The company maintains a vulnerable capital structure with a debt-to-equity ratio of 3.52 and a substantial $51.9 million in goodwill that may be subject to future impairment.
Commerce.com, Inc. (CMRC) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Current Assets | 229.5M | 214.36M | 251.22M | 341.99M | 374.25M | 454.55M | 254.07M | 31.67M | 53.12M |
| Cash & Short-Term Investments | 156.32M | 141.1M | 178.16M | 270.13M | 303.51M | 399.88M | 219.45M | 7.79M | 36.16M |
| Cash Only | 57.16M | 44.26M | 88.88M | 71.72M | 91.57M | 297.56M | 219.45M | 7.79M | 12.79M |
| Short-Term Investments | 99.16M | 96.84M | 89.28M | 198.41M | 211.94M | 102.31M | 0 | 0 | 23.37M |
| Accounts Receivable | 51.61M | 49.97M | 48.12M | 37.71M | 35.07M | 39.81M | 22.89M | 15.55M | 10.24M |
| Days Sales Outstanding | 52.44 | 53.27 | 52.75 | 44.49 | 45.87 | 66.09 | 54.84 | 50.62 | 40.68 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.03M | 3.21M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 40.95 | 53.41 |
| Other Current Assets | 5.94M | 7.95M | 24.94M | 34.14M | 35.66M | 5.16M | 3.73M | 0 | 3.21M |
| Total Non-Current Assets | 95.33M | 94.43M | 89.07M | 102.07M | 99.81M | 100.91M | 22.55M | 24.39M | 5.98M |
| Property, Plant & Equipment | 25.78M | 21.07M | 11.12M | 14.64M | 14.97M | 16.94M | 18.96M | 22.31M | 5.23M |
| Fixed Asset Turnover | 15.69x | 16.25x | 29.94x | 21.14x | 18.64x | 12.98x | 8.03x | 5.03x | 17.56x |
| Goodwill | 51.93M | 51.93M | 51.93M | 52.09M | 49.75M | 42.43M | 0 | 0 | 0 |
| Intangible Assets | 8.3M | 11.29M | 17.32M | 27.05M | 27.58M | 35.03M | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 9.32M | 10.14M | 8.71M | 8.3M | 7.51M | 6.5M | 3.59M | 2.09M | 753K |
| Total Assets | 324.83M | 308.79M | 340.29M | 444.06M | 474.06M | 555.46M | 276.63M | 56.06M | 59.1M |
| Asset Turnover | 1.09x | 1.11x | 0.98x | 0.70x | 0.59x | 0.40x | 0.55x | 2.00x | 1.55x |
| Asset Growth % | 3.71% | -9.26% | -23.37% | -6.33% | -14.66% | 100.8% | 393.41% | -5.14% | - |
| Total Current Liabilities | 113.33M | 108.19M | 88.01M | 70.75M | 78.79M | 62.81M | 45.89M | 33.91M | 27.64M |
| Accounts Payable | 9.32M | 9.87M | 7.02M | 7.98M | 7.01M | 8.21M | 5.79M | 3.88M | 5.46M |
| Days Payables Outstanding | 42.12 | 49.52 | 33.01 | 39.26 | 36.58 | 61.82 | 61.91 | 52.42 | 90.9 |
| Short-Term Debt | 0 | 4.04M | 0 | 547K | 0 | 0 | 0 | 2.36M | 946K |
| Deferred Revenue (Current) | 257.36M | 59.58M | 46.59M | 32.24M | 17.78M | 12.75M | 11.41M | 9.4M | 10.43M |
| Other Current Liabilities | 29.83M | 9.25M | 9.96M | 10.07M | 33.23M | 18.26M | 3.11M | 9.43M | 5.97M |
| Current Ratio | 2.03x | 1.98x | 2.85x | 4.83x | 4.75x | 7.24x | 5.54x | 0.93x | 1.92x |
| Quick Ratio | 2.03x | 1.98x | 2.85x | 4.83x | 4.75x | 7.24x | 5.54x | 0.84x | 1.81x |
| Cash Conversion Cycle | 10.32 | - | - | - | - | - | - | 39.16 | 3.19 |
| Total Non-Current Liabilities | 159.87M | 161.25M | 218.91M | 347.77M | 349.6M | 354.36M | 13.98M | 279.45M | 242.94M |
| Long-Term Debt | 152.49M | 153.01M | 216.47M | 339.61M | 337.5M | 335.54M | 0 | 38.5M | 23.41M |
| Capital Lease Obligations | 26.69M | 6.89M | 1.68M | 7.61M | 10.01M | 10.22M | 12.67M | 15.71M | -216.45M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 208.05M | 216.45M |
| Other Non-Current Liabilities | 1.21M | 1.35M | 768K | 551K | 334K | 7.25M | 0 | 15.71M | -215.5M |
| Total Liabilities | 273.2M | 269.44M | 306.92M | 418.52M | 428.38M | 417.17M | 59.87M | 313.37M | 270.58M |
| Total Debt | 160.46M | 165.52M | 220.58M | 350.31M | 350.11M | 348.41M | 15.85M | 59.29M | 24.36M |
| Net Debt | 103.3M | 121.26M | 131.71M | 278.59M | 258.54M | 50.85M | -203.6M | 51.49M | 11.57M |
| Debt / Equity | 3.11x | 4.21x | 6.61x | 13.72x | 7.67x | 2.52x | 0.07x | - | - |
| Debt / EBITDA | 11.63x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 7.49x | - | - | - | - | - | - | - | - |
| Interest Coverage | 0.53x | -0.81x | -3.46x | -19.33x | -159.63x | -301.01x | -11.10x | -25.40x | -25.10x |
| Total Equity | 51.63M | 39.35M | 33.37M | 25.53M | 45.67M | 138.29M | 216.76M | -257.3M | -211.48M |
