Commerce.com

CMRC

Software - Application · Technology

Price

$2.22

-0.03 (-1.33%)

Market Cap

$183.2M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+13.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 70.9M (2021) → 80.3M (2025)

Winston Score History

The full picture

Commerce.com, Inc. is a software company that helps businesses sell products online. It provides e-commerce tools and platform services that let retailers and brands build and manage their online stores. The company operates in the crowded software-as-a-service (SaaS) space, competing with larger players like Shopify and BigCommerce.

The company earns money primarily through software subscriptions and platform fees charged to merchants using its services. With a gross margin near 78%, the underlying software business is efficient, but the company is not yet profitable at the operating level, meaning it spends more than it earns after costs. At roughly $300 million in market cap, it is a small player, and its main challenge is scaling fast enough to compete against well-funded rivals while converting its revenue growth into consistent profits.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+113.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$73M/ year

↓ Declining (-10% vs prior year)

21.3% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

22.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$156M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Commerce.com is growing revenue at 0% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

75.2%

Premium pricing power — 75.2% gross margin

Profit after running costs

Operating Margin

3.2%

Thin — 3.2% operating margin

Return on the money invested

ROCE

1.1%

Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+2.8%

Nearly flat sales (+2.8% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

6.2%

Modest free cash flow (6.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

3.03

Heavy debt load (3.03)

Covers its interest

Interest Cover

0.24x

Dangerous — barely covers interest (0.2x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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