Lightspeed Commerce (LSPD)
Market Price (10/9/2026): $10.4 | Market Cap: $1.4 BilSector: Information Technology | Industry: Application Software
Lightspeed Commerce (LSPD)
Market Price (10/9/2026): $10.4Market Cap: $1.4 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25% Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Cloud Computing, and E-commerce & Digital Retail. Themes include Digital Payments, Show more. | Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -108% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.63 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -108 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.7% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.7% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% Key risksLSPD key risks include [1] intense competition causing gross margin contraction and [2] a consistent lack of profitability with an arduous path to generating positive free cash flow. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Cloud Computing, and E-commerce & Digital Retail. Themes include Digital Payments, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -74%, 3Y Excs Rtn is -108% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.63 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -108 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.7% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.7% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% |
| Key risksLSPD key risks include [1] intense competition causing gross margin contraction and [2] a consistent lack of profitability with an arduous path to generating positive free cash flow. |
Qualitative Assessment
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Lightspeed Commerce (LSPD) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Softer-than-anticipated Fiscal Q2 2027 Revenue Guidance and Underlying Momentum Concerns.
Despite Lightspeed Commerce reporting fiscal Q1 2027 (ended June 30, 2026) revenue of $322.7 million, exceeding its outlook with 17% organic year-over-year growth, the subsequent guidance for fiscal Q2 2027 (ending September 30, 2026) disappointed some investors. The company projected revenue between $316 million and $326 million, representing 12% to 16% organic growth. This outlook was perceived by some analysts as reflecting softer underlying momentum, especially given concerns that the prior quarter's beat was augmented by a non-recurring $4 million cloud-provider rebate, potentially masking a deceleration and implying weaker adjusted EBITDA for fiscal 2027 due to elevated hardware costs.
2. Gross Margin Compression and Negative Adjusted Free Cash Flow.
In fiscal Q1 2027, Lightspeed's total gross margin declined to 43% from 45% organically in the same quarter last year, primarily attributed to increased hardware freight costs. Additionally, the company reported negative adjusted free cash flow of $4.4 million for the quarter. These figures raised concerns among investors regarding the company's profitability and ability to generate positive cash flow, despite overall revenue growth, contributing to negative sentiment.
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Lightspeed Commerce (LSPD) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Softer-than-anticipated Fiscal Q2 2027 Revenue Guidance and Underlying Momentum Concerns.
Despite Lightspeed Commerce reporting fiscal Q1 2027 (ended June 30, 2026) revenue of $322.7 million, exceeding its outlook with 17% organic year-over-year growth, the subsequent guidance for fiscal Q2 2027 (ending September 30, 2026) disappointed some investors. The company projected revenue between $316 million and $326 million, representing 12% to 16% organic growth. This outlook was perceived by some analysts as reflecting softer underlying momentum, especially given concerns that the prior quarter's beat was augmented by a non-recurring $4 million cloud-provider rebate, potentially masking a deceleration and implying weaker adjusted EBITDA for fiscal 2027 due to elevated hardware costs.
2. Gross Margin Compression and Negative Adjusted Free Cash Flow.
In fiscal Q1 2027, Lightspeed's total gross margin declined to 43% from 45% organically in the same quarter last year, primarily attributed to increased hardware freight costs. Additionally, the company reported negative adjusted free cash flow of $4.4 million for the quarter. These figures raised concerns among investors regarding the company's profitability and ability to generate positive cash flow, despite overall revenue growth, contributing to negative sentiment.
3. Broader Macroeconomic Headwinds and Tech Valuation Scrutiny.
The period was characterized by broader macroeconomic concerns, including persistent inflation remaining above the U.S. Federal Reserve's 2% target and elevated interest rates, which could weigh on consumer spending. Analysts also highlighted increasing scrutiny over the high valuations of technology and AI companies, suggesting that market capitalizations might have outpaced actual revenues. Higher interest rates inherently reduce the present value of future earnings, making growth-oriented tech stocks like Lightspeed more vulnerable to downward adjustments in valuation. This general market skepticism created a challenging environment for the stock.
