BIGC
BigCommerce Holdings, Inc. Series 1 Common Stock
stock NASDAQ

Hey everyone, I’ve been trying to learn more about value investing and came across a stock that might be interesting, but I’d love to get the perspective of people who know what they’re doing.
The company is Commerce.com (ticker: CMRC) it used to be called BigCommerce (BIGC). It IPO’d back in 2020 and briefly shot up to over $70/share, but has since completely collapsed and now trades around $4.75. That’s over a 90% drop from the highs, which I know doesn’t automatically make something a value stock… but it got me curious.
From what I can tell:
- They just reported Q2 earnings and actually beat expectations, revenue was up about 3% year over year to $84.4M, and non-GAAP EPS was $0.04, which is above estimates.
- They’re still posting a GAAP loss (~$0.10/share), but it looks like that loss is shrinking and they’re getting close to breakeven.
- Free cash flow was positive, and they have around $135M in cash with minimal debt.
- Their enterprise recurring revenue now makes up 76% of total ARR, which I think is supposed to be higher quality and more stable?
- They recently rebranded as Commerce.com and are starting to roll out some AI tools to help merchants with product listings, pricing, etc. I don’t know how much of that is real vs marketing, but it seems like a legit pivot.
The thing that really caught my attention is the valuation. Based on what I’m reading, it’s trading at around 1.3–1.5x forward sales, while companies like Shopify and Wix trade at much higher multiples (4x to 10x+). I get that CMRC isn’t growing as fast, but if they’re getting close to breakeven and improving margins, shouldn’t they be worth more than this?
Or am I missing something obvious?
I’m still very new to analyzing SaaS businesses and income statements, so I might be reading too much into short-term improvement. But this feels like one of those “left for dead” situations where the market may have thrown the baby out with the bathwater. That said… I also know a lot of companies like this stay cheap for a reason.
Would really appreciate it if anyone more experienced could take a look and let me know:
- Is this just a classic value trap?
- What would need to happen for the stock to be revalued more like its peers?
- Are there red flags in the financials or business model I should be paying attention to?
Thanks in advance, I’m trying to learn and figure out what to look for when evaluating opportunities like this.

Hey everyone, I’ve been trying to learn more about value investing and came across a stock that might be interesting, but I’d love to get the perspective of people who know what they’re doing.
The company is Commerce.com (ticker: CMRC) it used to be called BigCommerce (BIGC). It IPO’d back in 2020 and briefly shot up to over $70/share, but has since completely collapsed and now trades around $4.75. That’s over a 90% drop from the highs, which I know doesn’t automatically make something a value stock… but it got me curious.
From what I can tell:
- They just reported Q2 earnings and actually beat expectations, revenue was up about 3% year over year to $84.4M, and non-GAAP EPS was $0.04, which is above estimates.
- They’re still posting a GAAP loss (~$0.10/share), but it looks like that loss is shrinking and they’re getting close to breakeven.
- Free cash flow was positive, and they have around $135M in cash with minimal debt.
- Their enterprise recurring revenue now makes up 76% of total ARR, which I think is supposed to be higher quality and more stable?
- They recently rebranded as Commerce.com and are starting to roll out some AI tools to help merchants with product listings, pricing, etc. I don’t know how much of that is real vs marketing, but it seems like a legit pivot.
The thing that really caught my attention is the valuation. Based on what I’m reading, it’s trading at around 1.3–1.5x forward sales, while companies like Shopify and Wix trade at much higher multiples (4x to 10x+). I get that CMRC isn’t growing as fast, but if they’re getting close to breakeven and improving margins, shouldn’t they be worth more than this?
Or am I missing something obvious?
I’m still very new to analyzing SaaS businesses and income statements, so I might be reading too much into short-term improvement. But this feels like one of those “left for dead” situations where the market may have thrown the baby out with the bathwater. That said… I also know a lot of companies like this stay cheap for a reason.
Would really appreciate it if anyone more experienced could take a look and let me know:
- Is this just a classic value trap?
- What would need to happen for the stock to be revalued more like its peers?
- Are there red flags in the financials or business model I should be paying attention to?
Thanks in advance, I’m trying to learn and figure out what to look for when evaluating opportunities like this.