SEMrush Holdings, Inc. — Earnings Quality Grade C
SEMR · Technology
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 13 days
AR growth 195.8% exceeds revenue growth 17.7%
Revenue 17.7%, CFFO 26.8%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 42.8% is >2x revenue growth 17.7%
SG&A/Gross Profit = 79.2%, exceeds 70%
Gross margin 80.5%, change -2.1pp. Stable
Cash Flow Quality
CFFO/NI = -3.14. Below 1.0
FCF $0.0B, FCF/NI = -2.26
Accruals ratio = -17.3%. Low accruals
Cash $0.3B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 35% of equity
Debt/EBITDA = -1.4x. Healthy
Other assets 7.1% vs revenue 17.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 14% YoY. Normal
Manipulation Score
M-Score = -1.82 (grey zone)
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25