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ZYBERNO

Stock Report

Updated Jun 3, 2026

Commerce.com, Inc. (BIGC)

Technology • NASDAQ

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

25.0/100

POOR BUSINESS

Commerce.com, Inc. (BIGC) scores 25/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full BIGC quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full BIGC valuation analysis · → View full BIGC Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-36.4%)

Debt-to-Equity (Solvency Risk):CRITICAL (3.52x)

Operating Margin (Operational Efficiency):CRITICAL (-2.3%)

Return on Capital (Capital Efficiency):CRITICAL (-4.1%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Commerce.com, Inc. (BIGC) stock report — Zyberno Score 25/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, BIGC generated $33.39M in Owner Earnings. Capital was deployed as follows: $12.06M invested in capital expenditures. Reinvestment rate: 70.6%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.00

Market Cap:$0.00

Enterprise Metrics (2)

Enterprise Value:$128.35M

Ev Ebitda Ratio:30.36x

B. Profitability Assessment

Return Metrics (5)

ROE:

-36.4%

📊 Click to view full BIGC ROE analysis →

ROA:-4.9%

Roic:

-4.1%

📊 Click to view full BIGC ROIC analysis →

Reinvestment Rate:70.6%

Fundamental Growth Rate (g):-2.9%

Margin Analysis (3)

Operating Margin Ttm:-2.3%

Net Margin Ttm:-4.4%

Ebitda Margin:1.2%

TTM Performance (3)

Gross Margin Ttm:78.1%

Operating Margin Ttm:-2.3%

Net Margin Ttm:-4.4%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:-999.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.26

📊 Click to view full BIGC Earnings Surprise analysis →

EPS Surprise vs Expected:2,766.7%

Latest Earnings Filed:2026-05-07

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):6.6%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):-13.9%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.98x

Quick Ratio:1.98x

Cash Ratio:0.49x

Leverage Analysis (3)

Debt To Equity Ttm:3.52x

Debt-to-Equity Ratio:3.52x

Debt To Ebitda:43.89x

Coverage Ratios (2)

Interest Coverage Ratio:-1.63x

Times Interest Earned:-1.63

Capital Structure (4)

Working Capital:113,556,000.00

Cash And Cash Equivalents:57,204,000.00

Long Term Debt:$156.80M

Net Debt:$128.35M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $346.82M

Linear Growth: 6.6%

📊 Click to view full BIGC Revenue analysis & methodology →

Cost Of Revenue Ttm:$75.96M

Profitability Breakdown (2)

Gross profit TTM: $270.86M

Linear Growth: 8.0%

📊 Click to view full BIGC Gross Profit analysis & methodology →

-$8.04M

Bottom Line Performance (3)

-$15.26M

Income Before Tax:-$14.17M

Ebitda Ttm:4,228,000.00

Operating Expenses (5)

Operating Expenses:278,901,000.00

R And D Expense:71,848,000.00

Sga Expense:56,434,000.00

Income Tax Expense:$1.09M

Interest Expense:9,967,000.00

Expense Ratios (3)

R And D To Revenue Percentage:82.7%

Sga To Revenue Percentage:65.0%

Ebitda Margin:1.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$324.26M

Current Assets:$229.99M

Ppe Net:16,216,000.00

Goodwill:51,927,000.00

Intangible Assets:$9.76M

Liability Structure (4)

Total Liabilities:277,377,000.00

Current Liabilities:116,437,000.00

Long Term Debt:$156.80M

Short Term Debt:$28.75M

Equity & Capital (3)

Equity:$46.88M

Retained Earnings:-$637.30M

Common Stock:7,000.00

Working Capital Items (3)

Accounts Receivable:49,555,000.00

Inventory:0.00

Accounts Payable:8,540,000.00

Special Items (2)

Contract Liabilities:68,841,000.00

Stock Based Compensation:4,090,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $43.46M

Linear Growth: -13.9%

$31.41M

Investment Activities (2)

Investing Cash Flow:-$5.39M

Capital Expenditures Ttm:12,058,000.00

Financing Activities (3)

Financing Cash Flow:-$54.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:12,267,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.19

-$0.19

Earnings Per Share Ttm:-$0.19

Revenue & Cash Per Share (2)

Sales Per Share Ttm:4.23

Operating Cash Flow Per Share:$0.31

Book Value & Capital (2)

Book Value Per Share:$0.57

Cash Per Share:0.70

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.11x

Working Capital Turnover Ttm:3.05x

Receivables Management (2)

Receivables Turnover Ttm:7.00x

Days Sales Outstanding Ttm:52.15

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:41.04

Cash Conversion Cycle:-987.88

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

$33.39M

Damodaran Growth Analysis (2)

Reinvestment Rate:70.6%

Fundamental Growth Rate (g):-2.9%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):6.6%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):-13.9%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):8.0%

Book Value Growth Rate (Linear):-20.2%

C. Company Profile & Context

Corporate Information (6)

Symbol:BIGC

Company Name:Commerce.com, Inc.

Sector:Technology

Industry:Software

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:82.04M

Shares Outstanding Basic:82.04M

Shares Outstanding Diluted:82.32M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-03 21:29:06 UTC

Data Timestamp:2026-06-03T21:29:06.737424