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1. Company Snapshot

1.a. Company Description

Fiverr International Ltd.operates an online marketplace worldwide.Its platform enables sellers to sell their services and buyers to buy them.


The company's platform includes approximately 550 categories in nine verticals, including graphic and design, digital marketing, writing and translation, video and animation, music and audio, programming and technology, business, data, and lifestyle.It also offers Fiverr Workspace, which provides freelancers a software solution to manage invoicing, contracts, time tracking, and organizing workflow; Fiverr Learn and CreativeLive that offers learning and development offerings for freelancers; ClearVoice, a subscription based content marketing platform; and Stoke Talent, a freelancer management system.In addition, the company provides back office and creative talent platforms.


Its buyers include businesses of various sizes, as well as sellers comprise a group of freelancers and small businesses.The company was incorporated in 2010 and is headquartered in Tel Aviv-Yafo, Israel.

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1.b. Last Insights on FVRR

Fiverr International Ltd.'s recent performance has been impacted by a shrinking buyer base, which likely weighed on its Q3 results. Despite beating Q3 earnings estimates with $0.77 per share, profitability remains tight. The company's refocusing effort, including job cuts, may be a response to these challenges. Analysts' price targets suggest a potential upside, with a 26.93% to 33.19% increase, according to BTIG and other sources. The company's Q3 performance was driven by AI-driven demand and Pro Services growth.

1.c. Company Highlights

2. Fiverr's Q3 2025 Earnings: A Strong Performance Across the Board

Fiverr's third quarter 2025 earnings report revealed a robust financial performance, with revenue growing 8% year-over-year to $107.9 million. The company's adjusted EBITDA margin reached a record high of 22%, demonstrating its ability to maintain a healthy bottom line. Earnings per share (EPS) came in at $0.77, beating analyst estimates of $0.7. This strong performance was driven by a 12% year-over-year increase in spend per buyer, fueled by upmarket expansion and AI enablement.

Publication Date: Nov -24

📋 Highlights
  • Revenue Growth & EBITDA Margin:: Q3 revenue rose 8% YoY to $107.9M, with adjusted EBITDA margin hitting a record 22%.
  • Spend Per Buyer Increase:: Upmarket expansion and AI integration drove 12% YoY growth in spend per buyer.
  • Dynamic Matching GMV Surge:: GMV grew 22% YoY, with 15% of job briefs exceeding $1K budgets and an average order value of $2.2K.
  • Managed Services Expansion:: GMV rose 65% YoY, with average service size reaching $17K, reflecting higher-value service adoption.
  • AI-Driven Strategic Shift:: Revenue guidance for 2025 is $428–436M (9–11% growth), with adjusted EBITDA projected at $88–93M (21% margin at midpoint), underpinned by AI investments and category growth in tech, design, and video/animation.

Revenue Growth and Segment Performance

Dynamic Matching GMV grew 22% year-over-year, with 15% of job briefs having a budget of over $1,000 and an average order value of $2,200. Managed Services GMV saw a significant 65% year-over-year growth, with average product size reaching $17,000. These figures highlight Fiverr's successful shift towards higher-value jobs and its growing presence in the managed services segment.

AI-Driven Strategy and Future Outlook

Fiverr's CEO, Micha Kaufman, emphasized the company's evolution into an AI-first company, with a focus on strengthening go-to-market execution, building an AI-powered buyer experience, and evolving matching technology. The company is doubling down on AI-related categories and launching tailored AI solutions to expand its go-to-market channels. According to Kaufman, "these products grow faster than average and drive the company to change direction and go back to growth."

Valuation and Growth Expectations

With a P/E Ratio of 40.66 and an EV/EBITDA of 76.01, Fiverr's valuation suggests that the market has high expectations for the company's future growth. Analysts estimate revenue growth of 5.6% for next year. Given the company's strong performance in Q3 2025 and its AI-driven strategy, it remains to be seen whether Fiverr can meet these expectations. The company's Free Cash Flow Yield of 12.3% is a positive indicator, but the Net Debt / EBITDA ratio of 12.63 raises concerns about its debt levels.

Conclusion on Growth Prospects

The growth in transactions over $200 and $1,000, which are growing double-digit and in the 20s year-over-year, respectively, is a positive sign. As Fiverr continues to invest in talent, infrastructure, and marketplace experience, its transformation into an AI-first company is likely to drive growth and improve profitability. However, the market's expectations are high, and the company's ability to deliver on its promises will be closely watched.

