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Side-by-side financial comparison of AlTi Global, Inc. (ALTI) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $86.6M, roughly 1.0× AlTi Global, Inc.). Commerce.com, Inc. runs the higher net margin — -9.3% vs -15.1%, a 5.8% gap on every dollar of revenue. On growth, AlTi Global, Inc. posted the faster year-over-year revenue change (87.0% vs 2.9%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-52.2M). Over the past eight quarters, AlTi Global, Inc.'s revenue compounded faster (30.6% CAGR vs 5.5%).
Cristal Global is the world's second-largest producer of titanium dioxide and a leading producer of titanium chemicals. It was formed when The National Titanium Dioxide Company Ltd. combined with Millennium Chemicals. The headquarters are in Jeddah, Saudi Arabia. It is a significant shareholder in Bemax, the world’s 5th largest TiO2 feedstock producer.
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.
ALTI vs CMRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.6M | $89.5M |
| Net Profit | $-13.1M | $-8.4M |
| Gross Margin | — | 78.3% |
| Operating Margin | -2.1% | -7.4% |
| Net Margin | -15.1% | -9.3% |
| Revenue YoY | 87.0% | 2.9% |
| Net Profit YoY | 75.6% | -250.0% |
| EPS (diluted) | — | $-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 | $86.6M | $89.5M | ||
| Q3 25 | $57.2M | $86.0M | ||
| Q2 25 | $53.1M | $84.4M | ||
| Q1 25 | $58.0M | $82.4M | ||
| Q4 24 | $46.3M | $87.0M | ||
| Q3 24 | $51.8M | $83.7M | ||
| Q2 24 | $49.5M | $81.8M | ||
| Q1 24 | $50.8M | $80.4M |
| Q4 25 | $-13.1M | $-8.4M | ||
| Q3 25 | $-84.1M | $-2.2M | ||
| Q2 25 | $-24.4M | $-8.4M | ||
| Q1 25 | $1.9M | $-353.0K | ||
| Q4 24 | $-53.8M | $-2.4M | ||
| Q3 24 | $-72.5M | $-7.0M | ||
| Q2 24 | $-6.4M | $-11.3M | ||
| Q1 24 | $29.7M | $-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 | -2.1% | -7.4% | ||
| Q3 25 | -49.8% | -0.5% | ||
| Q2 25 | -56.7% | -8.0% | ||
| Q1 25 | -23.3% | -2.9% | ||
| Q4 24 | -42.7% | -0.9% | ||
| Q3 24 | -18.4% | -23.0% | ||
| Q2 24 | -30.2% | -16.5% | ||
| Q1 24 | -28.9% | -10.2% |
| Q4 25 | -15.1% | -9.3% | ||
| Q3 25 | -147.0% | -2.6% | ||
| Q2 25 | -45.9% | -9.9% | ||
| Q1 25 | 3.3% | -0.4% | ||
| Q4 24 | -116.1% | -2.7% | ||
| Q3 24 | -140.0% | -8.4% | ||
| Q2 24 | -12.9% | -13.8% | ||
| Q1 24 | 58.4% | -8.0% |
| Q4 25 | — | $-0.11 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | $-0.33 | $-0.10 | ||
| Q1 25 | $-0.04 | $0.00 | ||
| Q4 24 | $-0.71 | $-0.03 | ||
| Q3 24 | $-0.88 | $-0.09 | ||
| Q2 24 | $-0.18 | $-0.15 | ||
| Q1 24 | $0.18 | $-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 | $41.2M | $141.1M |
| Total DebtLower is stronger | $883.0K | $157.0M |
| Stockholders' EquityBook value | $600.1M | $39.4M |
| Total Assets | $1.2B | $308.8M |
