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

• Market Cap: €187.75M
• Dividend Yield: N/A
• Average Volume (3M): 48.10K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: €5.50 ▲(20.61% 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 / zero debt

Reported elimination of total debt materially improves financial flexibility and lowers default and interest-rate risk. Over 2–6 months this supports funding of operations, strategic initiatives, or tuck-in investments without reliance on external creditors, strengthening solvency.

Positive operating & free cash flow

Consistent positive operating and free cash flow across two consecutive years demonstrates cash-generative capacity despite accounting losses. This underpins working capital needs, funds reinvestment, and reduces financing dependency, improving durability of operations over coming quarters.

Platform business model (communications + payments)

A combined SaaS and transaction-driven platform mixes recurring messaging revenue with payments fees, creating diversified, usage-linked cash streams and potential customer stickiness. Structural demand for digital customer engagement supports medium-term revenue durability.

Negative Factors

Sharp gross margin deterioration

A collapse in gross margin signals worsening revenue quality, pricing pressure, or higher direct costs tied to transactions. Such a structural margin hit reduces operating leverage and makes sustaining profits harder unless product mix or cost base is meaningfully improved.

Persisting net losses and weak returns

Ongoing losses and consistently negative ROE indicate the business has not yet converted cash generation into shareholder profitability. Over the medium term this constrains reinvestment, limits dividend prospects, and raises uncertainty about sustained capital returns.

Inconsistent revenue trend

Volatile top-line performance undermines predictability of cash flows and scale economics for a platform business. Inconsistent revenue complicates margin recovery and strategic planning, increasing execution risk as management seeks to stabilize growth and restore profitability.

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:CMCOM, the sentiment is Positive. The current price of 4.56 is below the 20-day moving average (MA) of 4.73, below the 50-day MA of 4.57, and below the 200-day MA of 5.20, indicating a bullish trend. The MACD of 0.28 indicates Negative momentum. The RSI at 68.22 is Neutral, neither overbought nor oversold. The STOCH value of 85.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	76 Outperform	€575.35M	27.50	29.06%	3.54%	4.11%	22.38%
ADYEN	66 Neutral	€31.05B	29.58	23.25%	―	18.73%	19.55%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TOM2	57 Neutral	€648.92M	-102.05	-12.26%	―	-1.70%	24.14%
CMCOM	53 Neutral	€187.75M	-48.90	-57.80%	―	0.36%	34.49%
MTRK	47 Neutral	€184.65M	-14.80	―	―	-7.94%	7.30%