3. NewsRoom

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How Much Upside is Left in Fiverr (FVRR)? Wall Street Analysts Think 48.58%

Dec -04

Source: zacks.com

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Freelance Economy Grows Amid Workforce and Economic Volatility, Expanding Across Every Major U.S. City

Dec -03

Source: globenewswire.com

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Down 35% in 2025: Should You Buy This Undervalued Growth Stock?

Dec -02

Source: fool.com

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Boston Partners Boosts Stake in Fiverr International $FVRR

Dec -01

Source: defenseworld.net

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First Look: CME outage, Black Friday shifts, AI job impact

Nov -28

Source: gurufocus.com

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Prediction: Fiverr Stock Will Surge as AI Adoption Becomes the New Gig

Nov -22

Source: fool.com

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Fiverr: You're Still Early In This Under The Radar AI Winner

Nov -17

Source: seekingalpha.com

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Can Fiverr (FVRR) Climb 42.86% to Reach the Level Wall Street Analysts Expect?

Nov -14

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.00%)

6. Segments

Online Marketplace

Expected Growth: 10.0%

Fiverr's 10.0% growth is driven by increasing adoption of freelance services, expansion into new categories, and rising demand for digital transformation. The platform's focus on AI-powered matchmaking, enhanced user experience, and strategic partnerships also contribute to its growth. Additionally, the shift towards remote work and the growing need for specialized skills fuel the demand for Fiverr's services.

7. Detailed Products

Digital Marketing Services

Fiverr offers a range of digital marketing services, including SEO, social media management, and content creation, to help businesses improve their online presence.

Graphic and Design Services

Fiverr provides a platform for freelancers to offer graphic design, logo creation, and visual design services to clients.

Writing and Translation Services

Fiverr offers writing, translation, and editing services, including content writing, copywriting, and proofreading.

Programming and Tech Services

Fiverr provides a platform for freelancers to offer programming, web development, and tech services, including website building and maintenance.

Video and Animation Services

Fiverr offers video creation, animation, and editing services, including explainer videos, whiteboard animations, and motion graphics.

Music and Audio Services

Fiverr provides a platform for freelancers to offer music composition, audio editing, and voiceover services.

Business Services

Fiverr offers business services, including virtual assistance, data entry, and customer service.

8. Fiverr International Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Fiverr's services can be substituted with other freelance platforms, but the company's strong brand recognition and large pool of skilled freelancers make it difficult for substitutes to gain traction.

Bargaining Power Of Customers

Fiverr's customers have some bargaining power due to the availability of alternative freelance platforms, but the company's competitive pricing and wide range of services mitigate this power.

Bargaining Power Of Suppliers

Fiverr's suppliers (freelancers) have limited bargaining power due to the company's large pool of skilled freelancers and the ease of finding alternative suppliers.

Threat Of New Entrants

The threat of new entrants is high due to the relatively low barriers to entry in the freelance platform market, but Fiverr's strong brand recognition and established network of freelancers and customers provide a competitive advantage.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of established competitors such as Upwork and Freelancer, but Fiverr's focus on digital marketing and its strong brand recognition help to differentiate it from competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 56.27%
Debt Cost 3.95%
Equity Weight 43.73%
Equity Cost 12.41%
WACC 7.65%
Leverage 128.70%

11. Quality Control: Fiverr International Ltd. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Baltic Classifieds Group

A-Score: 4.9/10

Value: 0.9

Growth: 8.6

Quality: 9.4

Yield: 1.2

Momentum: 4.0

Volatility: 5.3

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New Work

A-Score: 4.4/10

Value: 6.8

Growth: 5.0

Quality: 7.1

Yield: 2.5

Momentum: 4.0

Volatility: 1.0

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Fiverr

A-Score: 3.7/10

Value: 3.4

Growth: 8.4

Quality: 3.8

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

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HomeToGo

A-Score: 3.6/10

Value: 9.0

Growth: 6.3

Quality: 2.5

Yield: 0.0

Momentum: 3.0

Volatility: 1.0

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Perion Network

A-Score: 3.4/10

Value: 7.8

Growth: 1.0

Quality: 2.6

Yield: 0.0

Momentum: 7.0

Volatility: 2.0

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Similarweb

A-Score: 3.1/10

Value: 4.8

Growth: 5.2

Quality: 2.9

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

21.54$

Current Price

21.54$

Potential

-0.00%

Expected Cash-Flows