Wix.com Ltd.
Communication Services · Interactive Media & Services
Structural: Wix sits at the SMB end of the no-code web stack - $SQSP / $GDDY / $SHOP all crowd different doors of the same funnel (design vs domains vs commerce). Wix's edge is breadth of the editor + a 7M+ paying-subscriber base accreted over a decade of brand spend; Studio is the upmarket beachhead vs Squarespace + Webflow.
- AI Site Builder lowers time-to-first-site, lifting top-of-funnel conversion + reducing the historical SMB churn drag.
- Studio + Partners program opens an agency channel that compounds ARPU (multi-site seats, transaction revenue) without proportional CAC.
- Business Solutions (payments, bookings, ads) is the high-take-rate layer - every percentage point of attach lifts gross margin without new sub adds.
- Free-cash-flow inflection already printed; margin runway visible as Israel R&D cost base normalizes.
- Buyback authorization in place - capital return ON before SaaS multiple re-rate.
- $SHOP owns the merchant identity that matters most (commerce), $SQSP owns design taste, $GDDY owns domains + SMB ad spend - Wix is sandwiched.
- AI commoditizes the "build a site" verb; if the moat was the editor, generative tools compress that to a feature.
- SMB cohort is structurally churny - gross-add growth masks subscriber-base aging.
- Israel-domiciled cost base + geopolitical premium investors demand on the multiple.
- Take-rate on Business Solutions still trails Shopify materially; competitive payments pricing caps the lever.
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