Forensic Analysis · Technology / Software · as of Jun 30, 2026
Commerce.com, Inc. (CMRC)
A forensic read on Commerce.com, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-4.7
Altman Z-score
Clean
Earnings quality
3
Forensic signals
$250M
Market cap
Commerce.com, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -4.7, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-8%Return on invested capital.Return on invested capital is -8% and rising from -37% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.2%/yrShare-count dilution.Diluted share count changed +10% over the last 3 years to FY2025 (+3.2%/yr). The count is GROWING — existing holders are being diluted. That's ~3.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~10%.
7% of revStock-based comp load.Stock-based compensation ran 7% of revenue and 140% of free cash flow in FY2025 — about $0.29 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-5.6%
Debt / Equity4.00x
Free Cash Flow$16.9M
Latest Revenue$342.3M
Return on Equity-49.1%
Revenue Growth YoY+2.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Commerce.com, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about CMRC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown