Latest Ratios: P/E Ratio 15.2x · EV/EBITDA 13.5x · 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 | $306M | $735M | $1.2B | $1.1B | $1.1B | $4.1B | $6.3B | $482M | — | — |
| Enterprise Value | $183M | $611M | $1.5B | $1.3B | $1.4B | $4.4B | $6.4B | $461M | — | — |
| P/E Ratio → | 15.21 | 35.29 | 66.10 | 289.57 | — | — | — | — | — | — |
| P/S Ratio | 0.71 | 1.70 | 3.07 | 2.95 | 3.18 | 13.73 | 33.28 | 4.50 | — | — |
| P/B Ratio | 0.77 | 1.78 | 3.31 | 3.00 | 4.04 | 11.79 | 18.26 | 3.24 | — | — |
| P/FCF | 2.95 | 7.07 | 14.68 | 12.98 | 38.72 | 115.29 | 481.40 | — | — | — |
| P/OCF | 2.93 | 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 | 13.51 | 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 | 6.6% | 2.8% | 1.5% | 0.3% | — | — | — | — | — | — |
| FCF Yield | 33.9% | 14.1% | 6.8% | 7.7% | 2.6% | 0.9% | 0.2% | — | — | — |
| Buyback Yield | 10.6% | 4.4% | 8.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 10.6% | 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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Quick answers to the most common questions about buying FVRR stock.
Fiverr International Ltd.'s current P/E ratio is 15.2x. The historical average is 50.7x.
Fiverr International Ltd.'s current EV/EBITDA is 13.5x. 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 15.2x. 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
SMB demand cyclicality
Marketplace Maturity Limits Multiple Expansion
Based on current market data, Fiverr's forward P/E of 5.45 and P/S of 0.93 suggest that investors are pricing the company as a mature, low-growth marketplace rather than a high-growth technology platform, reflecting a significant compression from historical valuation premiums observed during the 2020-2021 period.
The current valuation multiples imply that the market is skeptical of the company's ability to re-accelerate top-line growth in a post-pandemic environment. Investors should monitor whether the shift toward share repurchases and profitability can support a valuation floor, or if the lack of a clear growth catalyst will lead to further multiple contraction relative to peers.
Capital Efficiency Remains Under Pressure
As reported in financial statements, Fiverr's ROIC has struggled to maintain positive territory, fluctuating between -0.6% and 2.2% over the last ten quarters, which indicates that the company is still in the process of proving its ability to compound capital effectively after years of aggressive growth spending.
The low ROIC suggests that the historical investment in customer acquisition has yet to yield a sustainable return on invested capital that exceeds the company's cost of capital. Future improvements in this metric will likely depend on the company's ability to maintain high gross margins while simultaneously reducing the intensity of its sales and marketing expenditures.
Working Capital Dynamics Reflect Marketplace
According to recent quarterly filings, Fiverr's asset turnover ratio remains low at 0.15, which is characteristic of an asset-light marketplace model that relies on platform infrastructure rather than physical inventory to facilitate transactions between buyers and sellers across its global digital service catalog.
The stability of the cash conversion cycle, supported by consistent DSO figures around 30 days, suggests that the platform maintains effective control over its payment flows. However, the low asset turnover highlights that the company's primary challenge is not operational efficiency, but rather the ability to scale transaction volume without proportional increases in marketing costs.
Misapplication of Traditional P/E Multiples
Investors frequently misapply traditional P/E multiples to Fiverr, which obscures the company's true earning power by failing to account for the significant gap between GAAP net income and the robust free cash flow generated by its asset-light, high-margin marketplace business model.
Because Fiverr's accounting earnings are often impacted by non-cash items and historical stock-based compensation, the P/E ratio provides a distorted view of the company's financial health. Analysts should instead prioritize P/FCF or EV/EBITDA to better capture the underlying cash-generative capacity of the platform, which is a more accurate reflection of its long-term sustainability.