Latest Ratios: P/E Ratio -12.1x · EV/EBITDA N/A · ROE -53.2%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $240M | $331M | $475M | $731M | $640M | $2.5B | $4.5B | — | — |
| Enterprise Value | $361M | $452M | $607M | $1.0B | $899M | $2.6B | $4.3B | — | — |
| P/E Ratio → | -12.13 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.70 | 0.97 | 1.43 | 2.36 | 2.29 | 11.41 | 29.27 | — | — |
| P/B Ratio | 5.94 | 8.41 | 14.23 | 28.64 | 14.01 | 18.14 | 20.57 | — | — |
| P/FCF | 12.77 | 17.59 | 21.08 | — | — | — | — | — | — |
| P/OCF | 8.76 | 12.07 | 18.09 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.32 | 1.82 | 3.26 | 3.22 | 11.64 | 27.93 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 24.04 | 26.92 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.7% | 78.7% | 76.7% | 76.0% | 74.9% | 77.9% | 77.6% | 75.9% | 76.1% |
| Operating Margin | -4.7% | -4.7% | -12.5% | -23.4% | -50.4% | -34.5% | -25.4% | -36.6% | -41.3% |
| Net Profit Margin | -5.6% | -5.6% | -8.1% | -20.9% | -50.1% | -34.9% | -24.7% | -38.0% | -42.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -53.2% | -53.2% | -91.8% | -181.6% | -152.1% | -43.2% | -17.3% | — | — |
| ROA | -6.0% | -6.0% | -6.9% | -14.1% | -27.2% | -18.4% | -22.6% | -74.0% | -65.8% |
| ROIC | -7.5% | -7.5% | -13.3% | -17.9% | -42.7% | -56.3% | -220.6% | — | — |
| ROCE | -7.2% | -7.2% | -13.3% | -18.9% | -31.7% | -21.0% | -30.6% | -152.9% | -120.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.21 | 4.21 | 6.61 | 13.72 | 7.67 | 2.52 | 0.07 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 3.08 | 3.95 | 10.91 | 5.66 | 0.37 | -0.94 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 6.45 | 5.85 | — | — | — | — | — | — |
| Interest Coverage | -0.81 | -0.81 | -3.46 | -19.33 | -159.63 | -301.01 | -11.10 | -25.40 | -25.10 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.98 | 1.98 | 2.85 | 4.83 | 4.75 | 7.24 | 5.54 | 0.93 | 1.92 |
| Quick Ratio | 1.98 | 1.98 | 2.85 | 4.83 | 4.75 | 7.24 | 5.54 | 0.84 | 1.81 |
| Cash Ratio | 1.30 | 1.30 | 2.02 | 3.82 | 3.85 | 6.37 | 4.78 | 0.23 | 1.31 |
| Asset Turnover | — | 1.11 | 0.98 | 0.70 | 0.59 | 0.40 | 0.55 | 2.00 | 1.55 |
| Inventory Turnover | — | — | — | — | — | — | — | 8.91 | 6.83 |
| Days Sales Outstanding | — | 53.27 | 52.75 | 44.49 | 45.87 | 66.09 | 54.84 | 50.62 | 40.68 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.3% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 7.8% | 5.7% | 4.7% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | — | — |
| Shares Outstanding | — | $80M | $78M | $75M | $73M | $71M | $70M | $67M | $57M |
Liquidity and solvency pressure
According to recent market data, CMRC trades at a P/S ratio of 0.70, which, when compared to the premium multiples commanded by peers like Shopify, suggests that investors are pricing the firm as a legacy software provider rather than a high-growth SaaS disruptor.
The forward P/E of 6.70 implies that the market expects minimal earnings expansion, likely discounting the company's ability to scale its enterprise-focused pivot. This valuation gap warrants further investigation into whether the market is correctly identifying a structural ceiling on the company's long-term growth potential.
Based on reported figures, CMRC's ROIC has struggled to maintain positive territory, fluctuating between -6.3% and 3.2% over the last ten quarters, which indicates that the company is currently failing to generate returns that exceed its cost of capital.
The volatility in ROIC suggests that the firm's investments in R&D and market expansion have not yet translated into sustainable competitive advantages. Investors should monitor whether the recent shift toward enterprise clients can stabilize these returns or if the high fixed-cost base will continue to erode capital efficiency.
As reported in financial statements, the company's asset turnover ratio has remained stagnant near 0.27, suggesting that CMRC is struggling to extract greater revenue productivity from its existing asset base compared to its historical performance and broader software industry benchmarks.
While DSO has remained relatively stable around 50 days, the lack of improvement in asset turnover indicates that the company's capital-intensive headless architecture may be creating a drag on operational efficiency. This trend suggests that management may need to optimize its internal processes to improve throughput.
Based on recent SEC filings, CMRC's debt-to-equity ratio of 4.21% in 2025Q4, combined with a limited cash position of $44 million, indicates a precarious leverage profile that may restrict the firm's ability to fund future growth initiatives without resorting to dilutive financing.
The erratic interest coverage ratio, which has dipped into negative territory multiple times, highlights the sensitivity of the company's solvency to its operational performance. This leverage profile appears particularly risky in a high-interest rate environment where refinancing costs could escalate rapidly.
The most commonly misapplied metric for CMRC is headline revenue growth, which obscures the underlying quality of the firm's transition from SMB to enterprise clients and fails to account for the lumpy nature of large-scale contract renewals.
Analysts should instead prioritize Net Revenue Retention (NRR) and Enterprise ARR, as these metrics provide a clearer picture of platform stickiness and long-term value creation. Relying solely on top-line growth figures may lead to an inaccurate assessment of the company's competitive positioning in the headless commerce market.
Includes 30+ ratios · 8 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CMRC stock.
Commerce.com, Inc.'s current P/E ratio is -12.1x. This places it at the 50th percentile of its historical range.
Commerce.com, Inc.'s return on equity (ROE) is -53.2%. The historical average is -89.9%.
Based on historical data, Commerce.com, Inc. is trading at a P/E of -12.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Commerce.com, Inc. has 78.7% gross margin and -4.7% operating margin.