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An industry chapter · E-Commerce & Marketplaces

E-Commerce & Marketplaces

31 members, 3092 to W, A to Z by ticker.

Gross profitability: median 57% — gross profit as a share of total assets, each member's median across its readable years; read on 25 of 31 members
Capital intensity: median 1.3% — capital expenditure as a share of revenue, each member's median across its readable years; read on 31 of 31 members
Net cash: 23 of the 30 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of August 17, 2026.

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3092 ZOZO

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2026 ¥17.4B¥18.9B¥13.3B¥22.7B¥42.7B¥38.7B¥34.6B¥39.1B¥55.3B¥47.7B

Retained capital Retained ¥73.7B of earnings over 2017–2026; annual owner earnings grew ¥30.8B, ¥0.42 per ¥1 retained.

Balance sheet Net cash, +¥49.4B · dividend paid 10 of 10 yrs, cut at least once

4385 Mercari

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2025 ¥6.1B(¥3.8B)(¥7.8B)¥11.8B¥2.9B(¥26.9B)(¥36.4B)(¥43.5B)(¥12.2B)

Retained capital not read

Balance sheet Net cash, +¥21.8B

4755 Rakuten Group

Revenue is Internet Services (48%), Fin Tech (35%) and Mobile (17%).

Owner earnings 2018–2025 ¥122.2B¥210.3B¥889.9B¥385.4B(¥560.7B)¥530.4B¥1.11T¥358.4B

Retained capital Paid out ¥1.28T more than it earned over 2018–2025; annual owner earnings grew ¥257.8B.

Balance sheet Net cash, +¥4.04T · dividend paid 6 of 8 yrs, never cut

ACVA ACV Auctions Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2019–2025 ($74M)$7M$83M($78M)($20M)$61M$69M

Retained capital Paid out $520M more than it earned over 2019–2025; annual owner earnings grew $31M.

Balance sheet Net cash, +$81M

AMZN Amazon.com Inc.

Amazon sells hundreds of millions of products to consumers — some it stocks and ships itself, the rest offered by independent merchants on its marketplace, across dozens of categories. It also rents computing power, storage, and software to businesses and developers through Amazon Web Services, and sells advertising and Prime subscriptions alongside the store. The money comes from retail markups and the fees sellers pay, and from the cloud arm that serves enterprises.

Owner earnings 2016–2025 $10.5B$6.4B$17.3B$21.7B$40.9B$11.9B$4.8B$32.2B$63.1B$73.8B

Retained capital Retained $240.4B of earnings over 2016–2025; annual owner earnings grew $45.0B, $0.19 per $1 retained.

Balance sheet Net cash, +$54.6B · buybacks at an average near $130

BBBY Bed Bath & Beyond Inc.

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2017–2025 ($59M)($168M)($94M)$182M$67M($27M)($38M)($189M)($64M)

Retained capital not read

Balance sheet Net cash, +$141M

BWMX Betterware de Mexico S.A.P.I. de C.V.

Revenue is JAFRA (58%) and BWM (42%).

Owner earnings 2017–2023 MX$348MMX$317MMX$567MMX$1.8BMX$1.4BMX$1.1BMX$2.2B

Retained capital Retained MX$535M of earnings over 2017–2023; annual owner earnings grew MX$1.2B, MX$2.19 per MX$1 retained.

Balance sheet Modest net debt, MX$3.5B · dividend paid 6 of 7 yrs, cut at least once

BZUN Baozun Inc.

Revenue is Services (61%) and Products (39%).

Owner earnings 2016–2025 (CN¥22M)(CN¥220M)(CN¥171M)CN¥210MCN¥199M(CN¥303M)CN¥176MCN¥283M(CN¥31M)CN¥314M

Retained capital Paid out CN¥1.8B more than it earned over 2016–2025; annual owner earnings grew CN¥326M.

Balance sheet Net cash, debt-free, +CN¥2.7B · dividend paid 3 of 10 yrs, never cut

CARG CarGurus Inc. Class A Common Stock

A software business, earning high margins on code once it is written.

Owner earnings 2016–2025 $18M$22M$46M$62M$154M$91M$250M$100M$230M$289M

Retained capital Paid out $109M more than it earned over 2016–2025; annual owner earnings grew $178M.

