# Wix.Com (WIX.US)

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

Analysis as of: 2026-10-16T07:33:07.147Z. Financial observations: FY2010–FY2025.

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: $81.14 per share; close as of 2026-10-15.

Estimated value: low $34.08 per share, central $39.29 per share, high $42.32 per share. Buy at or below the central value $39.29 per share. Valuation as of 2026-10-16T07:33:07.147Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% 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: 10 years

- Years with declining revenue: 0

- Years with a net loss: 7

- Operating margin variation: 0.92×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.15×

- FY2017: -0.12×

- FY2018: -0.05×

- FY2019: -0.11×

- FY2020: -0.20×

- FY2021: -0.26×

- FY2022: -0.21×

- FY2023: -0.02×

- FY2024: 0.06×

- FY2025: 0.00×

### 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: -16.0%

- ROIC, second-lowest year: -96.8%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 68.1%

- Recent gross margin (lower of latest and 3-year median): 67.9%

- Years with nonpositive capital: 9

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 92.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -96.8%

- FY2017: -52.5%

- FY2018: -4.4%

- FY2019: -10.1%

- FY2020: -99.5%

- FY2021: -21.8%

- FY2022: -26.0%

- FY2023: -2.3%

- FY2024: 10.2%

- FY2025: 0.1%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$322M

- Net income, five-year total: -$320M

- Return on incremental invested capital: 96.2%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.4 pp

- Working capital / revenue, final three-year average: -0.2%

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

- FY2021: -$117M

- FY2022: -$457M

- FY2023: $27M

- FY2024: $152M

- FY2025: $74M

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -52.5% vs 0.1%

- Per-share earnings: -1.22 to 0.92 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.2%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: $3.8B

- Cumulative retained earnings: -$607M

- Diluted shares, 10-year annual growth: 3.2%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $2.14

- Per-share value, starting three-year median: -$1.22

- Per-share value, ending three-year median: $0.92

- Buybacks concentrated in cheaper years (correlation): 0.10

- Average buyback yield: 4.6%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: $115M

- Cumulative net income, 10 years: -$715M

- ROIC, first three-year median: -52.5%

- ROIC, last three-year median: 0.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.07

- FY2017: -$1.22

- FY2018: -$0.76

- FY2019: -$1.71

- FY2020: -$2.99

- FY2021: -$2.05

- FY2022: -$7.30

- FY2023: $0.56

- FY2024: $2.28

- FY2025: $0.92

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -20.4%

- Receivables to sales index (DSRI): 0.79×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 40.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 11.51×

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2016: -40.7%

- FY2017: -42.0%

- FY2018: -18.1%

- FY2019: -21.6%

- FY2020: -16.6%

- FY2021: -8.9%

- FY2022: -26.3%

- FY2023: -11.9%

- FY2024: -18.8%

- FY2025: -20.4%

## Holders

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

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

## Price story

Down 66% since Jan 2025 · "WIX Q1 Deep Dive: Margin Compression Overshadows Growth in AI and User Cohorts" (finance.yahoo.com, May 2026) · sales +13.2%

Story as of 2026-10-16T09:59:51.956Z; price observation 2026-10-15.

Price needs cash profits to grow 22.3% a year for ten years

- 2025-09-07: Wix.com (WIX): Evaluating Valuation After Raising Full-Year Outlook on Strong Q2 Earnings Beat ([finance.yahoo.com](https://finance.yahoo.com/news/wix-com-wix-evaluating-valuation-114252459.html))

- 2025-11-19: Wix ups full-year targets as Base44 demand accelerates and Q3 grows ([finance.yahoo.com](https://finance.yahoo.com/news/wix-ups-full-targets-base44-071044887.html))

- 2026-03-08: Wix.com (WIX) Climbs 33% on Revenue Growth, Aggressive Buyback ([finance.yahoo.com](https://finance.yahoo.com/news/wix-com-wix-climbs-33-011805786.html))

- 2026-05-28: Israeli website creator Wix.com cuts 1,000 jobs, citing strong shekel and AI ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/israeli-website-creator-wix-com-103058636.html))

- 2026-06-09: Wix.com faces AI headwinds in web design market: RBC ([seekingalpha.com](https://seekingalpha.com/news/4601811-wix-com-faces-ai-headwinds-in-web-design-market-rbc?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-04: Wix.com beats top-line and bottom-line estimates; gives Q3 and reaffirms FY26 outlook ([seekingalpha.com](https://seekingalpha.com/news/4624283-wixcom-beats-top-line-and-bottom-line-estimates-gives-q3-and-reaffirms-fy26-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +13.2%; source https://www.sec.gov/Archives/edgar/data/1576789/000162828026015222/wix-20251231.htm; observed 2026-03-05.

