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ZYBERNO

Stock Report

Updated Jun 12, 2026

Semrush Holdings, Inc. (SEMR)

Technology • NYSE

$12.00

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

50.0/100

AVERAGE BUSINESS

Semrush Holdings, Inc. (SEMR) scores 50/100 — decent metrics but limited evidence of durable competitive advantage.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full SEMR quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

-100.0%

Overvalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

-37.8%

5-year annualised assuming price converges to intrinsic value

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full SEMR valuation analysis · → View full SEMR Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-6.6%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.09x)

Operating Margin (Operational Efficiency):CRITICAL (-5.1%)

Return on Capital (Capital Efficiency):CRITICAL (-43.6%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Semrush Holdings, Inc. (SEMR) stock report — Zyberno Score 50/100 (AVERAGE BUSINESS), Margin of Safety -100.0%, -38% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, Semrush Holdings, Inc. (SEMR) trades at $12.00 against an estimated intrinsic value per share of $2.04 — a -100.0% Margin of Safety based on Owner Earnings of $57.79M TTM, projected at -11.4% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of -37.8% annually.

Over the trailing twelve months, SEMR generated $57.79M in Owner Earnings. Capital was deployed as follows: $1.79M invested in capital expenditures. Reinvestment rate: 38.0%. Owner Earnings have declined at 11.4% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:12.00

Market Cap:$1.78B

Valuation Multiples (3)

P/B Ratio:6.13x

P/S Ratio:4.02x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$1.53B

Pfcf Ratio:30.84x

B. Profitability Assessment

Return Metrics (5)

ROE:

-6.6%

📊 Click to view full SEMR ROE analysis →

ROA:-4.3%

Roic:

-43.6%

📊 Click to view full SEMR ROIC analysis →

Reinvestment Rate:38.0%

Fundamental Growth Rate (g):-16.6%

Margin Analysis (3)

Operating Margin Ttm:-5.1%

Net Margin Ttm:-4.3%

Ebitda Margin:-2.1%

TTM Performance (3)

Gross Margin Ttm:80.5%

Operating Margin Ttm:-5.1%

Net Margin Ttm:-4.3%

Yield Metrics (3)

Earnings Yield:-$1.08

Owner Earnings Yield:$3.24

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-1.94

📊 Click to view full SEMR Earnings Surprise analysis →

EPS Surprise vs Expected:-387.2%

Latest Earnings Filed:2026-03-02

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):20.8%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-50.0%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-11.3%

Operating Cash Flow Growth Rate (Linear):2.6%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-42.2%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.11x

Quick Ratio:2.11x

Cash Ratio:1.72x

Leverage Analysis (3)

Debt To Equity Ttm:0.09x

Debt-to-Equity Ratio:0.09x

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:170,796,000.00

Cash And Cash Equivalents:264,280,000.00

Long Term Debt:$7.13M

Net Debt:-$251.74M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $443.64M

Linear Growth: 20.8%

📊 Click to view full SEMR Revenue analysis & methodology →

Cost Of Revenue Ttm:$86.31M

Profitability Breakdown (2)

Gross profit TTM: $357.34M

Linear Growth: 20.7%

📊 Click to view full SEMR Gross Profit analysis & methodology →

Operating income TTM: -$22.81M

Linear Growth: -42.2%

📊 Click to view full SEMR Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$18.96M

Linear Growth: -50.0%

📊 Click to view full SEMR Net Income analysis & methodology →

Income Before Tax:-$10.10M

Ebitda Ttm:-9,383,000.00

Operating Expenses (5)

Operating Expenses:380,148,000.00

R And D Expense:97,170,000.00

Sga Expense:106,385,000.00

Income Tax Expense:$9.40M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:82.6%

Sga To Revenue Percentage:90.4%

Ebitda Margin:-2.1%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$454.14M

Current Assets:$324.85M

Ppe Net:0.00

Goodwill:60,123,000.00

Intangible Assets:$40.74M

Liability Structure (4)

Total Liabilities:163,141,000.00

Current Liabilities:154,050,000.00

Long Term Debt:$7.13M

Short Term Debt:$5.41M

Equity & Capital (3)

Equity:$291.00M

Retained Earnings:-$82.72M

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:26,489,000.00

Inventory:0.00

Accounts Payable:23,797,000.00

Special Items (2)

Contract Liabilities:93,187,000.00

Stock Based Compensation:17,103,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $59.58M

Linear Growth: 2.6%

Free cash flow TTM: $57.79M

Linear Growth: -11.3%

📊 Click to view full SEMR Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$175.10M

Capital Expenditures Ttm:1,793,000.00

Financing Activities (3)

Financing Cash Flow:-$5.94M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:13,429,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.13

Eps diluted TTM: -$0.13

Linear Growth: -45.9%

📊 Click to view full SEMR EPS analysis & methodology →

Earnings Per Share Ttm:-$0.13

Revenue & Cash Per Share (3)

Sales Per Share Ttm:2.99

Operating Cash Flow Per Share:$0.40

Fcf Per Share Ttm:0.39

Book Value & Capital (2)

Book Value Per Share:$1.96

Cash Per Share:1.78

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.02x

Working Capital Turnover Ttm:2.60x

Receivables Management (2)

Receivables Turnover Ttm:16.75x

Days Sales Outstanding Ttm:21.79

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:100.64

Cash Conversion Cycle:-1,077.85

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:55.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $57.79M

Linear Growth: -11.4%

📊 Click to view full SEMR Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.39

Owner Earnings Yield:$3.24

Growth Assessment (1)

Owner Earnings Growth Rate:-$11.37

Damodaran Growth Analysis (2)

Reinvestment Rate:38.0%

Fundamental Growth Rate (g):-16.6%

Intrinsic Value Models (1)

Intrinsic Value:

$303.21M

📊 Click to view full SEMR DCF valuation →

Margin of Safety (1)

Margin Of Safety:

-100.0%

📊 Click to view full SEMR valuation analysis →

Return Scenarios (1)

Theoretical 5-Year Return:

-37.8%

📊 Click to view full SEMR expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):20.8%

Net Income Growth Rate (Linear):-50.0%

Operating Income Growth Rate (Linear):-42.2%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-11.3%

Operating Cash Flow Growth Rate (Linear):2.6%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):20.7%

Book Value Growth Rate (Linear):13.3%

Owner Earnings Growth Rate:-$11.37

C. Company Profile & Context

Corporate Information (6)

Symbol:SEMR

Company Name:Semrush Holdings, Inc.

Sector:Technology

Industry:Software

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:148.54M

Shares Outstanding Basic:148.54M

Shares Outstanding Diluted:148.54M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-12 14:11:47 UTC

Data Timestamp:2026-06-02T07:13:27.591685