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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $110.6M, roughly 1.7× American Assets Trust, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs 6.1%, a 7.3% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 1.8%). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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 SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $110.6M | $192.7M |
| Net Profit | $6.7M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 23.4% | 18.0% |
| Net Margin | 6.1% | 13.4% |
| Revenue YoY | 1.8% | 12.7% |
| Net Profit YoY | -16.3% | 47.2% |
| EPS (diluted) | $0.08 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $109.6M | $189.9M | ||
| Q2 25 | $107.9M | $187.4M | ||
| Q1 25 | $108.6M | $181.5M | ||
| Q4 24 | $113.5M | $170.9M | ||
| Q3 24 | $122.8M | $163.7M | ||
| Q2 24 | $110.9M | $153.6M |
| Q1 26 | $6.7M | — | ||
| Q4 25 | — | $25.8M | ||
| Q3 25 | $4.5M | $25.6M | ||
| Q2 25 | $5.5M | $19.7M | ||
| Q1 25 | $42.5M | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | $16.7M | $23.5M | ||
| Q2 24 | $11.9M | $18.0M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | 70.4% | ||
| Q3 25 | 60.5% | 69.5% | ||
| Q2 25 | 62.6% | 68.1% | ||
| Q1 25 | 62.0% | 68.7% | ||
| Q4 24 | 61.3% | 67.5% | ||
| Q3 24 | 65.5% | 68.5% | ||
| Q2 24 | 63.6% | 66.1% |
| Q1 26 | 23.4% | — | ||
| Q4 25 | 21.1% | 18.0% | ||
| Q3 25 | 22.6% | 16.4% | ||
| Q2 25 | 24.1% | 14.1% | ||
| Q1 25 | 66.3% | 14.3% | ||
| Q4 24 | 26.5% | 14.5% | ||
| Q3 24 | 30.8% | 15.6% | ||
| Q2 24 | 27.8% | 15.1% |
| Q1 26 | 6.1% | — | ||
| Q4 25 | — | 13.4% | ||
| Q3 25 | 4.1% | 13.5% | ||
| Q2 25 | 5.1% | 10.5% | ||
| Q1 25 | 39.2% | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 13.6% | 14.3% | ||
| Q2 24 | 10.7% | 11.7% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.06 | $0.69 | ||
| Q3 25 | $0.07 | $0.67 | ||
| Q2 25 | $0.09 | $0.52 | ||
| Q1 25 | $0.70 | $0.58 | ||
| Q4 24 | $0.14 | $0.46 | ||
| Q3 24 | $0.28 | $0.62 | ||
| Q2 24 | $0.20 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $973.9M |
| Total Assets | $2.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $118.3M | — | ||
| Q4 25 | $129.4M | $151.4M | ||
| Q3 25 | $138.7M | $133.7M | ||
| Q2 25 | $143.7M | $107.6M | ||
| Q1 25 | $143.9M | $94.9M | ||
| Q4 24 | $425.7M | $241.0M | ||
| Q3 24 | $533.0M | $205.8M | ||
| Q2 24 | $114.9M | $271.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.2B | $973.9M | ||
| Q3 25 | $1.2B | $958.9M | ||
| Q2 25 | $1.2B | $949.8M | ||
| Q1 25 | $1.2B | $920.9M | ||
| Q4 24 | $1.2B | $854.7M | ||
| Q3 24 | $1.2B | $829.4M | ||
| Q2 24 | $1.2B | $703.4M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $3.0B | $1.1B | ||
| Q1 25 | $3.0B | $1.1B | ||
| Q4 24 | $3.3B | $1.0B | ||
| Q3 24 | $3.4B | $1.0B | ||
| Q2 24 | $3.0B | $854.5M |
| Q1 26 | — | — | ||
| Q4 25 | 1.48× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.72× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | 14.5% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $167.1M | $45.9M | ||
| Q3 25 | $40.5M | $60.6M | ||
| Q2 25 | $49.2M | $32.3M | ||
| Q1 25 | $36.9M | $40.0M | ||
| Q4 24 | $207.1M | $40.6M | ||
| Q3 24 | $52.4M | $53.3M | ||
| Q2 24 | $59.3M | $29.4M |
| Q1 26 | — | — | ||
| Q4 25 | $94.9M | $38.2M | ||
| Q3 25 | $23.1M | $54.6M | ||
| Q2 25 | $28.4M | $25.7M | ||
| Q1 25 | $20.4M | $33.8M | ||
| Q4 24 | $136.9M | $34.3M | ||
| Q3 24 | $28.0M | $48.1M | ||
| Q2 24 | $43.6M | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | 86.2% | 19.8% | ||
| Q3 25 | 21.1% | 28.7% | ||
| Q2 25 | 26.3% | 13.7% | ||
| Q1 25 | 18.8% | 18.6% | ||
| Q4 24 | 120.7% | 20.1% | ||
| Q3 24 | 22.8% | 29.4% | ||
| Q2 24 | 39.3% | 15.9% |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 65.6% | 4.0% | ||
| Q3 25 | 15.9% | 3.2% | ||
| Q2 25 | 19.3% | 3.6% | ||
| Q1 25 | 15.1% | 3.4% | ||
| Q4 24 | 61.9% | 3.6% | ||
| Q3 24 | 19.9% | 3.2% | ||
| Q2 24 | 14.1% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.78× | ||
| Q3 25 | 8.98× | 2.37× | ||
| Q2 25 | 9.01× | 1.64× | ||
| Q1 25 | 0.87× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 3.15× | 2.27× | ||
| Q2 24 | 4.98× | 1.63× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
