Commerce.com - Public Comps and Valuation Multiples

Commerce.com Overview

About Commerce.com

Commerce.com 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 its revenue is generated from Americas-U.S.

Founded

2003

HQ

Employees

1.2K+

Website

bigcommerce.com

Sectors

E-commerce Software

Financials

LTM Revenue $341M

LTM EBITDA $24.0M

EV

$427M

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Commerce.com Financials

As of September 2025, Commerce.com reported last 12-month revenue of $341M and EBITDA of $24.0M.

In the same period, Commerce.com generated $270M in LTM gross profit and $18.5M in net income.

See Commerce.com valuation multiples based on analyst estimates

Commerce.com P&L

In the most recent fiscal year, Commerce.com reported revenue of $333M and EBITDA of -$7.1M.

Commerce.com expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$341M	XXX	$333M	XXX	XXX	XXX
Gross Profit	$270M	XXX	$255M	XXX	XXX	XXX
Gross Margin	79%	XXX	77%	XXX	XXX	XXX
EBITDA	$24.0M	XXX	-$7.1M	XXX	XXX	XXX
EBITDA Margin	7%	XXX	-2%	XXX	XXX	XXX
EBIT	$21.8M	XXX	-$26.7M	XXX	XXX	XXX
EBIT Margin	6%	XXX	-8%	XXX	XXX	XXX
Net Profit	$18.5M	XXX	-$27.0M	XXX	XXX	XXX
Net Margin	5%	XXX	-8%	XXX	XXX	XXX
Net Debt	XXX	XXX	$128M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Commerce.com including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $341M. EBITDA for the last twelve months was $24.0M. In the most recent fiscal year, Commerce.com achieved $333M in revenue and -$7.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$341M	Analyst estimates available to subscribers	$333M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$270M	Analyst estimates available to subscribers	$255M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	79.2% gross margin	Analyst estimates available to subscribers	76.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$24.0M	Analyst estimates available to subscribers	-$7.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	7.0% EBITDA margin	Analyst estimates available to subscribers	-2.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$21.8M	Analyst estimates available to subscribers	-$26.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	6.4% EBIT margin	Analyst estimates available to subscribers	-8.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$18.5M	Analyst estimates available to subscribers	-$27.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	5.4% net profit margin	Analyst estimates available to subscribers	-8.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$128M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Commerce.com

This financial data table provides comprehensive performance metrics for Commerce.com, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Commerce.com generated $341M in revenue over the last twelve months.
The company achieved $24.0M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $270M.
Net income over the last twelve months reached $18.5M.

Fiscal Year Performance

In the most recent fiscal year, Commerce.com reported $333M in total revenue.
Fiscal year EBITDA was -$7.1M.
The company maintained a gross profit margin of 76.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was -2.1%.
Net profit margin reached -8.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Commerce.com. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Commerce.com Stock Performance

Commerce.com has current market cap of $396M, and EV of $427M.

Market Cap Evolution

Commerce.com Stock Data

As of October 2, 2025, Commerce.com's stock price is $5.

See Commerce.com trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$427M	$396M	XXX	XXX	XXX	XXX	$0.23

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Commerce.com Valuation Multiples

Commerce.com's trades at 1.3x EV/Revenue multiple, and -60.2x EV/EBITDA.

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Commerce.com Financial Valuation Multiples

As of October 2, 2025, Commerce.com has market cap of $396M and EV of $427M.

Equity research analysts estimate Commerce.com's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Commerce.com has a P/E ratio of 21.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$396M	XXX	$396M	XXX	XXX	XXX
EV (current)	$427M	XXX	$427M	XXX	XXX	XXX
EV/Revenue	1.3x	XXX	1.3x	XXX	XXX	XXX
EV/EBITDA	17.8x	XXX	-60.2x	XXX	XXX	XXX
EV/EBIT	19.6x	XXX	-16.0x	XXX	XXX	XXX
EV/Gross Profit	1.6x	XXX	n/a	XXX	XXX	XXX
P/E	21.4x	XXX	-14.6x	XXX	XXX	XXX
EV/FCF	18.2x	XXX	19.0x	XXX	XXX	XXX

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

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Commerce.com Margins & Growth Rates

Commerce.com's last 12 month revenue growth is 4%

Commerce.com's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

Commerce.com's rule of 40 is -12% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Commerce.com's rule of X is 18% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Commerce.com Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	4%	XXX	4%	XXX	XXX	XXX
EBITDA Margin	7%	XXX	-2%	XXX	XXX	XXX
EBITDA Growth	33%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-12%	XXX	2%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	18%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	39%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	24%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	85%	XXX	XXX	XXX

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

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