Balance sheet Net cash, debt-free, +$191M · buybacks at an average near $19.65

CHWY Chewy Inc.

We are the preeminent online source for pet products, supplies and prescriptions as a result of our broad selection of high-quality products and services, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch to build brand loyalty and drive repeat purchasing.

Owner earnings 2018–2026 ($92M)($37M)$16M$97M$136M$266M$377M$482M$562M

Retained capital Paid out $1.5B more than it earned over 2018–2026; annual owner earnings grew $511M.

Balance sheet Net cash, debt-free, +$879M

CPNG Coupang Inc.

Coupang is one of South Korea's largest online retailers. It sells goods it buys and stocks itself, and it also rents its site to outside sellers who pay to reach its shoppers. What sets it apart is that it owns the delivery — its own warehouses, trucks, and drivers carry orders to the door, often the same or next day. The money comes from the markup on its own goods, the fees from third-party sellers, and a paid membership, spread across a dense home market.

Owner earnings 2019–2025 ($383M)$174M($612M)$334M$2.4B$1.5B$1.3B

Retained capital Paid out $1.5B more than it earned over 2019–2025; annual owner earnings grew $2.0B.

Balance sheet Net cash, +$5.3B · buybacks at an average near $27.61

DDL Dingdong (Cayman) Limited

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2019–2025 (CN¥999M)(CN¥2.2B)(CN¥5.9B)(CN¥40M)(CN¥318M)CN¥831MCN¥438M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥4.0B

GCT GigaCloud Technology Inc

GigaCloud Marketplace is one of the fastest growing large parcel B2B marketplaces with over $1,576.8 million, $1,341.4 million and $794.4 million of GMV transacted in our marketplace in 2025, 2024 and 2023, respectively.

Owner earnings 2021–2025 $8M$49M$131M$150M$183M

Retained capital Retained $411M of earnings over 2021–2025; annual owner earnings grew $92M, $0.22 per $1 retained.

Balance sheet Net cash, debt-free, +$416M

GLBE Global-E Online Ltd.

We operate at the forefront of global e-commerce, which is being transformed by technology, internet adoption and the rise of social networks connecting the world.

Owner earnings 2019–2025 $7M$29M$18M$88M$106M$167M$281M

Retained capital Paid out $487M more than it earned over 2019–2025; annual owner earnings grew $167M.

Balance sheet Net cash, debt-free, +$320M

GRPN Groupon Inc.

Groupon is a global scaled two-sided marketplace that connects consumers to merchants.

Owner earnings 2016–2025 $50M$69M$121M$4M($112M)($174M)($172M)($97M)$41M$50M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $82M.

Balance sheet Modest net debt, $47M · buybacks at an average near $3.25

HEPS D-Market Electronic Services & Trading

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2019–2024 TRY 310MTRY 852M(TRY 692M)(TRY 199M)TRY 5.6BTRY 3.7B

Retained capital Paid out TRY 12.9B more than it earned over 2019–2024; annual owner earnings grew TRY 2.9B.

Balance sheet net position not read (debt under-captured)

HNST The Honest Company Inc.

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2019–2025 ($21M)($12M)($38M)($78M)$18M$1M$14M

Retained capital not read

Balance sheet Net cash, debt-free, +$90M

JMIA Jumia Technologies AG

Revenue is led by Sales of goods (50%) and Third-party sales (42%), with 2 more lines behind.

Owner earnings 2019–2025 ($211M)($115M)($178M)($251M)($75M)($61M)($53M)

Retained capital not read

Balance sheet Net cash, +$112M

LITB LightInTheBox Holding Co. Ltd.

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2016–2025 ($16M)($15M)($30M)$965K$28M($3M)$35M($22M)($49M)$6M

Retained capital not read

Balance sheet Net cash, debt-free, +$24M

LUXE LuxExperience B.V.

LuxExperience is a leading luxury multi-brand digital group for the global luxury consumer shipping worldwide.

Owner earnings 2019–2025 €522K€8M(€20M)€46M(€67M)(€2M)(€35M)

Retained capital not read

Balance sheet Net cash, +€217M

NSIT Insight Enterprises

Revenue is North America (81%), EMEA (16%) and APAC (3%).