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Stock Movement Drivers
Fundamental Drivers
The -2.5% change in LSPD stock from 6/30/2026 to 10/7/2026 was primarily driven by a -4.8% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.49 | 10.23 | -2.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,227 | 1,245 | 1.4% |
| P/S Multiple | 1.2 | 1.1 | -4.8% |
| Shares Outstanding (Mil) | 140 | 138 | 0.9% |
| Cumulative Contribution | -2.5% |
Market Drivers
6/30/2026 to 10/7/2026| Return | Correlation | |
|---|---|---|
| LSPD | -2.5% | |
| Market (SPY) | 4.1% | 12.8% |
| Sector (XLK) | 5.7% | -23.0% |
Fundamental Drivers
The 14.2% change in LSPD stock from 3/31/2026 to 10/7/2026 was primarily driven by a 8.8% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.96 | 10.23 | 14.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,190 | 1,245 | 4.6% |
| P/S Multiple | 1.0 | 1.1 | 8.8% |
| Shares Outstanding (Mil) | 139 | 138 | 0.3% |
| Cumulative Contribution | 14.2% |
Market Drivers
3/31/2026 to 10/7/2026| Return | Correlation | |
|---|---|---|
| LSPD | 14.2% | |
| Market (SPY) | 19.8% | 17.9% |
| Sector (XLK) | 51.7% | 0.2% |
Fundamental Drivers
The -11.4% change in LSPD stock from 9/30/2025 to 10/7/2026 was primarily driven by a -22.1% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.55 | 10.23 | -11.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,116 | 1,245 | 11.6% |
| P/S Multiple | 1.5 | 1.1 | -22.1% |
| Shares Outstanding (Mil) | 141 | 138 | 1.9% |
| Cumulative Contribution | -11.4% |
Market Drivers
9/30/2025 to 10/7/2026| Return | Correlation | |
|---|---|---|
| LSPD | -11.4% | |
| Market (SPY) | 17.6% | 34.8% |
| Sector (XLK) | 43.5% | 19.5% |
Fundamental Drivers
The -27.1% change in LSPD stock from 9/30/2023 to 10/7/2026 was primarily driven by a -59.4% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.03 | 10.23 | -27.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 766 | 1,245 | 62.6% |
| P/S Multiple | 2.8 | 1.1 | -59.4% |
| Shares Outstanding (Mil) | 153 | 138 | 10.4% |
| Cumulative Contribution | -27.1% |
Market Drivers
9/30/2023 to 10/7/2026| Return | Correlation | |
|---|---|---|
| LSPD | -27.1% | |
| Market (SPY) | 88.1% | 43.9% |
| Sector (XLK) | 150.1% | 34.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LSPD Return | -43% | -65% | 47% | -27% | -21% | -16% | -86% |
| Peers Return | 13% | -37% | 73% | 96% | 36% | -23% | 151% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| LSPD Win Rate | 58% | 25% | 50% | 33% | 50% | 50% | |
| Peers Win Rate | 52% | 30% | 65% | 62% | 58% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LSPD Max Drawdown | -69% | -69% | -34% | -44% | -51% | -32% | |
| Peers Max Drawdown | -28% | -48% | -20% | -19% | -31% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADSK, GWRE, INTU, ORCL, PLTR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/7/2026 (YTD)
How Low Can It Go
| Event | LSPD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.2% | -18.8% |
| % Gain to Breakeven | 72.9% | 23.1% |
| Time to Breakeven | 112 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.7% | -7.8% |
| % Gain to Breakeven | 13.3% | 8.5% |
| Time to Breakeven | 14 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.6% | -9.5% |
| % Gain to Breakeven | 38.0% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.4% | -6.7% |
| % Gain to Breakeven | 34.0% | 7.1% |
| Time to Breakeven | 59 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -68.1% | -33.7% |
| % Gain to Breakeven | 213.6% | 50.9% |
| Time to Breakeven | 172 days | 140 days |
In The Past
Lightspeed Commerce's stock fell -42.2% during the 2025 US Tariff Shock. Such a loss loss requires a 72.9% gain to breakeven.
