Fiverr International Ltd.
FVRRdata completeness 88%9 fiscal years on fileFiverr International Ltd. earns about -5% on invested capital, below its ~9% cost of capital, but has diluted owners by 3% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.03 and $135.14 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $297.7M1 | $337.4M2 | $361.4M3 | $391.5M3 | $430.9M3 |
| Net income | −$65M4 | −$71.5M5 | $3.68M6 | $18.2M6 | $21M6 |
| Operating cash flow | $38M7 | $30.1M8 | $83.2M9 | $83.1M9 | $104.6M9 |
| Capital expenditure | $1.68M10 | $1.2M11 | $1.05M12 | $1.3M12 | $647,00012 |
| Free cash flow (derived) | $36.4M7 | $28.9M8 | $82.1M9 | $81.8M9 | $103.9M9 |
| Total debt | $2.27M13 | $014 | — | — | — |
| Cash & equivalents | $71.2M15 | $86.8M16 | $183.7M16 | $133.5M17 | $125.2M17 |
| Diluted shares | 36.0M | 36.9M | 39.2M | 37.8M | 37.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $110.82 of net worth that earned you $5.64 and generated $27.96 of cash last year.
It earned about -5% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.03 and $135.14 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$82.1M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$82.1M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$3.68M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $34.94 |
| Base | 20.0% | $75.4 |
| Bull | 20.0% | $75.4 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000697 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000559 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000858 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000697 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000559 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000858 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000697 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000559 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000858 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000697 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000559 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000858 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001178913-22-000725 (LongTermDebtNoncurrent)
- 20-F · period ending 2022-12-31 · accession 0001178913-23-001230 (LongTermDebtCurrent)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-000697 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000559 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001178913-26-000858 (CashAndCashEquivalentsAtCarryingValue)