BigCommerce - Public Comps and Valuation Multiples

BigCommerce Overview

About BigCommerce

BigCommerce Holdings Inc is engaged in offering Software-as-a-service (SaaS) e-commerce platform. The company's SaaS platform engages in the creation of online stores by delivering a combination of ease-of-use, enterprise functionality, and flexibility. It powers both the customers' branded ecommerce stores and their cross-channel connections to popular online marketplaces, social networks, and offline point-of-sale systems. The group operates in a single segment covering geographical areas of Americas-U.S.; Americas-other; EMEA; and APAC, of which majority of revenue is generated from Americas-U.S.

Founded

2003

HQ

Employees

1.2K+

Website

bigcommerce.com

Sectors

E-commerce Software
RetailTech
B2B SaaS
Horizontal SaaS
MarTech
RetailTech

Financials

LTM Revenue $337M

LTM EBITDA $26.3M

EV

$460M

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BigCommerce Financials

BigCommerce has a last 12-month revenue of $337M and a last 12-month EBITDA of $26.3M.

In the most recent fiscal year, BigCommerce achieved revenue of $333M and an EBITDA of -$7.1M.

BigCommerce expects next 12-month revenue of XXX and NTM EBITDA of XXX

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BigCommerce P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$309M	$333M	XXX	XXX	XXX
Gross Profit	$209M	$235M	XXX	XXX	XXX
Gross Margin	68%	71%	XXX	XXX	XXX
EBITDA	-$51.3M	-$7.1M	XXX	XXX	XXX
EBITDA Margin	-17%	-2%	XXX	XXX	XXX
Net Profit	-$140M	-$64.7M	XXX	XXX	XXX
Net Margin	-45%	-19%	XXX	XXX	XXX
Net Debt	$246M	$268M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

BigCommerce Stock Performance

As of April 25, 2025, BigCommerce's stock price is $5.

BigCommerce has current market cap of $417M, and EV of $460M.

See BigCommerce trading valuation data

BigCommerce Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$460M	$417M	XXX	XXX	XXX	XXX	$0.27

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BigCommerce Valuation Multiples

As of April 25, 2025, BigCommerce has market cap of $417M and EV of $460M.

BigCommerce's trades at 1.4x LTM EV/Revenue multiple, and 17.5x LTM EBITDA.

Analysts estimate BigCommerce's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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BigCommerce Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$460M	XXX	XXX	XXX
EV/Revenue	1.4x	XXX	XXX	XXX
EV/EBITDA	-64.7x	XXX	XXX	XXX
P/E	-15.4x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	20.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

BigCommerce Valuation Multiples

BigCommerce's NTM/LTM revenue growth is 4%

BigCommerce's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, BigCommerce's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate BigCommerce's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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BigCommerce Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	8%	XXX	XXX	XXX	XXX
EBITDA Margin	-2%	XXX	XXX	XXX	XXX
EBITDA Growth	-86%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	2%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	39%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	19%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	24%	XXX	XXX	XXX	XXX
Opex to Revenue	85%	XXX	XXX	XXX	XXX

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