Latest Ratios: P/E Ratio 12.0x · EV/EBITDA 5.5x · ROE 5.4%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $298M | $735M | $1.2B | $1.1B | $1.1B | $4.1B | $6.3B | $482M | — | — |
| Enterprise Value | $175M | $611M | $1.5B | $1.3B | $1.4B | $4.4B | $6.4B | $461M | — | — |
| P/E Ratio → | 12.00 | 35.29 | 66.10 | 289.57 | — | — | — | — | — | — |
| P/S Ratio | 0.74 | 1.70 | 3.07 | 2.95 | 3.18 | 13.73 | 33.28 | 4.50 | — | — |
| P/B Ratio | 0.75 | 1.78 | 3.31 | 3.00 | 4.04 | 11.79 | 18.26 | 3.24 | — | — |
| P/FCF | 4.41 | 7.07 | 14.68 | 12.98 | 38.72 | 115.29 | 481.40 | — | — | — |
| P/OCF | 2.85 | 7.02 | 14.45 | 12.81 | 35.67 | 107.48 | 368.04 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.42 | 3.91 | 3.72 | 4.30 | 14.80 | 33.83 | 4.30 | — | — |
| EV / EBITDA | 5.52 | 45.20 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 23.90 | 105.96 | 177.01 | — | — | — | — | — | — |
| EV / FCF | — | 5.88 | 18.72 | 16.38 | 52.25 | 124.22 | 489.33 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 81.6% | 81.6% | 82.0% | 82.9% | 80.5% | 82.6% | 82.5% | 79.2% | 79.3% | 74.4% |
| Operating Margin | -0.3% | -0.3% | -4.0% | -4.2% | -22.1% | -15.2% | -6.2% | -32.5% | -48.3% | -37.5% |
| Net Profit Margin | 4.9% | 4.9% | 4.7% | 1.0% | -21.2% | -21.8% | -7.8% | -31.3% | -47.8% | -37.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.4% | 5.4% | 5.1% | 1.2% | -23.3% | -18.8% | -6.0% | -33.1% | -93.6% | -83.7% |
| ROA | 2.4% | 2.4% | 1.7% | 0.4% | -7.7% | -7.3% | -2.7% | -19.3% | -39.9% | -27.7% |
| ROIC | -0.2% | -0.2% | -1.8% | -1.8% | -8.6% | -6.1% | -3.1% | -40.4% | -13181.6% | — |
| ROCE | -0.3% | -0.3% | -2.6% | -2.0% | -10.1% | -6.2% | -2.7% | -32.8% | -86.7% | -72.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 1.28 | 1.30 | 1.74 | 1.12 | 1.08 | 0.02 | 0.06 | 0.17 |
| Debt / EBITDA | 0.37 | 0.37 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.30 | 0.91 | 0.78 | 1.41 | 0.91 | 0.30 | -0.14 | -0.98 | -1.04 |
| Net Debt / EBITDA | -9.15 | -9.15 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -1.19 | 4.03 | 3.40 | 13.53 | 8.93 | 7.93 | — | — | — |
| Interest Coverage | — | — | 5.36 | 2.79 | -6.96 | -2.22 | -2.40 | — | — | — |
Net cash position: cash ($129M) exceeds total debt ($5M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.94 | 1.94 | 1.10 | 2.89 | 3.17 | 2.48 | 4.05 | 2.28 | 1.80 | 1.37 |
| Quick Ratio | 1.94 | 1.94 | 1.10 | 2.89 | 3.17 | 2.48 | 4.05 | 2.28 | 1.79 | 1.37 |
| Cash Ratio | 1.16 | 1.16 | 0.83 | 2.03 | 2.34 | 1.71 | 3.34 | 1.56 | 1.04 | 1.35 |
| Asset Turnover | — | 0.63 | 0.37 | 0.35 | 0.37 | 0.32 | 0.22 | 0.45 | 0.68 | 0.75 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 47.77 | — |
| Days Sales Outstanding | — | 27.93 | 15.18 | 24.46 | 20.58 | 17.52 | 10.44 | 10.63 | 3.75 | 4.05 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.3% | 2.8% | 1.5% | 0.3% | — | — | — | — | — | — |
| FCF Yield | 22.7% | 14.1% | 6.8% | 7.7% | 2.6% | 0.9% | 0.2% | — | — | — |
| Buyback Yield | 10.9% | 4.4% | 8.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 10.9% | 4.4% | 8.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $37M | $38M | $39M | $37M | $36M | $32M | $21M | $26M | $26M |
Includes 30+ ratios · 9 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FVRR stock.
