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olivLaw · US equity research

Fiverr International Ltd. FVRR

Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)

8.71USD+5.58% · 1 dayClose 04 Nov 2026

Fiverr International Ltd. runs a digital freelance services marketplace organized around a productized, catalog-style service model. In 2025 revenue grew, and optional value-added services became an important growth engine, while the market for simple services was hit by AI tools.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Fiverr International Ltd. (FVRR) stock was 8.71 USD (+5.58% on the day), with market capitalisation 314.4 m USD, P/E 15.6 on diluted EPS of 0.56 USD over the last 12 months, beta 1.04, 52-week range 8.08–22.40 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
314.4 m USD
shares as of 31 Dec 2025
P/E (TTM)
15.6
Diluted EPS TTM 0.56 · TTM to 31 Dec 2025
E/P (TTM)
6.43%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.04
Volatility (1y) 56%
52-week range
8.0822.40

Price history

Loading chart…

Technical reading

RSI (14)
52.1
neutral
Bollinger (20, 2)
8.09 – 8.98
in the upper half of the band · %B 0.70 · band width 10.4%
SMA 50 / 200
8.75 / 10.55
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.06 / -0.09
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+1.4%−2.0%+3.4 pp—
3 months−7.8%−2.2%−5.7 pp—
6 months−22.6%+4.3%−26.9 pp—
Year to date−55.9%+10.6%−66.5 pp—
1 year−59.7%+10.5%−70.2 pp−3.5%
3 years−60.8%+73.7%−134.5 pp+1.8%
5 years−94.5%+61.7%−156.2 pp—
Max drawdown (1y)
−63.9%
11 Nov 2025 → 28 Oct 2026
Max drawdown (5y)
−95.8%
12 Nov 2021 → 28 Oct 2026
Compound annual growth (5y)
−44.0%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 3-quarter history (min 35.3, median 66.1, max 302.4; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue75.5 m107.1 m189.5 m297.7 m337.4 m361.4 m391.5 m430.9 m
Revenue YoY+44.9%+41.8%+77.0%+57.1%+13.3%+7.1%+8.3%+10.1%
Net income-36.1 m-33.5 m-14.8 m-65.0 m-71.5 m3.7 m18.2 m21.0 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailable+395.7%+15.0%
Diluted EPSunavailableunavailable-0.46-1.81-1.940.090.480.56
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailable+433.3%+16.7%
net %-47.8%-31.3%-7.8%-21.8%-21.2%1.0%4.7%4.9%
Free cash flow-52.4 m-15.0 m15.0 m36.4 m28.9 m82.1 m81.8 m103.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
125.2 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
412.0 m USD
Total assets
684.6 m USD
Debt / equity
unavailable
Current ratio
1.93x
ROE
5.4%
ROA
2.4%
FCF margin
24.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
361.4 m
2024
391.5 m
2025
430.9 m

