Services-Prepackaged SoftwareIFRS · EUR

SEMrush Holdings, Inc.

SEMrush Holdings, Inc. is a U.S.-based software company that provides an online visibility management SaaS platform for digital marketing teams. Its products help customers research search demand, improve organic and paid visibility, manage social and local marketing, and measure how content performs across channels.

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Revenue444m EUR
+17.7 %y/y
Operating profit (EBIT)-22.8m EUR
−374.6 %y/y
EBIT margin-5.1%
−7.3 ppy/y
Net income-19.0m EUR
−330.2 %y/y
Free cash flow57.8m EUR
+33.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300400500m EUR2020: 125 m EUR2020: EBIT -6.1 m EUR20202021: 188 m EUR2021: EBIT -2.5 m EUR20212022: 254 m EUR2022: EBIT -36 m EUR20222023: 308 m EUR2023: EBIT -7.7 m EUR20232024: 377 m EUR2024: EBIT 8.3 m EUR20242025: 444 m EUR2025: EBIT -23 m EUR2025444-23
RevenueOperating profit (EBIT)
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Business

Share of revenue
Core subscription platform85 %

Subscription access to the Semrush online visibility management platform and related support.

Enterprise and advanced products10 %

Higher-tier tools and add-ons for larger teams, agencies, and sophisticated SMB users.

Education and brand ecosystem5 %

Semrush Academy and other non-core offerings that support adoption and customer engagement.

Customers

Customers are businesses that need to attract traffic, analyze demand, and improve visibility across search and other digital channels. The base spans freelancers, SMBs, agencies, and enterprise marketing teams, with heavier usage among customers that manage multiple campaigns or need deeper analytics. Buyers typically start with self-service subscriptions and expand into higher tiers, add-ons, or sales-assisted packages as usage grows.

Freelancers and entry-level users

Buy low-friction subscriptions for basic SEO and visibility tasks; important for top-of-funnel adoption.

SMBs

Purchase self-service plans to manage search, content, and paid media performance.

Agencies

Use the platform to serve multiple clients across SEO, paid, social, and reporting workflows.

Mid-market and enterprise marketing teams

Buy advanced features, add-ons, and sales-assisted packages for broader deployment.

Strategy

SEMrush’s strategy centers on expanding its unified visibility platform across SEO, AI search, paid media, social, local, brand, and content workflows. It aims to win new customers through self-service onboarding and education, then increase monetization through higher-tier products, add-ons, and enterprise offerings. Product innovation and data depth are central to its positioning because the platform’s value rises as it connects more marketing channels in one system.

Expand the unified visibility platformMedium term

A broader product suite increases customer stickiness and raises account value.

Increase monetization from existing customersShort term

The installed base can buy more features, licenses, and higher-tier plans over time.

Strengthen brand and demand generationShort term

Education and affiliate channels lower acquisition friction and support efficient growth.

Geography

SEMrush sells its software globally, with revenue generated across many countries and a large share coming from the United States and the United Kingdom. The company operates as a single reportable segment, so geography mainly reflects customer location and demand concentration rather than separate operating businesses. Its international customer base makes it exposed to regional marketing budgets, currency effects, and differences in digital advertising behavior.

Risks

The business depends on continued demand for digital marketing software and on customers renewing and expanding subscriptions, so churn or budget pressure can quickly affect growth. It also faces competition from broader marketing platforms and from changes in search behavior, including AI-driven discovery, which can alter how customers value SEO tools. As a global SaaS business, it is exposed to foreign exchange, tax complexity, and the risk that product investments do not translate into sustained adoption.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on subscription renewals and expansion1Shifts in search and AI discovery behavior2Competitive pressure in marketing software3Foreign exchange and international operating exposure4Transaction and integration uncertainty5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dependence on subscription renewals and expansionImpact: HighLikelihood: Medium

    Revenue comes mainly from recurring SaaS subscriptions, so churn or downgrades reduce growth.

    Exposure: Freelancers and lower-end SMB users

  2. Shifts in search and AI discovery behaviorImpact: HighLikelihood: Medium

    The platform is tied to search visibility, so changes in how users find content can alter product demand.

    Exposure: SEO and AI optimization tools

  3. Competitive pressure in marketing softwareImpact: MediumLikelihood: Medium

    Customers can switch to broader suites or point solutions if Semrush does not keep product depth high.

    ExposureAgenciesSMBsEnterprise teams
  4. Foreign exchange and international operating exposureImpact: MediumLikelihood: Medium

    Global sales and foreign subsidiaries can create volatility in reported results and tax outcomes.

    ExposureUnited StatesUnited KingdomOther international markets
  5. Transaction and integration uncertaintyImpact: MediumLikelihood: Medium

    A pending acquisition can create execution risk and distract management if closing is delayed or fails.

    Exposure: Corporate-level

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Accounting

Judgemental items
Subscription revenue recognition

Revenue is recognized ratably, so billing timing and contract duration affect reported revenue timing.

Impact: Quarterly comparability and deferred revenue

Stock-based compensation

Equity awards are a recurring non-cash expense that can materially affect operating results.

Impact: Operating margin and net income

Amortization of acquired intangibles

Acquired technology and customer relationships create amortization expense after acquisitions.

Impact: Operating income and non-GAAP adjustments

Capitalized research and development costs

R&D capitalization changes the timing of expense recognition and can affect current tax provision.

Impact: Operating expenses and income taxes

Valuation allowance on deferred tax assets

A valuation allowance can limit recognition of deferred tax benefits and increase tax volatility.

Impact: Income tax expense

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Last updated: 24/09/2026

SEMrush Holdings, Inc. – Services-Prepackaged Software | Financial Analysis – Clarifo