Fiverr International Ltd.'s current P/E ratio is 12.0x. The historical average is 50.7x.
Fiverr International Ltd.'s current EV/EBITDA is 5.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 45.2x.
Fiverr International Ltd.'s return on equity (ROE) is 5.4%. The historical average is -27.4%.
Based on historical data, Fiverr International Ltd. is trading at a P/E of 12.0x. Compare with industry peers and growth rates for a complete picture.
Fiverr International Ltd. has 81.6% gross margin and -0.3% operating margin.
Fiverr International Ltd.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue contraction compressing margins
Deep Multiples Pricing Continued Decline
Based on reported figures, FVRR trades at 0.69 times sales, 0.75 times book, and 2.87 times free cash flow, a discount that prices in further revenue contraction rather than a cyclical trough.
The trailing P/E of 14.82 sits well above the forward P/E of 4.66, which suggests the market expects trailing earnings to fall sharply rather than recover. A forward EV/EBITDA near 2.0 against a trailing 12.9 implies the consensus view is that current EBITDA is not sustainable. Investors should monitor whether the valuation discount reflects a value opportunity or a correct repricing of a shrinking revenue base.
Gross Margin Strength Fails to Convert
As reported in financial statements, gross margin held near 80 to 82 percent while operating margin swung from 8.1 percent in 2026Q1 to negative 0.7 percent in 2026Q3, exposing a cost base that does not flex with revenue.
The stable gross margin indicates pricing and unit economics are intact at the transaction level, yet operating margin compression points to SG&A and stock-based compensation absorbing the gross profit decline. Net margin of 1.4 percent in 2026Q3 against an operating loss suggests non-operating items are flattering reported earnings. Earnings power should be assessed on operating margin trajectory rather than the headline net figure.
Returns Collapse From Peak Levels
Based on Fiverr's reported figures, ROIC fell from 2.2 percent in 2026Q1 to negative 0.2 percent in 2026Q3 and ROE declined from 2.8 percent to 0.3 percent over two quarters, indicating returns are decaying rather than compounding.
Returns on capital remain low in absolute terms even at their peak, which is consistent with a business whose equity base is largely cash and goodwill rather than productive operating assets. The decline mirrors the revenue contraction and suggests that margin pressure, not capital intensity, is the primary driver. Investors should monitor whether returns stabilize once revenue stops falling.
Debt Eliminated, Coverage Irrelevant Now
According to reported figures, total debt fell from roughly 463 million dollars in 2024Q3 to 1.8 million in 2026Q3, leaving D/E at 0.00 and removing near-term refinancing pressure from the balance sheet.
The deleveraging substantially reduces financial risk, and interest coverage has become largely non-meaningful given negligible debt. The reduction appears to have been funded through cash drawdown and repayment rather than equity issuance, which shifts the risk profile from solvency toward operating performance. Investors should weigh the shrinking liquidity buffer against the removal of leverage as the more relevant balance sheet development.
Current Ratio Masks Cash Erosion
As reported in financial statements, the current ratio held near 1.8 in 2026Q3, yet cash and equivalents fell from a 561.2 million dollar peak in 2025Q3 to 128.9 million, a decline of roughly 77 percent.
The current ratio remains comfortable because short-term obligations are small relative to current assets, which may overstate resilience if the cash base continues to shrink. Repurchases over recent quarters appear to have absorbed a meaningful share of the cash decline while revenue was falling. Under severe stress, the relevant question is whether operating cash flow can sustain both obligations and buybacks, which warrants further investigation.
Margin Durability Argument Scrutinized
Based on reported figures, the bull case may point to 80 to 82 percent gross margins and near-zero debt as evidence of durability, yet revenue down roughly 16 percent year over year and shrinking cash challenge that framing.
High gross margins are structurally attractive, but they do not guarantee earnings if the revenue base and operating cost structure move in opposite directions. Near-zero leverage reduces solvency risk but may mask that cash, not debt, is the constraint that matters for a business repurchasing shares. The most commonly misapplied metric here is the trailing P/E, which the forward P/E of 4.66 suggests the market is discounting heavily; alternative metrics such as free cash flow yield and organic revenue growth better reflect the economic trajectory.