# Global-E Online (GLBE.US)

Canonical: https://gigainvestors.com/s/GLBE

Analysis as of: 2026-10-16T07:28:47.830Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $40.23 per share; close as of 2026-10-15.

Estimated value: low $7.37 per share, central $7.99 per share, high $8.81 per share. Buy at or below the central value $7.99 per share. Valuation as of 2026-10-16T07:28:47.830Z; scenarios are not confidence intervals.

Expected annual return: 3.9% at the stated quote. About 3.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 6

- Operating margin variation: 1.50×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.27×

- FY2019: -0.08×

- FY2020: 0.06×

- FY2021: -0.27×

- FY2022: -0.46×

- FY2023: -0.24×

- FY2024: -0.09×

- FY2025: 0.07×

- LTM to Jun 2026: 0.14×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -24.9%

- ROIC, second-lowest year: -70.3%

- Typical minus recent gross margin: -6.5 pp

- Typical gross margin (annual median): 38.7%

- Recent gross margin (lower of latest and 3-year median): 45.2%

- Years with nonpositive capital: 4

- Capital spending / revenue: 0.3%

- ROIC including acquisitions, ten-year median: 6.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -101.4%

- FY2019: 0.0%

- FY2020: >100%

- FY2021: -24.9%

- FY2022: -42.5%

- FY2023: -45.1%

- FY2024: -70.3%

- FY2025: 7.3%

- LTM to Jun 2026: >100%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $181M

- Net income, five-year total: -$411M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.0 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$75M

- FY2022: -$25M

- FY2023: $37M

- FY2024: $92M

- FY2025: $152M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.0% vs -45.1%

- Per-share earnings: -0.06 to -0.45 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 43.8%

- Diluted shares, 5-year annual growth: 43.8%

- Per-share value change: -$0.39

- Per-share value, starting three-year median: -$0.06

- Per-share value, ending three-year median: -$0.45

- Average buyback yield: 1.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 0.0%

- ROIC, last three-year median: -45.1%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.09

- FY2019: -$0.06

- FY2020: $0.14

- FY2021: -$0.74

- FY2022: -$1.24

- FY2023: -$0.81

- FY2024: -$0.45

- FY2025: $0.39

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -14.7%

- Receivables to sales index (DSRI): 1.58×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 13.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.16×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.46×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -12.6%

- FY2019: -33.4%

- FY2020: -15.8%

- FY2021: -11.0%

- FY2022: -24.5%

- FY2023: -20.1%

- FY2024: -19.4%

- FY2025: -14.7%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 39% since Nov 2021 · "Net Loss: $17.9 million, primarily due to Shopify warrant amortization expenses." (finance.yahoo.com, May 2025) · sales +15.2%

Story as of 2026-10-16T09:58:49.556Z; price observation 2026-10-15.

Price needs cash profits to grow 26.6% a year for ten years

- 2025-08-13: Global-E Swings To Q2 Profit; Raises FY25 Revenue Outlook ([nasdaq.com](https://www.nasdaq.com/articles/global-e-swings-q2-profit-raises-fy25-revenue-outlook))

- 2025-11-19: Global-E Online beats top-line estimates; gives Q4 and updates FY outlook ([seekingalpha.com](https://seekingalpha.com/news/4523718-global-e-online-beats-top-line-estimates-gives-q4-and-updates-fy-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +15.2%; source https://www.sec.gov/Archives/edgar/data/1835963/000117891326001772/zk2634880.htm; observed 2026-03-26.

- FY2018: $39M 

- FY2019: $66M 

- FY2020: $136M 

- FY2021: $245M 

- FY2022: $409M 

- FY2023: $570M 

- FY2024: $753M 

- FY2025: $962M 

- FY2026: $1.1B 

### Gross margin · FY2026

gross margin 45.2%; source https://www.sec.gov/Archives/edgar/data/1835963/000117891326001772/zk2634880.htm; observed 2026-03-26.

- FY2018: 22.2% 

- FY2019: 28.3% 

- FY2020: 31.9% 

- FY2021: 37.3% 

- FY2022: 38.7% 

- FY2023: 41.0% 

- FY2024: 45.1% 

- FY2025: 45.3% 

- FY2026: 45.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are USD 962.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/1835963/000117891326001772/zk2634880.htm (filed 2026-03-26); FY2025: revenue 962195000; grossProfit 436249000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GLBE.US: Global-E Online Ltd., together with its subsidiaries, provides direct-to-consumer cross-border e-commerce platform in Israel, the United Kingdom, the United States, and internationally. Its platform enables international shoppers to buy online, and merchants to sell from and to worldwide. The company was incorporated in 2013 and is headquartered in Petah Tikva, Israel.

