SEMR

MKT CAP:$2B

Semrush Holdings, Inc.

Market Cap

$2B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$11.99+$0.10 (+0.84%)

Apr 23, 2026

Company Details

Semrush Holdings, Inc. develops an online visibility management software-as-a-service platform worldwide. The company enables companies to identify and reach the right audience for their content through the right channels. Its platform enab...

CEO

William R. Wagner

IPO Date

Mar 24, 2021

Website

www.semrush.com

Key Metrics TTM

Revenue

$323M

+20.4% YoY

Net Income

$13M

EPS (Diluted)

$0.09

Free Cash Flow

$19M

Revenue / Share

$2.18

Gross Margin

83.2%

Operating Margin

1.4%

Net Margin

4.0%

FCF Margin

6.0%

P/S

5.6x

P/E

140.3x

Earnings Reports

Q2 2024

May 6, 2026

PENDING

FY 2025

Mar 2, 2026

$444MEPS -$0.13

Q1 2024

May 8, 2024

$86M+21.1%EPS $0.01

FY 2023

Mar 7, 2024

$308M+21.0%EPS $0.01

Q4 2023

Mar 7, 2024

$83M+21.2%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$28M	$21M	-$2M
Q3 20	$32M	$24M	-$755.0K
Q4 20	$36M	$28M	-$2M
Q1 21	$40M	$31M	$2M
Q2 21	$45M	$35M	-$15.0K
Q3 21	$49M	$38M	-$330.0K
Q4 21	$54M	$42M	-$4M
Q1 22	$57M	$46M	-$3M
Q2 22	$63M	$50M	-$8M
Q3 22	$66M	$53M	-$10M
Q4 22	$69M	$57M	-$15M
Q1 23	$71M	$58M	-$11M
Q2 23	$75M	$62M	-$2M
Q3 23	$79M	$66M	$3M
Q4 23	$83M	$70M	$3M
Q1 24	$86M	$71M	$1M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q3 20	—	—
Q4 20	14.5x	—
Q1 21	13.3x	—
Q2 21	11.8x	—
Q3 21	10.6x	—
Q4 21	9.7x	—
Q1 22	8.9x	—
Q2 22	8.2x	—
Q3 22	7.6x	—
Q4 22	7.1x	—
Q1 23	6.8x	—
Q2 23	6.5x	—
Q3 23	6.2x	—
Q4 23	5.9x	1912.3x
Q1 24	5.6x	140.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$400.0K	-$711.0K
Q3 20	$813.0K	$402.0K
Q4 20	$4M	$4M
Q1 21	$9M	$9M
Q2 21	$1M	$320.0K
Q3 21	$9M	$8M
Q4 21	$5M	$3M
Q1 22	$8M	$7M
Q2 22	-$7M	-$10M
Q3 22	-$583.0K	-$2M
Q4 22	-$10M	-$10M
Q1 23	-$4M	-$5M
Q2 23	-$6M	-$9M
Q3 23	$6M	$5M
Q4 23	$12M	$9M
Q1 24	$15M	$14M

