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Commerce.com, Inc. (CMRC) stock

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NASDAQ: CMRC Nasdaq Application Software Next results ~November 5, 2026

C Fundamentals grade

Commerce.com, Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$1.2

Cash-flow model

Base case. Range ~$0.9–$1.6 across our lower- and higher-growth cases (-0.7%–9.3% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 65% below it.

Price used: $3.40, November 2, 2026

Commerce.com, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 1 selling1 purchase and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds90 adding, 53 cuttingOf 29 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Commerce.com files

Where Commerce.com stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $347m, up 2.8% on a year earlier, slower than the 3.5% growth a quarter earlier. That puts it 84 of 103 for growth among the application software companies we cover. Free-cash-flow margin fell to 5.6% from 8.2% a year earlier. Operating margin widened to 0.4% from -8.6%. The diluted share count is up 3.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $1.25 a share, against a share price of $3.44. At that price, our model says the market is pricing in about 22.6% a year of cash-flow growth for five years, faster than the 9.6% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Commerce.com, Inc.'s trailing-twelve-month revenue grew 2.8% year on year, with a free-cash-flow margin of 5.6%. Where it lags: long-term debt as % of assets of 48.2% ranks 89 of 98 application software companies we cover.

Our discounted-cash-flow model values the business at ~$1.2 per share in the base case (~$0.9–$1.6 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 29.1% while net income grew 68.1%: a 97pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 9.1 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 22.4% over 90 days.

Things to watch

  • Priced above our value. The share price of $3.40 is 65% above our value per share of $1.
  • Share dilution. Diluted shares rose 3.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 75% and a beta of 1.0 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 48.2% ranks 89 of 98 application software companies we cover (median 16.9%).
  • Below peers: revenue growth. Revenue growth of 2.8% ranks 143 of 184 application software companies we cover (median 12.0%).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.08 against an average estimate of $0.04: beat by 100.0%
Revenue
$85m, up 0.1% on a year earlier
Share reaction
-34.9% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
total revenue $82.5m to $85.5m (third quarter of 2026); non-GAAP operating income $3.3m to $5.3m (third quarter of 2026)
Next report
November 5, 2026; average EPS estimate $0.04

Commerce.com's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.3%
  • 1 week-3.7%
  • 1 month+4.6%
  • This year-17.5%
  • 1 year-26.6%
  • 5 years-92.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$347M
Operating margin
0.4%
Net margin
-1.7%
EPS (TTM, diluted)
$-0.07

Growth

Revenue growth
+2.8%
Change in growth rate
−0.8 pts
Share count change
+3.8%

Cash

Free cash flow (TTM)
$19.6M
FCF margin
5.6%
Stock pay % of revenue
5.5%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Restructuring
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Commerce.com, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 21.8% a year of cash-flow growth for five years.That is faster than the 9.6% a year revenue growth Commerce.com has delivered.

  • Priced in21.8%
  • Last 12 months2.8%
  • 3 years a year5.9%
  • 5 years a year9.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($3.34, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$1.2
Price used
$3.34close November 3, 2026
Implied change
▼ 65%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Commerce.com, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($5.5M, FY2026 Q2 TTM), growing -0.2% and 3% in the next two years (forecasts, guidance and its record), then back to 4.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$0.9–~$1.6 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Commerce.com, Inc.'s free cash flow after stock-based pay ( $5.5M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Commerce.com, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$1.2 ~$0.9–$1.6 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$8.1 ~$6.6–$13 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.5 ~$1.2–$8.1 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Commerce.com, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −13%
  • Last year's free-cash-flow margin change, if it persists ▼ −24%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $1$1$2$2$3$4
8.5% $1$1$1$2$2$3
10% $1$1$1$1$2$2

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$64.15$35.37$8.74$9.73$6.12$4.12$3.40
Market value$2.5bn$2.5bn$640m$731m$475m$331m$278m
+ Net debt (− = net cash)−$198m$47m$253m$274m$128m$113m$99m
Enterprise value$2.3bn$2.6bn$893m$1.0bn$603m$444m$378m
Multiples
Price / sales 16.5x11.4x2.3x2.4x1.4x1.0x0.8x
Price / earnings ———————
Price / free cash flow ————21.1x19.6x14.2x
EV / EBITDA ——————117.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

35 /100

Weak moat

How hard Commerce.com's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Cash operating profit has been a median 8.5% of total assets over 6 years.

  • Pricing power 20 / 20

    Gross margin has been a median 76.6%, moving by 1.1 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -25.0%; its worst year was -50.5%.