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| Event | LSPD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.2% | -18.8% |
| % Gain to Breakeven | 72.9% | 23.1% |
| Time to Breakeven | 112 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.6% | -9.5% |
| % Gain to Breakeven | 38.0% | 10.5% |
| Time to Breakeven | 48 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.4% | -6.7% |
| % Gain to Breakeven | 34.0% | 7.1% |
| Time to Breakeven | 59 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -68.1% | -33.7% |
| % Gain to Breakeven | 213.6% | 50.9% |
| Time to Breakeven | 172 days | 140 days |
In The Past
Lightspeed Commerce's stock fell -42.2% during the 2025 US Tariff Shock. Such a loss loss requires a 72.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Lightspeed Commerce (LSPD)
Lightspeed Commerce Inc. (LSPD) provides a comprehensive cloud-based Software as a Service (SaaS) platform tailored for small and midsize businesses. The company's primary function is to enable commerce by offering tools that empower its customers to engage effectively with consumers, manage their diverse operations efficiently, and seamlessly process payments across various channels.
The core Lightspeed platform integrates essential functionalities such as omni-channel capabilities for selling both online and in-store, a robust point-of-sale (POS) system, and sophisticated management tools for products, menus, employees, and inventory. Additionally, it offers powerful analytics, reporting, and customer loyalty programs. Beyond its software, Lightspeed provides financial services including Lightspeed Payments for transaction processing and Lightspeed Capital for merchant cash advances. The company also sells complementary hardware like payment terminals, barcode scanners, and receipt printers, alongside installation services.
Lightspeed primarily targets specific segments within the small and midsize business market globally. Its main customers are retailers, restaurants, and golf course operators. The company serves an international footprint, with its platform supporting businesses in countries such as Canada, the United States, Germany, and Australia, among others.
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Here are 1-3 brief analogies to describe Lightspeed Commerce (LSPD):
- Lightspeed is like Square for larger, specialized retail and restaurant businesses.
- Lightspeed is Shopify for businesses that primarily operate physical stores and restaurants.
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- Lightspeed SaaS Platform: A comprehensive software suite providing tools for businesses to manage operations, engage consumers, and accept payments across multiple channels.
- Lightspeed Payments: An integrated payment processing solution enabling businesses to accept various forms of payment.
- Lightspeed Capital: A merchant cash advance program offering tailored financial solutions to businesses.
- Lightspeed Loyalty: A program designed to manage customer loyalty, engagement, and rewards.
- Lightspeed Analytics: Tools and features providing businesses with insights and reporting on their operations.
- Hardware Products: A suite of physical devices, including point-of-sale terminals, printers, scanners, and cash drawers, that complement the software solutions.
- Installation and Implementation Services: Professional services provided to assist customers with the setup and integration of Lightspeed's software and hardware.
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Lightspeed Commerce Inc. primarily sells its Software as a Service (SaaS) platform to other companies. Its customer base is comprised of a large and diverse group of small and midsize businesses across various sectors.
Due to this business model, Lightspeed Commerce Inc. does not have specific individual major customer companies that are publicly traded and whose names and symbols could be listed.
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- Amazon.com, Inc. (AMZN) (for Amazon Web Services)
- Global Payments Inc. (GPN)
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Dax Dasilva, Founder and CEO
Dax Dasilva founded Lightspeed Commerce in 2005. He served as CEO from its inception until February 2022, then as Executive Chair, and was reappointed CEO on February 15, 2024. Under his leadership, Lightspeed went public on the Toronto Stock Exchange in March 2019 and on the New York Stock Exchange in September 2020. Dasilva is also the founder of two non-profit organizations: Never Apart, an arts and culture organization, and Age of Union Alliance, which funds conservation projects globally.
