Wix at 7.5x Free Cash Flow: Deep Value or Value Trap?

Wix's AI-driven revenue re-acceleration and cheap valuation make it a plausible value play, but falling free cash flow keeps it a contested bet.

• Revenue re-accelerates: Wix grew Q2 2026 revenue 15% YoY to $563M, driven by price increases and Base44, with free cash flow falling to $53M from a $156M peak two quarters earlier.
• Base44 scaling fast: The vibe-coding app builder, acquired June 2025 while a year old and money-losing, crossed $150M ARR by May 2026, potentially ~10% of Wix revenue by 2027.

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