  • Discipline 0 / 20

    The diluted share count rose 26.7% over five years; stock-based pay has been a median 11.5% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (50 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $83m and EPS of $0.04 (range $0.03 to $0.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.32 +23% $340m −1%
Next $0.58 +81% $340m +0%

Next year's EPS estimate has moved +22.4% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −26.2% on 90 days ago. In the last 30 days, 4 analysts raised Commerce.com, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Commerce.com, Inc., last 90 days
$0.20 $0.30 $0.40 $0.50 $0.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.43 Current fiscal year, 60 days ago: $0.30 Current fiscal year, 30 days ago: $0.32 Current fiscal year, 7 days ago: $0.32 Current fiscal year, Now: $0.32 $0.32 Next fiscal year, 90 days ago: $0.47 Next fiscal year, 60 days ago: $0.31 Next fiscal year, 30 days ago: $0.58 Next fiscal year, 7 days ago: $0.58 Next fiscal year, Now: $0.58 $0.58

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.43$0.47
60 days ago $0.30$0.31
30 days ago $0.32$0.58
7 days ago $0.32$0.58
Now $0.32$0.58

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.04 $0.08 +100.0%
Mar 2026 $0.11 $0.13 +21.3%
Dec 2025 $0.07 $0.07 +1.5%
Sept 2025 $0.02 $0.08 +278.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Total revenue full year 2026 $337m to $345m
    “Total revenue between $336.5 million and $344.5 million.” source
  • Total revenue third quarter of 2026 $82.5m to $85.5m
    “Total revenue between $82.5 million and $85.5 million.” source
  • Non-GAAP operating income full year 2026 $28m to $34m Non-GAAP
    “Non-GAAP operating income between $28.0 million and $34.0 million.” source
  • Non-GAAP operating income third quarter of 2026 $3.3m to $5.3m Non-GAAP
    “Non-GAAP operating income between $3.3 million and $5.3 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Commerce.com, Inc.'s revenue by -0.2% next year and +3.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-2.0%, weight 53%) , management guidance (-1.7%, weight 20%) and the company's own record (+4.3%, weight 27%) . How the weights are set.

Analyst recommendations

7 analysts, Oct 2026
Buy114%
Hold571%
Sell114%

Monthly trend

  1. Oct 20261517
  2. Sep 20261517
  3. Aug 20261517
  4. Jul 202611417

Counts of recommendations published by analysts covering Commerce.com, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.2%
of tradable shares
Days to cover
9.47
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
80%
of shares
Held by insiders
9.3%
of shares
Employees
1,079
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −26.6%

$4.63 on October 31, 2025 to $3.40

ThenNowEffect
Revenue (last 12 months) $338m $347m +2.8%
P/S multiple 1.1x 0.8x −25.8%
Share count 79m 82m −3.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −65.8%

$9.95 on November 3, 2023 to $3.40

ThenNowEffect
Revenue (last 12 months) $292m $347m +18.8%
P/S multiple 2.5x 0.8x −68.2%
Share count 74m 82m −9.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CMRC−45%−75%+11%−37%−33%−18%
Industry peers (median)−7%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CMRC25%33%42%25%17%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CMRC−61%−79%−45%−47%−42%−52%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since August 5, 2020: 99% from August 27, 2020 to August 17, 2026. Getting back needed a 6745% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.06 – $5.51
From 52-week high
−38.3%
vs 50-day average
+7.8%
vs 200-day average
+15.8%
Volatility (1 year)
75%
Beta vs S&P 500
1.04

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±9.2%
After a week
5 up, 7 down
typical move ±11.4%
After a month
3 up, 9 down
typical move ±14.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −34.9% +0.5% −34.9% −24.6%
May 7, 2026 +7.6% +0.5% −4.9% −3.8%
February 12, 2026 +1.1% −1.5% +10.2% −0.4%
January 7, 2026 −3.5% −0.3% −7.0% −30.8%
November 6, 2025 −1.1% −1.0% +9.2% −1.3%
July 31, 2025 −6.1% −2.0% −5.4% −2.7%
May 8, 2025 −0.8% +0.6% −0.4% +3.1%
February 20, 2025 −6.9% −2.1% +6.0% −10.5%
November 7, 2024 +9.5% +1.2% +8.6% +35.9%
October 2, 2024 −1.6% −0.1% −1.8% −8.2%
August 1, 2024 −23.8% −3.3% −29.8% −27.7%
May 9, 2024 +13.5% +0.7% +18.2% +21.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Commerce.com, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Commerce.com, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Commerce.com, Inc.
$280M $300M $320M $340M $360M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $297.7M Revenue (TTM), FY23 Q4: $309.4M Revenue (TTM), FY24 Q1: $318M Revenue (TTM), FY24 Q2: $324.4M Revenue (TTM), FY24 Q3: $330M Revenue (TTM), FY24 Q4: $332.9M Revenue (TTM), FY25 Q1: $334.9M Revenue (TTM), FY25 Q2: $337.5M Revenue (TTM), FY25 Q3: $339.9M Revenue (TTM), FY25 Q4: $342.3M Revenue (TTM), FY26 Q1: $346.8M Revenue (TTM), FY26 Q2: $346.9M $346.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $297.7M
FY23 Q4 $309.4M
FY24 Q1 $318M
FY24 Q2 $324.4M
FY24 Q3 $330M
FY24 Q4 $332.9M
FY25 Q1 $334.9M
FY25 Q2 $337.5M
FY25 Q3 $339.9M
FY25 Q4 $342.3M
FY26 Q1 $346.8M
FY26 Q2 $346.9M
Revenue growth, TTM YoY Commerce.com, Inc.
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 9.6% Revenue growth, TTM YoY, FY23 Q4: 10.9% Revenue growth, TTM YoY, FY24 Q1: 11.7% Revenue growth, TTM YoY, FY24 Q2: 11.1% Revenue growth, TTM YoY, FY24 Q3: 10.9% Revenue growth, TTM YoY, FY24 Q4: 7.6% Revenue growth, TTM YoY, FY25 Q1: 5.3% Revenue growth, TTM YoY, FY25 Q2: 4.1% Revenue growth, TTM YoY, FY25 Q3: 3.0% Revenue growth, TTM YoY, FY25 Q4: 2.8% Revenue growth, TTM YoY, FY26 Q1: 3.5% Revenue growth, TTM YoY, FY26 Q2: 2.8% 2.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 9.6%
FY23 Q4 10.9%
FY24 Q1 11.7%
FY24 Q2 11.1%
FY24 Q3 10.9%
FY24 Q4 7.6%
FY25 Q1 5.3%
FY25 Q2 4.1%
FY25 Q3 3.0%
FY25 Q4 2.8%
FY26 Q1 3.5%
FY26 Q2 2.8%
Operating margin (TTM) Commerce.com, Inc.
-40% -30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -34.1% Operating margin (TTM), FY23 Q4: -23.4% Operating margin (TTM), FY24 Q1: -17.9% Operating margin (TTM), FY24 Q2: -15.3% Operating margin (TTM), FY24 Q3: -14.1% Operating margin (TTM), FY24 Q4: -12.5% Operating margin (TTM), FY25 Q1: -10.7% Operating margin (TTM), FY25 Q2: -8.6% Operating margin (TTM), FY25 Q3: -3.1% Operating margin (TTM), FY25 Q4: -4.7% Operating margin (TTM), FY26 Q1: -2.3% Operating margin (TTM), FY26 Q2: 0.4% 0.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -34.1%
FY23 Q4 -23.4%
FY24 Q1 -17.9%
FY24 Q2 -15.3%
FY24 Q3 -14.1%
FY24 Q4 -12.5%
FY25 Q1 -10.7%
FY25 Q2 -8.6%
FY25 Q3 -3.1%
FY25 Q4 -4.7%
FY26 Q1 -2.3%
FY26 Q2 0.4%
FCF margin (TTM) Commerce.com, Inc.
4% 6% 8% 10% FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 FCF margin (TTM), FY24 Q4: 6.8% FCF margin (TTM), FY25 Q1: 7.9% FCF margin (TTM), FY25 Q2: 8.2% FCF margin (TTM), FY25 Q3: 9.0% FCF margin (TTM), FY25 Q4: 4.9% FCF margin (TTM), FY26 Q1: 9.1% FCF margin (TTM), FY26 Q2: 5.6% 5.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q4 6.8%
FY25 Q1 7.9%
FY25 Q2 8.2%
FY25 Q3 9.0%
FY25 Q4 4.9%
FY26 Q1 9.1%
FY26 Q2 5.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 92 112 152 220 279 309 333 342 347
Gross profit 70 85 118 171 209 235 255 270 268
EBITDA −36 −38 −36 −73 −137 −68 −38 −12 3
Operating income −38 −41 −39 −76 −141 −72 −42 −16 1
Net income −39 −43 −38 −77 −140 −65 −27 −19 −6
Diluted EPS −$2.59 −$2.80 −$0.99 −$1.08 −$1.91 −$0.86 −$0.35 −$0.24 −$0.07
Growth (year on year)
Revenue — +22.0% +35.9% +44.3% +26.9% +10.9% +7.6% +2.8% +2.8%
Margins
Gross margin 76.1% 75.9% 77.6% 77.9% 74.9% 76.0% 76.7% 78.7% 77.2%
EBITDA margin −39.4% −34.2% −23.4% −33.3% −49.2% −22.1% −11.3% −3.6% 0.9%
Operating margin −41.3% −36.6% −25.4% −34.5% −50.4% −23.4% −12.5% −4.7% 0.4%
Net margin −42.3% −38.0% −24.7% −34.9% −50.1% −20.9% −8.1% −5.6% −1.7%
Free-cash-flow margin — — — — −33.9% −9.2% 6.8% 4.9% 5.6%
Cash flow
Cash from operations −31 −40 −27 −40 −89 −24 26 25 35
Capital spending — — — — 5 4 4 9 15
Free cash flow — — — — −95 −28 23 17 20
Stock-based pay 2 3 11 25 42 41 35 24 19
Free cash flow after stock pay — — — — −137 −70 −13 −7 0
Balance sheet
Cash — 8 219 298 92 72 89 44 57
Total debt — 41 22 345 345 346 216 157 157
Net debt (negative = net cash) — 33 −198 47 253 274 128 113 99
Diluted shares 17m 18m 39m 71m 73m 75m 78m 80m 82m
Returned to shareholders
Dividends — — 13 — — — — — —
Total returned — — 13 — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $325m
Short-term assets $230mLonger-term assets $95m
What it owes, and who funded it · $325m
Short-term liabilities $113mLonger-term liabilities $160mShareholders' equity $52m
  • Short-term assets cover short-term liabilities $230m of assets due within a year against $113m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $230m short-term assets against $160m of longer-dated liabilities.
  • More cash than debt $57m of cash against $157m of debt.
  • Debt below 40% of shareholders' equity Debt is 303% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 243% to 303% over five years.
  • A year's operating cash flow covers at least 20% of debt $35m of operating cash flow against $157m of debt.
  • Operating profit covers interest at least five times over Operating income of $1m against $10m of interest.

From Commerce.com, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+3.8%
year over year
R&D spending
20.5%
of revenue
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated CMRC AGYS QH CCSI TUYA AMPL Median
Revenue, last 12 months $347m $344m $351m $355m $322m $374m $482m
Revenue growth, last 12 months 2.8% 14.9% −17.0% 1.5% 7.8% 18.3% 12.0%
Revenue growth, 3-year average 5.9% 16.6% — −1.1% — 12.8% 11.1%
Revenue growth, latest quarter 0.1% 17.7% — 4.1% — 21.2% 11.9%
Gross margin 77.2% 63.8% 0.5% 80.2% 48.2% 72.4% 69.2%
Operating margin 0.4% 14.3% −7.0% 41.8% 3.6% — 1.1%
Operating margin, 3-year average −7.8% 11.0% — 42.4% — — −0.8%
Net margin −1.7% 12.9% −5.9% 26.7% 18.0% −26.6% 2.1%
Cash from operations / revenue 10.1% 23.9% −1.5% 41.1% 25.2% 8.5% 18.2%
Free-cash-flow margin 5.6% 23.3% −1.6% 32.6% 23.0% 7.9% 15.0%
Free-cash-flow margin, 3-year average — 20.1% — 28.6% — 6.8% 16.2%
Stock pay / revenue 5.5% 7.0% 0.1% 5.4% 6.9% 25.1% 9.3%
Change in share count 3.8% 0.5% 235.2% −1.8% 3.9% 3.2% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 2.8% 12.0% 143 of 184
Change in growth rate Growth -0.8pp +0.2pp 118 of 184
Gross margin Profitability 77.2% 69.8% 49 of 160
Operating margin Profitability 0.4% 1.1% 94 of 181
Net margin Profitability -1.7% 2.1% 105 of 185
Free-cash-flow margin Cash generation 5.6% 15.2% 118 of 180
Stock pay as % of revenue Cash generation 5.5% 9.3% 50 of 177
Long-term debt as % of assets Balance sheet 48.2% 16.9% 89 of 98
Change in share count Balance sheet 3.8% 1.7% 98 of 163
Days sales outstanding Balance sheet 54 days 57 days 75 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Subscriptions $256M 74.7% ▲ 3.1%
Partner and Services $86.7M 25.3% ▲ 2.0%
Geography
Region Revenue Share YoY
United States $259M 75.7% ▲ 2.2%
EMEA $42.6M 12.4% ▲ 12.0%
Asia Pacific $24.8M 7.2% ▼ 3.9%
Rest of World $15.9M 4.6% ▲ 1.5%

