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Side-by-side financial comparison of AMERISAFE INC (AMSF) 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 $80.1M, roughly 1.1× AMERISAFE INC). AMERISAFE INC runs the higher net margin — 10.2% vs -9.3%, a 19.5% gap on every dollar of revenue. On growth, AMERISAFE INC posted the faster year-over-year revenue change (10.3% vs 2.9%). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs 2.8%).
AMERISAFE Inc. is a specialty insurance provider that focuses exclusively on workers' compensation coverage for small and mid-sized businesses in high-hazard industries including construction, logging, trucking, and manufacturing. It operates across 49 U.S. states, offering tailored insurance policies paired with targeted risk management support for clients.
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.
AMSF vs CMRC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $80.1M | $89.5M |
| Net Profit | $8.1M | $-8.4M |
| Gross Margin | — | 78.3% |
| Operating Margin | — | -7.4% |
| Net Margin | 10.2% | -9.3% |
| Revenue YoY | 10.3% | 2.9% |
| Net Profit YoY | -9.0% | -250.0% |
| EPS (diluted) | $0.43 | $-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 | $80.1M | — | ||
| Q4 25 | $81.6M | $89.5M | ||
| Q3 25 | $82.0M | $86.0M | ||
| Q2 25 | $81.1M | $84.4M | ||
| Q1 25 | $72.6M | $82.4M | ||
| Q4 24 | $74.0M | $87.0M | ||
| Q3 24 | $78.7M | $83.7M | ||
| Q2 24 | $75.8M | $81.8M |
| Q1 26 | $8.1M | — | ||
| Q4 25 | $10.4M | $-8.4M | ||
| Q3 25 | $13.8M | $-2.2M | ||
| Q2 25 | $14.0M | $-8.4M | ||
| Q1 25 | $8.9M | $-353.0K | ||
| Q4 24 | $13.2M | $-2.4M | ||
| Q3 24 | $14.3M | $-7.0M | ||
| Q2 24 | $11.0M | $-11.3M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 15.6% | -7.4% | ||
| Q3 25 | 21.3% | -0.5% | ||
| Q2 25 | 21.5% | -8.0% | ||
| Q1 25 | 15.5% | -2.9% | ||
| Q4 24 | 22.7% | -0.9% | ||
| Q3 24 | 22.6% | -23.0% | ||
| Q2 24 | 18.1% | -16.5% |
| Q1 26 | 10.2% | — | ||
| Q4 25 | 12.8% | -9.3% | ||
| Q3 25 | 16.9% | -2.6% | ||
| Q2 25 | 17.2% | -9.9% | ||
| Q1 25 | 12.3% | -0.4% | ||
| Q4 24 | 17.8% | -2.7% | ||
| Q3 24 | 18.2% | -8.4% | ||
| Q2 24 | 14.5% | -13.8% |
| Q1 26 | $0.43 | — | ||
| Q4 25 | $0.55 | $-0.11 | ||
| Q3 25 | $0.72 | $-0.03 | ||
| Q2 25 | $0.73 | $-0.10 | ||
| Q1 25 | $0.47 | $0.00 | ||
| Q4 24 | $0.69 | $-0.03 | ||
| Q3 24 | $0.75 | $-0.09 | ||
| Q2 24 | $0.57 | $-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 | $34.2M | $141.1M |
| Total DebtLower is stronger | — | $157.0M |
| Stockholders' EquityBook value | $246.6M | $39.4M |
| Total Assets | — | $308.8M |
| Debt / EquityLower = less leverage | — | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.2M | — | ||
| Q4 25 | $61.9M | $141.1M | ||
| Q3 25 | $54.7M | $142.0M | ||
| Q2 25 | $48.5M | $134.5M | ||
| Q1 25 | $44.8M | $120.7M | ||
| Q4 24 | $44.1M | $178.2M | ||
| Q3 24 | $63.7M | $168.4M | ||
| Q2 24 | $30.6M | $275.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $157.0M | ||
| Q3 25 | — | $157.3M | ||
| Q2 25 | — | $157.5M | ||
| Q1 25 | — | $157.8M | ||
| Q4 24 | — | $216.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $340.9M |
| Q1 26 | $246.6M | — | ||
| Q4 25 | $251.6M | $39.4M | ||
| Q3 25 | $274.8M | $42.8M | ||
| Q2 25 | $265.6M | $38.8M | ||
| Q1 25 | $260.8M | $38.1M | ||
| Q4 24 | $257.3M | $33.4M | ||
| Q3 24 | $314.4M | $29.0M | ||
| Q2 24 | $301.0M | $26.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $308.8M | ||
| Q3 25 | $1.2B | $309.5M | ||
| Q2 25 | $1.2B | $302.5M | ||
| Q1 25 | $1.2B | $286.3M | ||
| Q4 24 | $1.2B | $340.3M | ||
| Q3 24 | $1.3B | $335.1M | ||
| Q2 24 | $1.2B | $452.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.99× | ||
| Q3 25 | — | 3.67× | ||
| Q2 25 | — | 4.06× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | — | 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 | — | 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 | $11.1M | $980.0K | ||
| Q3 25 | $10.7M | $10.6M | ||
| Q2 25 | $-8.4M | $13.6M | ||
| Q1 25 | $-1.8M | $401.0K | ||
| Q4 24 | $24.2M | $12.4M | ||
| Q3 24 | $8.4M | $5.6M | ||
| Q2 24 | $-2.6M | $11.7M |
| Q1 26 | — | — | ||
| Q4 25 | $8.9M | $-2.2M | ||
| Q3 25 | $9.8M | $7.6M | ||
| Q2 25 | $-9.5M | $11.9M | ||
| Q1 25 | $-1.8M | $-424.0K | ||
| Q4 24 | $23.4M | $11.6M | ||
| Q3 24 | $8.4M | $4.5M | ||
| Q2 24 | $-2.6M | $10.7M |
| Q1 26 | — | — | ||
| Q4 25 | 10.9% | -2.4% | ||
| Q3 25 | 11.9% | 8.8% | ||
| Q2 25 | -11.7% | 14.1% | ||
| Q1 25 | -2.5% | -0.5% | ||
| Q4 24 | 31.5% | 13.3% | ||
| Q3 24 | 10.7% | 5.4% | ||
| Q2 24 | -3.5% | 13.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 3.5% | ||
| Q3 25 | 1.1% | 3.4% | ||
| Q2 25 | 1.3% | 2.0% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 1.1% | 0.9% | ||
| Q3 24 | 0.0% | 1.3% | ||
| Q2 24 | 0.1% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.06× | — | ||
| Q3 25 | 0.77× | — | ||
| Q2 25 | -0.61× | — | ||
| Q1 25 | -0.20× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 0.59× | — | ||
| Q2 24 | -0.24× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMSF
Segment breakdown not available.
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
