Forensic Analysis · Technology / Software · as of Aug 13, 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.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-3.8
Distress distance
Clean
Earnings quality
4
Forensic signals
-49.1%
ROE
$281M
Market cap
2.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Commerce.Com, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -3.8, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-8.2%
FY2025
Return on invested capital.Return on invested capital is -8.2% in the latest fiscal year and rising from -37% — well below its ~10% cost of capital, and it has been across FY2020–FY2025, so reinvested dollars have not been earning their keep.
+3.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +10% over the last 3 years to FY2025 (+3.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.1% 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 ~9%.
7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 7% of revenue and 140% of free cash flow in FY2025 — about $0.29 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.1% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
OCF ($27M)
FY2020
Shareholder returns.Returned $13M to shareholders (buybacks + dividends) in FY2020, while operating cash flow itself was ($27M) — zero or negative. Capex isn't disclosed for FY2020, but free cash flow can't have been positive when operating cash flow already isn't, so the entire return is coming from debt or cash reserves, not cash the business generated.
Key fundamentals
Latest Revenue$342.3M
Revenue Growth YoY+2.8%
Revenue CAGR (3yr)+7.0%
Net Margin-5.6%
Free Cash Flow$16.9M
Return on Equity-49.1%
Debt / Equity3.99x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Commerce.Com, Inc.'s actual 10-K/10-Q/8-K filings?