Commerce.com, Inc. - Series 1 (CMRC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Commerce.com, Inc. - Series 1

NasdaqGM•Technology•Software - Application

$2.56-0.01(<0.01%)Pre-market

Market Cap

$281.76M

P/S

0.8x

P/B

5.5x

Commerce.com, Inc. provides artificial intelligence-driven commerce ecosystem in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company's software-as-a-service platform enables merchants to orchestrate sophisticated digital commerce experiences across both owned and third-party channels, supporting various business-to-business (B2B), business-to-consumer (B2C), and small business (SB) use cases. It also offers BigCommerce, a flexible and open commerce engine; Feedonomics, an AI-powered product data optimization and syndication platform; and Makeswift, a visual editor for building and managing storefront and content experiences. The company was formerly known as BigCommerce Holdings, Inc. and changed its name to Commerce.com, Inc. in July 2025. Commerce.com, Inc. was founded in 2009 and is headquartered in Austin, Texas.

How this company scores

WeakMetricSide Score: 39/100

Strongest: Profitability (14/25); weakest: Cash & Earnings Quality (6/25).

Profitability14/25

Growth12/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality6/25

Strengths

Long cash runwayProfit converts from growthImproving leverageConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 0.8x5y range 0.6x – 16.2x

Currently below its 20-quarter median.

P/B · 5.5x5y range 4.5x – 37.4x

Currently below its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -0.6x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $281.76M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $346.90M
Q. Revenue: $84.51M
TTM EBITDA: $12.89M
TTM Op. Income: $1.45M
Q. Op. Income: $2.70M
TTM Net Income: $-5.78M
Q. Net Income: $1.10M
EPS: $0.01
Shares Out.: $82.63M

$346.90M in TTM revenue grew 2.8% YoY, reaching $84.51M last quarter. TTM EBITDA of $12.89M and TTM operating income of $1.45M show growth is flowing through to the bottom line. However, net income is negative at $5.78M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 75.2%
EBITDA Margin: 6.8%
Op. Margin: 3.2%
Net Margin: 1.3%

Op. margin of 3.2% is up 11.2% YoY — cost efficiency is improving. Net margin at 1.3% and gross margin of 75.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 140% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 0.8x
P/B Ratio: 5.5x

P/S of 0.8x and P/B of 5.5x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $324.83M
Cash: $57.16M
Long-Term Debt: $156.54M
Book Value: $51.63M
D/E Ratio: 3.0
Debt/EBITDA: 27.4

With $324.83M in assets and $156.54M in long-term debt, D/E is 3.0and book value is $51.63M — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $5.09M
TTM Free Cash Flow: $19.55M
FCF Margin: 5.6%
FCF / Net Income: -3.4

TTM FCF of $19.55M on $5.09M in operating cash flow. The FCF / Net Income ratio of -3.4x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 29% — a weakening trend.