| Debt / EquityLower = less leverage | 0.00× | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $41.2M | $141.1M | ||
| Q3 25 | $35.8M | $142.0M | ||
| Q2 25 | $42.4M | $134.5M | ||
| Q1 25 | $52.8M | $120.7M | ||
| Q4 24 | $64.4M | $178.2M | ||
| Q3 24 | $220.6M | $168.4M | ||
| Q2 24 | $60.0M | $275.8M | ||
| Q1 24 | $134.2M | $265.2M |
| Q4 25 | $883.0K | $157.0M | ||
| Q3 25 | $586.0K | $157.3M | ||
| Q2 25 | $673.0K | $157.5M | ||
| Q1 25 | — | $157.8M | ||
| Q4 24 | $0 | $216.5M | ||
| Q3 24 | $128.4M | — | ||
| Q2 24 | $164.0M | $340.9M | ||
| Q1 24 | $183.7M | $340.5M |
| Q4 25 | $600.1M | $39.4M | ||
| Q3 25 | $607.2M | $42.8M | ||
| Q2 25 | $685.4M | $38.8M | ||
| Q1 25 | $665.2M | $38.1M | ||
| Q4 24 | $658.4M | $33.4M | ||
| Q3 24 | $707.0M | $29.0M | ||
| Q2 24 | $540.2M | $26.1M | ||
| Q1 24 | $510.9M | $26.9M |
| Q4 25 | $1.2B | $308.8M | ||
| Q3 25 | $1.2B | $309.5M | ||
| Q2 25 | $1.2B | $302.5M | ||
| Q1 25 | $1.2B | $286.3M | ||
| Q4 24 | $1.3B | $340.3M | ||
| Q3 24 | $1.4B | $335.1M | ||
| Q2 24 | $1.3B | $452.5M | ||
| Q1 24 | $1.3B | $442.5M |
| Q4 25 | 0.00× | 3.99× | ||
| Q3 25 | 0.00× | 3.67× | ||
| Q2 25 | 0.00× | 4.06× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | 0.00× | 6.49× | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.30× | 13.06× | ||
| Q1 24 | 0.36× | 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 | $-51.4M | $980.0K |
| Free Cash FlowOCF − Capex | $-52.2M | $-2.2M |
| FCF MarginFCF / Revenue | -60.3% | -2.4% |
| Capex IntensityCapex / Revenue | 0.9% | 3.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-51.4M | $980.0K | ||
| Q3 25 | $-53.5M | $10.6M | ||
| Q2 25 | $-19.9M | $13.6M | ||
| Q1 25 | $-30.2M | $401.0K | ||
| Q4 24 | $-50.7M | $12.4M | ||
| Q3 24 | $-4.9M | $5.6M | ||
| Q2 24 | $-30.2M | $11.7M | ||
| Q1 24 | $-15.5M | $-3.4M |
| Q4 25 | $-52.2M | $-2.2M | ||
| Q3 25 | — | $7.6M | ||
| Q2 25 | $-20.0M | $11.9M | ||
| Q1 25 | $-31.0M | $-424.0K | ||
| Q4 24 | $-58.2M | $11.6M | ||
| Q3 24 | $-9.4M | $4.5M | ||
| Q2 24 | $-31.2M | $10.7M | ||
| Q1 24 | $-15.7M | $-4.2M |
| Q4 25 | -60.3% | -2.4% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | -37.6% | 14.1% | ||
| Q1 25 | -53.4% | -0.5% | ||
| Q4 24 | -125.7% | 13.3% | ||
| Q3 24 | -18.2% | 5.4% | ||
| Q2 24 | -63.2% | 13.0% | ||
| Q1 24 | -30.9% | -5.3% |
| Q4 25 | 0.9% | 3.5% | ||
| Q3 25 | 0.0% | 3.4% | ||
| Q2 25 | 0.0% | 2.0% | ||
| Q1 25 | 1.3% | 1.0% | ||
| Q4 24 | 16.3% | 0.9% | ||
| Q3 24 | 8.7% | 1.3% | ||
| Q2 24 | 2.2% | 1.3% | ||
| Q1 24 | 0.4% | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -15.80× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALTI
| Management Advisory Fees | $51.1M | 59% |
| Other | $32.7M | 38% |
| Distributions From Investments | $2.9M | 3% |
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
