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1. Company Snapshot

1.a. Company Description

BigCommerce Holdings, Inc.operates a software-as-a-service platform for small businesses, mid-markets, and large enterprises in the United States, Europe, the Middle East, Africa, the Asia-Pacific, and internationally.The company's platform provides various services for launching and scaling e-commerce operation, including store design, catalog management, hosting, checkout, order management, reporting, and pre-integrations.


As of December 31, 2021, it served approximately 60,000 online stores across industries.BigCommerce Holdings, Inc.was founded in 2009 and is headquartered in Austin, Texas.

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1.b. Last Insights on BIGC

BigCommerce Holdings' recent performance was negatively impacted by slower-than-expected sales growth, despite beating earnings and revenue estimates in Q4 2024. The company's total revenue grew 8% year-over-year, below the 10% growth rate in the previous quarter. Additionally, its total ARR (annual recurring revenue) growth slowed to 4% year-over-year, down from 7% in the previous quarter. Furthermore, the company's operating cash flow for the full year was $26.3 million, a decline from the previous year. These metrics suggest that BigCommerce's growth momentum may be decelerating, which could be a concern for investors.

1.c. Company Highlights

2. Commerce.com's 2025 Earnings: A Year of Operational Improvements and Growth

Commerce.com, Inc. reported its fourth quarter and fiscal year 2025 earnings, with revenue of $342 million, up 3% year-over-year, and non-GAAP operating income of $28 million. The company's Q4 revenue was $89.5 million, also up 3% year-over-year. The actual EPS came out at -$0.02778, relative to estimates at $0.04. The full-year non-GAAP operating margin expansion was 230 basis points, indicating significant operational improvements.

Publication Date: Mar -08

📋 Highlights
  • Revenue Growth and Margin Expansion:: FY2025 revenue reached $342 million (+3% YoY), with Q4 revenue at $89.5 million (+3% YoY); full-year non-GAAP operating margin expanded 230 basis points.
  • B2B Growth Momentum:: B2B-oriented customers drove new platform ARR, with BigCommerce B2B Edition subscription ARR growing nearly 20% in 2025.
  • GMV and NRR Metrics:: Gross merchandise volume (GMV) hit $31.9 billion in 2025 (+11% YoY), while net revenue retention (NRR) rose to 95.2% in Q4 2025 from 95% in Q4 2024.
  • 2026 Strategic Priorities and R&D Investment:: Focus on AI integration, Feedonomics expansion, BigCommerce Payments rollout, and MakeSwift; R&D investment to increase by nearly 30%.
  • 2026 Financial Guidance:: Revenue projected between $347.5 million and $369.5 million (2%–8% growth), with non-GAAP operating income of $34 million to $53 million and margins of 10%–14%.

Segment Performance

In 2025, the company saw strong momentum in B2B, with B2B-oriented customers representing the majority of new platform ARR. Subscription ARR from customers using BigCommerce B2B Edition grew nearly 20%. The company added new industrial, manufacturing, and distribution customers, including Build It Right, Premier Water Tanks, and KH Industries. Daniel Lentz mentioned that "B2B is a disproportionate grower, with ARR from B2B Edition customers growing almost 20% and GMV similar."

Growth Initiatives

Commerce.com, Inc. is focusing on four priorities to drive growth in 2026: delivering AI capabilities into its core commerce platform, expanding Feedonomics Surface into more channels, rolling out BigCommerce Payments, and expanding MakeSwift. The company expects to increase R&D investment by nearly 30% in 2026, which will likely drive growth and profitability.

Guidance and Outlook

For 2026, the company expects revenue between $347.5 million and $369.5 million and non-GAAP operating income between $34 million and $53 million. This outlook represents 2% to 8% full-year growth with non-GAAP operating margins of 10% to 14%. Analysts estimate next year's revenue growth at 6.3%, which is within the company's guidance range.

Valuation

Considering the company's current valuation metrics, the P/S Ratio is 0.71, and the EV/EBITDA is 61.27. The high EV/EBITDA ratio indicates that the market is pricing in significant growth expectations. The ROE is -48.65%, and the ROIC is -7.86%, indicating that the company is still in a growth phase and not yet generating significant returns on equity and invested capital.

New Metrics and Disclosure

The company introduced two new key metrics: gross merchandise volume (GMV) and net revenue retention (NRR). GMV reached nearly $32 billion in 2025, growing 11% and 12% in 2024 and 2025, respectively. NRR was 95.2% in Q4, up from 95% in Q4 2024. The company plans to continue disclosing ARR and subscription ARR every quarter and will add disclosures on GMV and total NRR.

