vs
Side-by-side financial comparison of Amphastar Pharmaceuticals, Inc. (AMPH) 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 $183.1M, roughly 1.1× Amphastar Pharmaceuticals, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs 13.3%, a 0.1% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -1.8%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $24.6M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 3.2%).
Amphastar Pharmaceuticals is a publicly traded American speciality pharmaceutical company. It was incorporated in May 2004 and primarily develops, manufactures, and sells inhalation and intranasal products.
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.
AMPH vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.1M | $192.7M |
| Net Profit | $24.4M | $25.8M |
| Gross Margin | 46.8% | 70.4% |
| Operating Margin | 19.4% | 18.0% |
| Net Margin | 13.3% | 13.4% |
| Revenue YoY | -1.8% | 12.7% |
| Net Profit YoY | -35.7% | 47.2% |
| EPS (diluted) | $0.51 | $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.
| Q4 25 | $183.1M | $192.7M | ||
| Q3 25 | $191.8M | $189.9M | ||
| Q2 25 | $174.4M | $187.4M | ||
| Q1 25 | $170.5M | $181.5M | ||
| Q4 24 | $186.5M | $170.9M | ||
| Q3 24 | $191.2M | $163.7M | ||
| Q2 24 | $182.4M | $153.6M | ||
| Q1 24 | $171.8M | $149.6M |
| Q4 25 | $24.4M | $25.8M | ||
| Q3 25 | $17.4M | $25.6M | ||
| Q2 25 | $31.0M | $19.7M | ||
| Q1 25 | $25.3M | $22.2M | ||
| Q4 24 | $38.0M | $17.6M | ||
| Q3 24 | $40.4M | $23.5M | ||
| Q2 24 | $37.9M | $18.0M | ||
| Q1 24 | $43.2M | $18.0M |
| Q4 25 | 46.8% | 70.4% | ||
| Q3 25 | 51.4% | 69.5% | ||
| Q2 25 | 49.6% | 68.1% | ||
| Q1 25 | 50.0% | 68.7% | ||
| Q4 24 | 46.5% | 67.5% | ||
| Q3 24 | 53.3% | 68.5% | ||
| Q2 24 | 52.2% | 66.1% | ||
| Q1 24 | 52.4% | 65.6% |
| Q4 25 | 19.4% | 18.0% | ||
| Q3 25 | 13.2% | 16.4% | ||
| Q2 25 | 24.2% | 14.1% | ||
| Q1 25 | 21.9% | 14.3% | ||
| Q4 24 | 24.2% | 14.5% | ||
| Q3 24 | 29.8% | 15.6% | ||
| Q2 24 | 30.3% | 15.1% | ||
| Q1 24 | 27.9% | 10.3% |
| Q4 25 | 13.3% | 13.4% | ||
| Q3 25 | 9.0% | 13.5% | ||
| Q2 25 | 17.8% | 10.5% | ||
| Q1 25 | 14.8% | 12.2% | ||
| Q4 24 | 20.4% | 10.3% | ||
| Q3 24 | 21.1% | 14.3% | ||
| Q2 24 | 20.8% | 11.7% | ||
| Q1 24 | 25.1% | 12.0% |
| Q4 25 | $0.51 | $0.69 | ||
| Q3 25 | $0.37 | $0.67 | ||
| Q2 25 | $0.64 | $0.52 | ||
| Q1 25 | $0.51 | $0.58 | ||
| Q4 24 | $0.74 | $0.46 | ||
| Q3 24 | $0.78 | $0.62 | ||
| Q2 24 | $0.73 | $0.48 | ||
| Q1 24 | $0.81 | $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 | $282.8M | $151.4M |
| Total DebtLower is stronger | $608.7M | — |
| Stockholders' EquityBook value | $788.8M | $973.9M |
| Total Assets | $1.6B | $1.2B |
| Debt / EquityLower = less leverage | 0.77× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.8M | $151.4M | ||
| Q3 25 | $276.2M | $133.7M | ||
| Q2 25 | $231.8M | $107.6M | ||
