Global-E Online Ltd. (GLBE): A Bull Case Theory 

We came across a bullish thesis on Global-E Online Ltd. on The Reservist’s Substack by Yehoshua Zlotogorski. In this article, we will summarize the bulls’ thesis on GLBE. Global-E Online Ltd.’s share was trading at $39.91 as of December 1st. GLBE’s trailing and forward P/E were 1.01k and 42.02, respectively according to Yahoo Finance.

Global-E is positioned at the heart of global e-commerce enablement, providing merchants with a comprehensive platform to expand internationally through integrated shipping, localization, payments, and compliance solutions. The company operates on a revenue-sharing model based on GMV and service bundles, offering low upfront costs and an easier route to global expansion compared to building in-house systems.

Its business model combines low capital intensity with high switching costs and operating leverage, leading to scalability and durable profitability as volumes rise. Once scale is achieved, Global-E benefits from leverage on both costs and operations, with strong retention driven by the mission-critical nature of its offering.

The firm’s go-to-market strategy effectively balances partnerships and direct sales—teaming with major platforms like Wix and Shopify to access the long tail of smaller merchants, while also serving large independent retailers directly. The Shopify partnership has been central, with Shopify previously investing in Global-E and relying on it for white-labeled cross-border services via Shopify Markets Pro. This collaboration has fueled Global-E’s rapid growth and improving financials, culminating in expected GAAP profitability in 2025. Analysts forecast ~$1.5 billion in 2027 revenue and a 27% free cash flow margin, implying strong cash generation potential and attractive valuation.

However, key uncertainties persist. Shopify’s recent decision to open its platform to third-party competitors and reduce reliance on Global-E payments raises questions about the company’s long-term positioning. Additionally, a shrinking independent merchant base and macro pressures on cross-border trade temper the otherwise compelling growth story, making Global-E an “invest and investigate” opportunity rather than a core holding.

Previously we covered a bullish thesis on Global-E Online Ltd. by Steve Wagner in May 2025, which highlighted the company’s scalable growth, strong margins, and extended Shopify partnership. The stock has appreciated about 20.53% since our coverage as the thesis played out. The thesis still stands as profitability visibility improves. Yehoshua Zlotogorski shares a similar view but stresses Shopify-related risks.

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Disclosure: None.