3. NewsRoom

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Reviewing Robot Consulting (NASDAQ:LAWR) and Bigcommerce (NASDAQ:BIGC)

Feb -08

Source: defenseworld.net

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BigCommerce Expands Stripe Integration to Deliver Optimized Checkout Experiences and Transform Checkout into a Growth Engine

Jan -29

Source: globenewswire.com

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CCC Intelligent Solutions (NASDAQ:CCCS) versus Bigcommerce (NASDAQ:BIGC) Head to Head Review

Jan -20

Source: defenseworld.net

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Analyzing Intellicheck Mobilisa (NASDAQ:IDN) & Bigcommerce (NASDAQ:BIGC)

Jan -04

Source: defenseworld.net

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BigCommerce Partners with Stripe to Support New Agentic Commerce Suite and Empower Merchants to Sell Through AI Agents While Maintaining Security

Dec -18

Source: globenewswire.com

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Sporting Gear Brand EuroOptic Grows Revenue, Orders and Traffic After Launching Composable Ecommerce Site with Commerce

Dec -15

Source: globenewswire.com

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BigCommerce Named as a Challenger in 2025 Gartner® Magic Quadrant™ for Digital Commerce Platforms

Nov -06

Source: globenewswire.com

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Commerce to Announce Third Quarter 2025 Financial Results on November 6, 2025

Oct -20

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.52%)

6. Segments

Subscription Solutions

Expected Growth: 8%

BigCommerce Holdings' Subscription Solutions growth is driven by increasing adoption of e-commerce platforms, rising demand for omnichannel experiences, and growing need for scalable and secure online storefronts. Additionally, the company's partnerships with leading brands and its expanding global presence contribute to its growth.

Partner and Services

Expected Growth: 10%

BigCommerce Holdings, Inc.'s Partner and Services segment growth is driven by increasing adoption of e-commerce enablement solutions, strategic partnerships with leading digital agencies and system integrators, expansion of services into new markets, and growing demand for omnichannel commerce experiences.

7. Detailed Products

Ecommerce Platform

A scalable and customizable ecommerce platform for businesses of all sizes

Website Builder

A drag-and-drop website builder for creating custom online stores

Payment Gateways

Integrated payment gateways for secure and efficient transactions

Order Management

Streamlined order management system for efficient fulfillment and shipping

Product Information Management

Centralized product information management for accurate and up-to-date product data

Customer Management

Comprehensive customer management system for personalized marketing and loyalty programs

Reporting and Analytics

Advanced reporting and analytics for data-driven business decisions

App Marketplace

A marketplace of integrated apps for extending ecommerce functionality

Headless Commerce

API-first headless commerce for custom, omnichannel experiences

8. BigCommerce Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

BigCommerce Holdings, Inc. operates in the e-commerce platform market, where substitutes are limited. However, the company faces competition from other e-commerce platforms, such as Shopify and Magento, which could be considered substitutes.

Bargaining Power Of Customers

BigCommerce Holdings, Inc. has a large customer base, which gives it bargaining power over its customers. However, the company's customers are mostly small and medium-sized businesses, which have limited bargaining power.

Bargaining Power Of Suppliers

BigCommerce Holdings, Inc. has a diversified supplier base, which reduces the bargaining power of its suppliers. The company's suppliers are mostly technology and infrastructure providers, which are readily available in the market.

Threat Of New Entrants

The e-commerce platform market is highly competitive, and new entrants can easily enter the market. BigCommerce Holdings, Inc. faces a high threat of new entrants, which could potentially disrupt its business.

Intensity Of Rivalry

The e-commerce platform market is highly competitive, with many players competing for market share. BigCommerce Holdings, Inc. faces intense rivalry from its competitors, such as Shopify and Magento, which could potentially erode its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 93.07%
Debt Cost 3.95%
Equity Weight 6.93%
Equity Cost 8.17%
WACC 4.24%
Leverage 1342.20%

11. Quality Control: BigCommerce Holdings, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
eGain

A-Score: 4.8/10

Value: 3.0

Growth: 5.3

Quality: 8.5

Yield: 0.0

Momentum: 10.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Enfusion

A-Score: 4.3/10

Value: 0.5

Growth: 7.0

Quality: 5.8

Yield: 0.0

Momentum: 7.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Compass

A-Score: 4.0/10

Value: 4.1

Growth: 5.7

Quality: 3.0

Yield: 0.0

Momentum: 8.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
EZFill

A-Score: 3.9/10

Value: 8.4

Growth: 4.2

Quality: 4.9

Yield: 0.0

Momentum: 4.5

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
BigCommerce

A-Score: 3.8/10

Value: 4.8

Growth: 7.1

Quality: 2.5

Yield: 0.0

Momentum: 2.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Asure Software

A-Score: 3.4/10

Value: 5.7

Growth: 4.2

Quality: 3.3

Yield: 0.0

Momentum: 2.5

Volatility: 5.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.78$

Current Price

4.78$

Potential

-0.00%

Expected Cash-Flows