SEC (XBRL)· 12 Mar 2026verified

Cost of revenue
2023
61.8 m
2024
70.6 m
2025
79.4 m

SEC (XBRL)· 12 Mar 2026verified

Gross profit
2023
299.5 m
2024
320.9 m
2025
351.5 m

SEC (XBRL)· 12 Mar 2026verified

Research & development
2023
90.7 m
2024
90.2 m
2025
90.7 m

SEC (XBRL)· 12 Mar 2026verified

Operating income
2023
-15.1 m
2024
-15.8 m
2025
-1.2 m

SEC (XBRL)· 12 Mar 2026verified

Depreciation & amortisation
2023
6.0 m
2024
10.5 m
2025
14.7 m

SEC (XBRL)· 12 Mar 2026verified

EBITDA
2023
-9.1 m ≈
2024
-5.3 m ≈
2025
13.5 m ≈

SEC (XBRL)· 12 Mar 2026derived

Interest expense
2023
2.5 m
2024
2.6 m
2025
2.1 m

SEC (XBRL)· 12 Mar 2026verified

Pre-tax income
2023
5.1 m
2024
11.9 m
2025
23.4 m

SEC (XBRL)· 12 Mar 2026verified

Income tax
2023
1.4 m
2024
-6.4 m
2025
2.4 m

SEC (XBRL)· 12 Mar 2026verified

Net income
2023
3.7 m
2024
18.2 m
2025
21.0 m

SEC (XBRL)· 12 Mar 2026verified

Diluted EPS
2023
0.09
2024
0.48
2025
0.56

SEC (XBRL)· 12 Mar 2026verified

Weighted average diluted shares
2023
39.2 m
2024
37.8 m
2025
37.2 m

SEC (XBRL)· 12 Mar 2026verified

Balance sheet · USD

Cash
2023
183.7 m
2024
133.5 m
2025
125.2 m

SEC (XBRL)· 12 Mar 2026verified

Current assets
2023
594.5 m
2024
756.1 m
2025
480.6 m

SEC (XBRL)· 12 Mar 2026verified

Property, plant & equipment, net
2023
4.7 m
2024
4.3 m
2025
3.4 m

SEC (XBRL)· 12 Mar 2026verified

Goodwill
2023
77.3 m
2024
110.2 m
2025
126.3 m

SEC (XBRL)· 12 Mar 2026verified

Intangibles (excl. goodwill)
2023
10.7 m
2024
41.9 m
2025
36.6 m

SEC (XBRL)· 12 Mar 2026verified

Total assets
2023
1.0 bn
2024
1.1 bn
2025
684.6 m

SEC (XBRL)· 12 Mar 2026verified

Accounts payable
2023
44.1 m
2024
57.2 m
2025
68.4 m

SEC (XBRL)· 12 Mar 2026verified

Short-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Mar 2023verified

Long-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Feb 2022verified

Current liabilities
2023
205.4 m
2024
684.9 m
2025
248.9 m

SEC (XBRL)· 12 Mar 2026verified

Total liabilities
2023
667.8 m
2024
707.3 m
2025
272.6 m

SEC (XBRL)· 12 Mar 2026verified

Equity
2023
355.8 m †
2024
362.7 m †
2025
412.0 m †

SEC (XBRL)· 12 Mar 2026verified

Shares outstanding at year end
2023
38.7 m
2024
35.8 m
2025
36.1 m

SEC (XBRL)· 12 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
83.2 m
2024
83.1 m
2025
104.6 m

SEC (XBRL)· 12 Mar 2026verified

Capex
2023
1.1 m
2024
1.3 m
2025
647.0 k

SEC (XBRL)· 12 Mar 2026verified

Free cash flow
2023
82.1 m ≈
2024
81.8 m ≈
2025
103.9 m ≈

SEC (XBRL)· 12 Mar 2026derived

Investing cash flow
2023
9.8 m
2024
-28.8 m
2025
378.6 m

SEC (XBRL)· 12 Mar 2026verified

Financing cash flow
2023
2.9 m
2024
-104.2 m
2025
-491.8 m

SEC (XBRL)· 12 Mar 2026verified

Share repurchases
2023
0
2024
100.1 m
2025
32.5 m

SEC (XBRL)· 12 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
10.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
8.5%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
17.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
15.0%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
16.7%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
27.1%
computed by olivLawFY 2025

Profitability

Gross margin
81.6%
computed by olivLawFY 2025
EBITDA margin
3.1%
computed by olivLawFY 2025
EBIT margin
-0.3%
computed by olivLawFY 2025
Net margin
4.9%
computed by olivLawFY 2025
FCF margin
24.1%
computed by olivLawFY 2025

Returns

ROE
5.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
2.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-0.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-0.6x
computed by olivLawFY 2025

Liquidity

Current ratio
1.9x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
104.6 m USD
computed by olivLawFY 2025
Capital expenditure
647.0 k USD
computed by olivLawFY 2025
Free cash flow
103.9 m USD
computed by olivLawFY 2025
FCF conversion
495.4%
computed by olivLawFY 2025
Cash conversion
773.9%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
289 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
314.4 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
15.0x
computed by olivLawFY 2025
P/E (TTM)
15.6x
computed by olivLawFY 2025
Earnings yield
6.4%
computed by olivLawFY 2025
P/B
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
3.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
33.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
10.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 56.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

8.71 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 314.4 m USD

Key indicators

Market capitalisation
314.4 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
15.6x
computed by olivLawFY 2025
P/B
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
5.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
4.9%
computed by olivLawFY 2025
Revenue growth (YoY)
10.1%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 12 Mar 2026
verified 260

