Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.33, read 2026-11-05
Ethical passes the values gate
Price10.29 USD
Fair value11.16
Ethical score70.0/100
Value readFairas of 6 Nov 2026
Our investment reviews on this name
2026-10-11Read Accumulation10.14+1.5% to today ✓Markdown gives way to Accumulation after a 6% slide in 5 weeks
2026-09-04Read Markdown10.79-4.6% to today ✓Markup gives way to Markdown
2026-08-04Read Markup10.40-1.1% to today Distribution gives way to Markup after an 8% rise in 5 weeks
2026-07-02Read Distribution9.63+6.9% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Lightspeed Commerce Inc. holds its Markup at $10.29. Consolidating, no directional conviction, held for 65 days.
As held on the ledger · 2026-11-06
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 65 days
Price at the screen
$10.29
Valuation
N/A trailing · 11.12 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.65
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
1.21%
Below 33%
Interest-bearing debt is just 1.2% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
29.10%
Below 49%
Money owed to the company is 29.1% of assets, under the 49% limit.
Pass
Revenue purity
1.74%
Below 5%
Only 1.7% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Lightspeed Commerce clears all five screens. Its business is in a permissible area, its debt is near-nil, and interest is about 2% of its income, under the ~5% line, so it passes.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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Get an email when LSPD's ethical verdict changes
Today LSPD passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 6 Nov 2026: it trades at roughly an 8% discount to our $11.16 fair value, 5.80% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. A 7.8% discount to the base estimate.
Where our models see it going: fair-value estimate $11.16, with a range of $8.55 to $14.16, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Cloud Tools for Shops Still Bleeding Cash
Picture a restaurant owner tapping one screen to take orders, manage stock and collect card payments in a single flow. Lightspeed built that platform for independent retailers and hospitality groups across Canada and beyond. Revenue is expanding at 15 percent yet the business still posts a 12 percent negative profit margin and negative 9 percent return on equity, so the economics have not clicked.
We pass because the valuation at 11 times forward earnings looks cheap only until the losses and the analyst consensus of hold with an 11 dollar median target are factored in. Opportunity rating sits at none despite the ethical screen clearing, leaving little reason to step in ahead of clearer proof that growth can reach sustained profitability.
Execution risk in a competitive software market remains high, especially while margins stay negative and the company must prove it can convert subscriptions into real cash. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
LSPD trades on the NYSE (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Accumulation$10.87-3.0%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 3.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading bullish. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (13 analysts) rates it hold, with a mean price target of $11.
2026-10-25Accumulation$11.21+2.9%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading bullish. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (13 analysts) rates it hold, with a mean price target of $11. Since the last review it dropped out of the Tech 100.
2026-10-18Accumulation$10.89+7.4%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 7.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (13 analysts) rates it hold, with a mean price target of $11.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 6.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (13 analysts) rates it hold, with a mean price target of $11.
2026-10-02Markdown$9.56-11.4%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 11.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (13 analysts) rates it hold, with a mean price target of $11. Since the last review it its composite score rose.
2026-09-04Markdown · changed$10.79+3.7%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 3.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (13 analysts) rates it hold, with a mean price target of $11.
2026-08-04Markup · changed$10.40+8.0%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 8.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (13 analysts) rates it hold, with a mean price target of $11.
2026-07-18Distribution$9.63+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (13 analysts) rates it hold, with a mean price target of $11.
2026-07-03Distribution$9.63+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Distribution$9.63Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.