Commerce.com Inc. Series 1 Common Stock (CMRC)

FairStock Score: 23/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for durable advantages, honest accounting, and a price that leaves room for error. Commerce.com operates in a crowded software niche, selling an AI-driven commerce platform and BigCommerce to merchants across B2B, B2C, and small-business use cases. The financial record is improving but still unproven. In fiscal 2025, the year ended 2025-12-31, revenue was $342.3M versus $332.9M in fiscal 2024, the year ended 2024-12-31. That is barely growth. Net losses narrowed from $64.7M in fiscal 2023 to $27.0M in fiscal 2024 to $19.3M in fiscal 2025, and in fiscal Q1 2026, the quarter ended 2026-03-31, net income was $3.7M, while fiscal Q2 2026, the quarter ended 2026-06-30, net income was $1.1M. Revenue in fiscal Q2 2026 was $84.5M, essentially flat with $84.4M in fiscal Q2 2025, the quarter ended 2025-06-30. The balance sheet worries me. FairStock calculations show debt-to-equity at 3.19, Altman Z-Score at -1.41, return on equity at -12.78%, and return on capital employed at only 1.97%. Free cash flow is a bright spot: $19.6M trailing twelve months, a 7.0% FCF yield. But at the 2026-10-13 close of $3.36, FairStock shows price-to-book at 5.42 and EV/EBITDA at 21.82, not cheap for a company with a negative P/E. The FairStock score is 23/100 and Piotroski is 5/9. I cannot identify a wide moat. Until profits and revenue grow consistently, the equity looks speculative rather than a clear value bargain.

In plain English: Commerce.com sells software that helps businesses run online stores and digital commerce, mainly through its BigCommerce platform. The business is still not consistently profitable: it lost money in each of the last four years, though losses have shrunk and two recent quarters showed small profits. At the 2026-10-13 close of $3.36, the price looks expensive compared with its thin profits and accounting net worth, even though it does produce cash.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer