Does Commerce.com have an economic moat?
Not clearly
Commerce.com earns -17.7% a year on the money invested in it, a return competitors could match.
The numbers behind it
Return on invested capital, average of recent years-17.7%
Return on invested capital, latest year-3.3%
Gross margin78.7%Share of each sale left after production costs
Net margin-5.6%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about Commerce.com
Data as of Nov 13, 2026.