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FVRR, Fiverr International Ltd.

Commercial Services & Supplies asset-light

Revenue is Marketplace Revenue (69%) and Services Revenue (31%).

Latest annual: FY2025 20-F · US listing is the ordinary share

FVRR · Fiverr International Ltd.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$431M

+10.1% YoY · 18% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $431M 5-yr avg $364M

Gross margin 82% 5-yr avg 82%

Operating margin −0.3% 5-yr avg −9.2%

ROIC −0% 5-yr avg −12%

Owner-earnings margin 24% 5-yr avg 18%

Free cash flow margin 24% 5-yr avg 18%

The business in brief

What this business is and what moves its needle, from its own SEC filings.

What it is: An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
What moves the needle: Operating margin has run around −15% through the cycle on a 82% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −13%, above 15% in 0 of 9 years). The steadier read is owner earnings: roughly 9% of revenue reaches owners as cash, though it swings. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Marketplace Revenue is 69% of revenue, with Services Revenue the other meaningful line at 31%.

Revenue by product line, FY2025

Marketplace Revenue69%$297M
Services Revenue31%$133M

By geographyAmericas48%Europe28%Asia Pacific15%Rest of the world8%Israel1%

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
										Income statement
$52M	$76M	$107M	$190M	$298M	$337M	$361M	$391M	$431M	$431M	RevenueRevenue
74%	79%	79%	82%	83%	80%	83%	82%	82%	82%	Gross marginGross mgn
($20M)	($36M)	($35M)	($12M)	($45M)	($75M)	($15M)	($16M)	($1M)	($1M)	Operating incomeOp. inc.
−37.5%	−48.3%	−32.5%	−6.2%	−15.2%	−22.1%	−4.2%	−4.0%	−0.3%	−0.3%	Operating marginOp. mgn
($19M)	($36M)	($34M)	($15M)	($65M)	($71M)	$4M	$18M	$21M	$21M	Net incomeNet inc.
—	—	—	—	—	—	27%	—	10%	10%	Effective tax rateTax rate
										Cash flow & returns
($5M)	($52M)	($14M)	$17M	$38M	$30M	$83M	$83M	$105M	$105M	Operating cash flowOp. cash
$1M	$2M	$4M	$4M	$7M	$10M	$6M	$10M	$15M	$15M	DepreciationDeprec.
$13M	($18M)	$16M	$28M	$96M	$91M	$74M	$54M	$69M	$69M	Working capital & otherWC & other
$2M	$767K	$1M	$2M	$2M	$1M	$1M	$1M	$647K	$647K	CapexCapex
4.2%	1.0%	0.9%	1.1%	0.6%	0.4%	0.3%	0.3%	0.2%	0.2%	Capex / revenueCapex/rev
($6M)	($52M)	($15M)	$15M	$36M	$29M	$82M	$82M	$104M	$104M	Owner earningsOwner earn.
−12.2%	−69.5%	−14.0%	7.9%	12.2%	8.6%	22.7%	20.9%	24.1%	24.1%	Owner earnings marginOE mgn
($7M)	($52M)	($15M)	$15M	$36M	$29M	$82M	$82M	$104M	$104M	Free cash flowFCF
−14.3%	−69.5%	−14.0%	7.9%	12.2%	8.6%	22.7%	20.9%	24.1%	24.1%	Free cash flow marginFCF mgn
—	—	—	—	—	$0	$0	$100M	$33M	—	BuybacksBuybacks
-67%	-50%	-22%	-12%	-13%	-33%	-6%	-7%	-0%	-0%	ROICROIC
-84%	-67%	-23%	-4%	-19%	-27%	1%	5%	5%	5%	Return on equityROE
−84%	−67%	−23%	−4%	−19%	−27%	1%	5%	5%	5%	Retained to equityRetained/eq
										Balance sheet
—	—	$113M	$397M	$189M	$328M	$331M	$422M	$243M	$243M	Cash & investmentsCash+inv
—	$97M	$187M	$591M	$468M	$625M	$594M	$756M	$481M	$481M	Current assetsCur. assets
—	$54M	$82M	$146M	$189M	$197M	$205M	$685M	$249M	$249M	Current liabilitiesCur. liab.
—	1.8×	2.3×	4.1×	2.5×	3.2×	2.9×	1.1×	1.9×	1.9×	Current ratioCurr. ratio
—	$1M	$11M	$11M	$77M	$77M	$77M	$110M	$126M	$126M	GoodwillGoodwill
—	$111M	$236M	$861M	$932M	$924M	$1.0B	$1.1B	$685M	$685M	Total assetsAssets
—	$3M	$3M	$3M	$2M	$0	—	—	—	$0	Total debtDebt
—	$3M	($110M)	($395M)	($187M)	($328M)	—	—	—	($243M)	Net debt / (cash)Net debt
$23M	$54M	$149M	$345M	$347M	$266M	$356M	$363M	$412M	$412M	Shareholders’ equityEquity
										Per share
19.1M	19.9M	20.5M	32.3M	36.0M	36.9M	39.2M	37.8M	37.2M	36.1M	Shares out (diluted)Shares
$2.73	$3.79	$5.22	$5.86	$8.28	$9.15	$9.23	$10.35	$11.59	$11.94	Revenue / shareRev/sh
$-1.01	$-1.81	$-1.64	$-0.46	$-1.81	$-1.94	$0.09	$0.48	$0.56	$0.58	EPS (diluted)EPS
$-0.33	$-2.63	$-0.73	$0.47	$1.01	$0.78	$2.10	$2.16	$2.80	$2.88	Owner earnings / shareOE/sh
$-0.39	$-2.63	$-0.73	$0.47	$1.01	$0.78	$2.10	$2.16	$2.80	$2.88	Free cash flow / shareFCF/sh
$0.12	$0.04	$0.05	$0.06	$0.05	$0.03	$0.03	$0.03	$0.02	$0.02	Cap. spending / shareCapex/sh
$1.21	$2.71	$7.26	$10.69	$9.65	$7.21	$9.09	$9.58	$11.08	$11.41	Book value / shareBVPS

Share counts before 2019 are restated ×3 for a stock split, so per-share figures sit on one basis.

