Fiverr International Ltd. (FVRR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · General / Diversified · as of Jun 28, 2026
Fiverr International Ltd. (FVRR)
A forensic read on Fiverr International Ltd. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.0
Altman Z-score
Clean
Earnings quality
4
Forensic signals
13.9
P / E (ttm)
7.0%
ROE
$400M
Market cap
Fiverr International Ltd. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 2.0, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+22.3%Accruals ratio.Net operating assets grew +22.3% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -32% of net operating assets.
-0%Return on invested capital.Return on invested capital is -0% and rising from -9% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
12% of revStock-based comp load.Stock-based compensation ran 12% of revenue and 49% of free cash flow in FY2025 — about $1.38 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
+0.3%/yrShare-count dilution.Diluted share count changed +1% over the last 3 years to FY2025 (+0.3%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin4.9%
Debt / Equity0.00x
Free Cash Flow$103.9M
Latest Revenue$430.9M
Return on Equity5.1%
Revenue Growth YoY+10.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Fiverr International Ltd.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about FVRR's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown