What is Commerce.com's operating income?

Commerce.com's total operating income in 2025 was -$16.22 million, based on the following breakdown: Total Gross Profit: $269.60 million Total Operating Expenses: $285.81 million

Commerce.com (CMRC) Financials

$2.94 -0.06 (-1.84%)

As of 11:41 AM Eastern

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Annual Income Statements for Commerce.com

This table shows Commerce.com's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-44	-50	-39	0.00	-140	-65	-27	-19
Consolidated Net Income / (Loss)	-39	-43	-38	-77	-140	-65	-27	-19
Net Income / (Loss) Continuing Operations	-39	-43	-38	-77	-140	-65	-27	-19
Total Pre-Tax Income	-39	-43	-38	-77	-139	-65	-26	-18
Total Operating Income	-38	-41	-39	-76	-141	-72	-42	-16
Total Gross Profit	70	85	118	171	209	235	255	270
Total Revenue	92	112	152	220	279	309	333	342
Operating Revenue	92	112	152	220	279	309	333	342
Total Cost of Revenue	22	27	34	48	70	74	78	73
Operating Cost of Revenue	22	27	34	48	70	74	78	73
Total Operating Expenses	108	126	157	247	350	308	297	286
Selling, General & Admin Expense	19	22	36	51	69	59	62	56
Marketing Expense	46	61	72	105	141	140	130	137
Research & Development Expense	42	43	48	65	88	83	81	73
Amortization Expense	-	0.00	0.00	3.28	8.08	8.42	9.74	8.48
Restructuring Charge	-	0.00	0.00	23	43	17	15	11
Total Other Income / (Expense), net	-0.89	-1.58	1.16	-0.77	1.14	7.77	16	-1.96
Interest Expense	1.49	1.61	3.10	0.83	2.83	2.88	-6.06	6.10
Interest & Investment Income	0.65	0.25	0.03	0.13	4.20	11	11	4.82
Other Income / (Expense), net	-0.05	-0.21	4.23	-0.07	-0.23	-0.84	-0.96	-0.68
Income Tax Expense	0.01	0.03	0.03	-0.03	0.50	0.00	1.02	1.17
Basic Earnings per Share	($2.59)	($2.80)	($0.99)	($1.08)	($1.91)	($0.86)	($0.35)	($0.24)
Weighted Average Basic Shares Outstanding	16.81M	17.83M	39.09M	70.93M	73.23M	75.14M	77.60M	80.30M
Weighted Average Diluted Shares Outstanding	16.81M	17.83M	39.09M	70.93M	74.12M	76.60M	78.60M	82.20M
Weighted Average Basic & Diluted Shares Outstanding	16.81M	17.83M	39.09M	70.93M	74.12M	76.60M	78.60M	82.20M

This table shows Commerce.com's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-20	-3.18	-6.39	-11	-6.99	-2.39	-0.35	-8.38	-2.24	-8.36	3.73
Consolidated Net Income / (Loss)	-20	-3.18	-6.39	-11	-6.99	-2.39	-0.35	-8.38	-2.24	-8.36	3.73
Net Income / (Loss) Continuing Operations	-20	-3.18	-6.39	-11	-6.99	-2.39	-0.35	-8.38	-2.24	-8.36	3.73
Total Pre-Tax Income	-20	-3.73	-6.10	-11	-6.72	-2.07	0.17	-8.16	-2.03	-8.16	4.18
Total Operating Income	-22	-5.69	-8.23	-13	-19	-0.75	-2.41	-6.79	-0.44	-6.59	5.77
Total Gross Profit	59	65	62	62	64	68	65	67	67	70	67
Total Revenue	78	84	80	82	84	87	82	84	86	90	87
Operating Revenue	78	84	80	82	84	87	82	84	86	90	87
Total Cost of Revenue	19	19	18	20	20	19	17	18	19	19	20
Operating Cost of Revenue	19	19	18	20	20	19	17	18	19	19	20
Total Operating Expenses	81	71	70	76	83	68	68	73	68	77	61
Selling, General & Admin Expense	14	14	15	15	16	15	14	16	12	14	14
Marketing Expense	36	34	32	34	33	30	30	35	36	35	26
Research & Development Expense	22	20	20	20	21	20	19	18	17	18	18
Amortization Expense	2.03	2.32	2.47	2.45	2.43	2.38	2.34	2.52	1.90	1.72	1.53
Restructuring Charge	6.86	1.15	0.33	2.91	10	1.56	2.25	1.73	0.08	7.43	0.91
Total Other Income / (Expense), net	2.04	1.96	2.13	2.37	12	-1.32	2.58	-1.37	-1.60	-1.57	-1.59
Interest Expense	0.72	0.72	0.72	0.72	-10	2.70	-1.39	2.52	2.48	2.48	2.48
Interest & Investment Income	3.06	3.18	3.18	3.20	2.43	1.76	1.30	1.17	1.18	1.16	1.17
Other Income / (Expense), net	-0.30	-0.50	-0.33	-0.11	-0.14	-0.37	-0.11	-0.02	-0.30	-0.25	-0.27
Income Tax Expense	0.15	-0.55	0.29	0.13	0.27	0.32	0.52	0.22	0.21	0.21	0.45
Basic Earnings per Share	($0.27)	($0.04)	($0.08)	($0.15)	($0.09)	($0.03)	$0.00	($0.10)	($0.03)	($0.11)	$0.05
Weighted Average Basic Shares Outstanding	75.39M	75.14M	76.63M	77.46M	77.87M	77.60M	78.84M	80.12M	80.76M	80.30M	82.04M
Diluted Earnings per Share	-	-	-	-	-	-	$0.00	-	-	-	$0.05
Weighted Average Diluted Shares Outstanding	76.09M	76.60M	77.27M	77.75M	78.38M	78.60M	78.84M	80.74M	81.26M	82.20M	82.32M
Weighted Average Basic & Diluted Shares Outstanding	76.09M	76.60M	77.27M	77.75M	78.38M	78.60M	80.10M	80.74M	81.26M	82.20M	82.51M

This table details how cash moves in and out of Commerce.com's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	7.13	-4.75	211	78	-206	-20	18	-44
Net Cash From Operating Activities	-31	-40	-27	-40	-89	-24	26	25
Net Cash From Continuing Operating Activities	-31	-40	-27	-40	-89	-24	26	25
Net Income / (Loss) Continuing Operations	-39	-43	-38	-77	-140	-65	-27	-19
Consolidated Net Income / (Loss)	-39	-43	-38	-77	-140	-65	-27	-19
Depreciation Expense	1.84	2.57	3.08	6.15	11	12	14	14
Amortization Expense	0.05	0.05	0.77	0.57	1.96	1.98	0.95	-0.96
Non-Cash Adjustments To Reconcile Net Income	2.57	4.08	13	29	54	42	29	24
Changes in Operating Assets and Liabilities, net	3.83	-4.08	-5.48	0.75	-17	-16	9.51	8.39
Net Cash From Investing Activities	-27	18	-1.96	-187	-117	2.82	105	-17
Net Cash From Continuing Investing Activities	-27	18	-1.96	-187	-117	2.82	105	-17
Purchase of Property, Plant & Equipment	-3.33	-5.58	-1.96	-3.30	-5.20	-4.18	-3.72	-8.60
Acquisitions	-	0.00	0.00	-81	-0.70	-7.89	-0.10	0.00
Purchase of Investments	-34	0.00	0.00	-107	-214	-228	-80	-93
Sale and/or Maturity of Investments	10	23	0.00	4.50	104	243	189	87
Other Investing Activities, net	-	-	-	-	-	0.00	0.00	-2.44
Net Cash From Financing Activities	64	17	240	305	0.21	1.24	-114	-53
Net Cash From Continuing Financing Activities	64	17	240	305	0.21	1.24	-114	-53
Repayment of Debt	-4.50	-2.05	-29	-10	0.00	-0.39	-112	-55
Other Financing Activities, net	0.61	0.90	3.28	-30	0.21	1.64	-1.74	1.67
Cash Interest Paid	1.25	1.63	2.29	0.00	0.90	0.89	2.47	11
Cash Income Taxes Paid	-	-	0.00	0.00	0.03	0.00	0.00	0.00

This table details how cash moves in and out of Commerce.com's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-4.75	1.96	-11	72	-97	53	-37	-5.82	3.65	-4.91	13
Net Cash From Operating Activities	-31	13	-3.42	12	5.57	12	0.40	14	11	0.98	18
Net Cash From Continuing Operating Activities	-31	13	-3.42	12	5.57	12	0.40	14	11	0.98	18
Net Income / (Loss) Continuing Operations	-20	-3.18	-6.39	-11	-6.99	-2.39	-0.35	-8.38	-2.24	-8.36	3.73
Consolidated Net Income / (Loss)	-20	-3.18	-6.39	-11	-6.99	-2.39	-0.35	-8.38	-2.24	-8.36	3.73
Depreciation Expense	3.14	3.50	3.49	3.51	3.48	3.33	4.28	3.85	2.73	2.81	2.89
Amortization Expense	0.49	0.50	0.50	0.50	0.10	-0.15	-0.22	-0.24	-0.25	-0.25	-0.72
Non-Cash Adjustments To Reconcile Net Income	12	7.05	9.25	11	1.38	7.53	2.21	8.83	6.10	6.59	4.70
Changes in Operating Assets and Liabilities, net	-26	5.41	-10	8.13	7.60	4.04	-5.52	9.50	4.22	0.19	7.77
Net Cash From Investing Activities	26	-11	-6.93	60	9.25	43	17	-21	-6.80	-5.95	-5.39
Net Cash From Continuing Investing Activities	26	-11	-6.93	60	9.25	43	17	-21	-6.80	-5.95	-5.39
Purchase of Property, Plant & Equipment	-1.06	-1.04	-0.81	-1.06	-1.06	-0.79	-0.83	-1.65	-2.97	-3.16	-4.29
Purchase of Investments	-56	-39	-36	-1.04	-49	5.76	-7.95	-33	-44	-8.00	-25
Sale and/or Maturity of Investments	83	37	29	63	60	38	29	13	41	5.20	24
Other Investing Activities, net	-	-	0.00	-	-	-	-2.44	-	-	-	0.00
Net Cash From Financing Activities	0.29	-0.14	-0.49	0.13	-112	-1.61	-55	1.85	-0.11	0.06	-0.05
Net Cash From Continuing Financing Activities	0.29	-0.14	-0.49	0.13	-112	-1.61	-55	1.85	-0.11	0.06	-0.05
Repayment of Debt	-0.13	-0.26	-0.13	-0.14	-111	-0.80	-55	-	-	-	0.00
Other Financing Activities, net	0.42	0.12	-0.35	0.27	-0.85	-0.81	-0.13	1.85	-0.11	0.06	-0.05
Cash Interest Paid	0.44	0.02	0.44	0.01	2.02	0.00	5.69	-	-	5.49	0.00
Cash Income Taxes Paid	0.13	0.24	0.14	0.04	0.09	0.11	0.00	0.26	0.08	-0.56	0.00

This table presents Commerce.com's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	56	277	555	474	444	340	309
Total Current Assets	32	254	455	374	342	251	214
Cash & Equivalents	7.80	219	298	92	72	89	44
Restricted Cash	1.36	1.16	1.14	1.46	1.13	1.48	1.91
Short-Term Investments	-	0.00	102	212	198	89	97
Accounts Receivable	16	23	40	35	38	48	50
Prepaid Expenses	5.30	8.00	9.71	28	25	15	15
Other Current Assets	1.68	2.57	4.01	6.17	8.28	8.82	6.05
Plant, Property, & Equipment, net	8.24	7.12	7.43	9.08	10	9.13	14
Total Noncurrent Assets	16	15	93	91	92	80	80
Goodwill	-	0.00	42	50	52	52	52
Intangible Assets	-	0.00	35	28	27	17	11
Other Noncurrent Operating Assets	16	15	16	13	13	11	17
Total Liabilities & Shareholders' Equity	56	277	555	474	444	340	309
Total Liabilities	90	60	417	428	419	307	269
Total Current Liabilities	34	46	63	79	71	88	108
Short-Term Debt	2.36	-	-	0.00	-	0.00	4.04
Accounts Payable	3.88	5.79	8.21	7.01	7.98	7.02	9.87
Accrued Expenses	5.85	3.34	2.94	2.94	2.65	3.19	4.79
Current Deferred Revenue	9.40	11	13	18	32	47	60
Other Current Liabilities	12	25	39	51	28	31	30
Total Noncurrent Liabilities	56	14	354	350	348	219	161
Long-Term Debt	39	0.00	336	337	340	216	153
Other Noncurrent Operating Liabilities	16	13	17	12	8.16	2.45	8.24
Total Equity & Noncontrolling Interests	-257	217	138	46	26	33	39
Total Preferred & Common Equity	-257	217	138	46	26	33	39
Total Common Equity	-257	217	138	46	26	33	39
Common Stock	17	530	529	577	620	655	680
Retained Earnings	-275	-313	-390	-530	-595	-622	-641
Accumulated Other Comprehensive Income / (Loss)	0.00	0.00	-0.19	-1.20	0.16	0.15	0.22
Other Equity Adjustments	0.00	0.01	0.01	0.01	0.01	0.01	0.01

This table presents Commerce.com's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	481	462	468	436	442	453	335	286	303	309	324
Total Current Assets	376	363	371	342	344	356	243	193	210	216	230
Cash & Equivalents	101	61	75	70	61	133	35	52	46	50	57
Restricted Cash	1.36	1.12	1.11	1.11	1.11	1.12	1.51	1.16	1.16	1.16	1.89
Short-Term Investments	206	221	223	196	204	143	133	69	88	92	98
Accounts Receivable	48	59	52	52	39	45	43	44	52	48	50
Prepaid Expenses	14	14	13	16	29	25	21	19	15	18	18
Other Current Assets	5.53	6.43	7.00	7.59	8.70	9.12	9.14	8.07	7.56	6.81	5.21
Plant, Property, & Equipment, net	9.07	10	10	11	9.99	9.98	9.37	8.13	8.98	11	16
Total Noncurrent Assets	97	88	86	84	89	87	82	85	84	82	78
Goodwill	50	50	50	50	52	52	52	52	52	52	52
Intangible Assets	29	26	24	21	25	22	20	17	15	13	9.76
Other Noncurrent Operating Assets	18	13	13	13	12	13	11	16	17	17	16
Total Liabilities & Shareholders' Equity	481	462	468	436	442	453	335	286	303	309	324
Total Liabilities	416	427	441	416	416	426	306	248	264	267	277
Total Current Liabilities	66	77	92	67	68	79	87	82	98	101	116
Short-Term Debt	-	-	0.40	0.40	0.55	0.42	-	-	-	-	4.04
Accounts Payable	7.22	7.51	6.49	6.27	7.06	6.69	8.15	7.82	8.78	9.53	8.54
Accrued Expenses	2.80	4.24	3.67	3.09	3.21	3.60	2.77	2.76	3.46	4.49	4.50
Current Deferred Revenue	16	21	28	31	35	42	46	49	56	59	69
Other Current Liabilities	41	45	53	26	22	26	29	23	30	28	31
Total Noncurrent Liabilities	350	350	349	349	348	348	220	166	165	166	161
Long-Term Debt	337	338	339	339	340	340	217	158	158	157	153
Other Noncurrent Operating Liabilities	11	9.84	9.33	8.85	7.64	7.10	2.82	8.17	7.94	8.34	8.19
Total Equity & Noncontrolling Interests	65	34	27	20	27	26	29	38	39	43	47
Total Preferred & Common Equity	65	34	27	20	27	26	29	38	39	43	47
Total Common Equity	65	34	27	20	27	26	29	38	39	43	47
Common Stock	564	587	599	612	628	639	648	660	669	675	684
Retained Earnings	-497	-552	-571	-591	-601	-612	-619	-622	-630	-633	-637
Accumulated Other Comprehensive Income / (Loss)	-1.61	-0.48	-0.57	-0.42	-0.10	-0.18	0.38	0.12	0.11	0.21	-0.01
Other Equity Adjustments	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01

This table displays calculated financial ratios and metrics derived from Commerce.com's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	0.00	67,806,741.00	71,618,735.00	-	-	-	81,263,346.00
DEI Adjusted Shares Outstanding	0.00	0.00	67,806,741.00	71,618,735.00	-	-	-	81,263,346.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	-0.57	0.00	-	-	-	-0.24
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	22.03%	35.92%	44.29%	26.94%	10.86%	7.61%	2.83%
EBITDA Growth	0.00%	-6.73%	20.65%	-126.39%	-83.89%	53.83%	52.60%	84.97%
EBIT Growth	0.00%	-8.32%	16.34%	-120.56%	-85.22%	47.95%	41.81%	60.37%
NOPAT Growth	0.00%	-7.92%	5.59%	-96.25%	-85.10%	48.46%	42.46%	61.10%
Net Income Growth	0.00%	-9.55%	11.81%	-104.15%	-82.48%	53.78%	58.20%	28.44%
EPS Growth	0.00%	-8.11%	64.64%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	0.00%	-30.66%	33.63%	-51.91%	-121.73%	72.87%	208.30%	-2.91%
Free Cash Flow Firm Growth	0.00%	0.00%	6.64%	-417.73%	20.05%	36.02%	91.74%	199.17%
Invested Capital Growth	0.00%	0.00%	-109.81%	1,992.05%	7.41%	20.06%	-25.23%	-23.92%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	10.98%	2.77%	3.94%	0.87%	0.73%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-35.21%	-0.01%	32.72%	13.23%	-296.30%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-36.09%	-0.13%	27.57%	10.62%	-51.04%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-35.78%	-0.62%	28.59%	10.59%	-56.19%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-35.39%	0.90%	31.55%	2.83%	-44.69%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	17.25%	-15.76%	6.41%	39.72%	-3.38%	-30.86%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	1.21%	5.42%	64.06%	-53.17%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-16.05%	-16.81%	0.74%	-7.43%	-6.22%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	76.12%	75.89%	77.60%	77.95%	74.92%	76.02%	76.69%	78.75%
EBITDA Margin	-39.34%	-34.41%	-20.09%	-31.52%	-45.66%	-19.01%	-8.38%	-1.22%
Operating Margin	-41.34%	-36.56%	-25.40%	-34.54%	-50.37%	-23.41%	-12.52%	-4.74%
EBIT Margin	-41.40%	-36.75%	-22.62%	-34.57%	-50.45%	-23.69%	-12.81%	-4.94%
Profit (Net Income) Margin	-42.32%	-37.99%	-24.65%	-34.88%	-50.14%	-20.90%	-8.12%	-5.65%
Tax Burden Percent	100.03%	100.07%	100.07%	99.96%	100.36%	100.00%	103.90%	106.42%
Interest Burden Percent	102.20%	103.32%	108.91%	100.92%	99.03%	88.25%	61.01%	107.56%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	-154.18%	-130.32%	-58.94%	-35.57%	-18.37%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	-137.74%	121.66%	-86.61%	-31.48%	-49.78%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	110.99%	-21.80%	-122.71%	-56.21%	-34.82%
Return on Equity (ROE)	0.00%	126.95%	-41.00%	-43.19%	-152.12%	-181.65%	-91.78%	-53.19%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-178.30%	-137.47%	-77.17%	-6.69%	8.81%
Operating Return on Assets (OROA)	0.00%	-73.48%	-20.72%	-18.27%	-27.35%	-15.96%	-10.87%	-5.21%
Return on Assets (ROA)	0.00%	-75.97%	-22.58%	-18.43%	-27.18%	-14.09%	-6.89%	-5.96%
Return on Common Equity (ROCE)	0.00%	973.63%	9.07%	-43.19%	-152.12%	-181.65%	-91.78%	-53.19%
Return on Equity Simple (ROE_SIMPLE)	0.00%	16.55%	-17.33%	-55.45%	-306.36%	-253.28%	-81.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-27	-29	-27	-53	-98	-51	-29	-11
NOPAT Margin	-28.94%	-25.59%	-17.78%	-24.18%	-35.26%	-16.39%	-8.76%	-3.32%
Net Nonoperating Expense Percent (NNEP)	0.00%	87.65%	-11.09%	-16.44%	-251.99%	27.68%	-4.09%	31.41%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-25.68%	-13.89%	-11.68%	-5.78%
Cost of Revenue to Revenue	23.88%	24.11%	22.40%	22.05%	25.08%	23.98%	23.31%	21.25%
SG&A Expenses to Revenue	21.22%	19.81%	23.72%	23.34%	24.88%	19.02%	18.56%	16.32%
R&D to Revenue	46.25%	38.47%	31.72%	29.36%	31.62%	26.98%	24.29%	21.33%
Operating Expenses to Revenue	117.46%	112.46%	103.00%	112.49%	125.29%	99.43%	89.22%	83.49%
Earnings before Interest and Taxes (EBIT)	-38	-41	-34	-76	-141	-73	-43	-17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-36	-39	-31	-69	-127	-59	-28	-4.19
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	20.07	18.32	14.10	29.00	14.38	8.51
Price to Tangible Book Value (P/TBV)	0.00	0.00	20.07	41.65	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.36	1.93	28.55	11.52	2.31	2.39	1.44	0.98
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	33.89	8.65	8.61	7.36	6.53
Enterprise Value to Revenue (EV/Rev)	0.00	4.21	27.10	11.22	2.42	2.61	1.55	1.02
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	19.67	13.69
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	64.10
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-1.22	0.00	2.43	7.39	13.30	6.49	3.99
Long-Term Debt to Equity	0.00	-1.15	0.00	2.43	7.39	13.30	6.49	3.89
Financial Leverage	0.00	-0.95	-1.03	-0.81	-0.18	1.42	1.79	0.70
Leverage Ratio	0.00	-1.67	1.82	2.34	5.60	12.89	13.32	8.93
Compound Leverage Factor	0.00	-1.73	1.98	2.37	5.54	11.38	8.12	9.60
Debt to Total Capital	0.00%	558.57%	0.00%	70.81%	88.08%	93.01%	86.64%	79.96%
Short-Term Debt to Total Capital	0.00%	32.30%	0.00%	0.00%	0.00%	0.00%	0.00%	2.06%
Long-Term Debt to Total Capital	0.00%	526.27%	0.00%	70.81%	88.08%	93.01%	86.64%	77.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	3,058.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-3,516.99%	100.00%	29.19%	11.92%	6.99%	13.36%	20.04%
Debt to EBITDA	0.00	-1.06	0.00	-4.84	-2.65	-5.77	-7.76	-37.47
Net Debt to EBITDA	0.00	-0.82	0.00	0.95	-0.26	-1.16	-1.32	-3.35
Long-Term Debt to EBITDA	0.00	-1.00	0.00	-4.84	-2.65	-5.77	-7.76	-36.51
Debt to NOPAT	0.00	-1.42	0.00	-6.31	-3.43	-6.70	-7.42	-13.83
Net Debt to NOPAT	0.00	-1.11	0.00	1.23	-0.33	-1.35	-1.26	-1.24
Long-Term Debt to NOPAT	0.00	-1.34	0.00	-6.31	-3.43	-6.70	-7.42	-13.48
Altman Z-Score	0.00	-5.88	43.05	3.45	-0.31	0.07	-0.48	-0.82
Noncontrolling Interest Sharing Ratio	0.00%	-666.95%	122.13%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.93	5.54	7.24	4.75	4.83	2.85	1.98
Quick Ratio	0.00	0.69	5.28	7.00	4.30	4.35	2.57	1.77
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-27	-25	-130	-104	-66	-5.49	5.44
Operating Cash Flow to CapEx	-919.75%	-716.42%	-1,350.76%	-1,219.73%	-1,719.73%	-580.11%	705.56%	296.48%
Free Cash Flow to Firm to Interest Expense	0.00	-16.66	-8.08	-156.78	-36.70	-23.02	0.00	0.89
Operating Cash Flow to Interest Expense	-20.54	-24.79	-8.55	-48.67	-31.60	-8.41	0.00	4.18
Operating Cash Flow Less CapEx to Interest Expense	-22.78	-28.26	-9.18	-52.66	-33.43	-9.86	0.00	2.77
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	2.00	0.92	0.53	0.54	0.67	0.85	1.05
Accounts Receivable Turnover	0.00	7.21	7.93	7.01	7.45	8.50	7.76	6.98
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	13.60	19.84	30.22	33.80	32.04	34.39	29.63
Accounts Payable Turnover	0.00	6.96	7.06	6.93	9.19	9.90	10.35	8.62
Days Sales Outstanding (DSO)	0.00	50.62	46.04	52.05	48.97	42.93	47.05	52.29
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	52.42	51.71	52.70	39.70	36.88	35.28	42.36
Cash Conversion Cycle (CCC)	0.00	-1.80	-5.66	-0.65	9.26	6.05	11.77	9.92
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	-1.83	-3.85	73	78	94	70	53
Invested Capital Turnover	0.00	-122.25	-53.63	6.38	3.70	3.60	4.06	5.54
Increase / (Decrease) in Invested Capital	0.00	-1.83	-2.01	77	5.39	16	-24	-17
Enterprise Value (EV)	0.00	472	4,129	2,468	676	809	517	349
Market Capitalization	216	216	4,350	2,533	644	740	480	335
Book Value per Share	$0.00	($14.43)	$3.20	$1.93	$0.62	$0.34	$0.43	$0.48
Tangible Book Value per Share	$0.00	($14.43)	$3.20	$0.85	($0.43)	($0.70)	($0.46)	($0.29)
Total Capital	0.00	7.32	217	474	383	365	250	196
Total Debt	0.00	41	0.00	336	337	340	216	157
Total Long-Term Debt	0.00	39	0.00	336	337	340	216	153
Net Debt	0.00	32	-221	-65	33	68	37	14
Capital Expenditures (CapEx)	3.33	5.58	1.96	3.30	5.20	4.18	3.72	8.60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-9.03	-12	-9.28	-9.51	-0.02	-16	-33
Debt-free Net Working Capital (DFNWC)	0.00	0.12	208	392	295	271	163	110
Net Working Capital (NWC)	0.00	-2.24	208	392	295	271	163	106
Net Nonoperating Expense (NNE)	12	14	10	24	42	14	-2.15	7.99
Net Nonoperating Obligations (NNO)	0.00	32	-221	-65	33	68	37	14
Total Depreciation and Amortization (D&A)	1.89	2.62	3.86	6.73	13	14	15	13
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-8.06%	-8.15%	-4.22%	-3.41%	-0.01%	-4.93%	-9.58%
Debt-free Net Working Capital to Revenue	0.00%	0.11%	136.63%	178.18%	105.87%	87.67%	49.02%	32.19%
Net Working Capital to Revenue	0.00%	-2.00%	136.63%	178.18%	105.87%	87.67%	49.02%	31.01%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	($1.08)	($1.91)	($0.86)	($0.35)	($0.24)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	72.47M	73.23M	75.14M	77.60M	80.30M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($1.08)	($1.91)	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	72.47M	73.23M	76.60M	78.60M	82.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($1.08)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	70.93M	74.12M	76.60M	78.60M	82.20M
Normalized Net Operating Profit after Tax (NOPAT)	-27	-29	-27	-37	-69	-39	-19	-3.31
Normalized NOPAT Margin	-28.94%	-25.59%	-17.78%	-16.76%	-24.59%	-12.62%	-5.61%	-0.97%
Pre Tax Income Margin	-42.31%	-37.97%	-24.63%	-34.89%	-49.96%	-20.90%	-7.81%	-5.31%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-25.54	-25.56	-11.11	-91.80	-49.79	-25.41	0.00	-2.77
NOPAT to Interest Expense	-17.85	-17.80	-8.73	-64.20	-34.79	-17.58	0.00	-1.86
EBIT Less CapEx to Interest Expense	-27.78	-29.02	-11.74	-95.79	-51.62	-26.86	0.00	-4.18
NOPAT Less CapEx to Interest Expense	-20.09	-21.26	-9.36	-68.19	-36.63	-19.03	0.00	-3.27
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-34.12%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-34.12%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Commerce.com's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	78,600,000.00	80,098,346.00	80,735,080.00	81,263,346.00	82,200,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	78,600,000.00	80,098,346.00	80,735,080.00	81,263,346.00	82,200,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.00	-0.10	-0.03	-0.10	0.05
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.81%	16.18%	11.99%	8.46%	7.26%	3.42%	2.50%	3.18%	2.77%	2.86%	5.43%
EBITDA Growth	31.28%	92.86%	77.38%	45.28%	16.43%	193.40%	133.84%	66.55%	111.04%	-308.13%	394.77%
EBIT Growth	27.26%	81.83%	63.77%	35.11%	13.97%	81.85%	70.60%	49.92%	96.19%	-508.01%	318.28%
NOPAT Growth	27.35%	83.60%	65.22%	35.45%	13.44%	86.80%	186.38%	49.68%	97.74%	-776.83%	3.41%
Net Income Growth	32.96%	90.37%	71.10%	40.97%	65.57%	24.75%	94.48%	25.53%	67.93%	-249.96%	1,156.37%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	38.14%	593.09%	83.60%	-20.38%	117.73%	-6.92%	111.74%	15.50%	89.36%	-92.07%	4,482.04%
Free Cash Flow Firm Growth	48.60%	33.71%	51.38%	-51.19%	126.55%	217.76%	279.15%	177.75%	375.05%	-47.40%	1.07%
Invested Capital Growth	-0.86%	20.06%	13.69%	32.79%	-18.63%	-25.23%	-26.85%	-32.62%	-24.91%	-23.92%	-36.95%
Revenue Q/Q Growth	3.45%	7.82%	-4.50%	1.83%	2.30%	3.96%	-5.35%	2.50%	1.89%	4.05%	-2.99%
EBITDA Q/Q Growth	-7.69%	88.35%	-108.23%	-109.53%	-64.45%	113.02%	-24.55%	-307.10%	154.27%	-345.43%	279.36%
EBIT Q/Q Growth	-7.37%	72.48%	-38.24%	-58.87%	-42.36%	94.19%	-123.93%	-170.56%	89.18%	-827.27%	180.39%
NOPAT Q/Q Growth	-6.26%	74.38%	-44.63%	-63.93%	-42.47%	96.09%	1,046.36%	-195.49%	93.59%	-1,413.79%	211.61%
Net Income Q/Q Growth	-6.53%	84.36%	-101.26%	-76.08%	37.87%	65.82%	85.23%	-2,274.50%	73.24%	-272.89%	144.58%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-313.18%	142.25%	-125.73%	443.52%	-52.52%	121.78%	-96.76%	3,280.80%	-22.16%	-90.71%	1,774.90%
Free Cash Flow Firm Q/Q Growth	29.68%	-33.48%	11.28%	-76.62%	112.35%	492.14%	38.73%	-23.35%	-24.55%	-34.44%	166.58%
Invested Capital Q/Q Growth	37.39%	0.74%	7.11%	-10.95%	-15.81%	-7.43%	5.40%	-17.97%	-6.18%	-6.22%	-12.64%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.59%	77.49%	77.05%	75.79%	76.27%	77.62%	79.38%	78.99%	78.39%	78.29%	76.75%
EBITDA Margin	-24.18%	-2.61%	-5.70%	-11.72%	-18.84%	2.36%	1.88%	-3.80%	2.02%	-4.77%	8.83%
Operating Margin	-28.45%	-6.76%	-10.24%	-16.48%	-22.96%	-0.86%	-2.93%	-8.04%	-0.51%	-7.36%	6.64%
EBIT Margin	-28.83%	-7.36%	-10.65%	-16.62%	-23.13%	-1.29%	-3.06%	-8.07%	-0.86%	-7.63%	6.33%
Profit (Net Income) Margin	-26.02%	-3.77%	-7.95%	-13.75%	-8.35%	-2.75%	-0.43%	-9.93%	-2.61%	-9.34%	4.29%
Tax Burden Percent	100.72%	85.19%	104.75%	101.19%	104.00%	115.68%	-206.43%	102.71%	110.44%	102.56%	89.19%
Interest Burden Percent	89.61%	60.21%	71.29%	81.79%	34.73%	183.81%	-6.79%	119.84%	275.58%	119.33%	76.10%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	306.43%	0.00%	0.00%	0.00%	10.81%
Return on Invested Capital (ROIC)	-63.33%	-17.02%	-23.98%	-47.40%	-62.76%	-2.45%	23.10%	-25.19%	-1.81%	-28.53%	34.06%
ROIC Less NNEP Spread (ROIC-NNEP)	-72.66%	-15.42%	-24.96%	-50.86%	-52.01%	-6.00%	13.43%	-33.65%	-8.17%	-43.29%	26.13%
Return on Net Nonoperating Assets (RNNOA)	-87.42%	-21.84%	-52.37%	-100.59%	-127.90%	-10.71%	22.75%	-44.55%	-6.94%	-30.28%	10.97%
Return on Equity (ROE)	-150.75%	-38.86%	-76.35%	-147.99%	-190.66%	-13.16%	45.86%	-69.74%	-8.75%	-58.81%	45.03%
Cash Return on Invested Capital (CROIC)	-75.01%	-77.17%	-54.80%	-72.15%	-18.07%	-6.69%	2.35%	11.90%	17.50%	8.81%	35.99%
Operating Return on Assets (OROA)	-18.71%	-4.96%	-7.49%	-11.72%	-19.80%	-1.10%	-2.81%	-7.21%	-0.90%	-8.05%	7.19%
Return on Assets (ROA)	-16.89%	-2.54%	-5.60%	-9.70%	-7.15%	-2.33%	-0.39%	-8.88%	-2.75%	-9.86%	4.88%
Return on Common Equity (ROCE)	-150.75%	-38.86%	-76.35%	-147.99%	-190.66%	-13.16%	45.86%	-69.74%	-8.75%	-58.81%	45.03%
Return on Equity Simple (ROE_SIMPLE)	-475.35%	0.00%	-181.82%	-157.53%	-95.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-16	-3.98	-5.76	-9.44	-13	-0.53	4.98	-4.75	-0.30	-4.61	5.14
NOPAT Margin	-19.91%	-4.73%	-7.17%	-11.54%	-16.07%	-0.60%	6.04%	-5.63%	-0.35%	-5.15%	5.92%
Net Nonoperating Expense Percent (NNEP)	9.33%	-1.60%	0.98%	3.46%	-10.75%	3.54%	9.67%	8.46%	6.36%	14.76%	7.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.09%	-	-	-	-0.21%	2.54%	-2.42%	-0.15%	-2.35%	2.53%
Cost of Revenue to Revenue	24.41%	22.51%	22.95%	24.21%	23.73%	22.38%	20.62%	21.01%	21.61%	21.71%	23.25%
SG&A Expenses to Revenue	18.38%	16.13%	18.58%	18.86%	19.63%	17.23%	16.56%	18.78%	14.11%	15.89%	16.37%
R&D to Revenue	27.81%	23.18%	24.87%	24.79%	24.90%	22.71%	23.32%	21.69%	20.30%	20.15%	20.77%
Operating Expenses to Revenue	104.03%	84.25%	87.29%	92.27%	99.23%	78.48%	82.31%	87.03%	78.89%	85.65%	70.11%
Earnings before Interest and Taxes (EBIT)	-23	-6.19	-8.56	-14	-19	-1.12	-2.52	-6.81	-0.74	-6.83	5.49
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-19	-2.20	-4.58	-9.59	-16	2.05	1.55	-3.21	1.74	-4.27	7.66
