Fiverr International Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Fiverr International Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	52.1	75.5	107	190	298	337	361	391	431
Cost of revenue	13.4	15.6	22.2	33.2	51.7	65.9	61.8	70.6	79.4
Gross profit	38.8	59.9	84.8	156	246	271	300	321	351
Research and development	16.1	26	34.5	45.7	79.3	92.6	90.7	90.2	90.7
Selling and marketing	33.8	49.7	62.8	94.4	159	175	161	172	177
General and administrative	8.43	20.6	22.4	28	52.6	51.2	62.7	74.8	85.3
Operating expenses	58.3	96.4	120	168	291	346	315	337	353
Operating income	-19.5	-36.5	-34.8	-11.8	-45.3	-74.5	-15.1	-15.8	-1.18
Interest expense				4.04	20	2.53	2.54	2.56	2.14
Pre-tax income	-19	-36.1	-33.4	-14.6	-64.9	-70.9	5.05	11.9	23.4
Income tax	0.29		0.16	0.2	0.16	0.58	1.37	-6.36	2.43
Net income	-19.3	-36.1	-33.5	-14.8	-65	-71.5	3.68	18.2	21
EBITDA	-18.4	-34.2	-31.2	-7.47	-38.5	-64.3	-9.12	-5.34	13.5
EPS, basic	-3.04	-5.42	-1.67	-0.46	-1.81	-1.94	0.10	0.49	0.58
EPS, diluted	-3.04	-5.42	-1.67	-0.46	-1.81	-1.94	0.09	0.48	0.56
Shares, basic (weighted)	6.36	6.65	20.5	32.3	36	36.9	38.1	37	36.3
Shares, diluted (weighted)	6.36	6.65	20.5	32.3	36	36.9	39.2	37.8	37.2

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	27.9	56	24.2	268	71.2	86.8	184	133	125
Short-term investments			88.6	129	118	241	148	289	118
Other current assets							1.57	2.06	2.04
Total current assets		96.8	187	591	468	625	594	756	481
Property, plant and equipment		5.14	5.32	6.27	6.56	5.66	4.74	4.27	3.36
Lease right-of-use assets				15.6	11.7	9.08	6.72	5.12	3.51
Goodwill		1.38	11.2	11.2	77.3	77.3	77.3	110	126
Intangible assets		4.07	7.19	5.88	49.2	14.8	10.7	41.9	36.6
Long-term investments			21.8	228	318	190	328	122	0
Other non-current assets		0.46	0.52	0.42	1.06	1.97	1.35	7.87	7.8
Total assets		111	236	861	932	924	1,024	1,070	685
Accounts payable		3.36	3.75	3.62	8.7	8.63	5.49	5.53	9.08
Deferred revenue		0	3.25	5.96	12.1	11.4	11	20.1	18.6
Short-term debt		0.45	0.5	0.56	2.27	0
Total current liabilities		53.8	81.9	146	189	197	205	685	249
Long-term debt		2.79	2.54	2.15	0
Lease liabilities				13.9	10.5	6.65	4.48	2.75	0.8
Other non-current liabilities			0.64	0.38	0.84	1.56	2.62	19.6	22.9
Total liabilities		57.1	87.6	516	585	658	668	707	273
Total debt		3.24	3.04	2.71	2.27	0
Paid-in capital			306	517	586	566	641	727	786
Retained earnings		-124	-158	-173	-238	-288	-284	-366	-378
Other comprehensive income		-0.6	0.24	0.53	-1.1	-12.1	-0.71	1.67	3.53
Shareholders' equity	23.1	54	149	345	347	266	356	363	412
Total equity	23.1	54	149	345	347	266	356	363	412
Total liabilities and equity		111	236	861	932	924	1,024	1,070	685
Shares outstanding		7.06	31.9	35.8	36.8	37.5	38.7	35.8	36.1

