Share count
176Mpeak FY2025
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GLBE, Global-E Online Ltd.
Software asset-light
We operate at the forefront of global e-commerce, which is being transformed by technology, internet adoption and the rise of social networks connecting the world.
Our platforms were purpose-built for international shoppers to buy seamlessly online and for merchants to sell from, and to, anywhere in the world - in short, to "go global".
We provide a mission-critical, integrated solution that creates a localized and frictionless shopper experience and our platforms are simple to manage, flexible to adjust and smart in the local market insights and best practices.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$962M
+27.8% YoY · 48% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $962M 5-yr avg $588M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Fulfillment Services (53%) and Service Fees (47%).
- What moves the needle
- Operating margin has run around −9.0% through the cycle on a 39% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. The cash cycle has run negative through the cycle (a median of −50 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −15%, above 15% in 0 of 5 years). The steadier read is owner earnings: roughly 21% of revenue reaches owners as cash, consistently, and customers and suppliers fund the business through negative working capital. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 2 lines, the largest Fulfillment Services at 53%.
Revenue by product line, FY2025
- Fulfillment Services53%$511M
- Service Fees47%$451M
By geographyUnited States53%United Kingdom20%European Union18%Other9%Israel0%
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2019–2025
realized figures from each filing · older years to the left| 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| $66M | $136M | $245M | $409M | $570M | $753M | $962M | $962M | RevenueRevenue |
| 28% | 32% | 37% | 39% | 41% | 45% | 45% | 45% | Gross marginGross mgn |
| ($5M) | $8M | ($66M) | ($189M) | ($137M) | ($68M) | $72M | $72M | Operating incomeOp. inc. |
| −7.5% | 6.2% | −26.8% | −46.3% | −24.0% | −9.0% | 7.4% | 7.4% | Operating marginOp. mgn |
| ($8M) | $4M | ($75M) | ($195M) | ($134M) | ($76M) | $68M | $68M | Net incomeNet inc. |
| — | 4% | — | — | — | — | 3% | 3% | Effective tax rateTax rate |
| Cash flow & returns | ||||||||
| $7M | $29M | $18M | $89M | $108M | $169M | $284M | $284M | Operating cash flowOp. cash |
| $171K | $235K | $331K | $2M | $2M | $2M | $2M | $2M | DepreciationDeprec. |
| $14M | $25M | $93M | $283M | $240M | $243M | $213M | $213M | Working capital & otherWC & other |
| $264K | $456K | $3M | $8M | $2M | $2M | $3M | $3M | CapexCapex |
| 0.4% | 0.3% | 1.2% | 2.0% | 0.3% | 0.3% | 0.3% | 0.3% | Capex / revenueCapex/rev |
| $7M | $29M | $18M | $88M | $106M | $167M | $281M | $281M | Owner earningsOwner earn. |
| 10.4% | 21.3% | 7.3% | 21.5% | 18.7% | 22.2% | 29.3% | 29.3% | Owner earnings marginOE mgn |
| $7M | $29M | $15M | $81M | $106M | $167M | $281M | $281M | Free cash flowFCF |
| 10.3% | 21.2% | 6.2% | 19.8% | 18.7% | 22.2% | 29.2% | 29.2% | Free cash flow marginFCF mgn |
| — | — | — | — | $0 | $0 | $72M | — | BuybacksBuybacks |
| — | — | -21% | -20% | -15% | -8% | 10% | 10% | ROICROIC |
| — | — | -11% | -21% | -15% | -8% | 7% | 7% | Return on equityROE |
| — | — | −11% | −21% | −15% | −8% | 7% | 7% | Retained to equityRetained/eq |
| Balance sheet | ||||||||
| $5M | $86M | $467M | $182M | $220M | $291M | $320M | $320M | Cash & investmentsCash+inv |
| — | $4M | $9M | $16M | $28M | $41M | $56M | $56M | ReceivablesReceiv. |
| — | $19M | $24M | $52M | $51M | $80M | $92M | $92M | Accounts payablePayables |
| — | ($15M) | ($15M) | ($36M) | ($23M) | ($38M) | ($36M) | ($36M) | Operating working capitalOper. WC |