| Q1 25 | $236.9M | $94.9M | ||
| Q4 24 | $221.6M | $241.0M | ||
| Q3 24 | $250.5M | $205.8M | ||
| Q2 24 | $217.8M | $271.8M | ||
| Q1 24 | $289.6M | $290.8M |
| Q4 25 | $608.7M | — | ||
| Q3 25 | $608.6M | — | ||
| Q2 25 | $607.7M | — | ||
| Q1 25 | $603.9M | — | ||
| Q4 24 | $601.6M | — | ||
| Q3 24 | $596.4M | — | ||
| Q2 24 | $586.9M | — | ||
| Q1 24 | $594.0M | — |
| Q4 25 | $788.8M | $973.9M | ||
| Q3 25 | $776.7M | $958.9M | ||
| Q2 25 | $757.5M | $949.8M | ||
| Q1 25 | $751.3M | $920.9M | ||
| Q4 24 | $732.3M | $854.7M | ||
| Q3 24 | $727.7M | $829.4M | ||
| Q2 24 | $713.3M | $703.4M | ||
| Q1 24 | $672.4M | $683.0M |
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.6B | $1.1B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $1.6B | $1.0B | ||
| Q3 24 | $1.5B | $1.0B | ||
| Q2 24 | $1.5B | $854.5M | ||
| Q1 24 | $1.6B | $839.8M |
| Q4 25 | 0.77× | — | ||
| Q3 25 | 0.78× | — | ||
| Q2 25 | 0.80× | — | ||
| Q1 25 | 0.80× | — | ||
| Q4 24 | 0.82× | — | ||
| Q3 24 | 0.82× | — | ||
| Q2 24 | 0.82× | — | ||
| Q1 24 | 0.88× | — |
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 | $32.9M | $45.9M |
| Free Cash FlowOCF − Capex | $24.6M | $38.2M |
| FCF MarginFCF / Revenue | 13.4% | 19.8% |
| Capex IntensityCapex / Revenue | 4.5% | 4.0% |
| Cash ConversionOCF / Net Profit | 1.35× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $121.2M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.9M | $45.9M | ||
| Q3 25 | $52.6M | $60.6M | ||
| Q2 25 | $35.6M | $32.3M | ||
| Q1 25 | $35.1M | $40.0M | ||
| Q4 24 | $29.0M | $40.6M | ||
| Q3 24 | $60.0M | $53.3M | ||
| Q2 24 | $69.1M | $29.4M | ||
| Q1 24 | $55.3M | $34.1M |
| Q4 25 | $24.6M | $38.2M | ||
| Q3 25 | $47.2M | $54.6M | ||
| Q2 25 | $25.0M | $25.7M | ||
| Q1 25 | $24.4M | $33.8M | ||
| Q4 24 | $16.6M | $34.3M | ||
| Q3 24 | $46.2M | $48.1M | ||
| Q2 24 | $63.1M | $24.4M | ||
| Q1 24 | $46.5M | $30.5M |
| Q4 25 | 13.4% | 19.8% | ||
| Q3 25 | 24.6% | 28.7% | ||
| Q2 25 | 14.3% | 13.7% | ||
| Q1 25 | 14.3% | 18.6% | ||
| Q4 24 | 8.9% | 20.1% | ||
| Q3 24 | 24.1% | 29.4% | ||
| Q2 24 | 34.6% | 15.9% | ||
| Q1 24 | 27.1% | 20.4% |
| Q4 25 | 4.5% | 4.0% | ||
| Q3 25 | 2.8% | 3.2% | ||
| Q2 25 | 6.1% | 3.6% | ||
| Q1 25 | 6.3% | 3.4% | ||
| Q4 24 | 6.7% | 3.6% | ||
| Q3 24 | 7.2% | 3.2% | ||
| Q2 24 | 3.3% | 3.3% | ||
| Q1 24 | 5.1% | 2.4% |
| Q4 25 | 1.35× | 1.78× | ||
| Q3 25 | 3.03× | 2.37× | ||
| Q2 25 | 1.15× | 1.64× | ||
| Q1 25 | 1.39× | 1.80× | ||
| Q4 24 | 0.76× | 2.31× | ||
| Q3 24 | 1.48× | 2.27× | ||
| Q2 24 | 1.82× | 1.63× | ||
| Q1 24 | 1.28× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMPH
| Other Products | $62.4M | 34% |
| Baqsimi | $46.7M | 26% |
| Primatenemist | $27.9M | 15% |
| Epinephrine | $17.1M | 9% |
| Lidocaine | $14.9M | 8% |
| Glucagon | $14.1M | 8% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