Score by group

56% · Insufficient data

Estimated value range

Low
7.83
USD per share
Mid
12.78
USD per share
High
18.96
USD per share
Price: 8.71 USD
The price is within the range
Potential to the central value: 46.7% (value / price − 1)
Margin of safety: 31.8% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.83 – 18.96 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E7.83 – 18.96 (Mid 12.78)
    22 companies used · median multiple 22.8x · quartiles 14.0x – 33.9x
    ACN, AKAM, BR, CPAY, EBAY, ETSY, FICO, FIS, FISV, GRAB, LQDT, MA, MAX, MELI, MSCI, PAY, PYPL, QNST, RBA, RELY, SEZL, UBER
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Services-Business Services, NEC (SIC 7389)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 56.2% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality4.9%31 (vs peers)11%
FCF conversion · Quality495.4%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth8.5%71 (on a fixed band)15%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-0.6x0 (on a fixed band)11%
Current ratio · Balance sheet1.9x94 (on a fixed band)7%
P/E (TTM) · Valuation15.6x71 (vs peers)19%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation33.1%100 (on a fixed band)15%
Shareholder yield (distributions) · Returns10.3%100 (on a fixed band)11%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet38/100 · 2/3 factors with a value
  • Growth· partial71/100 · 1/2 factors with a value
  • Quality65/100 · 2/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation84/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Fiverr International Ltd. (FVRR). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 430.9 m USD in 2025; YoY growth 10.1%; net margin 4.9%; ROE 5.4%.

The estimated value range is 7.83–18.96 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 12.78 USD, the price of 8.71 USD leaves a potential of 46.7% (value / price − 1) and a margin of safety of 31.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 495.4%
  • Revenue CAGR 3Y: 8.5%
  • Current ratio: 1.9x
  • P/E (TTM): 15.6x
  • FCF yield: 33.1%
  • Shareholder yield (distributions): 10.3%

What contradicts it

  • Interest coverage: -0.6x

Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
15.6x
vertical median 25.2x
below median (−38.4%)
EV/EBITDA
—
vertical median 17.2x
P/S
0.7x
vertical median 2.4x
below median (−69.5%)
P/B
0.8x
vertical median 2.5x
below median (−70.0%)
ROE
5.4%
vertical median 16.0%
below median (−66.2%)
Net margin
4.9%
vertical median 10.0%
below median (−51.2%)
EBIT margin
-0.3%
vertical median 9.0%
below median (−103.0%)
Revenue YoY
10.1%
vertical median 9.1%
above median (+10.2%)
Net debt/EBITDA
—
vertical median 1.8x
Dividend yield
—
vertical median 1.1%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
UBERUber Technologies, Inc136.0 bn14.638.4%17.3%+18.3%−24% / +18%
MELIMercadoLibre, Inc.84.3 bn45.227.5%5.3%+39.1%−20% / +3%
EBAYeBay Inc.52.1 bn25.846.6%16.9%+7.9%+43% / +189%
PYPLPayPal Holdings, Inc.48.4 bn11.123.8%13.8%+4.3%−7% / +1%
MSCIMsci Inc.45.7 bn33.9—40.3%+9.7%+13% / +23%
FISVFiserv, Inc.31.1 bn11.210.7%13.4%+3.6%−5% / −55%
CPAYCorpay, Inc26.7 bn24.730.5%22.7%+13.9%+37% / +69%
GPNGlobal Payments Inc.25.9 bn—-4.1%-9.1%−0.4%+29% / −16%
BRBroadridge Financial Solutions, Inc.20.8 bn20.340.2%13.9%+8.5%−19% / −5%
FISFidelity National Information Services, Inc.20.1 bn6.022.3%27.6%+5.4%−41% / −34%
RBARB Global, Inc17.3 bn39.18.8%10.0%+7.2%−5% / +46%
FICOFair Isaac Corp15.6 bn20.9—34.1%+15.9%−60% / −33%
AKAMAkamai Technologies, Inc12.3 bn30.98.9%9.5%+5.4%−4% / −26%
ETSYEtsy, Inc8.3 bn11.4—32.8%+2.7%+77% / +27%
RELYRemitly Global, Inc.5.7 bn19.532.2%16.9%+29.4%+100% / +26%
SEZLSezzle Inc.4.6 bn30.088.9%30.4%+66.1%+121% / +8,110%
TICTIC Solutions, Inc.2.3 bn—-7.1%-5.6%unavailable+10% / unavailable
ACVACopart Inc1.8 bn—-15.1%-7.9%+19.2%+16% / −21%
LQDTLiquidity Services, Inc1.5 bn45.815.0%6.8%+31.2%+56% / +144%
QNSTQuinStreet, Inc.1.1 bn13.828.6%6.3%+18.3%+38% / +54%
CTEVClaritev Corporation367.3 m——-28.5%+3.7%−60% / −58%
FVRRFiverr International Ltd.314.4 m15.65.4%4.9%+10.1%−60% / −61%
POWWOutdoor Holding Company278.4 m70.82.8%12.1%+3.5%+30% / +18%
ZHZhihu Inc.159.4 m—-5.0%-7.1%−20.3%−27% / −38%
RGPResources Connection, Inc.93.7 m—-25.1%-10.7%−18.0%−44% / −80%

