Detailed financial statements for Global-e Online Ltd. (GLBE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Global-E Online Ltd., along with its affiliated companies, operates a technology platform specifically designed to facilitate and expedite direct-to-consumer international online sales. This system enables businesses to effectively reach a worldwide customer base and simplifies the process for global shoppers to purchase goods from merchants located anywhere in the world.
Analysis Summary
Global-e Online Ltd. reported revenue of $962.2M in the most recent fiscal year, growing at a 5-year CAGR of 47.8%. Net income reached $68.3M, with a 77.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 45.2%, operating margin 14.3%, net margin 13.9%. Free cash flow grew at 57.6% CAGR over 5 years.
At $42.98 (closing price, November 2, 2026), GLBE trades at a P/E of 49.69 and an ROE of 16.70%. Market capitalisation stands at $7.2B.
Balance sheet quality for GLBE: debt-to-equity ratio of 0.03, current ratio of 2.07 over the last 12 months, net cash position of $599.3M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $280.7M represents 411% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $38.6M | $65.9M | $136.4M | $245.3M | $409.0M | $569.9M | $752.8M | $962.2M |
| Cost of Revenue | $30.1M | $47.2M | $92.9M | $153.8M | $250.9M | $336.3M | $413.3M | $525.9M |
| Gross Profit | $8.6M | $18.7M | $43.5M | $91.4M | $158.2M | $233.6M | $339.4M | $436.2M |
| Research & Development | $9.5M | $12.0M | $15.4M | $29.8M | $81.2M | $97.6M | $105.5M | $122.8M |
| Selling, General & Admin | $9.4M | $11.6M | $19.7M | $127.3M | $266.3M | $273.1M | $301.9M | $241.8M |
| Operating Expenses | $19.0M | $23.6M | $35.1M | $157.1M | $347.5M | $370.7M | $407.4M | $364.6M |
| Operating Income | -$10.4M | -$5.0M | $8.4M | -$65.7M | -$189.3M | -$137.1M | -$67.9M | $71.7M |
| EBITDA | -$10.2M | -$4.8M | $8.6M | $19.0M | -$10.9M | $40.9M | $101.6M | $158.6M |
| Interest Expense | $1.2M | $2.6M | $4.3M | $8.6M | $12.1M | 0 | $11.5M | $1.2M |
| Pre-tax Income | -$11.5M | -$7.5M | $4.1M | -$74.2M | -$201.4M | -$131.8M | -$79.4M | $70.5M |
| Income Tax | $50,000 | $34,000 | $160,000 | $705,000 | -$6.0M | $2.0M | -$3.8M | $2.2M |
| Net Income | -$11.6M | -$7.5M | $3.9M | -$74.9M | -$195.4M | -$133.8M | -$75.5M | $68.3M |
| EPS | -$0.10 | -$0.07 | $0.01 | -$0.74 | -$1.24 | -$0.81 | -$0.45 | $0.40 |
| EPS (Diluted) | -$0.10 | -$0.07 | $0.01 | -$0.74 | -$1.24 | -$0.81 | -$0.45 | $0.39 |
| Shares Outstanding (Diluted) | 122.1 M | 122.1 M | 28.6 M | 101.7 M | 157.7 M | 164.4 M | 167.3 M | 176.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $220.8M | $336.7M | $252.1M | $299.0M |
| Gross Profit | $99.6M | $154.8M | $114.9M | $131.9M |
| Operating Income | $17.1M | $63.3M | $33.0M | $44.7M |
| EBITDA | $22.5M | $134.9M | $40.1M | $56.0M |
| Net Income | $13.2M | $62.5M | $30.4M | $47.7M |
| EPS | $0.07 | $0.37 | $0.18 | $0.28 |
| EPS (Diluted) | $0.07 | $0.35 | $0.17 | $0.27 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.5M | $5.0M | $68.6M | $448.6M | $165.0M | $200.1M | $254.6M | $245.9M |
| Short-term Investments | $39,000 | $82,000 | $23.3M | $60.4M | $63.2M | $117.3M | $219.8M | $377.0M |
| Receivables | $749,000 | $23.6M | $58.7M | $66.8M | $137.8M | $185.9M | $164.2M | $331.0M |
| Inventory | 0 | $10.7M | 0 | 0 | 0 | 0 | -$4.2M | 0 |
| Total Current Assets | $26.1M | $39.3M | $153.1M | $622.5M | $374.7M | $520.5M | $723.2M | $986.7M |
| Property, Plant & Equipment | $404,000 | $1.9M | $4.9M | $23.4M | $30.0M | $33.3M | $34.9M | $31.7M |
| Goodwill | 0 | 0 | 0 | 0 | $367.6M | $367.6M | $367.6M | $375.4M |
| Intangible Assets | 0 | 0 | 0 | $196.5M | $98.5M | $78.0M | $59.2M | $52.4M |
| Total Assets | $28.5M | $43.6M | $161.3M | $846.1M | $1.16B | $1.20B | $1.26B | $1.46B |
| Accounts Payable | $4.9M | $9.0M | $19.1M | $24.1M | $52.2M | $50.9M | $79.6M | $91.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $20.4M | $41.8M | $83.9M | $131.6M | $209.6M | $273.5M | $348.4M | $510.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $20.4M | $96.6M | $205.8M | $150.4M | $234.5M | $300.4M | $370.0M | $530.1M |