| — | $153M | $622M | $375M | $520M | $723M | $987M | $987M | Current assetsCur. assets |
| — | $84M | $132M | $210M | $274M | $348M | $510M | $510M | Current liabilitiesCur. liab. |
| — | 1.8× | 4.7× | 1.8× | 1.9× | 2.1× | 1.9× | 1.9× | Current ratioCurr. ratio |
| — | — | $0 | $368M | $368M | $368M | $375M | $375M | GoodwillGoodwill |
| — | $161M | $846M | $1.2B | $1.2B | $1.3B | $1.5B | $1.5B | Total assetsAssets |
| ($5M) | ($86M) | ($467M) | ($182M) | ($220M) | ($291M) | ($320M) | ($320M) | Net debt / (cash)Net debt |
| ($53M) | ($45M) | $696M | $928M | $902M | $893M | $933M | $933M | Shareholders’ equityEquity |
| Per share | ||||||||
| 19.7M | 28.6M | 102M | 158M | 164M | 167M | 176M | 169M | Shares out (diluted)Shares |
| $3.35 | $4.76 | $2.41 | $2.59 | $3.47 | $4.50 | $5.47 | $5.69 | Revenue / shareRev/sh |
| $-0.38 | $0.14 | $-0.74 | $-1.24 | $-0.81 | $-0.45 | $0.39 | $0.40 | EPS (diluted)EPS |
| $0.35 | $1.02 | $0.18 | $0.56 | $0.65 | $1.00 | $1.60 | $1.66 | Owner earnings / shareOE/sh |
| $0.34 | $1.01 | $0.15 | $0.51 | $0.65 | $1.00 | $1.59 | $1.66 | Free cash flow / shareFCF/sh |
| $0.01 | $0.02 | $0.03 | $0.05 | $0.01 | $0.01 | $0.02 | $0.02 | Cap. spending / shareCapex/sh |
| $-2.70 | $-1.55 | $6.84 | $5.89 | $5.49 | $5.34 | $5.30 | $5.52 | Book value / shareBVPS |
The diluted share count moved ×1.46 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×3.55 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.55 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 6-yr | 5-yr | |
|---|---|---|
| Revenue / share | +8.5%/yr | +2.8%/yr |
| Owner earnings / share | +28.9%/yr | +9.5%/yr |
| EPS | — | +23.2%/yr |
| Capital spending / share | +4.6%/yr | +2.0%/yr |
The record, charted
FY2019–2025Each measure over its full record; the current point and the worst year marked.
ROIC
10%low FY2021
Gross margin
45%low FY2019
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$281Mowner earningsvs.$68Mnet incomelow FY2019
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2019FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned $281M of owner earnings, the operating cash left after the $2M it takes just to hold its position. It put $776K more into growth; free cash flow, after that spending, was $281M.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $68M | ($76M) | ($134M) | ($195M) | ($75M) |
| Depreciation & amortizationnon-cash charge added back | +$2M | +$2M | +$2M | +$2M | +$331K |
| Working capital & othertiming of cash in and out, other non-cash items | +$213M | +$243M | +$240M | +$283M | +$93M |
| Cash from operations | $284M | $169M | $108M | $89M | $18M |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$2M | −$2M | −$2M | −$2M | −$331K |
| Owner earnings | $281M | $167M | $106M | $88M | $18M |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$776K | — | — | −$7M | −$3M |
| Free cash flow | $281M | $167M | $106M | $81M | $15M |
| Owner-earnings marginowner earnings ÷ revenue | 29% | 22% | 19% | 21% | 7% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $2M, roughly its depreciation, the rate its assets wear out). The other $776K of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $246M + ST investments $74M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $320M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 21 + DIO 0 − DPO 64 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Not enough dataIndustry peers: median -10%
What this means
The filing data didn't include the inputs for this check.
- High through the cycle7-yr median margin, range 7%–29%; latest $281M = operating cash $284M − maintenance capex $2MIndustry peers: median 11%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 29% of revenue this year, a 21% median across 7 years.