Capital Expenditures

Quarter	CapEx
Q2 20	$1M
Q3 20	$411.0K
Q4 20	$496.0K
Q1 21	$289.0K
Q2 21	$732.0K
Q3 21	$970.0K
Q4 21	$2M
Q1 22	$656.0K
Q2 22	$3M
Q3 22	$1M
Q4 22	$651.0K
Q1 23	$1M
Q2 23	$2M
Q3 23	$1M
Q4 23	$3M
Q1 24	$759.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+43.9%	+29.8%
Q2 21	+58.2%	+48.4%
Q3 21	+53.0%	+50.5%
Q4 21	+47.5%	+50.7%
Q1 22	+42.8%	+55.1%
Q2 22	+39.1%	+57.4%
Q3 22	+33.6%	+53.4%
Q4 22	+28.0%	+46.4%
Q1 23	+24.1%	+36.7%
Q2 23	+19.3%	+8.7%
Q3 23	+19.6%	-0.1%
Q4 23	+21.2%	-4.0%
Q1 24	+21.1%	+3.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$209.0K	0.7%
Q3 20	$256.0K	0.8%
Q4 20	$409.0K	1.1%
Q1 21	$593.0K	1.5%
Q2 21	$569.0K	1.3%
Q3 21	$627.0K	1.3%
Q4 21	$953.0K	1.8%
Q1 22	$932.0K	1.6%
Q2 22	$2M	3.5%
Q3 22	$2M	3.0%
Q4 22	$2M	3.3%
Q1 23	$3M	3.9%
Q2 23	$4M	5.0%
Q3 23	$4M	5.3%
Q4 23	$5M	5.5%
Q1 24	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 20	$4M	$7M	$13M
Q3 20	$4M	$7M	$14M
Q4 20	$5M	$10M	$15M
Q1 21	$5M	$8M	$16M
Q2 21	$6M	$11M	$18M
Q3 21	$6M	$11M	$21M
Q4 21	$7M	$13M	$26M
Q1 22	$8M	$14M	$26M
Q2 22	$10M	$14M	$31M
Q3 22	$10M	$17M	$31M
Q4 22	$13M	$17M	$40M
Q1 23	$14M	$19M	$35M
Q2 23	$14M	$19M	$30M
Q3 23	$14M	$19M	$30M
Q4 23	$15M	$18M	$33M
Q1 24	$17M	$18M	$34M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 20	—	-5.8%	—
Q3 20	—	-1.2%	—
Q4 20	—	-2.8%	—
Q1 21	43.9%	4.9%	48.9
Q2 21	58.2%	2.2%	60.3
Q3 21	53.0%	1.3%	54.3
Q4 21	47.5%	-4.7%	42.8
Q1 22	42.8%	-2.0%	40.8
Q2 22	39.1%	-3.2%	35.9
Q3 22	33.6%	-2.9%	30.7
Q4 22	28.0%	-19.5%	8.5
Q1 23	24.1%	-11.7%	12.3
Q2 23	19.3%	-0.5%	18.8
Q3 23	19.6%	5.6%	25.3
Q4 23	21.2%	5.6%	26.8
Q1 24	21.1%	4.3%	25.3

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$260M	$0	$260M
Q2 22	$249M	$0	$249M
Q3 22	$247M	$0	$247M
Q4 22	$80M	$158M	$238M
Q1 23	$57M	$175M	$232M
Q2 23	$24M	$200M	$224M
Q3 23	$41M	$189M	$230M
Q4 23	$59M	$180M	$239M
Q1 24	$41M	$202M	$243M
Q2 24	$70M	$162M	$232M
Q3 24	$45M	$188M	$233M
Q4 24	$49M	$187M	$236M
Q1 25	$65M	$197M	$262M
Q2 25	$54M	$204M	$259M
Q3 25	$81M	$195M	$276M
Q4 25	$264M	$5M	$269M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	124M	0.0%	—
Q3 20	124M	0.0%	—
Q4 20	124M	0.0%	—
Q1 21	131M	+5.5%	+5.5%
Q2 21	135M	+3.0%	+8.7%
Q3 21	136M	+0.3%	+9.0%
Q4 21	138M	+2.0%	+11.1%
Q1 22	141M	+1.8%	+7.2%
Q2 22	141M	+0.2%	+4.2%
Q3 22	141M	+0.2%	+4.1%
Q4 22	142M	+0.2%	+2.3%
Q1 23	142M	+0.1%	+0.6%
Q2 23	142M	+0.4%	+0.8%
Q3 23	146M	+2.8%	+3.6%
Q4 23	147M	+0.4%	+3.8%
Q1 24	148M	+0.6%	+4.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	$129.8K	414
Q1 22	$138.0K	414
Q2 22	$151.2K	414
Q3 22	$158.9K	414
Q4 22	$147.3K	467
Q1 23	$151.8K	467
Q2 23	$159.9K	467
Q3 23	$168.6K	467
Q4 23	$169.8K	491
Q1 24	$174.8K	491

Revenue / Employee