Lightspeed Commerce Inc. (LSPD)

Price$10.51Cached quoteAs of 2026-09-05 18:56 UTC

AI: Fair-priced

Price checkThe valuation looks modest, but durable cash earnings have not yet been proven.

At the observed close, 129.3 million shares imply an equity value near $1.29 billion. Subtracting June net cash of about $352 million gives roughly $933 million for the operating business: about 0.75 times management’s fiscal 2027 revenue midpoint and 11 times its adjusted operating-profit midpoint. Those are modest figures for double-digit organic growth, but the profit measure excludes stock compensation and other costs, while free cash flow—cash left after running and investing in the business—remains negative. The discount and execution risk broadly offset.

Big pictureSales keep growing while accounting losses shrink, but cash generation remains uneven.

Fiscal 2026 revenue rose 14% to $1.23 billion, while gross profit increased 17% to $527 million. The net loss narrowed to $144 million from $667 million, and operating cash flow improved to $55 million from a $33 million outflow. However, spending on equipment and internally developed software left ordinary free cash flow slightly negative. In the June quarter, revenue grew 6% as reported and 17% after excluding Upserve, but free cash flow was about negative $18 million. Transaction-based sales contribute two-thirds of revenue, linking results to merchants’ spending volumes.

Business strengthA cash-rich balance sheet protects downside, although buybacks are consuming that cushion.

June cash of $372 million comfortably exceeded roughly $20 million of lease-related debt, while current assets were 3.5 times current liabilities. That provides meaningful protection if retail or restaurant activity weakens. Lightspeed spent $116 million on repurchases in fiscal 2026 and another $87 million in the June quarter; shares outstanding fell from 146.4 million in March 2025 to 129.3 million. Repurchases have more than offset stock compensation, but cash declined by $186 million over that span. Goodwill remains $769 million, nearly half of total assets, limiting tangible asset protection.

What could change the storySustained cash gains could reveal value; stalled growth would expose the current bargain.

The strongest bull case is management’s fiscal 2028 adjusted free-cash-flow target of $95 million; today’s operating-business value is less than ten times that target. Progress would mean maintaining roughly 12% to 16% organic gross-profit growth, raising adjusted operating profit toward 20% of gross profit, and producing positive cash after development spending. The bear case is that payment growth slows with merchant sales or higher spending persists. Repeated negative free cash flow, especially alongside cash-funded buybacks and $116 million of merchant advances, would make the apparently low revenue valuation misleading.

AI: News

Strong Quarter, Cautious ReactionRevenue beat expectations, but unchanged yearly guidance left investors demanding clearer cash progress.

On July 30, Lightspeed reported $322.7 million of revenue, 17% organic growth, and $17.5 million of adjusted operating profit. Revenue exceeded the reported analyst estimate by about $12 million, yet management retained its fiscal 2027 revenue and profit ranges. Adjusted free cash flow was negative $4.4 million. Shares fell 12.3% that day while the broader market rose. The timing and contemporary coverage suggest disappointment with unchanged guidance, although they do not prove a single cause.

Annual Cash ImprovementFull-year cash flow turned positive, while a small earnings miss tempered the improvement.

On May 21, Lightspeed reported fiscal 2026 operating cash flow of $55.5 million and adjusted free cash flow of $18.2 million, both major improvements. Fourth-quarter revenue and gross profit each rose 15%, and the board authorized repurchases covering up to about 10% of the public share count. Shares traded roughly 4% lower before the market opened; financial reporting linked the reaction to adjusted quarterly earnings missing expectations by one cent, though price timing alone cannot establish causation.

Upserve Business SoldSelling Upserve sharpened Lightspeed’s focus, but part of the promised payment remains conditional.

On April 29, Lightspeed sold its Upserve U.S. restaurant product line for up to $81 million. Only $44 million is fixed; the remaining $37 million depends on performance over 24 months. Upserve had contributed about $140 million of fiscal 2026 revenue, $26 million of gross profit, and 3,200 customer locations. The disposal concentrates investment on North American retail and European hospitality, but management estimated it would reduce the absolute fiscal 2028 gross-profit, adjusted-profit, and adjusted-cash-flow targets by about 5%.

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Financial statements

	2026	2025	2024	2023	2022	2021	2020
Revenue	$1.23B	$1.08B	$909.3M	$730.5M	$548.4M	$221.7M	$120.6M
Gross profit	$526.9M	$450.2M	$385.3M	$332.0M	$271.2M	$127.7M	$81.0M
Gross margin	42.94%	41.81%	42.37%	45.44%	49.45%	57.58%	67.12%
Research & development	$126.3M	$120.3M	$129.4M	$140.4M	$121.2M	$55.3M	$32.8M
Operating expenses	$674.5M	$1.15B	$588.3M	$1.43B	$589.5M	$257.4M	$139.4M
Operating income	−$147.6M	−$696.0M	−$203.0M	−$1.10B	−$318.3M	−$129.7M	−$58.4M
Operating margin	−12.03%	−64.64%	−22.33%	−150.45%	−58.05%	−58.50%	−48.42%
EBITDA	$8.0M	−$600.2M	−$101.3M	−$992.0M	−$221.5M	−$97.1M	−$47.4M
EBITDA margin	0.65%	−55.74%	−11.14%	−135.80%	−40.40%	−43.80%	−39.32%
Net income	−$144.4M	−$667.2M	−$164.0M	−$1.07B	−$288.4M	−$124.3M	−$53.5M
Net profit margin	−11.77%	−61.96%	−18.03%	−146.48%	−52.60%	−56.05%	−44.37%
Basic EPSper basic share	-$1.04	-$4.34	-$1.07	-$7.11	-$2.04	-$1.18	-$0.62
Diluted EPSper diluted share	-$1.04	-$4.34	-$1.07	-$7.11	-$2.04	-$1.18	-$0.62

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of LSPD
Holder	Shares held
Caisse de depot et placement du Quebec	24.29M
FIL Ltd	16.01M
Pale Fire Capital SE	5.77M
VANGUARD CAPITAL MANAGEMENT LLC	3.69M
Artisan Partners Limited Partnership	3.62M
Connor, Clark & Lunn Investment Management Ltd.	3.02M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.75M
BANK OF MONTREAL /CAN/	1.31M
MORGAN STANLEY	1.27M
DIMENSIONAL FUND ADVISORS LP	1.18M
VANGUARD FIDUCIARY TRUST CO	1.12M
ROYAL BANK OF CANADA	1.12M
BlackRock, Inc.	711.24K
GOLDMAN SACHS GROUP INC	661.85K
BANK OF AMERICA CORP /DE/	636.04K
LOUISBOURG INVESTMENTS INC.	577.98K
TWO SIGMA INVESTMENTS, LP	570.58K
RENAISSANCE TECHNOLOGIES LLC	474.28K
CITADEL ADVISORS LLC	463.9K
TD Asset Management Inc	444.31K

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)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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