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Commerce.com
(NASDAQ:CMRC)
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Rating:56Neutral
Price Target:
$3.00
▲(2.04% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by improving financial execution (strong revenue acceleration and meaningfully better cash generation) and a relatively supportive earnings outlook (margin expansion and path to GAAP profitability). These positives are tempered by continued balance-sheet leverage and still-mixed earnings durability, while the stock’s technical picture remains weak with price below key moving averages and subdued momentum.
Positive Factors
Revenue growth & high gross margins
Very strong TTM revenue growth combined with high-70% gross margins implies durable unit economics. High gross margins provide operating leverage as sales scale, supporting sustainable margin expansion and a clearer path from operating profitability to sustained GAAP profits over the medium term.
Negative Factors
High balance-sheet leverage
Elevated debt relative to equity increases financial risk and constrains flexibility. Until sustained net profitability and equity build occur, leverage raises refinancing and interest-burden concerns, limiting ability to invest opportunistically or weather revenue volatility without pressuring capital structure.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & high gross margins
Very strong TTM revenue growth combined with high-70% gross margins implies durable unit economics. High gross margins provide operating leverage as sales scale, supporting sustainable margin expansion and a clearer path from operating profitability to sustained GAAP profits over the medium term.
Read all positive factors
Commerce.com Key Performance Indicators (KPIs)
Any
Number of Enterprise Accounts
Tracks the count of enterprise clients, reflecting BigCommerce's success in attracting and retaining large businesses, which can drive significant revenue growth.
Tracks the count of enterprise clients, reflecting BigCommerce's success in attracting and retaining large businesses, which can drive significant revenue growth.
Data provided by:
The Fly
The FlyCommerce.com (CMRC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$259.91M
Dividend YieldN/A
Average Volume (3M)852.99K
Price to Earnings (P/E)―
Beta (1Y)1.51
Revenue Growth3.55%
EPS Growth29.77%
CountryUS
Employees1,161
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.18
Shares Outstanding82,512,245
10 Day Avg. Volume645,206
30 Day Avg. Volume852,986
Financial Highlights & Ratios
PEG Ratio0.55
Price to Book (P/B)8.41
Price to Sales (P/S)0.97
P/FCF Ratio17.59
Enterprise Value/Market Cap1.27
Enterprise Value/Revenue0.96
Enterprise Value/Gross Profit1.23
Enterprise Value/Ebitda39.86
Forecast
1Y Price Target
$5.50Price Target Upside87.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.43
Revenue Forecast (FY)$354.42M
Commerce.com Business Overview & Revenue Model
Company Description
Commerce.com, Inc. delivers a global e-commerce platform via a software-as-a-service (SaaS) model, assisting brands and retailers across the United States, the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. This comprehens...
Commerce.com Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational discipline, milestone first-time GAAP profitability, accelerating GMV growth (14% YoY), healthy cash flow and numerous product and AI/agentic integrations—these are material positives that show momentum and strategic positioning. Offsetting items are modest revenue growth (5% YoY), ARR flatness, NRR below 100%, short-term guide seasonality and some OpEx headwinds from hiring and R&D ramp, plus potential friction from payment-fee changes and a governance matter. On balance, the company demonstrated concrete progress on profitability, balance sheet strength and product traction with manageable near-term challenges.Positive Updates
Revenue and Profitability Beats
Q1 2026 revenue of $86.8M, up 5% year-over-year and above the company's guidance range ($82.5M–$83.5M). Non-GAAP operating income was $12.4M (non-GAAP operating margin ~14.3%), also above guidance ($9.3M–$10.3M). The company delivered positive GAAP net income of $3.7M — its first quarter of GAAP profitability as a public company.
Negative Updates
Modest Revenue Growth and Monetization Gap
Revenue grew only 5% YoY in Q1 while GMV grew 14% YoY, highlighting a gap between transaction volume and revenue growth driven in part by strong B2B activity where card-based payments (and payments monetization) are a smaller share of transactions.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Profitability Beats
Q1 2026 revenue of $86.8M, up 5% year-over-year and above the company's guidance range ($82.5M–$83.5M). Non-GAAP operating income was $12.4M (non-GAAP operating margin ~14.3%), also above guidance ($9.3M–$10.3M). The company delivered positive GAAP net income of $3.7M — its first quarter of GAAP profitability as a public company.