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	37.28	29.00	19.61	23.85	15.69	14.38	11.89	10.33	9.41	8.51	4.68
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.49	2.39	1.66	1.92	1.38	1.44	1.35	1.19	1.19	0.98	0.63
Price to Earnings (P/E)	16.30	0.00	33.56	26.46	12.34	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.13%	0.00%	2.98%	3.78%	8.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	8.74	8.61	5.95	7.62	6.62	7.36	6.60	6.96	7.32	6.53	4.70
Enterprise Value to Revenue (EV/Rev)	2.74	2.61	1.89	2.12	1.52	1.55	1.46	1.25	1.23	1.02	0.63
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	195.30	0.00	113.95
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	18.46	19.67	16.25	13.25	11.31	13.69	5.04
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	237.69	47.10	35.88	64.10	10.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	17.10	13.30	12.65	13.06	7.48	6.49	4.14	4.06	3.67	3.99	3.34
Long-Term Debt to Equity	17.08	13.30	12.63	13.04	7.48	6.49	4.14	4.06	3.67	3.89	3.26
Financial Leverage	1.20	1.42	2.10	1.98	2.46	1.79	1.69	1.32	0.85	0.70	0.42
Leverage Ratio	10.80	12.89	14.73	17.35	15.78	13.32	11.21	11.64	8.98	8.93	7.19
Compound Leverage Factor	9.67	7.76	10.50	14.19	5.48	24.48	-0.76	13.95	24.73	10.65	5.47
Debt to Total Capital	94.47%	93.01%	92.67%	92.89%	88.20%	86.64%	80.56%	80.25%	78.60%	79.96%	76.98%
Short-Term Debt to Total Capital	0.11%	0.00%	0.15%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	2.06%	1.98%
Long-Term Debt to Total Capital	94.36%	93.01%	92.52%	92.77%	88.20%	86.64%	80.56%	80.25%	78.60%	77.91%	75.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	5.53%	6.99%	7.33%	7.11%	11.80%	13.36%	19.44%	19.75%	21.40%	20.04%	23.02%
Debt to EBITDA	-3.89	-5.77	-7.89	-9.67	-6.75	-7.76	-7.25	-10.25	73.68	-37.47	81.49
Net Debt to EBITDA	-0.84	-1.16	-1.72	-1.82	-1.46	-1.32	-1.65	-1.43	6.61	-3.35	-0.12
Long-Term Debt to EBITDA	-3.88	-5.77	-7.88	-9.66	-6.75	-7.76	-7.25	-10.25	73.68	-36.51	79.39
Debt to NOPAT	-4.79	-6.70	-8.53	-9.82	-6.64	-7.42	-6.28	-7.72	-21.64	-13.83	-27.86
Net Debt to NOPAT	-1.03	-1.35	-1.86	-1.84	-1.44	-1.26	-1.43	-1.07	-1.94	-1.24	0.04
Long-Term Debt to NOPAT	-4.78	-6.70	-8.52	-9.80	-6.64	-7.42	-6.28	-7.72	-21.64	-13.48	-27.15
Altman Z-Score	0.44	0.57	0.26	0.33	-0.34	-0.08	-0.34	-0.52	-0.42	-0.71	-0.73
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.09	4.83	5.06	4.51	2.81	2.85	2.34	2.13	2.14	1.98	1.98
Quick Ratio	4.73	4.35	4.48	4.07	2.45	2.57	2.00	1.89	1.88	1.77	1.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-15	-20	-18	-32	3.91	23	32	25	19	12	32
Operating Cash Flow to CapEx	-2,979.05%	1,271.93%	-423.95%	1,103.20%	523.78%	1,570.52%	48.61%	821.14%	355.68%	31.06%	428.80%
Free Cash Flow to Firm to Interest Expense	-20.44	-27.36	-24.91	-44.01	0.00	8.57	0.00	9.77	7.50	4.91	13.08
Operating Cash Flow to Interest Expense	-43.59	18.47	-4.75	16.30	0.00	4.57	0.00	5.38	4.26	0.39	7.40
Operating Cash Flow Less CapEx to Interest Expense	-45.05	17.02	-5.87	14.83	0.00	4.28	0.00	4.72	3.06	-0.88	5.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.67	0.70	0.71	0.86	0.85	0.92	0.89	1.05	1.05	1.14
Accounts Receivable Turnover	5.96	8.50	6.47	6.67	6.94	7.76	8.03	6.97	7.42	6.98	7.40
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	30.37	32.04	31.42	31.90	33.15	34.39	36.97	35.61	33.04	29.63	28.49
Accounts Payable Turnover	10.94	9.90	10.32	11.58	10.69	10.35	10.23	9.58	8.24	8.62	9.28
Days Sales Outstanding (DSO)	61.22	42.93	56.42	54.69	52.63	47.05	45.48	52.35	49.19	52.29	49.32
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	33.36	36.88	35.36	31.52	34.14	35.28	35.68	38.10	44.32	42.36	39.31
Cash Conversion Cycle (CCC)	27.86	6.05	21.06	23.16	18.49	11.77	9.80	14.25	4.87	9.92	10.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	93	94	101	90	76	70	74	61	57	53	47
Invested Capital Turnover	3.18	3.60	3.35	4.11	3.91	4.06	3.82	4.48	5.12	5.54	5.75
Increase / (Decrease) in Invested Capital	-0.80	16	12	22	-17	-24	-27	-29	-19	-17	-27
Enterprise Value (EV)	814	809	602	687	502	517	489	422	417	349	219
Market Capitalization	741	740	528	623	455	480	453	400	403	335	219
Book Value per Share	$0.26	$0.34	$0.35	$0.34	$0.37	$0.43	$0.48	$0.48	$0.53	$0.48	$0.57
Tangible Book Value per Share	($0.68)	($0.70)	($0.65)	($0.62)	($0.55)	($0.46)	($0.40)	($0.35)	($0.27)	($0.29)	($0.18)
Total Capital	360	365	367	367	246	250	196	196	200	196	204
Total Debt	340	340	341	341	217	216	158	158	157	157	157
Total Long-Term Debt	339	340	340	340	217	216	158	158	157	153	153
Net Debt	73	68	74	64	47	37	36	22	14	14	-0.23
Capital Expenditures (CapEx)	1.06	1.04	0.81	1.06	1.06	0.79	0.83	1.65	2.97	3.16	4.29
Debt-free, Cash-free Net Working Capital (DFCFNWC)	8.40	-0.02	9.86	0.45	-13	-16	-11	-24	-28	-33	-39
Debt-free Net Working Capital (DFNWC)	275	271	276	277	157	163	110	111	115	110	118
Net Working Capital (NWC)	274	271	276	277	157	163	110	111	115	106	114
Net Nonoperating Expense (NNE)	4.77	-0.81	0.63	1.81	-6.46	1.86	5.33	3.63	1.94	3.75	1.42
Net Nonoperating Obligations (NNO)	73	68	74	64	47	37	36	22	14	14	-0.23
Total Depreciation and Amortization (D&A)	3.63	3.99	3.98	4.01	3.59	3.18	4.07	3.60	2.48	2.56	2.17
Debt-free, Cash-free Net Working Capital to Revenue	2.82%	-0.01%	3.10%	0.14%	-3.95%	-4.93%	-3.42%	-7.18%	-8.31%	-9.58%	-11.37%
Debt-free Net Working Capital to Revenue	92.34%	87.67%	86.84%	85.51%	47.53%	49.02%	32.97%	33.00%	33.83%	32.19%	33.91%
Net Working Capital to Revenue	92.21%	87.67%	86.67%	85.38%	47.53%	49.02%	32.97%	33.00%	33.83%	31.01%	32.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.27)	($0.04)	($0.08)	($0.15)	($0.09)	($0.03)	$0.00	($0.10)	($0.03)	($0.11)	$0.05
Adjusted Weighted Average Basic Shares Outstanding	75.39M	75.14M	76.63M	77.46M	77.87M	77.60M	78.84M	80.12M	80.76M	80.30M	82.04M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.05
Adjusted Weighted Average Diluted Shares Outstanding	76.09M	76.60M	77.27M	77.75M	78.38M	78.60M	80.10M	80.74M	81.26M	82.20M	82.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	76.09M	76.60M	77.27M	77.75M	78.38M	78.60M	80.10M	80.74M	81.26M	82.20M	82.51M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-3.17	-5.53	-7.41	-6.30	0.56	-0.12	-3.54	-0.25	0.59	5.96
Normalized NOPAT Margin	-13.76%	-3.77%	-6.88%	-9.05%	-7.53%	0.65%	-0.14%	-4.20%	-0.29%	0.66%	6.86%
Pre Tax Income Margin	-25.84%	-4.43%	-7.59%	-13.59%	-8.03%	-2.37%	0.21%	-9.67%	-2.36%	-9.11%	4.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-31.21	-8.61	-11.89	-18.89	0.00	-0.42	0.00	-2.70	-0.30	-2.75	2.21
NOPAT to Interest Expense	-21.56	-5.54	-8.00	-13.11	0.00	-0.19	0.00	-1.88	-0.12	-1.86	2.07
EBIT Less CapEx to Interest Expense	-32.67	-10.06	-13.01	-20.37	0.00	-0.71	0.00	-3.35	-1.49	-4.02	0.49
NOPAT Less CapEx to Interest Expense	-23.02	-6.99	-9.12	-14.59	0.00	-0.49	0.00	-2.54	-1.32	-3.13	0.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Commerce.com (NASDAQ: CMRC) is showing a clear turnaround in early 2026, but the business is still not back to consistent profitability. The company posted positive net income and healthy operating cash flow in Q1 2026, a sharp improvement from the losses seen in 2025 and the much weaker results from 2023 and 2024. At the same time, leverage remains meaningful and revenue growth is still modest, so investors should view the progress as encouraging but not yet fully durable.