1- and 3-year price returns: for FVRR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
5.56
Total return -36% · Per year -36%
9.81
Total return 13% · Per year 13%
14.75
Total return 69% · Per year 69%
3 years
5.84
Total return -33% · Per year -12%
11.55
Total return 33% · Per year 10%
19.00
Total return 118% · Per year 30%
5 years
6.13
Total return -30% · Per year -7%
13.60
Total return 56% · Per year 9%
24.48
Total return 181% · Per year 23%
What moves the 3-year price the most
  • Exit P/E± 2.89
  • Net margin± 2.02
  • Annual revenue growth± 1.60
  • Annual dilution± 0.17

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 12 Mar 2026; since then the company filed 6-K (29 Oct 2026), 6-K (29 Jul 2026), 6-K (29 Apr 2026).

In brief

Fiverr International Ltd. runs a digital freelance services marketplace organized around a productized, catalog-style service model. In 2025 revenue grew, and optional value-added services became an important growth engine, while the market for simple services was hit by AI tools. 1

SWOT

Strengths

  • A loyal buyer base and repeat purchasing give revenue more predictability. 1
  • The optional services segment has grown quickly and diversifies revenue sources. 1
  • The standardized catalog model and matching technology are hard to replicate quickly. 1

Weaknesses

  • The number of active buyers has declined in recent years, weakening network effects. 1
  • The company reported an operating loss in 2025 even though it earned a net profit. 1
  • The core marketplace contracted in 2025, with core revenue declining. 1

Opportunities

  • AI-related and complex high-skilled services could open new revenue categories. 1
  • Adding new languages could drive growth in Western Europe, Asia Pacific and Latin America. 1
  • Larger customers on Fiverr Pro could bring higher spend per account. 1

Threats

  • AI technologies could further reduce demand for simple services. 1
  • Competitors with larger user bases could enter the freelance market directly. 1
  • An economic recession could reduce customer spending and demand for services. 1

Risks

  • Declining user basehigh

    If the number of active buyers keeps falling, network effects and revenue could be affected. 1

  • Competition from AIhigh

    If the platform fails to adapt to AI, demand for simple services could fall significantly. 1

  • Fragile profitabilitymedium

    The company had an operating loss in 2025, and long-term profitability is not assured. 1

  • Macroeconomic conditionsmedium

    A recession or high interest rates could reduce customer budgets and demand for services. 1

  • Competition and brandmedium

    Competitors with more resources could spend more on advertising, which could affect brand recognition. 1

Investment thesis

What would need to be true (bull case)

  • If optional services and premium customers keep growing, revenue per user could rise meaningfully. 1
  • Adapting the platform to complex AI-related services could restore growth in the marketplace. 1
  • The loyal buyer base gives visibility into future revenue. 1

What would break the thesis

  • If demand for simple services keeps falling because of AI, the marketplace could contract further. 1
  • The decline in active users could weaken network effects and the platform's appeal. 1
  • The operating loss in 2025 could be hard to sustain if revenue does not grow. 1

What to watch

  • Trend in annual active buyers2026
  • Growth of services revenue from optional products2026
  • Marketplace GMV trendQ1 2027
  • Results of the transformation program for complex servicesnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 12 Mar 2026; since then the company filed 6-K (29 Oct 2026), 6-K (29 Jul 2026), 6-K (29 Apr 2026).