Asha Bakshani, Chief Financial Officer
Asha Bakshani was promoted to Chief Financial Officer in April 2022, having previously served as Lightspeed's Executive VP of Finance. She leads all finance-related functions, including financial reporting, core accounting, internal audit, financial planning & analysis, tax, and investor relations. Ms. Bakshani joined Lightspeed in November 2014 and has over 15 years of experience as a financial leader in the technology/media sector. Before Lightspeed, she was the Senior Vice President of Finance at Cineflix, a media production and distribution company, and spent nearly a decade in public accounting at Deloitte and Arthur Andersen.
JD Saint-Martin, President
JD Saint-Martin joined Lightspeed in May 2019 following the acquisition of Chronogolf, a SaaS company he co-founded in 2013. He was promoted to President in 2022. Prior to founding Chronogolf, Mr. Saint-Martin accumulated five years of experience in Venture Capital and Private Equity at Teralys Capital in Montreal and GE Equity in London, UK. He is set to step down but will remain with the company through March 31, 2026, to ensure a smooth transition.
John Shapiro, Chief Product & Technology Officer
John Shapiro is Lightspeed's Chief Product and Technology Officer, responsible for leading the global Product and Technology team and driving product strategy. In his prior role at Lightspeed, he was SVP, Retail Technology, working to integrate the Supplier Network into the core retail platform. Before joining Lightspeed, he was Head of Product and Design, Global Supplier & Merchandising at Wayfair. He also served as Director of Product Management for QuickBooks at Intuit, where he was GM for QuickBooks Payments, and held product roles at Adobe, helping launch Creative Cloud to transition the Creative Suite into a SaaS subscription model.
Gabriel Benavides, Chief Revenue Officer
Gabriel Benavides was appointed Chief Revenue Officer on November 13, 2025. In this role, he oversees global revenue generation, aligning sales, customer success, marketing, and channel partnerships. Mr. Benavides brings over 20 years of international go-to-market leadership experience. Most recently, he served as CRO at Contentsquare. Previously, as Executive Vice President and Chief Revenue Officer at Medallia, he helped scale the company globally, increased annual revenue approximately tenfold, and contributed to achieving a $6 billion market valuation.
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The key risks to Lightspeed Commerce (LSPD) are:
- Lack of Consistent Profitability and Margin Contraction: Lightspeed Commerce has consistently faced challenges in achieving and maintaining profitability, with significant operating losses and ongoing cash burn. The company has experienced margin contraction, and its ability to achieve sustainable profitability remains a core struggle, especially when compared to competitors who have scaled profitably.
- Intense Competition and Market Share Loss: Lightspeed operates in a highly competitive market for commerce-enabling SaaS platforms, facing established and well-funded rivals such as Shopify, Square (Block, Inc.), Toast, and Adyen. These competitors often possess greater financial resources and have demonstrated faster growth, posing a significant threat to Lightspeed's ability to maintain or expand its market share and differentiate its offerings.
- Execution Risk and Integration Challenges from Acquisitions: A significant portion of Lightspeed's growth has been driven by strategic acquisitions. This strategy, however, introduces execution risks related to the successful integration of disparate technologies and the consolidation of various platforms. The company faces the ongoing challenge of unifying these acquired technologies and effectively migrating customers to its higher-margin payment and financial services, which is crucial for its long-term profitability and overall success.
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Lightspeed Commerce Inc. (LSPD) operates in several addressable markets with substantial growth potential, primarily serving small and midsize businesses in the retail and hospitality sectors. The company's main products and services include point-of-sale (POS) software, e-commerce platforms, and payment processing solutions.
Point-of-Sale (POS) Software
The global POS software market for small and medium enterprises (SMEs) is a significant addressable market for Lightspeed. In 2025, the global POS software market was estimated at approximately USD 16.05 billion and is projected to grow to USD 32.33 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 12.38%. Other estimates for the global POS software market size in 2025 include USD 17.13 billion, expected to reach USD 38.82 billion by 2033 with a CAGR of 10.8%, and USD 14.65 billion, projected to reach USD 36.04 billion by 2034 at an 11.91% CAGR. SMEs accounted for 60.55% of the POS software market share in 2025. North America held a 38.29% share of the global POS software revenue in 2025.