What stands out most in the latest quarter:

Q1 2026 net income was $3.7 million, a big swing from a $8.4 million loss in Q4 2025 and much larger losses in prior years.
Operating cash flow improved to $18.4 million in Q1 2026, up from $1.0 million in Q4 2025 and $10.6 million in Q3 2025.
The balance sheet still has a strong liquidity cushion, with $57.2 million in cash and equivalents plus $97.9 million in short-term investments.
Total current assets of $230.0 million exceed total current liabilities of $116.4 million, suggesting solid near-term liquidity.
Current deferred revenue of $68.8 million provides a meaningful base of future recognized revenue.
Revenue in Q1 2026 was $86.8 million, only slightly above the $82.4 million reported in Q1 2025, indicating growth remains limited.
Gross margin remains healthy, with gross profit of $66.7 million on revenue of $86.8 million.
The company continues to carry significant goodwill and intangible assets, which can be a concern if growth stalls or impairments arise.
Total debt remains high at about $156.8 million, including $152.8 million of long-term debt.
Marketing, R&D, and restructuring costs remain elevated, and operating income was only $5.8 million despite the revenue base.

Trend analysis over the last several years: Commerce.com has moved from heavy losses in 2023 and 2024 toward much better profitability in 2025 and early 2026. Revenue has stayed relatively stable in the low-to-mid $80 million range per quarter, which suggests the recent improvement has come more from expense control and operating discipline than from a major acceleration in sales. That is a positive sign, but it also means the turnaround could be sensitive if growth softens again.

