7M | -53.27M | -8.66M |
| FCF Margin % | 24.05% | 24.12% | 20.89% | 22.71% | 8.22% | 11.91% | 6.91% | -14.66% | -70.56% | -16.62% |
| FCF Growth % | 18.97% | 27.12% | -0.38% | 195.88% | -21.77% | 170.68% | 183.44% | 70.53% | -515.16% | - |
| FCF per Share | 2.82 | 2.80 | 2.16 | 2.10 | 0.75 | 0.99 | 0.41 | -0.77 | -2.08 | -0.34 |
| FCF Conversion (FCF/Net Income) | 3.59x | 4.98x | 4.55x | 22.60x | -0.42x | -0.59x | -1.16x | 0.42x | 1.43x | 0.27x |
| Interest Paid | 0 | 0 | 118K | 145K | 246K | 107K | 115K | 131K | 148K | 158K |
| Taxes Paid | 0 | 0 | 5.73M | 589K | 235K | 78K | 0 | 36K | 146K | 309K |
SMB demand cyclicality
As reported in financial statements, Fiverr's operating cash flow consistently dwarfs net income, with the OCF/NI ratio reaching an extreme 35.47x in 2025Q1, suggesting that reported accounting profits significantly understate the actual cash-generative capacity of the underlying marketplace business model during this period.
The persistent gap between net income and operating cash flow appears largely attributable to non-cash charges and the timing of working capital movements. Investors should monitor whether this divergence narrows as the company matures, as a high OCF/NI ratio often indicates that GAAP earnings are being suppressed by accounting conventions rather than operational weakness.
Based on the provided cash flow data, Fiverr has maintained a robust FCF margin, peaking at 30.2% in 2025Q3, which demonstrates the platform's ability to convert revenue into liquid capital despite the broader deceleration in top-line growth observed across the recent ten-quarter period.
The trajectory of free cash flow suggests that the business model is highly scalable, requiring minimal incremental capital to support existing operations. This cash-generative profile provides management with significant flexibility, though the sustainability of these margins may be tested if competitive pressures necessitate a return to aggressive marketing spend.
According to recent SEC filings, Fiverr maintains an exceptionally low capital intensity, with CapEx/Revenue ratios consistently remaining below 0.5% over the last ten quarters, reflecting a business model that requires negligible physical infrastructure to facilitate its digital marketplace transactions.
The minimal investment in property and equipment implies that the company is not burdened by the need for constant asset replacement or heavy maintenance cycles. This asset-light structure is a primary driver of the company's ability to generate free cash flow, as nearly all operational cash is available for strategic deployment or shareholder returns.
As indicated by the company's recent financial disclosures, Fiverr has pivoted its capital allocation strategy toward share repurchases, utilizing $23.5M in 2025Q3 and $8.0M in 2026Q1 to return value to shareholders, signaling management's confidence in the intrinsic value of the equity relative to current market pricing.
This shift from aggressive acquisition-led growth to direct capital return suggests a maturing phase in the company's lifecycle. Investors should monitor whether these buybacks are sufficient to offset historical dilution, particularly given the significant stock-based compensation expenses that characterized earlier periods in the provided data.
Quick answers to the most common questions about buying FVRR stock.
Fiverr International Ltd. (FVRR) generated $104.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fiverr International Ltd. (FVRR) generated $103.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Fiverr International Ltd. (FVRR) spent $1.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Fiverr International Ltd. (FVRR) spent $32.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.