- FY2016: $290M 

- FY2017: $426M 

- FY2018: $604M 

- FY2019: $758M 

- FY2020: $984M 

- FY2021: $1.3B 

- FY2022: $1.4B 

- FY2023: $1.6B 

- FY2024: $1.8B 

- FY2025: $2.0B 

### Gross margin · FY2025

gross margin 68.1%; source https://www.sec.gov/Archives/edgar/data/1576789/000162828026015222/wix-20251231.htm; observed 2026-03-05.

- FY2016: 84.4% 

- FY2017: 83.7% 

- FY2018: 79.0% 

- FY2019: 74.3% 

- FY2020: 68.2% 

- FY2021: 61.5% 

- FY2022: 62.1% 

- FY2023: 67.2% 

- FY2024: 67.9% 

- FY2025: 68.1% 

## Owner memo

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

### How it makes money

Operates in software infrastructure; annual sales are USD 2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1576789/000162828026015222/wix-20251231.htm (filed 2026-03-05); FY2025: revenue 1993044000; grossProfit 1356691000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WIX.US: Wix.com Ltd. operates a cloud-based web development platform for registered users and creators in the United States, Europe, Israel, and internationally. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform and Wix Studio, a unified website development platform that enables the creation of advanced websites. It also provides Velo by Wix, a full-stack, no-code/low-code development environment to create content-rich websites and web applications; Wix App Market that offers registered users various free and paid web applications for building, growing, and managing their businesses; Wix Marketplace, which connects users seeking help in creating and managing a website; Wix App, which allows users to manage their websites and Wix operating systems on the go and run their businesses; Spaces by Wix, a mobile app that serves as an interface between site owners and customers; and Wix Customer Care, which provides support and guidance to users throughout the Wix platform. In addition, the company offers Payments by Wix that enables users to accept payments for goods and services both online and in-person; Wix Logo Maker that generates a customizable logo using artificial intelligence; Wix POS, an end-to-end omnichannel solution for online and in-person sales; Branded App by Wix, a native mobile app builder; Base44, an AI-powered platform that builds fully functioning apps; Wixel, an AI-powered visual design platform; Wix Stores; Wix Restaurants; Wix Events; Wix Fitness; Wix Hotels; Wix Music; Wix Showcase; Wix Video; Wix Blog and Wix Forms; Wix Groups; Wix Proposals; Wix Donations; Wix AI Website Builder; Wix AI Text Creator; Wix AI Image Generator; Wix Premium Subscriptions; Email Marketing Subscriptions; Paid Ad Campaigns; Domains; Google Workspace; Gift Cards; and Wix Commerce Solutions, a commerce platform for business owners. Wix.com Ltd. was incorporated in 2006 and is headquartered in Tel Aviv, Israel.

### Why customers stay

Margins ranged from 67.2% to 68.1% during 2023–25; it lost 16% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: grossProfit / revenue = 67.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: grossProfit / revenue = 67.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1576789/000162828026015222/wix-20251231.htm (filed 2026-03-05); FY2025: grossProfit / revenue = 68.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); 10-year return on capital observations [[2016,-0.9681672186812881],[2017,-0.5252069125955466],[2018,-0.04441615653594471],[2019,-0.10100954124299452],[2020,-0.9953001974733537],[2021,-0.21800617808272596],[2022,-0.25995176402077963],[2023,-0.022668978577264732],[2024,0.10231003985737946],[2025,0.0011339276278114086]]; median -0.15950785966286024. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 32.5% of cash earnings; earns 96.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: growth capex 33823458.72500088; upkeep 32225541.27499912; cash acquisitions 0; owner earnings 27357458.72500088. Growth capex plus acquisitions / owner earnings = 1.2363523624396802.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: growth capex 0; upkeep 17813000; cash acquisitions 0; owner earnings 151624000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1576789/000162828026015222/wix-20251231.htm (filed 2026-03-05); FY2025: growth capex 0; upkeep 8553000; cash acquisitions 23880000; owner earnings 73546000. Growth capex plus acquisitions / owner earnings = 0.32469474886465616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Incremental return on capital 0.9618627972163155, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,13255000],[2022,2341000],[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/1576789/000162828026015222/wix-20251231.htm (filed 2026-03-05); FY2025: cash repurchases 574999000 USD.

