Wix.com shares have fallen 56% in the first half of 2026 as investors fear that AI coding tools will disrupt its website-building platform for small businesses. Despite the collapse, revenue is still growing 14% year-over-year and the company expects $420 million（約670億円） in free cash flow for 2026, leaving some investors to view the stock as potentially undervalued at current prices.
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Wix.com shares have fallen 56% in the first half of 2026, according to S&P Global Market Intelligence data, as investors worry that new AI coding tools like Claude Code could displace the website builder's drag-and-drop platform. Revenue grew 14% year-over-year to $541 million（約870億円） in Q1, boosted by the Base44 acquisition, but Wix cut full-year revenue guidance by $25 million（約40億円） due to a slowdown in its partners' business.
Why it matters
Wall Street fears that AI tools will replace Wix's core offering for small businesses and third-party designers who use the platform to build websites. However, Wix has responded with its own AI tools—the Base44 acquisition and the internally developed Wix Harmony chatbot website creator—and expects $420 million（約670億円） in adjusted free cash flow for 2026, suggesting the business remains profitable despite disruption concerns.
What to watch
The stock is now down 85% from its highs. Wix management repurchased 30% of outstanding shares in an April tender offer, which will reduce shares outstanding and boost long-term earnings per share and free cash flow per share. Current market cap is $2.2 billion（約3500億円）.
Wix faces a credibility gap despite solid financial performance. The company's revenue continues to grow and management has increased its full-year free cash flow estimate to $420 million（約670億円）—suggesting operational resilience—yet investors remain spooked by a persistent Wall Street narrative that AI coding tools will render the platform obsolete. The distinction between short-term noise and genuine disruption risk appears to be the crux of the stock's valuation collapse. Some recent expenses, such as Super Bowl commercials and Base44 acquisition bonuses, are one-time charges that management expects will not repeat; cost-saving measures have offset these outlays. However, the real test may lie in whether Base44's "monstrous growth" continues and whether the Wix Harmony chatbot creator gains traction among the small-business and designer communities that form the platform's core user base. Management's April tender offer, which repurchased 30% of outstanding shares, may signal confidence that the stock is undervalued—a bet that the platform's established moat and new AI tools will prove sufficient to fend off disruption in the near term.
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