Lightspeed Commerce Inc. F4Q26 Recap: Fine Quarter Balancing Divestiture and One-Off; We Maintain FY27 Estimates, But Reduce PT

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Lightspeed Commerce Inc. F4Q26 Recap: Fine Quarter Balancing Divestiture and One-Off; We Maintain FY27 Estimates, But Reduce PT

J P M O R G A N North America Equity Research

21 May 2026

Lightspeed Commerce Inc. Underweight

LSPD, LSPD US

F4Q26 Recap: Fine Quarter Balancing Divestiture and Price (21 May 26):$8.37

One-Off; We Maintain FY27 Estimates, But Reduce PT ▼Price Target (Dec-26):$11.00

Prior (Dec-26):$14.00

Lightspeed’s 4Q26 print drove a negative stock reaction despite results that were

modestly ahead of expectations and an FY27 guide broadly in line with our Underweight

estimates. We attribute the selloff to two factors: (1) EBITDA that was effectively LSPD.TO, LSPD CN

in line, but the quality somewhat muddied by a non-recurring, pass-through Price (21 May 26):C$11.44

software rebate that we didn’t contemplate, and (2) an FY27 outlook that screens ▼Price Target (Dec-26):C$15.00

below consensus (but in-line with JPMe), and consensus appeared stale to us, not Prior (Dec-26):C$20.00

fully incorporating the previously announced divestiture of Upserve. 4Q26 upside

was primarily driven by a modest GTV and revenue beat, while EBITDA margin

Payments, Processors & IT Services

on gross profit was generally consistent with our model and the Street. We are

encouraged by accelerating growth-engine location adds (+11% y/y vs +9% last Tien-tsin Huang, CFA AC

quarter) and continued momentum in Lightspeed Capital (+73% y/y vs +34% last (1-212) 622-6632

tien-tsin.huang@jpmorgan.com

quarter), but we remain careful declaring consistency in trends ahead considering J.P. Morgan Securities LLC

investment required to sustain top-line growth. We believe management is

executing its new strategy well, but maintain our UW rating, and lower our PT to