### Are managers owners

Insiders own 4.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WIX.US SharesStats.PercentInsiders = 4.79 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 22.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Ten-year compound average after fade. Initial solved rate 0.31265933297351467. Price 81.14; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.2796230977278675 → FY2025 1.3385409746855486. Closing-price date 2026-10-15.

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

- 2016-10: $40.00 per share

- 2016-11: $49.50 per share

- 2016-12: $44.55 per share

- 2017-01: $52.55 per share

- 2017-02: $62.30 per share

- 2017-03: $67.90 per share

- 2017-04: $82.45 per share

- 2017-05: $73.70 per share

- 2017-06: $69.60 per share

- 2017-07: $61.70 per share

- 2017-08: $65.10 per share

- 2017-09: $71.85 per share

- 2017-10: $69.80 per share

- 2017-11: $54.90 per share

- 2017-12: $57.55 per share

- 2018-01: $61.05 per share

- 2018-02: $75.05 per share

- 2018-03: $79.55 per share

- 2018-04: $82.25 per share

- 2018-05: $86.95 per share

- 2018-06: $100.30 per share

- 2018-07: $95.00 per share

- 2018-08: $111.10 per share

- 2018-09: $119.70 per share

- 2018-10: $97.35 per share

- 2018-11: $94.18 per share

- 2018-12: $90.34 per share

- 2019-01: $109.35 per share

- 2019-02: $109.25 per share

- 2019-03: $120.83 per share

- 2019-04: $134.16 per share

- 2019-05: $137.34 per share

- 2019-06: $142.10 per share

- 2019-07: $148.52 per share

- 2019-08: $140.25 per share

- 2019-09: $116.74 per share

- 2019-10: $122.07 per share

- 2019-11: $120.89 per share

- 2019-12: $122.38 per share

- 2020-01: $142.69 per share

- 2020-02: $134.03 per share

- 2020-03: $100.82 per share

- 2020-04: $130.81 per share

- 2020-05: $222.33 per share

- 2020-06: $256.22 per share

- 2020-07: $290.48 per share

- 2020-08: $294.63 per share

- 2020-09: $254.85 per share

- 2020-10: $247.32 per share

- 2020-11: $255.43 per share

- 2020-12: $249.96 per share

- 2021-01: $247.05 per share

- 2021-02: $348.57 per share

- 2021-03: $279.22 per share

- 2021-04: $317.88 per share

- 2021-05: $259.86 per share

- 2021-06: $290.28 per share

- 2021-07: $298.64 per share

- 2021-08: $222.08 per share

- 2021-09: $195.97 per share

- 2021-10: $185.96 per share

- 2021-11: $152.80 per share

- 2021-12: $157.79 per share

- 2022-01: $131.37 per share

- 2022-02: $91.58 per share

- 2022-03: $104.46 per share

- 2022-04: $75.46 per share

- 2022-05: $63.01 per share

- 2022-06: $65.55 per share

- 2022-07: $59.33 per share

- 2022-08: $63.29 per share

- 2022-09: $78.23 per share

- 2022-10: $84.10 per share

- 2022-11: $90.49 per share

- 2022-12: $76.83 per share

- 2023-01: $86.98 per share

- 2023-02: $90.53 per share

- 2023-03: $99.80 per share

- 2023-04: $87.23 per share

- 2023-05: $76.22 per share

- 2023-06: $78.24 per share

- 2023-07: $94.32 per share

- 2023-08: $98.77 per share

- 2023-09: $91.80 per share

- 2023-10: $79.90 per share

- 2023-11: $101.50 per share

- 2023-12: $123.02 per share

- 2024-01: $126.88 per share

- 2024-02: $140.18 per share

- 2024-03: $137.48 per share

- 2024-04: $118.87 per share

- 2024-05: $161.10 per share

- 2024-06: $159.07 per share

- 2024-07: $155.93 per share

- 2024-08: $166.62 per share

- 2024-09: $167.17 per share

- 2024-10: $167.12 per share