E-commerce SaaS Platform
The global E-commerce Software as a Service (SaaS) market, which supports Lightspeed's e-commerce offerings, was valued at USD 10.56 billion in 2025 and is projected to grow to USD 32.72 billion by 2034, with a CAGR of 15.2%. Another report estimates the global e-commerce software and platform market at USD 24.45 billion in 2024, anticipated to reach USD 67.07 billion by 2032, growing at a CAGR of 12.53%. The global e-commerce software market size was USD 11.25 billion in 2025 and is projected to reach USD 44.32 billion by 2034, with a CAGR of 16.46%. Small and medium enterprises are increasingly adopting these solutions due to their cost-effectiveness and scalability.
Payment Processing Solutions
Lightspeed Payments addresses a large and growing global market. The global payment processor market was valued at USD 63.87 billion in 2025 and is forecast to reach USD 122.08 billion by 2031, with an 11.4% CAGR. The small and medium enterprises segment of the payment processor market is projected to grow at a 12.95% CAGR through 2031. Another source indicates the global payment processing solutions market size was USD 66.8 billion in 2024 and is projected to reach USD 198.9 billion by 2034, growing at a CAGR of 11.7%. North America constituted 29.60% of the global payment processor market share in 2025.
Hospitality Technology
Lightspeed's offerings for restaurants and golf course operators fall within the hospitality technology market. The global hospitality software market size was approximately USD 4.41 billion in 2026 and is expected to reach USD 6.38 billion by 2035, growing at a CAGR of 4.2%. The broader global hospitality technology market size reached USD 129.4 billion in 2024 and is projected to grow at a CAGR of 10.2% from 2025 to 2033, reaching USD 306.1 billion by 2033. In 2024, North America accounted for approximately USD 48.7 billion of this market.
Retail Technology (Broader Market)
The overall retail technology market, encompassing POS systems, e-commerce, inventory management, and other solutions, represents a significant addressable market. The global retail technology market size was valued at USD 266.4 billion in 2024 and is projected to grow to USD 500 billion by 2035, with a CAGR of 5.9%. The IT spend in the retail industry globally is projected to reach USD 131.6 billion over the next 12 months (December 2024 to December 2025).
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Lightspeed Commerce Inc. (LSPD) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Increasing Lightspeed Payments Penetration and Transaction-Based Revenue: A primary driver of revenue growth is the continued success and adoption of Lightspeed Payments. The company has seen significant increases in Gross Payments Volume (GPV) as a percentage of Gross Transaction Volume (GTV), with a stated goal of increasing this penetration. This leads to higher transaction-based revenue.
- Growth in High-Value Customer Locations within Key Segments: Lightspeed is strategically focused on expanding its customer base, particularly by attracting and growing high Gross Transaction Volume (GTV) customers in its identified growth engines: North American retail and European hospitality. This strategy is expected to accelerate customer location growth and contribute to both subscription and transaction-based revenue.
- Expansion of Software Offerings and Average Revenue Per User (ARPU): The company aims to accelerate software revenue growth by selling more software modules to existing customers and increasing Average Revenue Per User (ARPU). This includes launching new software features, leveraging AI for product development, and implementing pricing actions.
- Growth of Lightspeed Capital: Lightspeed Capital, the company's merchant cash advance program, has consistently demonstrated strong growth. This financial service offering is a significant contributor to the company's overall revenue expansion.
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Share Repurchases
- Lightspeed's board authorized a share repurchase program in February 2025, allowing for the return of up to $400 million to shareholders.
- Approximately $100 million was planned for immediate execution under the February 2025 authorization.
- As of March 2025, Lightspeed completed over $130 million in share repurchases and authorized an additional buyback of up to $300 million, bringing the total authorization to $430 million.