Owner earnings 2016–2025 $84M($326M)$275M$82M$331M$112M$41M$580M$586M$279M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $471M, $0.47 per $1 retained.

Balance sheet Meaningful net debt, $1.0B · buybacks at an average near $94.76

PLBL Polibeli Group Ltd

Revenue is led by Household appliances (32%) and Skincare products (16%), with 8 more lines behind.

Owner earnings 2023–2025 ($5M)($6M)($7M)

Retained capital not read

Balance sheet Net debt against an operating loss, $36K

PTRN Pattern Group Inc. Series A

Pattern is a global ecommerce acceleration platform that helps consumer brands sell products on global ecommerce marketplaces.

Owner earnings 2023–2025 $27M$56M$79M

Retained capital not read

Balance sheet Net cash, debt-free, +$289M

REAL The RealReal Inc.

We are revolutionizing luxury resale by providing an end-to-end service that unlocks supply and creates a trusted, curated online marketplace for buyers globally.

Owner earnings 2017–2025 ($44M)($56M)($68M)($153M)($166M)($114M)($90M)$13M$18M

Retained capital not read

Balance sheet Net debt against an operating loss, $80M

RVLV Revolve Group

REVOLVE is the next-generation fashion retailer for Millennial and Generation Z consumers.

Owner earnings 2017–2025 $14M$24M$42M$71M$60M$18M$39M$22M$55M

Retained capital Retained $341M of earnings over 2017–2025; annual owner earnings grew $12M, $0.04 per $1 retained.

Balance sheet Net cash, debt-free, +$292M

SFIX Stitch Fix Inc.

Stitch Fix is the leading online personal styling service that helps people discover the styles they will love that fit perfectly so they always look - and feel - their best.

Owner earnings 2016–2025 $42M$31M$62M$62M$20M($43M)$42M$54M$14M$9M

Retained capital Paid out $532M more than it earned over 2016–2025; annual owner earnings fell $19M.

Balance sheet Net cash, debt-free, +$235M · buybacks at an average near $13.05

SHOP Shopify Inc.

Shopify's business is designed to empower our merchants by offering a comprehensive, multi-channel commerce platform that supports their business as it grows.

Owner earnings 2022–2025 ($186M)$905M$1.6B$2.0B

Retained capital Paid out $78M more than it earned over 2022–2025; annual owner earnings grew $731M.

Balance sheet Net cash, debt-free, +$5.8B

TDUP ThredUp Inc.

ThredUp operates one of the world's largest online resale platforms for apparel, shoes and accessories.

Owner earnings 2019–2025 ($14M)($25M)($44M)($66M)($36M)($2M)$180K

Retained capital not read

Balance sheet Net cash, +$20M

UZX Linkage Global Inc.

Revenue is Other subsidiaries (88%) and EXTEND (12%).

Owner earnings 2021–2025 ($2M)$688K($4M)($5M)

Retained capital not read

Balance sheet Net debt against an operating loss, $85K

VIPS Vipshop Holdings Limited

Revenue is Vip.Com (95%) and Shan Shan Outlets (4%).

Owner earnings 2016–2025 CN¥2.2BCN¥260MCN¥5.0BCN¥11.5BCN¥10.9BCN¥5.6BCN¥9.3BCN¥13.1BCN¥7.7BCN¥5.9B

Retained capital Retained CN¥24.6B of earnings over 2016–2025; annual owner earnings grew CN¥6.4B, CN¥0.26 per CN¥1 retained.

Balance sheet Net cash, +CN¥28.7B · dividend paid 2 of 10 yrs, never cut

W Wayfair

Revenue is U.S. (88%) and International (12%).

Owner earnings 2016–2025 $7M($67M)($39M)($389M)$1.2B$309M($860M)$201M$244M$464M

Retained capital Paid out $5.5B more than it earned over 2016–2025; annual owner earnings grew $336M.

Balance sheet Heavy net debt, $1.7B · no dividend paid

The same shelf as one comparative table, every member a row and every column sortable: the E-Commerce & Marketplaces table →

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.