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Newegg Commerce

NEGG on Nasdaq. Retail stores, nec. Market value $241m.

Watch this stockFree. We tell you when something changes.

Figures from the annual report for the year ended 31 December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Retail & consumer stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
-11.9%low

For every $100 of what the whole company costs, it produced $-11.88 of spare cash last year. A savings account pays about $4.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-114.0%five-year median

Each dollar kept in the business earns -114 cents a year. Above 10 is good.

Quality score: 14 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$11.91 a share, 7% above its 1-year low

Over the past year the price has ranged from $11.10 to $96.29.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
0.0
-0.0
-0.0
-0.0
20212022202320242025
Revenue
$2.4bn$1.7bn$1.5bn$1.2bn$1.4bn
Operating margin
1.4%-2.9%-4.7%-4.2%-0.7%
Debt to equity
0.010.010.01n/an/a
Shares outstanding
0.37bn0.38bn0.38bn0.02bn0.02bn

Health checks

  • Free cash flow positive1 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)3 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsShrinking, 7.3% a year
  • Buying back its own sharesYes, 94% fewer since 2021

Dates

Next results (estimated)
n/a
Last annual report (10-K)
28 April 2026
Next quarterly (estimated, 10-Q)
12 February 2013

Who owns it

None of the long-term investors we follow own it. 16 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • Zhitao He
    Insider or founder
    at least 60.8%
    (filed with 1 related holder)
    Since 7 August 2025
    What they said

    Item 4 of the Initial Statement is hereby amended and supplemented as follows: The Reporting Persons acquired the Issuer's Common Stock reported herein as a result of the Merger. On May 12, 2021, Lianluo Smart Ltd ("LLIT") held a special shareholder meeting to, among other…

    Read the filing
  • He Zhitao
    Insider or founder
    at least 54.6%−2.6 pts
    (filed with 3 related holders)
    Since 11 June 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and restated as follows: The Reporting Persons acquired the Issuer's Common Shares reported herein as a result of the Merger. On May 12, 2021, Lianluo Smart Ltd ("LLIT") held a special shareholder meeting to, among other things,…

    Read the filing
  • Fred Faching Chang
    at least 22.4%−0.5 pts
    (filed with 2 related holders)
    Since 25 March 2026
    What they said

    (a) On or about February 18, 2026, Tekhill USA LLC ("Tekhill") delivered a right of first refusal notice (the "ROFR Notice") pursuant to Section 1.03 of the Amended and Restated Shareholders Agreement, dated as of May 19, 2021, by and among Fred Faching Chang, the Issuer, and…

    Read the filing
  • Galkin Vladimir
    at least 21.0%+0.2 pts
    (filed with 1 related holder)
    Since 6 February 2026
  • Galkin Angelica
    Passive investor
    at least 10.0%+1.9 pts
    (filed with 1 related holder)
    Since 26 June 2025
  • Angelica Galkin Revocable Trust, dated April 21, 2018
    Sold down below 5%
    Since 10 July 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $11m, $1,218 of it under preset trading plans.

  • CHANG FRED FACHING
    Director
    Sold
    Date
    5 October 2026
    Shares
    3,582
    Price
    $11.82
    Value
    $42,332
  • CHANG FRED FACHING
    Director
    Sold
    Date
    2 October 2026
    Shares
    3,582
    Price
    $11.88
    Value
    $42,572
  • CHANG FRED FACHING
    Director
    Sold
    Date
    1 October 2026
    Shares
    3,582
    Price
    $12.31
    Value
    $44,094
  • Chen Michael
    Chief Legal Officer
    Sold
    Date
    1 October 2026
    Shares
    67
    Price
    $13.20
    Value
    $884
  • CHANG FRED FACHING
    Director
    Sold
    Date
    30 September 2026
    Shares
    3,582
    Price
    $13.18
    Value
    $47,218
  • CHANG FRED FACHING
    Director
    Sold
    Date
    29 September 2026
    Shares
    3,582
    Price
    $13.05
    Value
    $46,759
  • CHANG FRED FACHING
    Director
    Sold
    Date
    28 September 2026
    Shares
    3,582
    Price
    $13.13
    Value
    $47,028
  • CHANG FRED FACHING
    Director
    Sold
    Date
    25 September 2026
    Shares
    3,582
    Price
    $13.66
    Value
    $48,916
  • CHANG FRED FACHING
    Director
    Sold
    Date
    24 September 2026
    Shares
    3,582
    Price
    $14.06
    Value
    $50,381
  • CHANG FRED FACHING
    Director
    Sold
    Date
    23 September 2026
    Shares
    3,582
    Price
    $14.31
    Value
    $51,276

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Newegg Commerce doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 7.3% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.