- 2024-11: $223.74 per share

- 2024-12: $214.55 per share

- 2025-01: $238.89 per share

- 2025-02: $200.69 per share

- 2025-03: $163.38 per share

- 2025-04: $169.59 per share

- 2025-05: $148.95 per share

- 2025-06: $158.46 per share

- 2025-07: $136.03 per share

- 2025-08: $141.08 per share

- 2025-09: $177.63 per share

- 2025-10: $145.54 per share

- 2025-11: $95.71 per share

- 2025-12: $103.89 per share

- 2026-01: $86.84 per share

- 2026-02: $70.46 per share

- 2026-03: $90.07 per share

- 2026-04: $74.69 per share

- 2026-05: $56.06 per share

- 2026-06: $45.37 per share

- 2026-07: $55.03 per share

- 2026-08: $88.25 per share

- 2026-09: $72.13 per share

- 2026-10: $81.14 per share

## Annual estimated value (USD per share)

- FY2025: low $29.40 per share, central $33.10 per share, high $35.26 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/1576789/000162828026015222/wix-20251231.htm); period 2025-12-31, filed 2026-03-05.

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.

## Reported holder observations

- [Henry Ellenbogen](https://gigainvestors.com/DCP): 2,041,688 WIX shares; USD 92,631,000 reported position value; 0.9% of portfolio; hold; quarter 2026 Q2.
- [Jeffrey Ubben](https://gigainvestors.com/VA): 1,099,370 WIX shares; USD 47,384,000 reported position value; 0.84% of portfolio; hold; quarter 2026 Q2.

# WIX — Wix.com Ltd.

Held by 2 investors · USD 140,015,000 total · 2026 Q2 · reported price USD 45.37 (split-adjusted).
Page: https://gigainvestors.com/s/WIX

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Henry Ellenbogen (https://gigainvestors.com/DCP) | USD 92,631,000 | 0.9% | hold |
| Jeffrey Ubben (https://gigainvestors.com/VA) | USD 47,384,000 | 0.8% | hold |

## Total held by quarter

- 2018 Q3: USD 35,177,077 · 1 holder · USD 119.70
- 2018 Q4: USD 53,986,732 · 1 holder · USD 90.34
- 2019 Q1: USD 75,979,596 · 1 holder · USD 120.83
- 2019 Q2: USD 59,790,138 · 1 holder · USD 142.10
- 2019 Q3: USD 59,600,323 · 1 holder · USD 116.74
- 2019 Q4: USD 100,707,114 · 2 holders · USD 122.38
- 2020 Q1: USD 86,240,521 · 2 holders · USD 100.82
- 2020 Q2: USD 155,614,705 · 2 holders · USD 256.22
- 2020 Q3: USD 171,823,693 · 2 holders · USD 254.85
- 2020 Q4: USD 191,030,930 · 2 holders · USD 249.96
- 2021 Q1: USD 203,216,874 · 2 holders · USD 279.22
- 2021 Q2: USD 280,327,414 · 3 holders · USD 290.28
- 2021 Q3: USD 231,547,766 · 2 holders · USD 195.97
- 2021 Q4: USD 299,264,198 · 2 holders · USD 157.79
- 2022 Q1: USD 210,679,838 · 2 holders · USD 104.46
- 2022 Q2: USD 152,664,705 · 2 holders · USD 65.55
- 2022 Q3: USD 182,738,005 · 2 holders · USD 78.23
- 2022 Q4: USD 158,222,012 · 2 holders · USD 76.83
- 2023 Q1: USD 199,716,766 · 2 holders · USD 99.80
- 2023 Q2: USD 144,703,237 · 2 holders · USD 78.24
- 2023 Q3: USD 155,686,099 · 2 holders · USD 91.80
- 2023 Q4: USD 149,330,534 · 2 holders · USD 123.02
- 2024 Q1: USD 163,150,265 · 2 holders · USD 137.48
- 2024 Q2: USD 153,842,801 · 2 holders · USD 159.07
- 2024 Q3: USD 158,840,588 · 2 holders · USD 167.17
- 2024 Q4: USD 291,198,846 · 3 holders · USD 214.55
- 2025 Q1: USD 202,295,482 · 3 holders · USD 163.38
- 2025 Q2: USD 419,302,273 · 3 holders · USD 158.46
- 2025 Q3: USD 239,239,189 · 2 holders · USD 177.63
- 2025 Q4: USD 56,100,184 · 2 holders · USD 103.89
- 2026 Q1: USD 277,967,929 · 2 holders · USD 90.07
- 2026 Q2: USD 140,015,000 · 2 holders · USD 45.37