| Equity Growth % | 122.02% | 17.94% | 30.69% | -44.09% | -66.97% | -36.2% | 184.24% | -21.67% | - |
| Book Value per Share | 0.62 | 0.49 | 0.43 | 0.34 | 0.62 | 1.95 | 3.12 | -3.85 | -3.72 |
| Total Shareholders' Equity | 51.63M | 39.35M | 33.37M | 25.53M | 45.67M | 138.29M | 216.76M | -257.3M | -211.48M |
| Common Stock | 7K | 7K | 7K | 7K | 7K | 7K | 7K | 2K | 2K |
| Retained Earnings | -636.2M | -641.03M | -621.69M | -594.66M | -529.99M | -390.07M | -313.39M | -274.55M | -224.72M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -130K | 224K | 145K | 163K | -1.2M | -191K | 0 | 0 | -14K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CMRC stock.
As of 2025, Commerce.com, Inc. (CMRC) had total assets of $308.8M including $214.4M in current assets.
Commerce.com, Inc. (CMRC) carries total debt of $165.5M, offset by $141.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Commerce.com, Inc. (CMRC) has total shareholders' equity (book value) of $39.4M ($0.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Commerce.com, Inc. (CMRC) reported a current ratio of 1.98x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and solvency pressure
Metrics are mathematically derived from official filings.
Balance Sheet Erosion Amid Stagnation
According to recent quarterly filings, CMRC's total assets have contracted from $444.1 million in 2023Q4 to $324.3 million in 2026Q1, a trend that underscores the company's struggle to maintain its capital base while navigating a period of decelerating revenue growth and persistent operational losses.
The consistent decline in total assets suggests that the company is consuming its resource base to fund ongoing operations rather than reinvesting for expansion. This trajectory implies that the business model is currently unable to generate the internal capital necessary to sustain its scale, warranting caution regarding long-term viability.
Leverage Constraints Limit Strategic Flexibility
As reported in financial statements, CMRC's debt-to-equity ratio remains elevated at 4.21 as of 2025Q4, reflecting a capital structure heavily reliant on debt financing that significantly restricts the company's ability to maneuver in a high-interest rate environment while attempting to pivot its core business strategy.
The high leverage relative to the company's limited cash position suggests that management has little room for error in its capital allocation decisions. Investors should monitor whether the current debt burden necessitates future dilutive equity raises to address upcoming maturities or to provide the liquidity required for operational pivots.
Tight Liquidity Buffers Raise Concerns
Based on CMRC's reported figures, the cash position of $44.3 million as of 2025Q4, when viewed against the backdrop of consistent negative retained earnings of -$641.0 million, indicates a precarious liquidity profile that may leave the firm vulnerable to unexpected shocks or prolonged periods of market volatility.
While the current ratio of 1.98 suggests an ability to cover short-term obligations, the absolute level of cash is modest for a company of this size and operational profile. This limited buffer implies that the company may face difficulty in funding its rebranding and growth initiatives without external support.
Goodwill Impairment Risk Remains Latent
As indicated by the company's balance sheet, goodwill remains stagnant at $51.9 million, a figure that warrants further investigation given the company's decelerating revenue growth and the potential for future impairment charges if the enterprise-focused pivot fails to deliver the expected long-term economic benefits to shareholders.
The persistence of this intangible asset on the balance sheet, despite the company's ongoing operational challenges, suggests that the carrying value may be optimistic. If the company's market position continues to weaken, the eventual write-down of these assets could further erode the already thin equity base.