Commerce.com, Inc. (CMRC) Stock Price & How to Invest

Commerce.com, Inc. is the parent of three software products for online sellers. BigCommerce is a hosted (software-as-a-service) storefront platform used by business-to-consumer and business-to-business merchants. Feedonomics takes a merchant's product catalog and formats it for marketplaces, ad networks, search engines and, increasingly, AI shopping assistants. Makeswift is a visual site-building tool for marketing teams. In fiscal 2025 the company booked $342.3M of revenue, up 2.8%. About $255.6M (75%) came from subscription solutions, which covers platform plans, Feedonomics feed management and recurring services. The other $86.7M came from partner and services revenue, mostly revenue-sharing from payments and technology partners such as PayPal, Google and Stripe, plus integration fees and one-off professional services. Revenue is concentrated in the US (about 76% in fiscal 2025), with EMEA at 12% and growing fastest.

The company was founded in Sydney, Australia, and later moved its headquarters to Austin, Texas. It listed on the Nasdaq under the ticker BIGC on August 5, 2020. On July 31, 2025 it renamed itself Commerce.com and switched to the ticker CMRC, presenting itself as a multi-product company rather than a single storefront brand. Revenue grew from $309.4M in 2023 to $342.3M in 2025, but the business has never posted a full-year GAAP profit as a public company: net losses were $64.7M in 2023, $27.0M in 2024 and $19.3M in 2025, and the accumulated deficit stood at ~$641M at the end of 2025. Headcount was 1,079 at December 31, 2025, about two-thirds in the US.

Travis Hess, a former Accenture managing director who led its direct-to-consumer commerce practice, joined as president in May 2024 and became CEO in October 2024, replacing Brent Bellm. Daniel Lentz is CFO and COO. Insiders as a group held about 2.7% of shares in the 2026 proxy. The largest holder listed there was Lynrock Lake (~11.3%), which also owns the company's entire $150M of 7.5% convertible notes due 2028. Other 5%+ holders were Vanguard (~9.4%), co-founder Wadih (Eddie) Machaalani (~6.0%), Barclays (~5.8%) and BlackRock (~5.7%). In August and September 2026 the Czech investor Pale Fire Capital, whose chairman Dusan Senkypl is also CEO of Groupon, filed a Schedule 13D and built its stake to ~8.7%.

The investment picture changed sharply in 2026. In April, Rezolve Ai (RZLV) made a public, all-stock proposal valued by Rezolve at $5.50 per CMRC share. The board declined to engage and adopted a one-year shareholder rights plan with a 10% trigger. Then the June quarter came in flat, full-year guidance was cut, and the stock fell about 34% on August 6. In September the company announced $60M to $80M of annual cost cuts, a target of at least 20% non-GAAP operating margins from 2027 and a $50M buyback. The question now is how much cash a flat ~$340M revenue base can generate.

The plainest risk is that revenue starts shrinking: full-year 2026 guidance of $336.5M to $344.5M, cut in August from $347.5M to $369.5M, spans a small decline to under 1% growth against 2025's $342.3M, and subscription revenue fell 1% in the June quarter. Gross margin also slipped, to 75% on a GAAP basis from 79% a year earlier, and free cash flow was just $0.1M in that quarter versus $11.9M a year before. The balance sheet is thin: stockholders' equity was only ~$51.6M at June 30, 2026, against ~$157.5M of cash and securities and $150M of 7.5% convertible notes due October 2028, which cost about $11.3M a year in interest and are held by a single related party, Lynrock Lake. The notes convert at $16.00 per share, far above where the stock trades, so they are effectively debt that must be repaid or refinanced. Competition is intense from Shopify, which dominates small and mid-sized merchants, and from Adobe Commerce, Salesforce Commerce Cloud, commercetools and Wix, several of them far larger. Deep cost cuts after earlier restructurings in 2025 risk slowing product work and hurting retention. The poison pill and convertible-note change-of-control terms could deter a bid that shareholders might want. Finally, at a market value near $200M, the stock can move sharply on activist filings, takeover headlines or a single quarter's guidance, as the ~34% drop after the August report showed.

5 analysts publish price targets on CMRC, averaging $4.00 against a $3.48 price as of October 2026, or +14.9%. The published targets run from $2.00 to $7.50, a wide spread, and the ratings split 1 buy, 5 hold, 1 sell. Over the last six months there has been 1 raise and 2 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full CMRC forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Commerce.com, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. The September 2026 cost plan. On September 10, 2026 Commerce.com announced a strategic operating plan to remove ~$60M to $80M from its annual non-GAAP operating cost base, mostly through staffing, professional services, facilities, software and infrastructure. The most optimistic published target, $7.50, assumes this works close to its best case.

The case against. The plainest risk is that revenue starts shrinking: full-year 2026 guidance of $336.5M to $344.5M, cut in August from $347.5M to $369.5M, spans a small decline to under 1% growth against 2025's $342.3M, and subscription revenue fell 1% in the June quarter. The most pessimistic target, $2.00, is roughly what CMRC is worth if this bites instead.

Read the full bull and bear case on CMRC, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Commerce.com, Inc.'s investor relations page or your broker.

• Revenue (TTM to June 2026): ~$347M
• FY2026 revenue guidance: ~$336.5M to $344.5M
• GAAP net income (TTM): ~-$6M (loss)
• Non-GAAP operating income (FY2026 guidance): ~$28M to $34M
• Cash and marketable securities (June 30, 2026): ~$157.5M
• Convertible debt: ~$154M ($150M at 7.5% due 2028, ~$4M due Oct 2026)

With about 83 million shares outstanding and the stock in the mid-$2 range in early September 2026 (Pale Fire's reported purchases imply ~$2.55 a share), CMRC carried an equity value of roughly $210M, which is well under one times annual revenue. Cash roughly offsets the convertible debt, so enterprise value is about the same. That low multiple for a ~75% gross margin software company reflects flat revenue, sub-100% retention and a history of losses. The September plan reframes the math: if 2027 non-GAAP operating margins reach the 20% target on revenue near $340M, operating income would be around $68M, roughly double the 2026 guidance midpoint. The first half of 2026 was GAAP profitable ($4.8M), but the second half carries up to ~$26M of restructuring costs.

Other names that sit close to CMRC: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get CMRC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so CMRC sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where CMRC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

CMRC is a cheap, slow-growing SaaS business with a related-party convertible note, a poison pill and an unsolicited suitor in the background. The outcome rests on whether the 2027 margin target turns flat revenue into real free cash flow before growth slips further.

Whether CMRC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CMRC a buy or a sell?, and where the stock could go from here in the CMRC stock forecast.

For income investors, whether CMRC pays a dividend and how the payout looks is covered in does CMRC pay a dividend? And to weigh CMRC against a peer, read the full side-by-side comparisons: CMRC vs SHOP and CMRC vs ADBE.