- Cash-backedCash from ops $284M ÷ net income $68M
In the filing’s words The filing leans on adjusted, non-GAAP earnings, but the GAAP profit is itself cash-backed — the adjustments are not papering over a cash shortfall here.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks $72M ÷ Owner Earnings $281M
What this means
Of $281M Owner Earnings, $72M (26%) went back to shareholders, $0 dividends, $72M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 1.33×ExpandingCapex $3M ÷ depreciation $2M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 4 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $962M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.93×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Earnings stability MissA profit every year (7-yr record) · 5 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.28/share (latest year $0.40), the averaged base the calculator's gate runs on, and book value is $5.52/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2019–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 2 of 7
What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
- Operating margin −9% → −9% (3-yr avg ends)
In the filing’s words The margin has held, but the filing names price competition — the pressure is present even where the margin has absorbed it so far.
What this means
Through the cycle the operating margin held roughly steady — about −9% early, −9% lately, median −9%.
- Owner earnings growth +52%/yr
What this means
Owner earnings grew about 52% a year over the record.
- Worst year 2022 · −46.3% op. margin
What this means
Operations went underwater in 2022, understand why before trusting the good years.
Does AI threaten the moat?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“The increasing adoption of autonomous or artificial intelligence driven commerce solutions may materially alter e-commerce transaction flows, disintermediate our role, and adversely affect our business, financial condition and results of operations.”
AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$987M
- Cash & short-term investments$320M
- Receivables$56M
- Other current assets$611M
Current liabilities$510M
- Accounts payable$92M
- Other current liabilities$418M
Current ratio1.93×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.93×stricter: inventory excluded
Cash ratio0.63×strictest: cash alone against what's due
Working capital$477Mthe cushion left after near-term bills
Deeper floors
Tangible book value$505Mequity stripped of goodwill & intangibles
Net current asset value$457MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$5M$5M of it operating leases
Deferred revenue$79Mcustomer cash collected before delivery; operating float
From the company's latest filing.
How the cash was used, 2019–2025
Over the record, the business generated $705M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.
- Reinvested$19M · 3%
- Buybacks$72M · 10%
- Retained (debt / cash)$614M · 87%
- Returned to owners$72M
10% of the owner earnings the business produced over the span, $0 as dividends and $72M as buybacks.
- Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $315M.
- Average price paid for buybacks—
Buybacks ran $72M over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count760.1%
The diluted count rose from 20M to 169M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Acquisitions & goodwill
from the balance sheet & the 7-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$428M29% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity40%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$0over 7 years buying other businesses, against $19M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 7-year record, from the company's own filings.
Peers, Software
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| ALRMAlarm.com | $1.0B | 63% | 8.7% | 16% | 13% |
| SSentinelOne | $1.0B | 66% | -95.4% | -20% | -47% |
| TENBTenable | $999M | 81% | -9.1% | -10% | 15% |
| PRGSProgress Software | $978M | 83% | 16.2% | 9% | 29% |
| GLBEGlobal-E Online Ltd. | $962M | 39% | -9.0% | -15% | 21% |
| TTANServiceTitan Inc. | $961M | 63% | -29.8% | -12% | -3% |
| GTLBGitLab Inc. | $955M | 88% | -49.8% | -28% | -19% |
| APPFAppFolio | $951M | 61% | 2.8% | 5% | 11% |
| Group median | — | 65% | -9.1% | -11% | 12% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Global-E Online Ltd.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Global-E Online Ltd. has delivered.
Global-E Online Ltd.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, Global-E Online Ltd. earns about $205M on its 21.3% median owner-earnings margin. This year’s 29.3% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25+44%/yr
Owner-earnings growth · ’19→’25+52%/yr
Owner-earnings growth · ’19→’25+52%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow $281M on 169M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $320M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($3M) runs well above depreciation ($2M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $281M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Global-E Online Ltd. (GLBE), the owner's record," https://ownerscorecard.com/c/GLBE, data as of 2026-07-09.
Manual order: ← GLAS its page in the Manual GLBS →
Industry order: ← GIBO the Software chapter GNS →