| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 22 | 41.4x | 17.8x | Bottom tier | |
Growth | 96 | 31.4% | 7.1% | Top tier | |
Quality | 88 | 16.4% | 4.5% | Top tier | |
Safety | 91 | — | 2.6x | Top tier | |
Capital Return | 73 | — | 2.12% | Top tier | |
Momentum | 63 | 20.0% | 2.9% | Around median | |
Sentiment | 35 | 7 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Global-e Online provides a cross-border e-commerce platform that helps brands sell internationally, combining a merchant-of-record model with fulfillment, shipping, localized pricing, customs clearance, and duties services. The company generates revenue from service fees and fulfillment services; in Q2 fiscal 2026, service fee revenue was $139.4 million, or 46.6% of total revenue, while fulfillment services revenue was $159.6 million, or 53.4%. The company is also expanding its reach through Shopify Managed Markets V2, Borderfree.com, and its duty recovery service, while the Passport acquisition added a logistics option that largely does not rely on the merchant-of-record model.
In Q2 fiscal 2026, gross merchandise value increased 44% year over year to $2.089 billion, and revenue rose 39% to $299 million. GAAP gross profit was approximately $131.9 million, with a 44.1% margin, while non-GAAP gross profit was approximately $135.4 million, with a 45.3% margin, compared with 46.5% a year earlier. The company reported GAAP net income of $47.7 million and diluted earnings per share of $0.27, along with non-GAAP net income of $64.9 million and diluted earnings per share of $0.37.
Adjusted earnings before interest, taxes, depreciation, and amortization reached $62.4 million in Q2 fiscal 2026, up 62%, while the margin increased to 20.9% from 17.9% a year earlier. These results confirm the continued financial turnaround evident in EDGAR data: fiscal 2025 revenue increased to $962.2 million from $752.8 million in fiscal 2024, while net income shifted from a loss of $75.5 million to a profit of $68.3 million. The company ended the quarter with $530 million in cash, short-term investments, and marketable securities, and generated free cash flow of $73.2 million.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $48.86 and a wide range between $44 and $60. The average target is approximately 11% above the 52-week range high of $43.99, while the highest target is approximately 36% above that high; this reflects elevated growth expectations but leaves room for execution risk if gross merchandise value slows or gross margin pressure persists. No price-to-earnings ratio is available in the data, so the valuation assessment is based on the target range and the 52-week range of $26.845 to $43.99, balancing accelerating revenue and profitability against Passport’s lower margins and the expected Q3 margin decline from Q2.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Gross merchandise value increased 44% to $2.089 billion, and revenue rose 39% to $299 million. The company benefited from comparable sales above historical trends, strength among merchants onboarded in the second half of 2025, contributions from customers launched in 2026, and some foreign exchange support. Annual promotions at some large brands also generated a response that exceeded the growth of comparable-quarter promotions by more than 25%. As a result, adjusted earnings before interest, taxes, depreciation, and amortization reached $62.4 million, with a 20.9% margin.
Global-e announced the closing of its acquisition of Passport, an asset-light global logistics solution that adds an option largely independent of the merchant-of-record model. Passport is tracking toward revenue exceeding $100 million in 2026, and the company expects it to contribute between $55 million and $59 million to second-half fiscal 2026 revenue. It also expects a contribution between $3 million and $4 million to adjusted earnings before interest, taxes, depreciation, and amortization during the same period. Passport’s integration into the carrier ecosystem has begun, and workstreams are targeting services such as consolidated returns, direct injection, and duty recovery.
The migration of Managed Markets merchants from V1 to V2 was completed during Q2 fiscal 2026, and Global-e expanded the service’s availability to Canada and the United Kingdom. Management said adoption and transaction volumes are rising and that merchant feedback regarding the experience and conversion has been positive. The vast majority of merchants can now onboard in nearly the same session, after the review previously took up to 24 hours. However, management described Managed Markets as a long-term path and did not provide a standalone numerical target for its revenue or gross merchandise value.
The company expects revenue between $1.305 billion and $1.355 billion, equivalent to 38% growth at the midpoint. It expects gross merchandise value between $8.81 billion and $9.11 billion, representing 36.4% growth at the midpoint. It also targets adjusted earnings before interest, taxes, depreciation, and amortization between $278 million and $300 million, representing 46% growth and a 21.7% margin at the respective midpoints. These figures include an expected Passport contribution of $55 million to $59 million in revenue and $3 million to $4 million in adjusted earnings during the second half of fiscal 2026.
EDGAR data shows net income shifting from a loss of $133.8 million in fiscal 2023 to a loss of $75.5 million in fiscal 2024, and then to a profit of $68.3 million in fiscal 2025. In Q2 fiscal 2026, GAAP net income was approximately $47.7 million, compared with $10.5 million a year earlier. The adjusted earnings before interest, taxes, depreciation, and amortization margin also increased to 20.9% from 17.9%. In contrast, the non-GAAP gross margin declined to 45.3% from 46.5% because of fuel costs, making the gross margin trajectory an important point to monitor.
The first risk is fuel cost pressure, which reduced the non-GAAP gross margin in Q2 fiscal 2026 by 120 basis points year over year. The second is the expected slowdown in gross merchandise value growth to 34% in Q3, compared with 44% in Q2, based on management’s assumption that comparable sales will return to more normal levels and foreign exchange support will fade. The third is Passport integration, as Passport generates a gross margin in the mid-thirties and is expected to make a limited contribution to adjusted earnings during 2026. This is compounded by net insider sales of $32.8 million during the three months through August 19, 2026, though this should be treated as a weak signal because those sales may be prearranged.