Balance sheet trends are mixed. Cash and investments remain substantial, but the company has also worked through periods of debt reduction and balance sheet restructuring. Equity is still thin relative to assets because retained earnings remain deeply negative, a reminder of years of accumulated losses. The latest quarter’s improvement in earnings and cash flow helps, but leverage and low equity still warrant attention.

Bottom line: CMRC’s latest quarter shows meaningful operational progress, especially on profitability and cash generation. However, the company still has a sizable debt load and only modest top-line growth, so the turnaround story looks promising but not fully proven yet.

07/21/26 08:48 AM ETAI Generated. May Contain Errors.

Commerce.com Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Commerce.com's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

In the past 7 years, Commerce.com's net income has ranged from -$139.92 million in 2022 to -$19.34 million in 2025, and is currently -$19.34 million as of their latest financial filing in 2025. Check out Commerce.com's forecast to explore projected trends and price targets.

Commerce.com's total operating income in 2025 was -$16.22 million, based on the following breakdown:

Total Gross Profit: $269.60 million
Total Operating Expenses: $285.81 million

Over the last 7 years, Commerce.com's total revenue changed from $91.87 million in 2018 to $342.35 million in 2025, a change of 272.7%.

Commerce.com's total liabilities were at $269.44 million at the end of 2025, a 12.2% decrease from 2024, and a 200.7% increase since 2019.

In the past 6 years, Commerce.com's cash and equivalents has ranged from $7.80 million in 2019 to $297.56 million in 2021, and is currently $44.26 million as of their latest financial filing in 2025.

Over the last 7 years, Commerce.com's book value per share changed from 0.00 in 2018 to 0.48 in 2025, a change of 48.4%.

Related Companies

Financial statements for NASDAQ:CMRC last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Commerce.com (CMRC) Financials

Financials Breakdown Chart

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Commerce.com (CMRC) Financials

Annual Income Statements for Commerce.com

Quarterly Income Statements for Commerce.com

Annual Cash Flow Statements for Commerce.com

Quarterly Cash Flow Statements for Commerce.com

Annual Balance Sheets for Commerce.com

Quarterly Balance Sheets for Commerce.com

Annual Metrics And Ratios for Commerce.com

Quarterly Metrics And Ratios for Commerce.com

Financials Breakdown Chart

Key Financial Trends

Commerce.com Financials - Frequently Asked Questions

When does Commerce.com's financial year end?

How has Commerce.com's net income changed over the last 7 years?

What is Commerce.com's operating income?

How has Commerce.com's revenue changed over the last 7 years?

How much debt does Commerce.com have?

How much cash does Commerce.com have?

How has Commerce.com's book value per share changed over the last 7 years?

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