Commerce.com

CMRC · Nasdaq · Information Technology · Financials, fiscal 2018 to 2025

CMRC · Last close · November 6, 2026

$3.62

Commerce.com's revenue rose 2.8% to $342 million in fiscal 2025. Its operating margin was −4.7%, up from −12.5% a year earlier. Free cash flow was $17 million, down 25.0%. The diluted share count rose 3.5%.

Commerce.com, Inc. Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001193125-26-085687 Updated November 7, 2026

Revenue

$342M

2.8%

Operating margin

−4.7%

7.8 pts

Net income

−$19M

Free cash flow

$17M

25.0%

Return on capital

−20.2%

19.4 pts

Market cap

$300M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Commerce.com does

Commerce.com sells cloud software that lets businesses run online stores and sell across many channels. It was named BigCommerce Holdings until July 2025 and is the parent of three products. BigCommerce is its ecommerce platform for building and running online storefronts, catalogs and orders, used by large brands, business-to-business sellers and small businesses. Feedonomics manages product data and sends it to marketplaces, ad channels, search engines and social platforms. Makeswift is a visual editor for building storefront and content pages.

It earns money mainly from subscription fees for its platform and its product data service, along with some one-time fees, a share of payments revenue and professional services. It says it is built around partners: its platform connects with payment, tax, shipping, order management and marketing tools from other companies, rather than controlling the whole technology stack.

Commerce.com is based in Austin, Texas, and was founded in Sydney, Australia. At the end of 2025 it had 1,079 full-time employees, most of them in the United States.

Its biggest risks, as it describes them

A history of operating losses, with no promise of reaching profit on its expected timeline.
Intense competition that may limit its ability to add and keep customers.
Advances in AI that may reduce demand for ecommerce software if it cannot keep up.
Its partner-centered strategy, and its rebranding, may not work as planned.
A data breach, or outages at its data center providers, could cost it customers.

From Commerce.com's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Commerce.com lost money in fiscal 2025: a net loss of $19 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	400	304	270	178	141
Debt incl. finance leases	336	338	340	216	157
Net debt (negative means net cash)	−64	34	69	38	16
Net debt to EBITDA	—	—	—	—	—
Debt to equity	2.4x	7.4x	13.3x	6.5x	4.0x
Interest coverage	−91.7x	−49.7x	−25.1x	−6.9x	−1.6x
Current ratio	7.2x	4.8x	4.8x	2.9x	2.0x
Quick ratio	7.2x	4.8x	4.8x	2.9x	2.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Commerce.com's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Commerce.com's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $294,000 of Commerce.com shares on the open market, and 1 insider sold $26,243, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 24, 2026	Daniel LentzCFO & COO	Sold plan	797	$2.22	$1,769	Form 4
Jul 1, 2026	Daniel LentzCFO & COO	Sold plan	1,544	$2.96	$4,570	Form 4
May 26, 2026	Daniel LentzCFO & COO	Sold plan	6,840	$2.91	$19,904	Form 4
Feb 17, 2026	Ellen F SiminoffExecutive Chair, Director	Bought	100,000	$2.94	$294,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	6 of 9	6 of 9
Rule of 40	1.7%	14.4%	7.8%
Altman Z''	−1.39	−3.52	−4.71
Accruals ratio	−8.8%	−13.6%	−13.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	6 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Commerce.com side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Commerce.com	FY25	2.8%	−4.7%	4.9%	−20.2%	—	6
Amplitude	FY25	14.7%	—	8.2%	—	—	—	Compare
Viant Technology	FY25	19.0%	3.5%	15.0%	14.5%	−6.2x	6	Compare
Consensus Cloud Solutions	FY25	−0.2%	43.0%	30.3%	22.8%	2.9x	7	Compare
Agilysys	FY26	15.8%	13.5%	21.3%	16.1%	−2.2x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

8 years of figures

Fiscal year	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	92	112	152	220	279	309	333	342
Revenue growth	—	22.0%	35.9%	44.3%	26.9%	10.9%	7.6%	2.8%
Gross profit	70	85	118	171	209	235	255	270
Research and development	42	43	48	64	88	84	81	73
Operating income	−38	−41	−39	−76	−141	−72	−42	−16
Net income	−39	−43	−38	−77	−140	−65	−27	−19
Diluted EPS (US$)	−2.59	−2.80	−0.99	−1.08	−1.91	−0.86	−0.35	−0.24
Diluted shares (millions)	17	18	39	71	73	75	78	80
Cash flow
Cash from operations	−31	−40	−26	−40	−89	−24	26	26
Capital expenditure	—	—	—	—	5	4	4	9
Free cash flow	—	—	—	—	−95	−28	23	17
Dividends paid	0	0	13	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	81	1	8	0	0
Stock-based compensation	2	3	11	25	42	41	35	24
Balance sheet at fiscal year end
Cash and short-term investments	—	8	219	400	304	270	178	141
Debt incl. finance leases	—	41	—	336	338	340	216	157
Total assets	—	56	277	556	474	444	340	309
Total liabilities	—	90	60	417	428	418	307	269
Shareholders' equity	−212	−257	217	138	46	26	33	39
Margins and ratios
Gross margin	76.1%	75.9%	77.6%	78.0%	74.9%	76.0%	76.7%	78.8%
Operating margin	−41.3%	−36.6%	−25.4%	−34.5%	−50.4%	−23.4%	−12.5%	−4.7%
Net margin	−42.3%	−38.0%	−24.6%	−34.9%	−50.1%	−20.9%	−8.1%	−5.7%
Free cash flow margin	—	—	—	—	−33.9%	−9.2%	6.8%	4.9%
Rule of 40 (growth + FCF margin)	—	—	—	—	−6.9%	1.7%	14.4%	7.8%
Return on capital	—	—	—	—	−144.6%	−65.6%	−39.5%	−20.2%
Return on equity	—	—	—	−43.2%	−152.1%	−181.7%	−91.8%	−53.2%
Return on assets	—	—	−22.6%	−18.4%	−27.2%	−14.1%	−6.9%	−6.0%
Net debt to EBITDA	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Commerce.com's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Commerce.com.