Commerce.com, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Commerce.com, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	91.9	112	152	220	279	309	333	342
Cost of revenue	21.9	27	34.1	48.5	70	74.2	77.6	72.8
Gross profit	69.9	85.1	118	171	209	235	255	270
Research and development	42.5	43.1	48.3	64.5	88.3	83.5	80.9	73
Selling and marketing	45.9	60.7	72.5	105	141	140	130	137
General and administrative	19.5	22.2	36.1	51.3	69.4	58.8	61.8	55.9
Operating expenses	108	126	157	247	350	308	297	286
Operating income	-38	-41	-38.7	-75.9	-141	-72.4	-41.7	-16.2
Interest expense	1.49	1.61	3.1	0.83	2.83	2.88	6.05	10
Interest income	0.65	0.25	0.03	0.13	4.2	11.5	10.6	4.82
Other non-operating income	-0.05	-0.21	-0.18	-0.07	-0.23	-0.84	-0.96	-0.68
Pre-tax income	-38.9	-42.6	-37.5	-76.7	-139	-64.7	-26	-18.2
Income tax	0.01	0.03	0.03	-0.03	0.5	0	1.02	1.17
Net income	-38.9	-42.6	-37.6	-76.7	-140	-64.7	-27	-19.3
EBITDA	-36.2	-38.4	-35.6	-73.1	-137	-68.3	-37.7	-12.2
EPS, basic	-2.59	-2.80	-0.99	-1.08	-1.91	-0.86	-0.35	-0.24
EPS, diluted	-2.59	-2.80	-0.99	-1.08	-1.91	-0.86	-0.35	-0.24
Shares, basic (weighted)	16.8	17.8	39.1	70.9	73.2	75.1	77.6	80.3
Shares, diluted (weighted)	16.8	17.8	39.1	70.9	73.2	75.1	77.6	80.3

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		7.8	219	298	91.6	71.7	88.9	44.3
Short-term investments		0		102	212	198	89.3	96.8
Receivables		15.5	22.9	39.8	35.1	37.7	48.1	50
Other current assets		5.3	8	9.71	28	24.7	14.6	15.3
Total current assets		31.7	254	455	374	342	251	214
Property, plant and equipment		8.24	7.12	7.43	9.08	10.2	9.13	14
Lease right-of-use assets		14.1	11.8	9.52	5.89	4.41	1.99	7.09
Goodwill				42.4	49.7	52.1	51.9	51.9
Intangible assets				35	27.6	27.1	17.3	11.3
Total assets		56.1	277	555	474	444	340	309
Accounts payable		3.88	5.79	8.21	7.01	7.98	7.02	9.87
Accrued liabilities		5.85	3.34	2.94	2.94	2.65	3.19	4.79
Deferred revenue		9.4	11.4	12.8	17.8	32.2	46.6	59.6
Short-term debt		2.36			0	0.55
Total current liabilities		33.9	45.9	62.8	78.8	70.8	88	108
Long-term debt		38.5		336	337	340
Lease liabilities		15.7	12.7	10.2	10	7.61	1.68	6.89
Other non-current liabilities				7.25	2.09	0.55	0.77	1.35
Total liabilities		89.6	59.9	417	428	419	307	269
Total debt		40.9		336	337	339	216	157
Paid-in capital		17.2	530	529	577	620	655	680
Retained earnings		-275	-313	-390	-530	-595	-622	-641
Other comprehensive income				-0.19	-1.2	0.16	0.15	0.22
Shareholders' equity	-211	-257	217	138	45.7	25.5	33.4	39.4
Total equity	-211	-257	217	138	45.7	25.5	33.4	39.4
Total liabilities and equity		56.1	277	555	474	444	340	309
Shares outstanding					73.9	76.4	78.6	81.6