| Retained Earnings | -$49.1M | -$56.6M | -$52.7M | -$127.6M | -$323.0M | -$456.9M | -$532.4M | -$536.3M |
| Total Equity | $8.1M | -$53.0M | -$44.5M | $695.8M | $928.1M | $902.0M | $893.4M | $932.7M |
| Total Debt | 0 | $1.4M | $4.4M | $21.3M | $19.8M | $23.3M | $24.9M | $23.5M |
| Net Debt | -$9.6M | -$3.7M | -$87.5M | -$487.8M | -$208.4M | -$294.1M | -$449.6M | -$599.3M |
| Working Capital | $5.7M | -$2.5M | $69.2M | $490.9M | $165.1M | $247.0M | $374.8M | $476.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $251.4M | $245.9M | $175.2M | $285.4M |
| Total Assets | $1.28B | $1.46B | $1.30B | $1.36B |
| Total Liabilities | $345.5M | $530.1M | $390.0M | $451.6M |
| Total Equity | $933.0M | $932.7M | $911.4M | $903.7M |
| Total Debt | $24.0M | $23.5M | $23.9M | $25.4M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$11.6M | -$7.5M | $3.9M | -$74.9M | -$195.4M | -$133.8M | -$75.5M | $68.3M |
| Depreciation & Amortization | $162,000 | $171,000 | $235,000 | $84.6M | $178.5M | $172.7M | $169.5M | $87.0M |
| Stock-based Compensation | $219,000 | $221,000 | $4.0M | $12.0M | $38.9M | $45.0M | $39.2M | $39.3M |
| Change in Working Capital | $3.2M | $14.2M | $15.7M | -$12.0M | $60.7M | $27.0M | $32.9M | $103.3M |
| Operating Cash Flow | -$8.0M | $7.0M | $29.4M | $18.2M | $89.3M | $108.2M | $169.4M | $283.8M |
| Capital Expenditure | -$108,000 | -$264,000 | -$456,000 | -$2.9M | -$8.4M | -$1.7M | -$2.3M | -$3.1M |
| Acquisitions | 0 | 0 | 0 | 0 | -$317.5M | 0 | -$1.0M | -$20.8M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$72.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$8.1M | $6.8M | $28.9M | $15.3M | $81.0M | $106.5M | $167.1M | $280.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $74.3M | $216.6M | -$72.6M | $73.6M |
| Capital Expenditure | -$715,000 | -$396,000 | -$361,000 | -$452,000 |
| Free Cash Flow | $73.6M | $216.2M | -$72.9M | $73.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $10.3M | $10.2M | $9.9M | $11.0M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +70.4% | +107.1% | +79.9% | +66.8% | +39.3% | +32.1% | +27.8% | |
| Net Income Growth (YoY) | +34.9% | +151.9% | -2,014.5% | -160.8% | +31.5% | +43.5% | +190.4% | |
| EPS Growth (YoY) | +34.1% | +109.6% | -11,846.0% | -67.6% | +34.7% | +44.4% | +188.9% | |
| Shares Change (YoY) | +0.0% | -76.5% | +255.3% | +55.0% | +4.2% | +1.8% | +5.2% | |
| FCF Growth (YoY) | +183.6% | +327.2% | -47.2% | +430.4% | +31.5% | +56.9% | +68.0% | |
| Gross Margin | 22.2% | 28.3% | 31.9% | 37.3% | 38.7% | 41.0% | 45.1% | 45.3% |
| Operating Margin | -26.9% | -7.5% | 6.2% | -26.8% | -46.3% | -24.0% | -9.0% | 7.4% |
| EBITDA Margin | -26.4% | -7.3% | 6.3% | 7.7% | -2.7% | 7.2% | 13.5% | 16.5% |
| Net Margin | -30.0% | -11.5% | 2.9% | -30.6% | -47.8% | -23.5% | -10.0% | 7.1% |
| FCF Margin | -20.9% | 10.3% | 21.2% | 6.2% | 19.8% | 18.7% | 22.2% | 29.2% |
| Effective Tax Rate | -0.4% | -0.5% | 3.9% | -0.9% | 3.0% | -1.5% | 4.8% | 3.2% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.07 | $0.06 | $1.01 | $0.15 | $0.51 | $0.65 | $1.00 | $1.59 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 114.6 M | 114.6 M | 28.6 M | 101.7 M | 157.7 M | 164.4 M | 167.3 M | 169.9 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 16.70% |
| Return on Invested Capital | 16.60% |
| Return on Assets | 11.34% |
| Gross Margin | 45.22% |
| Operating Margin | 14.25% |
| Net Margin | 13.87% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 2.07 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 8.26 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -255.00 | -386.95 | 4,047.62 | -85.66 | -16.65 | -47.77 | -121.18 | 98.28 |
| P/B | 361.16 | -55.08 | -16.41 | 9.27 | 3.51 | 7.05 | 10.21 | 7.16 |
| P/S | 75.60 | 44.36 | 5.35 | 26.29 | 7.96 | 11.16 | 12.12 | 6.94 |
| Gross Margin | 22.2% | 28.3% | 31.9% | 37.3% | 38.7% | 41.0% | 45.1% | 45.3% |
| Operating Margin | -26.9% | -7.5% | 6.2% | -26.8% | -46.3% | -24.0% | -9.0% | 7.4% |
| Net Margin | -30.0% | -11.5% | 2.9% | -30.6% | -47.8% | -23.5% | -10.0% | 7.1% |
Related companies: SHOP · DLO · GCT · PAYO
Explore sector: Consumer Cyclical · Specialty Retail
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