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-19.3	-36.1	-33.5	-14.8	-65	-71.5	3.68	18.2	21
Depreciation and amortization	1.09	2.25	3.57	4.34	6.88	10.2	5.99	10.5	14.7
Stock-based compensation	1.4	11.6	8.9	15.8	55.4	71.8	68.7	73.9	51.4
Deferred income tax						0	0	-16.6	-5.31
Change in payables	2.43	1.94	9.08	10.5	1.68	3.99	8.23	7.97	2.48
Cash from operations	-5.26	-51.7	-13.9	17.1	38	30.1	83.2	83.1	105
Capital expenditures	-2.2	-0.77	-1.02	-2.09	-1.68	-1.2	-1.05	-1.3	-0.65
Acquisitions		-2.68	-9.97	0	-97.1	0	0	-39.7	-20.1
Purchases of investments			-214	-431	-282	-142	-309	-87.3	-55.7
Sales and maturities of investments			105	183	194	131	273	159	352
Cash from investing	5.08	26.1	-136	-326	-229	-14.6	9.78	-28.8	379
Debt issued	1.3
Debt repaid	-0.44	-0.42	-0.47	-0.52	-0.57	-2.27	0	0	0
Stock issued	0.4	1.24	0.77	9.19	8.29	3.77	2.77	3.35	3.37
Share buybacks						0	0	-100	-32.5
Cash from financing	1.25	53.9	118	552	-2.4	-1.64	2.85	-104	-492
Exchange rate effect	0.63	-0.19	0.25	1.27	-0.13	-0.03	-0.03	-0.23	0.34
Net change in cash	1.7	28.1	-31.8	244	-194	13.8	95.8	-50.2	-8.26
Free cash flow	-7.46	-52.4	-15	15	36.4	28.9	82.1	81.8	104
Interest paid	0.16	0.15	0.13	0.12	0.11	0.25	0.15	0.12	0.21
Income taxes paid	0.31	0.15	0.04	0	0.08	0.24	0.59	5.73	7.89

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $8.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	81.6%	Gross profit / revenue.
Operating margin	-0.3%	Operating income / revenue.
EBITDA margin	3.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.4%	Pre-tax income / revenue.
Net margin	4.9%	Net income / revenue.
FCF margin	24.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.3%	Cash from operations / revenue.
Effective tax rate	10.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.4%	Net income / average total assets.
Return on invested capital (ROIC)	-0.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	21.0%	Research and development expense / revenue.
Stock-based pay / revenue	11.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	15.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	16.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	25.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	51.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	43.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	27.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	53.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	47.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-36.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.93x	Current assets / current liabilities.
Quick ratio	0.98x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.98x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	39.8%	Total liabilities / total assets.
Interest coverage	-0.55x	Operating income / interest expense.
Working capital	$231.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	23.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$249.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.49x	Revenue / average total assets.
Fixed asset turnover	113x	Revenue / average property, plant and equipment.
Days payables	34 days	365 x average accounts payable / cost of revenue.
FCF conversion	495.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.58	Net income per basic share, as reported (split-adjusted).
Revenue per share	$11.59	Revenue / diluted weighted shares.
FCF per share	$2.80	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.81	Cash from operations / diluted weighted shares.
Book value per share	$11.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.90	Tangible book value / shares outstanding.
Cash per share	$6.73	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	31.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$307.4M	Share price x shares outstanding.
Enterprise value	$64.5M	Market cap + total debt - cash - short-term investments.
P/E	14.6x	Market cap / net income. Only when net income is positive.
P/S	0.71x	Market cap / revenue.
P/B	0.75x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.23x	Market cap / tangible book value, when positive.
P/FCF	2.96x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.94x	Market cap / cash from operations, when positive.
EV/Sales	0.15x	Enterprise value / revenue.
EV/EBITDA	4.77x	Enterprise value / EBITDA, when both are positive.
EV/FCF	0.62x	Enterprise value / free cash flow, when both are positive.
FCF yield	33.8%	Free cash flow / market cap.
Earnings yield	6.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	10.6%	(Dividends paid + share buybacks) / market cap.

What was Fiverr International Ltd.'s revenue in fiscal 2025?

Fiverr International Ltd. reported revenue of $430.9M for fiscal 2025, 10.1% higher than the year before.

Was Fiverr International Ltd. profitable in fiscal 2025?

Yes. Net income was $21.0M, a net margin of 4.9%.

How much free cash flow did Fiverr International Ltd. generate in fiscal 2025?

Cash from operations of $104.6M minus capital expenditures of $647.0K left free cash flow of $103.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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