The business

Fiverr was incorporated in Israel in 2010 and operates an online marketplace where buyers purchase digital services such as design, writing or website development through standardized listings called Gigs, each with a defined scope, duration and price. The company earns revenue from two sources: transaction commissions, reported as marketplace revenue, and optional services such as Fiverr Ads, Seller Plus and AutoDS. In fiscal 2025 total revenue was 430.9 million dollars, of which 133.4 million dollars came from services, or 31% of the total 1. The company also focuses on larger customers through Fiverr Pro, offering a premium catalog and collaboration tools. 1

The business model rests on a large buyer base, which reached 3.1 million annual active buyers at December 31, 2025 1. Annual spend per buyer rose to 342 dollars 1, pointing to a tilt toward customers with larger budgets. The company uses machine learning and user behavior data to personalize the experience and improve matching between buyers and sellers. 1

Sellers are freelancers and agencies from more than 160 countries who list their services without bidding on projects. The company has introduced subscription and advertising tools to raise revenue per user, and optional services now represent a growing share of the business. 1

Segments

Marketplace

Marketplace revenue, the transaction commissions, was 297.5 million dollars in fiscal 2025, down 1.8% year over year 1. Marketplace gross merchandise volume was 1,073.0 million dollars, down 2.2% 1. The take rate edged up to 27.7% 1.

Services

Services revenue, which includes Fiverr Ads, Seller Plus and AutoDS, grew 50.9% in fiscal 2025 to 133.4 million dollars 1. The company says these services could become a larger part of total revenue if the trend holds. 1

Fiverr Pro

Fiverr Pro is the premium segment for larger customers, with collaboration, management and freelancer sourcing tools. The company describes it as part of its strategy to attract larger spending from big organizations. 1

Market context

Fiverr operates in the digital freelance services market, competing with online platforms, staffing agencies and professional service providers. Geographically most revenue comes from the United States, at 205.4 million dollars in fiscal 2025 1, followed by Europe at 120.8 million dollars 1. The company says it aims to deepen its presence in Western Europe, Asia Pacific and Latin America by adding new languages. 1

Demand for simple services is being eroded by AI tools, while demand for complex, high-skilled services has grown. The company also notes weaker sentiment among small and medium-sized businesses, which has reduced hiring. 1

Trends

  • AI adoption in simple servicesmixed

    AI tools reduce demand for simple, low-skilled services on the platform, but they also create new AI-related service categories. If the company adapts successfully, this trend could support revenue from complex services. 1

  • Growth of optional servicestailwind

    Subscriptions and seller advertising have grown quickly, supporting revenue per user and ties with existing customers. 1

  • Weak SMB demandheadwind

    Weak sentiment among small and medium-sized businesses and lower hiring demand have reduced transaction volume on the marketplace. 1

  • Macroeconomic and trade uncertaintyheadwind

    Inflation, high interest rates and uncertain trade policies could reduce customer spending and demand for platform services. 1

Competitive position

Fiverr competes with AI software companies, traditional staffing providers, online freelance platforms, professional networks and professional service firms. Local competitors in each country may have stronger brand recognition and offer services in languages Fiverr does not yet cover. 1

Larger competitors have greater financial and technical resources, can offer comparable solutions at lower prices and spend more on advertising. The company acknowledges that users could shift to other platforms if those offer more value. 1

  • Online freelance platforms

    Platforms offering freelance services across diverse skill categories, in direct competition with the Fiverr marketplace. 1

  • Staffing and contingent workforce providers

    Agencies and staffing firms offering temporary or outsourced workers, traditional alternatives to online freelancers. 1

  • AI software companies

    Providers of AI technologies that can replace simple services offered on the platform. 1

  • Professional networks and recruitment platforms

    Platforms with recruiting functions that could develop freelance services and attract the same users. 1

News & filings

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Fiverr International Ltd. · 12 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.