Is Fiverr International Ltd. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Fiverr International Ltd. has moved from attractive to very expensive, indicating a significant shift in its perceived value. The company is currently overvalued, with a P/E ratio of 66, a Price to Book Value of 3.20, and an EV to Sales ratio of 2.53. In comparison, Kyndryl Holdings, Inc. has a much lower P/E of 31.33, while ExlService Holdings, Inc. has an EV to EBITDA ratio of 20.06, both suggesting that Fiverr's valuation metrics are considerably higher than its peers.
The stock has underperformed against the S&P 500 across multiple periods, with a year-to-date return of -31.01% compared to the S&P 500's 13.30%, and a staggering 5-year return of -87.37% versus the S&P 500's 91.29%. This performance reinforces the notion that Fiverr is overvalued in the current market environment.