Latest Ratios: P/E Ratio -92.3x · EV/EBITDA N/A · ROE -6.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.8B | $1.8B | $2.0B | $1.1B | $2.9B | — | — |
| Enterprise Value | $1.6B | $1.5B | $1.7B | $2.0B | $1.1B | $2.7B | — | — |
| P/E Ratio → | -92.35 | — | 214.83 | 2101.54 | — | — | — | — |
| P/S Ratio | 4.09 | 3.98 | 4.69 | 6.48 | 4.52 | 15.61 | — | — |
| P/B Ratio | 6.13 | 6.07 | 6.64 | 8.89 | 5.75 | 13.01 | — | — |
| P/FCF | 31.41 | 30.56 | 40.94 | 5955.98 | — | 146.85 | — | — |
| P/OCF | 30.46 | 29.64 | 37.63 | 249.84 | — | 123.47 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.41 | 4.60 | 6.34 | 4.25 | 14.17 | — | — |
| EV / EBITDA | — | — | 94.25 | — | — | 2556.79 | — | — |
| EV / EBIT | — | — | 208.46 | — | — | — | — | — |
| EV / FCF | — | 26.21 | 40.10 | 5823.91 | — | 133.36 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.5% | 80.5% | 82.6% | 83.0% | 80.9% | 77.7% | 76.0% | 75.5% |
| Operating Margin | -5.1% | -5.1% | 2.2% | -2.5% | -14.3% | -1.3% | -4.9% | -8.9% |
| Net Profit Margin | -4.3% | -4.3% | 2.2% | 0.3% | -13.3% | -1.7% | -5.6% | -11.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -6.8% | -6.8% | 3.4% | 0.4% | -15.9% | -3.0% | — | — |
| ROA | -4.5% | -4.5% | 2.3% | 0.3% | -11.3% | -1.9% | -13.7% | -21.3% |
| ROIC | -12.7% | -12.7% | 3.0% | -3.7% | -61.6% | — | — | — |
| ROCE | -7.9% | -7.9% | 3.2% | -3.4% | -16.6% | -2.1% | -41.6% | -46.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.05 | 0.07 | 0.06 | — | — | — |
| Debt / EBITDA | — | — | 0.67 | — | — | — | — | — |
| Net Debt / Equity | — | -0.87 | -0.14 | -0.20 | -0.34 | -1.20 | — | — |
| Net Debt / EBITDA | — | — | -1.99 | — | — | -258.80 | — | — |
| Debt / FCF | — | -4.36 | -0.85 | -132.07 | — | -13.50 | -10.20 | -52.58 |
| Interest Coverage | — | — | — | — | — | -4.67 | — | — |
Net cash position: cash ($264M) exceeds total debt ($13M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.11 | 2.11 | 2.42 | 2.81 | 2.90 | 3.96 | 1.02 | 1.49 |
| Quick Ratio | 2.11 | 2.11 | 2.42 | 2.81 | 2.90 | 3.96 | 1.02 | 1.49 |
| Cash Ratio | 1.75 | 1.75 | 2.06 | 2.53 | 2.68 | 3.77 | 0.83 | 1.24 |
| Asset Turnover | — | 0.98 | 0.96 | 0.93 | 0.85 | 0.63 | 2.27 | 1.93 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 21.79 | 8.67 | 9.37 | 5.11 | 4.25 | 4.09 | 7.70 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.5% | 0.0% | — | — | — | — |
| FCF Yield | 3.2% | 3.3% | 2.4% | 0.0% | — | 0.7% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $149M | $149M | $146M | $141M | $141M | $135M | $135M |
S&M efficiency and churn
Based on current market data, Semrush trades at a forward P/E of 30.39 and a P/S of 4.09, suggesting that investors are pricing in a recovery in profitability despite the recent deceleration in top-line growth observed in the company's latest quarterly financial filings.
The valuation appears to reflect a 'middle-child' status, trading at a discount to high-growth peers like HubSpot while commanding a premium over legacy marketing tools. This pricing suggests the market is currently weighing the company's proprietary data moat against the risks of slowing customer acquisition and the potential for margin compression.
As reported in recent financial statements, Semrush's ROIC has trended into negative territory, reaching -7.7% in 2025Q4, which indicates that the company's aggressive reinvestment in sales and marketing is currently failing to generate returns that exceed the cost of capital employed in the business.
The decline from positive ROIC levels in 2024 suggests that the company's capital allocation strategy is prioritizing market share capture over immediate compounding of returns. Investors should monitor whether this trend reverses as the company shifts its focus toward operational efficiency and scaling its high-margin add-on products.
According to quarterly data, Semrush maintains a low asset turnover ratio of 0.26, which, when combined with a DSO that has fluctuated between 8 and 17 days, suggests that the company's operational efficiency is heavily influenced by the timing of its subscription-based billing cycles.
The relatively low asset turnover is characteristic of a software-as-a-service model where the primary assets are intangible, yet it also highlights the need for higher revenue density per user. The variability in DSO warrants further investigation to determine if it reflects shifts in the customer mix toward larger, slower-paying enterprise clients.
Based on reported figures, Semrush maintains a conservative capital structure with a D/E ratio of 0.04, providing a significant liquidity buffer that protects the company from interest rate volatility while it continues to navigate a period of negative GAAP profitability and high operational reinvestment.
The minimal reliance on debt is a structural strength that allows management to prioritize long-term growth without the immediate pressure of debt service obligations. This financial flexibility is critical given the company's current reliance on stock-based compensation to manage its cash flow and talent acquisition costs.
As evidenced by the company's negative TTM P/E of -92.35, the price-to-earnings ratio is a fundamentally flawed metric for evaluating Semrush, as it obscures the company's true earning power by failing to account for significant non-cash stock-based compensation and aggressive growth-related opex.
Investors should instead focus on free cash flow margins and billings growth, which provide a more accurate reflection of the company's underlying operational health. Relying on P/E in this context risks misinterpreting a deliberate investment phase as a permanent lack of profitability.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying SEMR stock.
Semrush Holdings, Inc.'s current P/E ratio is -92.3x. This places it at the 50th percentile of its historical range.
Semrush Holdings, Inc.'s return on equity (ROE) is -6.8%. The historical average is -4.4%.
Based on historical data, Semrush Holdings, Inc. is trading at a P/E of -92.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Semrush Holdings, Inc. has 80.5% gross margin and -5.1% operating margin.