From Commerce.com, Inc.'s 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$181M
Institutions reporting
155
Shares held vs prior quarter
▲ 3.3%
Positions opened / closed
24 / 14

Top buyers and sellers, Q2 2026: 90 institutions bought and 53 sold ; the biggest buyer was Blackrock, Inc (+757K shares) and the biggest seller Divisar Capital Management LLC (−784K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Lynrock Lake LP $27.4M 9.3M 15.1% 0.0%
Blackrock, Inc. $16.3M 5.5M 9.0% ▲ 15.9%
Vanguard Portfolio Management LLC $14M 4.7M 7.7% ▲ 3.6%
Divisar Capital Management LLC $9.3M 3.1M 5.1% ▼ 20.0%
Acadian Asset Management LLC $9.2M 3.1M 5.1% ▼ 0.1%
Pale Fire Capital Se $9M 3.1M 5.0% ▲ 3.5%
Vanguard Capital Management LLC $9M 3.0M 5.0% ▲ 6.8%
AQR Capital Management LLC $7M 2.4M 3.8% ▲ 45.7%
Ameriprise Financial Inc $5.7M 1.9M 3.1% ▲ 13.2%
Geode Capital Management, LLC $5.5M 1.9M 3.0% ▲ 26.3%
S Squared Technology, LLC $4.7M 1.6M 2.6% 0.0%
State Street Corp $4.3M 1.4M 2.3% ▼ 0.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Commerce.com, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $294,000 1 trade by 1 insider, last 12 months Insider sales History → $29,129 4 trades by 1 insider · 100% under pre-set plans
Net ▲ $264,871 net buying
Insider Date Trade Shares Price Value
Lentz Daniel CFO & COO October 23, 2026 Sell pre-set plan 797 $3.62 $2,885
Lentz Daniel CFO & COO August 24, 2026 Sell pre-set plan 797 $2.22 $1,769
Lentz Daniel CFO & COO July 1, 2026 Sell pre-set plan 1,544 $2.96 $4,570
Lentz Daniel CFO & COO May 26, 2026 Sell pre-set plan 6,840 $2.91 $19,904
Siminoff Ellen F Executive Chair February 17, 2026 Buy 100,000 $2.94 $294,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 29, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 12, 2026
  • January 7, 2026
  • November 6, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Commerce.com, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Commerce.com, Inc. in brief

What does Commerce.com, Inc. do?
Commerce.com, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Commerce.com, Inc.'s stock ticker?
Commerce.com, Inc. trades under the ticker CMRC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Commerce.com, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Commerce.com, Inc. reported revenue of $347M, 2.8% higher than a year earlier, according to its SEC filings.
What is Commerce.com, Inc.'s free cash flow?
Commerce.com, Inc.'s free-cash-flow margin is 5.6% of revenue over the trailing twelve months, ranking 118 of the 180 application software companies we cover.
What is Commerce.com, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Commerce.com, Inc.'s free cash flow after stock-based pay gives ~$1.2 per share in the base case, and ~$0.9–$1.6 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Commerce.com, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Lynrock Lake LP, Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Commerce.com, Inc.'s market cap?
On November 2, 2026, Commerce.com, Inc.'s market capitalisation was about $278M and net debt of $99.4M. Market figures come from third-party market data and may be delayed.
How much debt does Commerce.com, Inc. have?
Commerce.com, Inc.'s debt-to-equity ratio is 303.2%, from its latest balance sheet (242.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Commerce.com, Inc.'s competitors?
In our Application Software peer group, the companies closest to Commerce.com, Inc. are Agilysys Inc, Quhuo Ltd, Consensus Cloud Solutions, Inc., Tuya Inc. and Amplitude, Inc. The side-by-side comparison below sets their revenue, margins and growth against Commerce.com, Inc.'s.
Are insiders buying or selling Commerce.com, Inc. stock?
Over the last 12 months, Commerce.com, Inc.'s directors and officers reported 1 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Commerce.com, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Commerce.com, Inc. announces its own schedule.