### Why customers stay

Margins ranged from 41% to 45.3% during 2023–25; it lost 24.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2023: grossProfit / revenue = 41%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2024: grossProfit / revenue = 45.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1835963/000117891326001772/zk2634880.htm (filed 2026-03-26); FY2025: grossProfit / revenue = 45.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); 9-year return on capital observations [[2018,-1.0136770524233432],[2019,0],[2020,1.000001],[2021,-0.24937653246665833],[2022,-0.4246861264126299],[2023,-0.4505668048204001],[2024,-0.7034649467778302],[2025,0.0725841791690332],[2026,6.6436384559087704]]; median -0.24937653246665833. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 8 years; bought back USD 72.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2020: growth capex 221000; upkeep 235000; owner earnings 3914000. Growth capex / owner earnings = 0.056463975472662235.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2023: growth capex 0; upkeep 1741000; owner earnings 37127000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2024: growth capex 0; upkeep 2335000; owner earnings 91654000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1835963/000117891326001772/zk2634880.htm (filed 2026-03-26); FY2025: growth capex 0; upkeep 3099000; owner earnings 152150000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1835963/000117891326001772/zk2634880.htm (filed 2026-03-26); FY2025: cash repurchases 72217000 USD.

### Are managers owners

Insiders own 30.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GLBE.US SharesStats.PercentInsiders = 30.28 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 26.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Ten-year compound average after fade. Initial solved rate 0.3768140540528112. Price 40.23; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-05: $32.86 per share

- 2021-06: $57.08 per share

- 2021-07: $69.64 per share

- 2021-08: $78.96 per share

- 2021-09: $71.80 per share

- 2021-10: $57.86 per share

- 2021-11: $66.44 per share

- 2021-12: $63.39 per share

- 2022-01: $35.71 per share

- 2022-02: $39.14 per share

- 2022-03: $33.78 per share

- 2022-04: $22.54 per share

- 2022-05: $19.27 per share

- 2022-06: $20.17 per share

- 2022-07: $22.76 per share

- 2022-08: $31.59 per share

- 2022-09: $26.76 per share

- 2022-10: $25.29 per share

- 2022-11: $21.57 per share

- 2022-12: $20.64 per share

- 2023-01: $29.97 per share

- 2023-02: $28.30 per share

- 2023-03: $32.23 per share

- 2023-04: $27.88 per share

- 2023-05: $35.82 per share

- 2023-06: $40.94 per share

- 2023-07: $45.05 per share

- 2023-08: $39.63 per share

- 2023-09: $39.74 per share

- 2023-10: $35.11 per share

- 2023-11: $34.25 per share

- 2023-12: $39.63 per share

- 2024-01: $37.77 per share

- 2024-02: $33.87 per share

- 2024-03: $36.35 per share

- 2024-04: $33.53 per share

- 2024-05: $31.22 per share

- 2024-06: $36.27 per share

- 2024-07: $34.32 per share

- 2024-08: $34.42 per share

- 2024-09: $38.44 per share

- 2024-10: $38.44 per share

- 2024-11: $52.28 per share

- 2024-12: $54.53 per share

- 2025-01: $59.89 per share

- 2025-02: $42.62 per share

- 2025-03: $35.65 per share

- 2025-04: $35.91 per share

- 2025-05: $31.87 per share

- 2025-06: $33.54 per share

- 2025-07: $33.15 per share

- 2025-08: $33.46 per share

- 2025-09: $35.76 per share

- 2025-10: $36.43 per share

- 2025-11: $40.42 per share

- 2025-12: $39.31 per share

- 2026-01: $36.55 per share

- 2026-02: $34.97 per share

- 2026-03: $30.85 per share

- 2026-04: $31.37 per share

- 2026-05: $30.64 per share

- 2026-06: $34.73 per share

- 2026-07: $39.31 per share

- 2026-08: $37.35 per share

- 2026-09: $39.73 per share

- 2026-10: $40.23 per share

## Annual estimated value (USD per share)

- FY2024: low $4.16 per share, central $4.35 per share, high $4.61 per share

- FY2025: low $7.32 per share, central $7.86 per share, high $8.57 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1835963/000117891326001772/zk2634880.htm); period 2025-12-31, filed 2026-03-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.