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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
American Assets Trust, Inc. is the larger business by last-quarter revenue ($110.6M vs $89.5M, roughly 1.2× Commerce.com, Inc.). American Assets Trust, Inc. runs the higher net margin — 6.1% vs -9.3%, a 15.4% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs 1.8%). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs -0.1%).
Personal Assets Trust is a large British investment trust. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Iain Ferguson CBE.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
AAT vs CMRC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $110.6M | $89.5M |
| Net Profit | $6.7M | $-8.4M |
| Gross Margin | — | 78.3% |
| Operating Margin | 23.4% | -7.4% |
| Net Margin | 6.1% | -9.3% |
| Revenue YoY | 1.8% | 2.9% |
| Net Profit YoY | -16.3% | -250.0% |
| EPS (diluted) | $0.08 | $-0.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $110.6M | — | ||
| Q4 25 | $110.1M | $89.5M | ||
| Q3 25 | $109.6M | $86.0M | ||
| Q2 25 | $107.9M | $84.4M | ||
| Q1 25 | $108.6M | $82.4M | ||
| Q4 24 | $113.5M | $87.0M | ||
| Q3 24 | $122.8M | $83.7M | ||
| Q2 24 | $110.9M | $81.8M |
| Q1 26 | $6.7M | — | ||
| Q4 25 | — | $-8.4M | ||
| Q3 25 | $4.5M | $-2.2M | ||
| Q2 25 | $5.5M | $-8.4M | ||
| Q1 25 | $42.5M | $-353.0K | ||
| Q4 24 | — | $-2.4M | ||
| Q3 24 | $16.7M | $-7.0M | ||
| Q2 24 | $11.9M | $-11.3M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | 78.3% | ||
| Q3 25 | 60.5% | 78.4% | ||
| Q2 25 | 62.6% | 79.0% | ||
| Q1 25 | 62.0% | 79.4% | ||
| Q4 24 | 61.3% | 77.6% | ||
| Q3 24 | 65.5% | 76.3% | ||
| Q2 24 | 63.6% | 75.8% |
| Q1 26 | 23.4% | — | ||
| Q4 25 | 21.1% | -7.4% | ||
| Q3 25 | 22.6% | -0.5% | ||
| Q2 25 | 24.1% | -8.0% | ||
| Q1 25 | 66.3% | -2.9% | ||
| Q4 24 | 26.5% | -0.9% | ||
| Q3 24 | 30.8% | -23.0% | ||
| Q2 24 | 27.8% | -16.5% |
| Q1 26 | 6.1% | — | ||
| Q4 25 | — | -9.3% | ||
| Q3 25 | 4.1% | -2.6% | ||
| Q2 25 | 5.1% | -9.9% | ||
| Q1 25 | 39.2% | -0.4% | ||
| Q4 24 | — | -2.7% | ||
| Q3 24 | 13.6% | -8.4% | ||
| Q2 24 | 10.7% | -13.8% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.06 | $-0.11 | ||
| Q3 25 | $0.07 | $-0.03 | ||
| Q2 25 | $0.09 | $-0.10 | ||
| Q1 25 | $0.70 | $0.00 | ||
| Q4 24 | $0.14 | $-0.03 | ||
| Q3 24 | $0.28 | $-0.09 | ||
| Q2 24 | $0.20 | $-0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.3M | $141.1M |
| Total DebtLower is stronger | — | $157.0M |
| Stockholders' EquityBook value | $1.1B | $39.4M |
| Total Assets | $2.9B | $308.8M |
| Debt / EquityLower = less leverage | — | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $118.3M | — | ||
| Q4 25 | $129.4M | $141.1M | ||
| Q3 25 | $138.7M | $142.0M | ||
| Q2 25 | $143.7M | $134.5M | ||
| Q1 25 | $143.9M | $120.7M | ||
| Q4 24 | $425.7M | $178.2M | ||
| Q3 24 | $533.0M | $168.4M | ||
| Q2 24 | $114.9M | $275.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $157.0M | ||
| Q3 25 | — | $157.3M | ||
| Q2 25 | — | $157.5M | ||
| Q1 25 | — | $157.8M | ||
| Q4 24 | $2.0B | $216.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $340.9M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.2B | $39.4M | ||
| Q3 25 | $1.2B | $42.8M | ||
| Q2 25 | $1.2B | $38.8M | ||
| Q1 25 | $1.2B | $38.1M | ||
| Q4 24 | $1.2B | $33.4M | ||
| Q3 24 | $1.2B | $29.0M | ||
| Q2 24 | $1.2B | $26.1M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $308.8M | ||
| Q3 25 | $2.9B | $309.5M | ||
| Q2 25 | $3.0B | $302.5M | ||
| Q1 25 | $3.0B | $286.3M | ||
| Q4 24 | $3.3B | $340.3M | ||
| Q3 24 | $3.4B | $335.1M | ||
| Q2 24 | $3.0B | $452.5M |
| Q1 26 | — | — | ||
| Q4 25 | 1.48× | 3.99× | ||
| Q3 25 | — | 3.67× | ||
| Q2 25 | — | 4.06× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | 1.72× | 6.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 13.06× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $980.0K |
| Free Cash FlowOCF − Capex | — | $-2.2M |
| FCF MarginFCF / Revenue | — | -2.4% |
| Capex IntensityCapex / Revenue | 14.5% | 3.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $167.1M | $980.0K | ||
| Q3 25 | $40.5M | $10.6M | ||
| Q2 25 | $49.2M | $13.6M | ||
| Q1 25 | $36.9M | $401.0K | ||
| Q4 24 | $207.1M | $12.4M | ||
| Q3 24 | $52.4M | $5.6M | ||
| Q2 24 | $59.3M | $11.7M |
| Q1 26 | — | — | ||
| Q4 25 | $94.9M | $-2.2M | ||
| Q3 25 | $23.1M | $7.6M | ||
| Q2 25 | $28.4M | $11.9M | ||
| Q1 25 | $20.4M | $-424.0K | ||
| Q4 24 | $136.9M | $11.6M | ||
| Q3 24 | $28.0M | $4.5M | ||
| Q2 24 | $43.6M | $10.7M |
| Q1 26 | — | — | ||
| Q4 25 | 86.2% | -2.4% | ||
| Q3 25 | 21.1% | 8.8% | ||
| Q2 25 | 26.3% | 14.1% | ||
| Q1 25 | 18.8% | -0.5% | ||
| Q4 24 | 120.7% | 13.3% | ||
| Q3 24 | 22.8% | 5.4% | ||
| Q2 24 | 39.3% | 13.0% |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 65.6% | 3.5% | ||
| Q3 25 | 15.9% | 3.4% | ||
| Q2 25 | 19.3% | 2.0% | ||
| Q1 25 | 15.1% | 1.0% | ||
| Q4 24 | 61.9% | 0.9% | ||
| Q3 24 | 19.9% | 1.3% | ||
| Q2 24 | 14.1% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 8.98× | — | ||
| Q2 25 | 9.01× | — | ||
| Q1 25 | 0.87× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.15× | — | ||
| Q2 24 | 4.98× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AAT
| Rental income | $104.4M | 94% |
| Other | $6.2M | 6% |
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
