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Side-by-side financial comparison of FEDERAL AGRICULTURAL MORTGAGE CORP (AGM) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
FEDERAL AGRICULTURAL MORTGAGE CORP is the larger business by last-quarter revenue ($107.5M vs $89.5M, roughly 1.2× Commerce.com, Inc.). On growth, FEDERAL AGRICULTURAL MORTGAGE CORP posted the faster year-over-year revenue change (6.1% vs 2.9%). Over the past eight quarters, FEDERAL AGRICULTURAL MORTGAGE CORP's revenue compounded faster (7.1% CAGR vs 5.5%).
The Federal Agricultural Mortgage Corporation, also known as Farmer Mac, is a stockholder-owned, federally chartered corporation established by the U.S. Congress in 1988 under the Agricultural Credit Act of 1987. It was created to establish a secondary market for agricultural real estate and housing mortgage loans, to increase liquidity and the availability of long-term, stable credit for farmers, ranchers, and rural communities.
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.
AGM vs CMRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $107.5M | $89.5M |
| Net Profit | — | $-8.4M |
| Gross Margin | — | 78.3% |
| Operating Margin | 56.3% | -7.4% |
| Net Margin | — | -9.3% |
| Revenue YoY | 6.1% | 2.9% |
| Net Profit YoY | — | -250.0% |
| EPS (diluted) | $3.69 | $-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.
| Q4 25 | $107.5M | $89.5M | ||
| Q3 25 | $104.0M | $86.0M | ||
| Q2 25 | $102.6M | $84.4M | ||
| Q1 25 | $94.3M | $82.4M | ||
| Q4 24 | $101.3M | $87.0M | ||
| Q3 24 | $90.3M | $83.7M | ||
| Q2 24 | $89.9M | $81.8M | ||
| Q1 24 | $93.7M | $80.4M |
| Q4 25 | — | $-8.4M | ||
| Q3 25 | $55.0M | $-2.2M | ||
| Q2 25 | $54.8M | $-8.4M | ||
| Q1 25 | $49.7M | $-353.0K | ||
| Q4 24 | $56.5M | $-2.4M | ||
| Q3 24 | $49.8M | $-7.0M | ||
| Q2 24 | $47.1M | $-11.3M | ||
| Q1 24 | $53.7M | $-6.4M |
| Q4 25 | — | 78.3% | ||
| Q3 25 | — | 78.4% | ||
| Q2 25 | — | 79.0% | ||
| Q1 25 | — | 79.4% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 76.3% | ||
| Q2 24 | — | 75.8% | ||
| Q1 24 | — | 77.1% |
| Q4 25 | 56.3% | -7.4% | ||
| Q3 25 | 64.1% | -0.5% | ||
| Q2 25 | 63.8% | -8.0% | ||
| Q1 25 | 66.9% | -2.9% | ||
| Q4 24 | 67.5% | -0.9% | ||
| Q3 24 | 69.0% | -23.0% | ||
| Q2 24 | 65.9% | -16.5% | ||
| Q1 24 | 72.8% | -10.2% |
| Q4 25 | — | -9.3% | ||
| Q3 25 | 52.9% | -2.6% | ||
| Q2 25 | 53.4% | -9.9% | ||
| Q1 25 | 52.6% | -0.4% | ||
| Q4 24 | 55.8% | -2.7% | ||
| Q3 24 | 55.2% | -8.4% | ||
| Q2 24 | 52.4% | -13.8% | ||
| Q1 24 | 57.4% | -8.0% |
| Q4 25 | $3.69 | $-0.11 | ||
| Q3 25 | $4.44 | $-0.03 | ||
| Q2 25 | $4.48 | $-0.10 | ||
| Q1 25 | $4.01 | $0.00 | ||
| Q4 24 | $4.62 | $-0.03 | ||
| Q3 24 | $3.86 | $-0.09 | ||
| Q2 24 | $3.68 | $-0.15 | ||
| Q1 24 | $4.28 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $141.1M |
| Total DebtLower is stronger | $30.8B | $157.0M |