Read all positive updates
Company Guidance
Commerce guided Q2 2026 revenue of $84.5–$85.5M and non‑GAAP operating income of $4–$5M, and reaffirmed full‑year 2026 revenue of $347.5–$369.5M with non‑GAAP operating income of $34–$53M (implying 2%–8% full‑year growth and non‑GAAP operating margins of roughly 10%–14%); management said this corresponds to a Rule of 40 of ~11%–22% and reiterated an expectation of full‑year GAAP profitability. The outlook is anchored by Q1 results: revenue $86.8M, non‑GAAP operating income $12.4M (~14.3% margin), GMV $8.3B (14% YoY; ~ $32.7–33B over the prior four quarters), ARR $359.8M, operating cash flow $18.4M, free cash flow $14.1M and ~$157M of cash with no material debt maturities until 2028.Commerce.com Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
38
Negative
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 346.82M | 342.35M | 332.93M | 309.39M | 279.07M | 219.85M |
| Gross Profit | 269.33M | 269.60M | 255.34M | 235.19M | 209.09M | 171.38M |
| EBITDA | 8.31M | 5.51M | -7.10M | -43.28M | -127.14M | -70.31M |
| Net Income | -15.26M | -19.34M | -27.03M | -64.67M | -139.92M | -76.68M |
Balance Sheet | ||||||
| Total Assets | 324.26M | 308.79M | 340.29M | 444.06M | 474.06M | 555.46M |
| Cash, Cash Equivalents and Short-Term Investments | 157.03M | 141.10M | 178.16M | 270.13M | 303.51M | 399.88M |
| Total Debt | 165.13M | 165.52M | 220.58M | 350.31M | 350.11M | 348.41M |
| Total Liabilities | 277.38M | 269.44M | 306.92M | 418.52M | 428.38M | 417.17M |
| Stockholders Equity | 46.88M | 39.35M | 33.37M | 25.53M | 45.67M | 138.29M |
Cash Flow | ||||||
| Free Cash Flow | 33.31M | 18.80M | 22.53M | -28.42M | -94.55M | -43.60M |
| Operating Cash Flow | 45.37M | 27.40M | 26.25M | -24.24M | -89.36M | -40.30M |
| Investing Cash Flow | -41.27M | -18.52M | 105.29M | 2.82M | -116.53M | -186.88M |
| Financing Cash Flow | 1.75M | -53.08M | -114.04M | 1.24M | 209.00K | 305.27M |
Commerce.com Technical Analysis
Positive
2.94
Price Trends
2.91
Positive
2.84
Positive
3.62
Negative
Market Momentum
0.04
Negative
61.94
Neutral
89.40
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CMRC, the sentiment is Positive. The current price of 2.94 is above the 20-day moving average (MA) of 2.81, above the 50-day MA of 2.91, and below the 200-day MA of 3.62, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 61.94 is Neutral, neither overbought nor oversold. The STOCH value of 89.40 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CMRC.
Commerce.com Risk Analysis
Commerce.com disclosed 63 risk factors in its most recent earnings report. Commerce.com reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Commerce.com Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $838.23M | 5.89 | 17.85% | ― | -2.25% | 4.06% | |
75 Outperform | $705.81M | 31.58 | 9.69% | ― | 8.25% | -99.84% | |
64 Neutral | $1.66B | -102.64 | 32.36% | ― | 13.03% | 7.07% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $259.91M | -17.27 | -36.37% | ― | 3.55% | 29.77% |
* Technology Sector Average
CMRC
Commerce.com
3.15
-1.94
-38.11%
PRCH
Porch Group
15.19
2.51
19.79%
YALA
Yalla Group
5.48
-1.56
-22.16%
VTEX
VTEX
4.14
-2.36
-36.31%
Commerce.com Corporate Events
Executive/Board ChangesShareholder Meetings
Commerce.com Shareholders Reaffirm Board, Auditor and Pay Policies
Positive
May 14, 2026
On May 14, 2026, Commerce.com, Inc. held its Annual Meeting of Stockholders, at which shareholders elected Class III directors Donald E. Clarke and Ellen Siminoff, each securing strong majorities despite notable withhold votes. The meeting also sa...
Business Operations and StrategyM&A Transactions
Commerce.com Adopts Stockholder Rights Plan After Takeover Bid
Neutral
Apr 14, 2026
On April 14, 2026, Commerce.com’s board adopted a limited-duration stockholder rights plan expiring April 12, 2027, after rejecting an unsolicited April 8 offer from Rezolve Ai PLC that proposed an all-share acquisition at an implied 47% dis...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.