CM.com N.V. (CMCOM) AI Stock Analysis

• Market Cap: €164.86M
• Dividend Yield: N/A
• Average Volume (3M): 48.10K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.73
• Revenue Growth: 0.36%
• EPS Growth: 34.49%
• Country: NL
• Employees: 587
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.14
• Shares Outstanding: 33,170,914
• 10 Day Avg. Volume: 35,859
• 30 Day Avg. Volume: 48,104
• PEG Ratio: 0.46
• Price to Book (P/B): 5.20
• Price to Sales (P/S): 0.55
• P/FCF Ratio: 66.22
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.02
• Revenue Forecast (FY): €266.50M

• Rating: 53 Neutral
• Price Target: €5.00 ▲(9.65% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is held back primarily by weak and volatile fundamentals (continued losses and a sharp 2025 gross margin drop), partially offset by improved leverage and positive recent cash generation. Technically, the uptrend is supportive, but overbought signals reduce confidence in near-term risk/reward. Valuation is constrained by negative earnings and no indicated dividend yield.

Positive Factors

Improved leverage

Reporting zero total debt in 2025 materially improves financial flexibility and reduces refinancing and interest risk. This durable balance-sheet repair gives management room to fund operations and selective investments without immediate external financing pressure over the next several months.

Cash generation

Sustained positive operating and free cash flow across 2024–2025 shows the platform can generate real cash despite accounting losses. Consistent cash generation supports working capital, reduces reliance on capital markets and provides a durable buffer for execution over a multi-month horizon.

Improved operating margins

An improvement in EBITDA margin indicates better cost control or operating leverage at the business level. If sustained, stronger EBITDA provides a pathway toward GAAP profitability and improved cash conversion, reflecting a durable operational improvement rather than a short-term fluctuation.

Negative Factors

Ongoing losses

Net losses persisting across years mean equity returns remain impaired and the company must rely on cash reserves or external financing to fund growth. Continued unprofitability constrains reinvestment, increases funding uncertainty, and weakens the long-term case absent sustained margin recovery.

Gross margin collapse

A steep fall in gross margin from ~30% to ~5% suggests structural issues such as adverse revenue mix, pricing pressure, or rising direct costs. This materially erodes the firm's ability to cover fixed overheads and threatens sustainable profitability unless underlying cost or pricing dynamics are corrected.

Revenue inconsistency

Inconsistent top-line performance reduces predictability and weakens operating leverage. Fluctuating revenue makes it harder to scale sales and product investments efficiently and prolongs the timeline to durable margin expansion and reliable cash generation over the medium term.

CM.com N.V. Business Overview & Revenue Model

Company Description

CM.com N.V. provides conversational commerce services worldwide. It operates through Communications Platform as a Service (CPaaS), Payments, Platform, and Other segments. The CPaaS segment offers omnichannel messaging and voice services. The Payments segment provides payment solutions. The Platform segment offers ticketing, data, email, digital signing, identification, and verification services. The company is also involved in the provision of payments processing and access services. CM.com N.V. was founded in 1999 and is headquartered in Breda, the Netherlands.

How the Company Makes Money

CM.com generates revenue through multiple streams primarily focused on its communication and payment services. Key revenue streams include transaction fees from payment processing, subscription fees for its cloud communication services, and charges for SMS and voice services. The company also offers a Software as a Service (SaaS) model, providing businesses with scalable solutions that cater to their communication needs. Significant partnerships with other technology providers and integrations with various platforms enhance its service offerings and attract more customers, contributing to its earnings. Additionally, the growing demand for digital communication solutions across various sectors further supports CM.com's revenue growth.

CM.com N.V. Financial Statement Overview

Summary

Financials show stabilization but remain fragile: net income is still negative (despite narrower losses in 2025), revenue has been inconsistent, and gross margin deteriorated sharply in 2025 (~5% vs ~30% in 2024). Offsetting this, operating cash flow and free cash flow were positive in 2024–2025 and reported leverage improved in 2025 with total debt at zero.

Income Statement

Revenue has been relatively stable but inconsistent, with modest growth in 2024 followed by a decline in 2025. Profitability is still weak: net income remains negative across all years, though losses narrowed materially in 2025 versus 2024. A key concern is the sharp drop in gross profit margin in 2025 (down to ~5% from ~30% in 2024), even as EBITDA margin improved, suggesting cost mix/revenue quality volatility and limited consistency in underlying profitability.

Balance Sheet

The balance sheet shows a meaningful improvement in leverage in 2025, with total debt reported at zero versus very high leverage in 2024 (debt far exceeding equity). That said, profitability still weighs on equity returns (negative return on equity in every year), and equity has been low/volatile versus assets in recent years, indicating the capital structure has been stressed even if 2025 looks cleaner on reported debt.

Cash Flow

Cash generation improved versus earlier years, with positive operating cash flow and positive free cash flow in both 2024 and 2025. However, free cash flow fell sharply in 2025 versus 2024 (a steep year-over-year decline), pointing to weaker cash conversion and/or higher investment needs. Overall, cash flow is trending better than the income statement (which is still loss-making), but the volatility reduces confidence.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	259.39M	274.25M	266.23M	283.23M	237.05M
Gross Profit	13.68M	83.11M	29.32M	53.88M	47.07M
EBITDA	18.36M	7.95M	-3.08M	-22.53M	-4.27M
Net Income	-3.79M	-19.81M	-28.72M	-44.74M	-17.49M
Balance Sheet
Total Assets	206.13M	229.79M	240.12M	290.52M	283.62M
Cash, Cash Equivalents and Short-Term Investments	33.21M	38.40M	48.60M	82.74M	122.06M
Total Debt	0.00	113.91M	114.50M	119.02M	102.70M
Total Liabilities	178.85M	222.95M	213.83M	242.91M	191.96M
Stockholders Equity	27.29M	6.84M	20.55M	47.62M	91.66M
Cash Flow
Free Cash Flow	2.14M	16.15M	-22.88M	-23.30M	-10.84M
Operating Cash Flow	3.02M	18.35M	-3.58M	-4.42M	2.56M
Investing Cash Flow	-14.24M	-20.76M	-19.08M	-25.17M	-26.03M
Financing Cash Flow	6.12M	-7.54M	-10.38M	-11.17M	92.02M

CM.com N.V. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.56
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:CMCOM, the sentiment is Negative. The current price of 4.56 is below the 20-day moving average (MA) of 5.05, below the 50-day MA of 4.77, and below the 200-day MA of 5.02, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 50.64 is Neutral, neither overbought nor oversold. The STOCH value of 59.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:CMCOM.

CM.com N.V. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NEDAP	73 Outperform	€523.46M	24.15	29.06%	3.54%	4.11%	22.38%
ADYEN	70 Outperform	€28.07B	40.77	23.25%	―	18.73%	19.55%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TOM2	54 Neutral	€564.18M	-106.42	-12.26%	―	-1.70%	24.14%
CMCOM	53 Neutral	€164.86M	-37.50	-13.96%	―	0.36%	34.49%
MTRK	47 Neutral	€150.60M	-17.52	―	―	-7.94%	7.30%