Share Issuance
- In October 2021, Lightspeed issued 4,842,674 subordinate voting shares as part of the acquisition of Ecwid.
- An additional 41,411 subordinate voting shares and 49,875 restricted share units were granted to certain Ecwid employees as acquisition consideration, contingent on milestone achievements over the subsequent two years.
Outbound Investments
- Lightspeed acquired NuORDER in June 2021 for $425 million.
- Lightspeed finalized the acquisition of Ecwid in October 2021 for approximately $163.6 million in cash, net of cash acquired, in addition to share issuances.
- Lightspeed completed a total of 12 acquisitions, with peak activity occurring in 2021.
Capital Expenditures
- In the last 12 months, as of March 2026, capital expenditures were -$6.17 million.
- Lightspeed's strategy includes investing in product and technology, with a focus on enhancing its go-to-market approach.
- The company is making strategic investments in product development, with spending increasing over 35% in Fiscal Year 2026 (FY26) to roll out new AI-powered tools and platform enhancements.
Peer Outperformance in Application Software
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 63.7% | 185.7% | 385.5% | TTMI 870% · FLEX 767% · SANM 455% |
| Semiconductor Materials & Equipment | 27 | 91.1% | 106.8% | 126.6% | AXTI 890% · KLAC 534% · LRCX 530% |
| Technology Distributors | 9 | 48.0% | 87.7% | 97.7% | CLMB 420% · AVT 215% · SNX 175% |
| Electronic Components | 26 | 34.0% | 79.6% | 75.6% | CLS 3883% · BELFA 1307% · COHR 485% |
| Communications Equipment | 36 | 4.9% | 95.6% | 67.2% | AAOI 1705% · LITE 1220% · FEIM 882% |
| Semiconductors | 55 | 27.4% | 55.5% | 35.5% | POET 1721% · MU 1489% · NVDA 1045% |
| Technology Hardware, Storage & Peripherals | 20 | 23.6% | 112.9% | 33.9% | SMCI 1119% · DELL 1104% · STX 1064% |
| Internet Services & Infrastructure | 6 | -9.0% | 37.6% | 20.6% | DOCN 52% · VRSN 45% · GDDY 39% |
| Electronic Equipment & Instruments | 26 | -18.6% | 29.6% | -7.0% | PI 263% · KEYS 136% · VPG 114% |
| IT Consulting & Other Services | 28 | -23.3% | -10.5% | -21.5% | CHRN 520163% · TSSI 840% · APLD 826% |
| Application Software ← | 125 | -25.2% | -15.5% | -44.0% | VIDA 1459900% · INLX 4997% · PLTR 726% |
| Systems Software | 71 | -17.4% | 26.7% | -52.1% | QNC 581% · PAYS 471% · SANG 402% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 181.73 |
| Mkt Cap | 49.3 |
| Rev LTM | 6,156 |
| Op Inc LTM | 2,175 |
| FCF LTM | 2,804 |
| FCF 3Y Avg | 1,907 |
| CFO LTM | 2,896 |
| CFO 3Y Avg | 1,946 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.9% |
| Rev Chg 3Y Avg | 17.7% |
| Rev Chg Q | 16.1% |
| QoQ Delta Rev Chg LTM | 3.8% |
| Op Inc Chg LTM | 43.6% |
| Op Inc Chg 3Y Avg | 29.5% |
| Op Mgn LTM | 27.9% |
| Op Mgn 3Y Avg | 23.7% |
| QoQ Delta Op Mgn LTM | 3.4% |
| CFO/Rev LTM | 37.2% |
| CFO/Rev 3Y Avg | 28.8% |
| FCF/Rev LTM | 36.0% |
| FCF/Rev 3Y Avg | 27.5% |
Price Behavior
| Market Price | $10.23 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 08/14/2019 | |
| Distance from 52W High | -23.9% | |
| 50 Days | 200 Days | |
| DMA Price | $10.17 | $9.96 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 0.6% | 2.8% |
| 3M | 1YR | |
| Volatility | 41.7% | 44.0% |
| Downside Capture | 179.80 | 170.11 |