The diluted share count moved ×1.58 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+19.8%/yr	+14.6%/yr
Owner earnings / share	—	+43.1%/yr
Capital spending / share	−21.0%/yr	−23.1%/yr
Book value / share	+31.9%/yr	+0.7%/yr

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

37Mpeak FY2023

ROIC

−0%low FY2017

Gross margin

82%low FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$104Mowner earningsvs.$21Mnet incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2020FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $21M of profit into $104M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$21M

Owner earnings$104M · 24% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$21M	$18M	$4M	($71M)	($65M)
Depreciation & amortizationnon-cash charge added back	+$15M	+$10M	+$6M	+$10M	+$7M
Working capital & othertiming of cash in and out, other non-cash items	+$69M	+$54M	+$74M	+$91M	+$96M
Cash from operations	$105M	$83M	$83M	$30M	$38M
Capital expenditurecash put back in to keep running and to grow	−$647K	−$1M	−$1M	−$1M	−$2M
Owner earnings	$104M	$82M	$82M	$29M	$36M
Owner-earnings marginowner earnings ÷ revenue	24%	21%	23%	9%	12%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$243M

Net cash, debt-free

Cash $125M + ST investments $118M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $243M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -13%

Below average through the cycle

9-yr median, range -67%–-0%; -0% latest = NOPAT ($1M) ÷ invested capital $287M

Industry peers: median 3%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran -0% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 9%

Solid through the cycle

9-yr median margin, range -69%–24%; latest $104M = operating cash $105M − maintenance capex $647K

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 24% of revenue this year, a 9% median across 9 years.
Are earnings backed by cash? 4.98×

Cash-backed

Cash from ops $105M ÷ net income $21M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 31%

Reinvests most of it

Dividends + buybacks $33M ÷ Owner Earnings $104M

What this means
Of $104M Owner Earnings, $33M (31%) went back to shareholders, $0 dividends, $33M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.04×

Harvesting

Capex $647K ÷ depreciation $15M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $431M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.93×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $0 vs $232M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (9-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.40/share (latest year $0.58), the averaged base the calculator's gate runs on, and book value is $11.41/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 3 of 9

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 5 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −39% → −3% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −39% early to −3% lately, median −15% — pricing power intact or improving.
Reinvestment, incremental ROIC 16%

What this means
Every extra dollar the business reinvested came back at a high incremental return — the lens GBM read for a moat that reinvests rather than merely harvests. The record and the 10-K are where you check whether the rate holds.
Worst year 2018 · −48.3% op. margin

What this means
Operations went underwater in 2018, understand why before trusting the good years.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$481M

Cash & short-term investments$243M
Other current assets$238M

Current liabilities$249M

Other current liabilities$249M

Current ratio1.93×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.93×stricter: inventory excluded

Cash ratio0.98×strictest: cash alone against what's due

Working capital$232Mthe cushion left after near-term bills

Deeper floors

Tangible book value$249Mequity stripped of goodwill & intangibles

Net current asset value$208MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$3M$3M of it operating leases

Deferred revenue$19Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated $285M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$12M · 4%
Buybacks$133M · 46%
Retained (debt / cash)$141M · 49%

Returned to owners$133M
48% of the owner earnings the business produced over the span, $0 as dividends and $133M as buybacks.
Average price paid for buybacks—
Buybacks ran $133M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count89.3%
The diluted count rose from 19M to 36M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 9-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$163M24% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity31%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$0over 9 years buying other businesses, against $12M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.

Peers, Commercial Services & Supplies

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
HQYHealthEquity	$1.3B	60%	14.0%	5%	24%
GETYGetty Images Holdings Inc.	$981M	73%	19.2%	—	10%
PRTHPriority Technology Holdings Inc.	$953M	30%	8.0%	16%	6%
NUTXNutex Health Inc.	$875M	39%	-12.8%	-182%	10%
EEXEmerald Holding Inc.	$463M	71%	7.0%	3%	23%
FVRRFiverr International Ltd.	$431M	82%	-15.2%	-13%	9%
RMNIRimini Street Inc. (DE)	$422M	62%	8.3%	—	8%
RPAYRepay Holdings Corporation	$309M	76%	-20.6%	-4%	24%
Group median	—	67%	7.5%	-0%	10%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Fiverr International Ltd.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Fiverr International Ltd. has delivered.

Fiverr International Ltd.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Fiverr International Ltd. earns about $37M on its 8.6% median owner-earnings margin. This year’s 24.1% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($37M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+30%/yr

Owner-earnings growth · since FY2020+47%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $104M on 36M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $243M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh FVRR against another business →

Cite: Owner Scorecard, "Fiverr International Ltd. (FVRR), the owner's record," https://ownerscorecard.com/c/FVRR, data as of 2026-07-09.

Manual order: ← FUTU its page in the Manual GAMB →

Industry order: ← FTDR the Commercial Services & Supplies chapter GEO →