How does Global-e’s valuation metrics (P/E, EV/EBITDA) compare to its peers (e.g., Shopify, Amazon Marketplace, Farfetch) after this release?

Valuation snapshot post‑Q2 2025

*P/E and EV/EBITDA are calculated on a trailing‑12‑month basis, using the most recent earnings release for each firm. Global‑e’s FY‑2025 earnings are still negative (loss‑making) on a GAAP basis, which drives the negative P/E; the EV/EBITDA figure reflects the company’s modest operating cash‑flow conversion as it scales its cross‑border platform.

Interpretation

• P/E: Global‑e’s negative P/E underscores that the market still views the firm as a growth‑first, loss‑accepting play—typical for a pure‑play e‑commerce enabler that is reinvesting revenue into technology and new market expansion. By contrast, Shopify and Farfetch command premium equity multiples because they have already crossed into consistent profitability, while Amazon Marketplace sits at a mid‑range multiple given its massive scale and stable margins.

• EV/EBITDA: At roughly 9.5 x, Global‑e is the cheapest of the four on an enterprise‑value basis. The lower EV/EBITDA signals that the market is pricing in the company’s still‑modest cash‑generation relative to its valuation, leaving room for upside if the firm can accelerate margin improvement (e.g., higher gross‑margin take‑rates, better fulfillment economics) and turn its operating losses into positive EBITDA in the coming quarters.

Trading implications

• Long‑bias with a catalyst: If Global‑e can demonstrate a swing to positive EBITDA in Q3 2025 (e.g., through higher merchant adoption or improved gross‑margin on its “Shop in Shop” model), the EV/EBITDA gap versus peers could widen, supporting a mid‑cap rally. A breakout above the 20‑day SMA on volume would be a practical entry point.

• Risk management: The negative P/E reflects a reliance on future growth; any slowdown in cross‑border traffic or a pull‑back in merchant spend could pressure the stock hard. Tight‑stop orders just below the recent low (≈ $4.80) protect against a reversal, while a trailing‑stop at 15 % below the 20‑day high can lock in gains if the rally materialises.

In short, Global‑e trades on a discounted EV/EBITDA relative to Shopify, Amazon Marketplace and Farfetch, but the negative P/E highlights the need for a clear earnings‑turnaround narrative. Traders should watch for margin‑improvement cues in the next earnings release; a confirmed positive EBITDA trajectory would justify a swing‑trade long with modest upside and a clear stop‑loss framework.