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.

Kysy yhtiöstä
Liikevaihto444milj. EUR
+17,7 %v/v
Liikevoitto (EBIT)−22,8milj. EUR
−374,6 %v/v
EBIT-marginaali−5,1%
−7,3 %-yks.v/v
Nettotulos−19,0milj. EUR
−330,2 %v/v
Vapaa kassavirta57,8milj. EUR
+33,8 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−1000100200300400500milj. EUR2020: 125 milj. EUR2020: EBIT −6,1 milj. EUR20202021: 188 milj. EUR2021: EBIT −2,5 milj. EUR20212022: 254 milj. EUR2022: EBIT −36 milj. EUR20222023: 308 milj. EUR2023: EBIT −7,7 milj. EUR20232024: 377 milj. EUR2024: EBIT 8,3 milj. EUR20242025: 444 milj. EUR2025: EBIT −23 milj. EUR2025444−23
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: SEMrush Holdings, Inc.

Liiketoiminta

Osuus liikevaihdosta
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.

Asiakkaat

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.

Strategia

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 platformKeskipitkä aikaväli

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

Increase monetization from existing customersLyhyt aikaväli

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

Strengthen brand and demand generationLyhyt aikaväli

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

Maantiede

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.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Dependence on subscription renewals and expansion1Shifts in search and AI discovery behavior2Competitive pressure in marketing software3Foreign exchange and international operating exposure4Transaction and integration uncertainty5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Dependence on subscription renewals and expansionVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Freelancers and lower-end SMB users

  2. Shifts in search and AI discovery behaviorVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: SEO and AI optimization tools

  3. Competitive pressure in marketing softwareVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    KohdistuuAgenciesSMBsEnterprise teams
  4. Foreign exchange and international operating exposureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    KohdistuuUnited StatesUnited KingdomOther international markets
  5. Transaction and integration uncertaintyVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    Kohdistuu: Corporate-level

Kysy Clarifolta: SEMrush Holdings, Inc.

Kirjanpito

Harkinnanvaraiset erät
Subscription revenue recognition

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

Vaikutus: Quarterly comparability and deferred revenue

Stock-based compensation

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

Vaikutus: Operating margin and net income

Amortization of acquired intangibles

Acquired technology and customer relationships create amortization expense after acquisitions.

Vaikutus: 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.

Vaikutus: 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.

Vaikutus: Income tax expense

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Päivitetty: 24.9.2026

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