Global-E Online Ltd. (GLBE)

Price$36.50Cached quoteAs of 2026-09-11 09:10 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth offsets a still-demanding valuation.

At the observed price, adjusting roughly for the Passport shares and cash payment puts Global-e near a $6.4 billion equity value and about $6.1 billion enterprise value, which is the business value after net cash. Against management’s midpoint 2026 guidance, that is about 4.6 times revenue and 21 times adjusted operating profit before interest, taxes, depreciation and amortization. Trailing free cash flow, cash left after running and investing in the business, is roughly $290 million, implying about 22 times free cash flow. The share-funded purchase makes this estimate approximate.

Big pictureRevenue growth is accelerating while profits improve, but cash generation remains seasonally uneven.

Revenue climbed from $753 million in 2024 to $962 million in 2025, then reached $551 million in the first half of 2026. Second-quarter revenue rose 39% year over year, and management raised full-year guidance to $1.305-$1.355 billion. Net profit was $78 million in the first half, versus a loss a year earlier. Cash flow is less smooth: first-quarter operating cash use was offset by strong second-quarter generation, reflecting working-capital and seasonal swings. The supplied financial history also shows a clear multi-year improvement in profitability and cash generation.

Business strengthThe business has strong liquidity and improving economics, though acquisition spending adds execution risk.

At June 30, Global-e held about $530 million across cash, short-term deposits and marketable securities, far above modest debt, before the Passport cash payment. The company has also been reducing its own share count through buybacks: it spent about $59 million in the first quarter and authorized a new $500 million program after completing roughly 80% of its prior $200 million plan. Passport reverses some of that benefit because roughly half of the $350 million upfront purchase price was paid in shares. That mix is sensible, but returns now depend on integration quality.

What could change the storyContinued organic growth and successful Passport integration could justify the premium, while slowing growth would not.

The strongest bull case is that Global-e sustains roughly 30% organic growth while expanding margins. Excluding Passport’s expected second-half contribution, 2026 revenue guidance still implies strong growth from 2025, and adjusted profit guidance has risen faster than sales. Passport could broaden logistics capabilities and reach merchants that do not want Global-e to act as the party legally handling each sale. The bear case is valuation compression: around 21 times guided adjusted operating profit leaves limited protection if merchant volumes slow, Shopify-linked growth disappoints, or Passport’s low initial profit contribution fails to improve.

AI: News

Strong second quarterSecond-quarter results beat expectations and management raised its outlook, strengthening the case for sustained growth.

On August 12, Global-e reported second-quarter revenue of $299 million, up 39% year over year, while merchandise volume rose 44% to $2.09 billion. Adjusted operating profit before interest, taxes, depreciation and amortization rose 62% to $62.4 million, and management raised 2026 guidance across revenue, merchandise volume and profit. Shares were reported about 4% higher before the market opened, although the regular-session close was slightly lower. The guidance increase matters more than the one-day move because it raised expected future earnings power.

Passport acquisition closesThe Passport acquisition expands Global-e’s logistics reach, but uses meaningful cash and new shares.

Global-e completed the Passport acquisition on July 1 after agreeing to $350 million of upfront consideration, split roughly equally between cash and Global-e shares, plus up to $75 million of contingent payments. Passport is expected to add $55-$59 million of second-half 2026 revenue but only $3-$4 million of adjusted operating profit before interest, taxes, depreciation and amortization. Shares rose about 3% on the closing date, but that timing does not prove the acquisition caused the move. The strategic payoff depends on future logistics synergies and cross-selling.

Larger buyback approvedA larger buyback authorization signals confidence in cash generation and may offset some shareholder dilution.

On June 4, Global-e authorized a new share repurchase program of up to $500 million after completing roughly 80% of its earlier $200 million plan. The company said the program reflected confidence in sustainable cash generation, and one market report showed the shares up about 3% around the announcement. The authorization is financially meaningful because buybacks can reduce the share count and increase each remaining investor’s ownership, although Passport’s stock-funded purchase subsequently adds shares back and makes disciplined repurchase pricing more important.

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Revenue

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2024

2025

Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$962.2M	$752.8M	$569.9M	$409.0M	$245.3M	$136.4M	$65.9M
Gross profit	$436.2M	$339.4M	$233.6M	$158.2M	$91.4M	$43.5M	$18.7M
Gross margin	45.34%	45.09%	40.99%	38.67%	37.28%	31.88%	28.34%
Research & development	$122.8M	$105.5M	$97.6M	$81.2M	$29.8M	$15.4M	$12.0M
Operating expenses	$364.6M	$407.4M	$370.7M	$347.5M	$157.1M	$35.1M	$23.6M
Operating income	$71.7M	−$67.9M	−$137.1M	−$189.3M	−$65.7M	$8.4M	−$5.0M
Operating margin	7.45%	−9.02%	−24.05%	−46.28%	−26.77%	6.17%	−7.52%
EBITDA	$74.0M	−$65.8M	−$135.3M	−$187.7M	−$65.3M	$8.6M	−$4.8M
EBITDA margin	7.69%	−8.74%	−23.73%	−45.90%	−26.63%	6.34%	−7.26%
Net income	$68.3M	−$75.5M	−$133.8M	−$195.4M	−$74.9M	$3.9M	−$7.5M
Net profit margin	7.10%	−10.04%	−23.48%	−47.77%	−30.55%	2.87%	−11.46%
Basic EPSper basic share	$0.40	-$0.45	-$0.81	-$1.24	-$0.74	$0.03	-$0.38
Diluted EPSper diluted share	$0.39	-$0.45	-$0.81	-$1.24	-$0.74	$0.03	-$0.38

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of GLBE
Holder	Shares held
WASATCH ADVISORS LP	8.28M
Capital World Investors	7.34M
PRICE T ROWE ASSOCIATES INC /MD/	7.13M
DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP	6.96M
Phoenix Financial Ltd.	5.37M
Debbi Nir	4.54M
Schlachet Amir	4.2M
BlackRock, Inc.	4.13M
Tamari Shahar	3.96M
MARSHALL WACE, LLP	3.56M
Arohi Asset Management PTE Ltd.	3.11M
Contour Asset Management LLC	3.03M
CITADEL ADVISORS LLC	2.98M
Clearbridge Investments, LLC	2.7M
Harel Insurance Investments & Financial Services Ltd.	2.64M
Jupiter Topco LLC	2.41M
WELLINGTON MANAGEMENT GROUP LLP	2.1M
Balyasny Asset Management L.P.	2.1M
Spyglass Capital Management LLC	1.96M
Keenan Capital, LLC	1.96M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)43$11.63M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 26, 2026Form 4 · 10b5-1	Tamari ShaharCOO	SellOrdinary Shares	28.6K	$36.02	$1.03M	3.96M
Jun 25, 2026Form 4 · 10b5-1	Debbi NirPresident	SellOrdinary Shares	5.2K	$34.66	$179.5K	4.54M
Jun 25, 2026Form 4 · 10b5-1	Tamari ShaharCOO	SellOrdinary Shares	15.2K	$35.13	$535.2K	3.99M
Jun 24, 2026Form 4 · 10b5-1	Debbi NirPresident	SellOrdinary Shares	6.9K	$34.02	$234.4K	4.55M
Jun 18, 2026Form 4 · 10b5-1	Tamari ShaharCOO	SellOrdinary Shares	2.1K	$32.51	$68.6K	4.00M