| Upside Capture | 147.53 | 124.58 |
| Correlation (SPY) | 14.8% | 34.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.60 | 1.75 | 0.42 | 0.58 | 1.16 | 1.37 |
| Up Beta | -1.64 | 0.42 | -2.45 | -0.46 | 0.42 | 1.41 |
| Down Beta | 3.84 | 1.81 | -0.55 | 0.00 | 1.08 | 1.33 |
| Up Capture | 141% | 202% | 132% | 104% | 135% | 144% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 20 | 31 | 67 | 127 | 374 |
| Down Capture | 236% | 246% | 176% | 124% | 139% | 110% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 22 | 32 | 58 | 124 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LSPD | |
|---|---|---|---|---|
| LSPD | -14.4% | 44.0% | -0.23 | - |
| Sector ETF (XLK) | 40.8% | 26.5% | 1.26 | 19.4% |
| Equity (SPY) | 16.8% | 13.0% | 0.92 | 34.7% |
| Gold (GLD) | 3.2% | 29.5% | 0.11 | 5.5% |
| Commodities (DBC) | 44.6% | 20.9% | 1.66 | -12.1% |
| Real Estate (VNQ) | 1.6% | 13.7% | -0.13 | 20.3% |
| Bitcoin (BTCUSD) | -31.7% | 44.2% | -0.73 | 27.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LSPD | |
|---|---|---|---|---|
| LSPD | -36.5% | 61.3% | -0.49 | - |
| Sector ETF (XLK) | 22.7% | 25.9% | 0.77 | 49.0% |
| Equity (SPY) | 13.8% | 17.1% | 0.62 | 55.5% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 8.0% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | 10.0% |
| Real Estate (VNQ) | 0.8% | 18.8% | -0.07 | 42.8% |
| Bitcoin (BTCUSD) | 15.5% | 52.2% | 0.46 | 30.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LSPD | |
|---|---|---|---|---|
| LSPD | -18.3% | 66.7% | -0.19 | - |
| Sector ETF (XLK) | 25.0% | 25.0% | 0.90 | 51.4% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 56.6% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 11.3% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 15.5% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 46.5% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 28.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 6-K |
| 03/31/2026 | 05/21/2026 | 40-F |
| 12/31/2025 | 02/05/2026 | 6-K |
| 09/30/2025 | 11/06/2025 | 6-K |
| 06/30/2025 | 07/31/2025 | 6-K |
| 03/31/2025 | 05/22/2025 | 40-F |
| 12/31/2024 | 02/06/2025 | 6-K |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/16/2024 | 40-F |
| 12/31/2023 | 02/08/2024 | 6-K |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/18/2023 | 40-F |
| 12/31/2022 | 02/02/2023 | 6-K |
| 09/30/2022 | 11/03/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 6-K |
| 03/31/2026 | 05/21/2026 | 40-F |
| 12/31/2025 | 02/05/2026 | 6-K |
| 09/30/2025 | 11/06/2025 | 6-K |
| 06/30/2025 | 07/31/2025 | 6-K |
| 03/31/2025 | 05/22/2025 | 40-F |
| 12/31/2024 | 02/06/2025 | 6-K |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/16/2024 | 40-F |
| 12/31/2023 | 02/08/2024 | 6-K |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/18/2023 | 40-F |
| 12/31/2022 | 02/02/2023 | 6-K |
| 09/30/2022 | 11/03/2022 | 6-K |
| 06/30/2022 | 08/04/2022 | 6-K |
| 03/31/2022 | 05/19/2022 | 40-F |
| 12/31/2021 | 02/03/2022 | 6-K |
| 09/30/2021 | 11/04/2021 | 6-K |
| 06/30/2021 | 08/05/2021 | 6-K |
| 03/31/2021 | 05/20/2021 | 40-F |
| 12/31/2020 | 02/04/2021 | 6-K |
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Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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