| Stockholders' EquityBook value | $1.7B | $39.4M |
| Total Assets | $35.4B | $308.8M |
| Debt / EquityLower = less leverage | 17.93× | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $141.1M | ||
| Q3 25 | — | $142.0M | ||
| Q2 25 | — | $134.5M | ||
| Q1 25 | — | $120.7M | ||
| Q4 24 | — | $178.2M | ||
| Q3 24 | $842.1M | $168.4M | ||
| Q2 24 | $923.0M | $275.8M | ||
| Q1 24 | $745.1M | $265.2M |
| Q4 25 | $30.8B | $157.0M | ||
| Q3 25 | $29.2B | $157.3M | ||
| Q2 25 | $28.9B | $157.5M | ||
| Q1 25 | $28.0B | $157.8M | ||
| Q4 24 | $27.5B | $216.5M | ||
| Q3 24 | $27.2B | — | ||
| Q2 24 | $26.8B | $340.9M | ||
| Q1 24 | $26.8B | $340.5M |
| Q4 25 | $1.7B | $39.4M | ||
| Q3 25 | $1.7B | $42.8M | ||
| Q2 25 | $1.5B | $38.8M | ||
| Q1 25 | $1.5B | $38.1M | ||
| Q4 24 | $1.5B | $33.4M | ||
| Q3 24 | $1.5B | $29.0M | ||
| Q2 24 | $1.5B | $26.1M | ||
| Q1 24 | $1.5B | $26.9M |
| Q4 25 | $35.4B | $308.8M | ||
| Q3 25 | $33.4B | $309.5M | ||
| Q2 25 | $33.0B | $302.5M | ||
| Q1 25 | $31.8B | $286.3M | ||
| Q4 24 | $31.3B | $340.3M | ||
| Q3 24 | $30.6B | $335.1M | ||
| Q2 24 | $30.2B | $452.5M | ||
| Q1 24 | $29.8B | $442.5M |
| Q4 25 | 17.93× | 3.99× | ||
| Q3 25 | 17.31× | 3.67× | ||
| Q2 25 | 18.70× | 4.06× | ||
| Q1 25 | 18.39× | 4.14× | ||
| Q4 24 | 18.48× | 6.49× | ||
| Q3 24 | 18.60× | — | ||
| Q2 24 | 17.87× | 13.06× | ||
| Q1 24 | 18.11× | 12.65× |
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 | $80.1M | $980.0K |
| Free Cash FlowOCF − Capex | — | $-2.2M |
| FCF MarginFCF / Revenue | — | -2.4% |
| Capex IntensityCapex / Revenue | 0.0% | 3.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.1M | $980.0K | ||
| Q3 25 | $74.2M | $10.6M | ||
| Q2 25 | $-47.7M | $13.6M | ||
| Q1 25 | $-49.8M | $401.0K | ||
| Q4 24 | $612.6M | $12.4M | ||
| Q3 24 | $-44.4M | $5.6M | ||
| Q2 24 | $56.1M | $11.7M | ||
| Q1 24 | $233.3M | $-3.4M |
| Q4 25 | — | $-2.2M | ||
| Q3 25 | — | $7.6M | ||
| Q2 25 | — | $11.9M | ||
| Q1 25 | — | $-424.0K | ||
| Q4 24 | $607.4M | $11.6M | ||
| Q3 24 | $-44.4M | $4.5M | ||
| Q2 24 | $52.6M | $10.7M | ||
| Q1 24 | $231.7M | $-4.2M |
| Q4 25 | — | -2.4% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | -0.5% | ||
| Q4 24 | 599.8% | 13.3% | ||
| Q3 24 | -49.2% | 5.4% | ||
| Q2 24 | 58.5% | 13.0% | ||
| Q1 24 | 247.3% | -5.3% |
| Q4 25 | 0.0% | 3.5% | ||
| Q3 25 | 0.0% | 3.4% | ||
| Q2 25 | 0.0% | 2.0% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 5.2% | 0.9% | ||
| Q3 24 | 0.1% | 1.3% | ||
| Q2 24 | 4.0% | 1.3% | ||
| Q1 24 | 1.7% | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | -0.87× | — | ||
| Q1 25 | -1.00× | — | ||
| Q4 24 | 10.84× | — | ||
| Q3 24 | -0.89× | — | ||
| Q2 24 | 1.19× | — | ||
| Q1 24 | 4.34× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AGM
Segment breakdown not available.
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