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-38.9	-42.6	-37.6	-76.7	-140	-64.7	-27	-19.3
Depreciation and amortization	1.8	2.6	3.1	2.8	3.3	4.1	4	4
Stock-based compensation	2.07	3.16	11.1	25.4	42.3	41.2	35.4	23.6
Deferred income tax	0	0		0.18	0.21	0.5	-0.25	0.25
Change in receivables	-4.63	-6.3	-9.31	-17.3	-20.3	-3.88	-14.2	-5.54
Change in payables	0.29	-1.58	1.91	2.14	-1.2	0.96	-0.9	2.24
Cash from operations	-30.6	-40	-26.5	-40.3	-89.4	-24.2	26.3	25.5
Capital expenditures					-5.2	-4.18	-3.72	-8.6
Acquisitions				-81.1	-0.7	-7.89	-0.1	0
Purchases of investments	-33.6			-107	-214	-228	-80.2	-92.8
Sales and maturities of investments	10.4	23.5		4.5	104	243	189	87.3
Cash from investing	-26.5	17.9	-1.96	-187	-117	2.82	105	-16.6
Debt issued	4.5	18.5	41.9	345	0	1.08
Debt repaid	-4.5	-2.05	-28.6	0	0	-0.39	-109	-54.5
Stock issued					0.21	3.85	1.71	3.63
Dividends paid			-12.8
Cash from financing	64.2	17.4	240	305	0.21	1.24	-114	-53.1
Net change in cash	7.13	-4.75	211	78.1	-206	-20.2	17.5	-44.2
Free cash flow					-94.6	-28.4	22.5	16.9
Interest paid	1.25	1.63	2.29	0	0.9	0.89	2.47	11.2
Income taxes paid				0	0.03	0.58	0.38	0.78

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.69 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	76.1%	Gross profit / revenue.
Operating margin	0.0%	Operating income / revenue.
EBITDA margin	3.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.7%	Pre-tax income / revenue.
Net margin	-2.0%	Net income / revenue.
FCF margin	5.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.8%	Cash from operations / revenue.
Return on equity (ROE)	-12.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.1%	Net income / average total assets.
Return on invested capital (ROIC)	0.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	21.2%	Research and development expense / revenue.
Stock-based pay / revenue	5.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.7%	Capital expenditures / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-2.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-25.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	17.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-28.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-13.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	15.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.02x	Current assets / current liabilities.
Quick ratio	1.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.40x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.99x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	47.8%	Total debt / total assets.
Liabilities / assets	84.0%	Total liabilities / total assets.
Net debt	-$5.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.44x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.01x	Operating income / interest expense.
Working capital	$117.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$6.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.05x	Revenue / average total assets.
Fixed asset turnover	16.3x	Revenue / average property, plant and equipment.
Receivables turnover	7.23x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
Days payables	29 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	47.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.16	Revenue / diluted weighted shares.
FCF per share	$0.21	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.41	Cash from operations / diluted weighted shares.
Book value per share	$0.63	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.08	Tangible book value / shares outstanding.
Cash per share	$1.95	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$305.7M	Share price x shares outstanding.
Enterprise value	$300.4M	Market cap + total debt - cash - short-term investments.
P/S	0.89x	Market cap / revenue.
P/B	5.84x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	17.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.04x	Market cap / cash from operations, when positive.
EV/Sales	0.87x	Enterprise value / revenue.
EV/EBIT	3,576x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.8%	Free cash flow / market cap.
Earnings yield	-2.2%	Net income / market cap (the inverse of P/E).

What was Commerce.com, Inc.'s revenue in fiscal 2025?

Commerce.com, Inc. reported revenue of $342.3M for fiscal 2025, 2.8% higher than the year before.

Was Commerce.com, Inc. profitable in fiscal 2025?

No. It reported a net loss of $19.3M.

How much free cash flow did Commerce.com, Inc. generate in fiscal 2025?

Cash from operations of $25.5M minus capital expenditures of $8.6M left free cash flow of $16.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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