Fiverr International

FVRR

Internet Content & Information · Communication Services

Price

$11.22

-0.42 (-3.61%)

Market Cap

$403.4M

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+3.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 36.0M (2021) → 37.2M (2025)

Fiverr runs an online marketplace where businesses and individuals can hire freelancers for digital work. Common services include graphic design, writing, video editing, programming, and marketing. Customers are mostly small businesses and entrepreneurs looking for affordable, on-demand help without hiring full-time employees.

Fiverr makes money by taking a cut of each transaction — it charges buyers a service fee and keeps a percentage of what sellers earn. The platform operates globally, with strong usage in the United States, Europe, and Israel, where the company is headquartered. Its main competitive advantage is its large, established network of buyers and sellers, which is hard for newcomers to replicate quickly. The key risk is competition from rivals like Upwork and from AI tools that can now do some of the same tasks — like writing and design — that freelancers on Fiverr have traditionally been paid to handle.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+981.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$91M/ year

→ Flat (+0% vs prior year)

21.0% of revenue

1.8x the sector average (12%)

Steady R&D investment year-over-year

Insider Activity

15.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$139M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Fiverr International's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

81.4%

Premium pricing power — 81.4% gross margin

Operating Margin

8.1%

Modest — 8.1% operating margin

ROCE

2.0%

Weak — 2.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.9%

Slow sales growth (5.9% YoY)

EPS YoY

+57.5%

Earnings growing fast (57.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

361%

Turns 361% of profit into real cash

FCF Margin

24.1%

Converts sales into free cash efficiently (24.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

14.1x

Attractive valuation — P/E 14.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+9.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.1 → 5.1)

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Dividends

Not applicable for this business.

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