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Side-by-side financial comparison of Andersons, Inc. (ANDE) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
Andersons, Inc. is the larger business by last-quarter revenue ($329.5M vs $192.7M, roughly 1.7× SPS COMMERCE INC). Andersons, Inc. runs the higher net margin — 20.5% vs 13.4%, a 7.1% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -2.4%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-77.1M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -1.8%).
The Andersons, Inc. is an American agribusiness established in 1947, that began as Andersons Truck Terminal (ATT) in the 1940s for the grain industry, headquartered in Maumee, Ohio. It is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and plant nutrient sectors.
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.
ANDE vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $329.5M | $192.7M |
| Net Profit | $67.4M | $25.8M |
| Gross Margin | 70.3% | 70.4% |
| Operating Margin | 26.6% | 18.0% |
| Net Margin | 20.5% | 13.4% |
| Revenue YoY | -2.4% | 12.7% |
| Net Profit YoY | 49.6% | 47.2% |
| EPS (diluted) | — | $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 | $329.5M | $192.7M | ||
| Q3 25 | $295.8M | $189.9M | ||
| Q2 25 | $535.0M | $187.4M | ||
| Q1 25 | $370.8M | $181.5M | ||
| Q4 24 | $337.5M | $170.9M | ||
| Q3 24 | $231.9M | $163.7M | ||
| Q2 24 | $492.5M | $153.6M | ||
| Q1 24 | $341.4M | $149.6M |
| Q4 25 | $67.4M | $25.8M | ||
| Q3 25 | $20.1M | $25.6M | ||
| Q2 25 | $7.9M | $19.7M | ||
| Q1 25 | $284.0K | $22.2M | ||
| Q4 24 | $45.1M | $17.6M | ||
| Q3 24 | $27.4M | $23.5M | ||
| Q2 24 | $36.0M | $18.0M | ||
| Q1 24 | $5.6M | $18.0M |
| Q4 25 | 70.3% | 70.4% | ||
| Q3 25 | 57.8% | 69.5% | ||
| Q2 25 | 29.6% | 68.1% | ||
| Q1 25 | 41.2% | 68.7% | ||
| Q4 24 | 63.1% | 67.5% | ||
| Q3 24 | 76.4% | 68.5% | ||
| Q2 24 | 35.6% | 66.1% | ||
| Q1 24 | 37.6% | 65.6% |
| Q4 25 | 26.6% | 18.0% | ||
| Q3 25 | 8.7% | 16.4% | ||
| Q2 25 | 4.6% | 14.1% | ||
| Q1 25 | 0.9% | 14.3% | ||
| Q4 24 | 19.9% | 14.5% | ||
| Q3 24 | 26.8% | 15.6% | ||
| Q2 24 | 11.6% | 15.1% | ||
| Q1 24 | 4.1% | 10.3% |
| Q4 25 | 20.5% | 13.4% | ||
| Q3 25 | 6.8% | 13.5% | ||
| Q2 25 | 1.5% | 10.5% | ||
| Q1 25 | 0.1% | 12.2% | ||
| Q4 24 | 13.4% | 10.3% | ||
| Q3 24 | 11.8% | 14.3% | ||
| Q2 24 | 7.3% | 11.7% | ||
| Q1 24 | 1.6% | 12.0% |
| Q4 25 | — | $0.69 | ||
| Q3 25 | $0.59 | $0.67 | ||
| Q2 25 | $0.23 | $0.52 | ||
| Q1 25 | $0.01 | $0.58 | ||
| Q4 24 | $1.31 | $0.46 | ||
| Q3 24 | $0.80 | $0.62 | ||
| Q2 24 | $1.05 | $0.48 | ||
| Q1 24 | $0.16 | $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 | $98.3M | $151.4M |
| Total DebtLower is stronger | $560.0M | — |
| Stockholders' EquityBook value | $1.2B | $973.9M |
| Total Assets | $3.7B | $1.2B |
| Debt / EquityLower = less leverage | 0.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $98.3M | $151.4M | ||
| Q3 25 | — | $133.7M | ||
| Q2 25 | — | $107.6M | ||
| Q1 25 | — | $94.9M | ||
| Q4 24 | $561.8M | $241.0M | ||
| Q3 24 | — | $205.8M | ||
| Q2 24 | — | $271.8M | ||
| Q1 24 | — | $290.8M |
| Q4 25 | $560.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $608.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | $973.9M | ||
| Q3 25 | $1.2B | $958.9M | ||
| Q2 25 | $1.4B | $949.8M | ||
| Q1 25 | $1.4B | $920.9M | ||
| Q4 24 | $1.4B | $854.7M | ||
| Q3 24 | $1.3B | $829.4M | ||
| Q2 24 | $1.3B | $703.4M | ||
| Q1 24 | $1.3B | $683.0M |
| Q4 25 | $3.7B | $1.2B | ||
| Q3 25 | $3.3B | $1.2B | ||
| Q2 25 | $3.4B | $1.1B | ||
| Q1 25 | $3.8B | $1.1B | ||
| Q4 24 | $4.1B | $1.0B | ||
| Q3 24 | $3.4B | $1.0B | ||
| Q2 24 | $3.3B | $854.5M | ||
| Q1 24 | $3.3B | $839.8M |
| Q4 25 | 0.45× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-6.2M | $45.9M |
| Free Cash FlowOCF − Capex | $-77.1M | $38.2M |
| FCF MarginFCF / Revenue | -23.4% | 19.8% |
| Capex IntensityCapex / Revenue | 21.5% | 4.0% |
| Cash ConversionOCF / Net Profit | -0.09× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-56.1M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.2M | $45.9M | ||
| Q3 25 | $233.9M | $60.6M | ||
| Q2 25 | $299.3M | $32.3M | ||
| Q1 25 | $-350.0M | $40.0M | ||
| Q4 24 | $268.8M | $40.6M | ||
| Q3 24 | $-2.1M | $53.3M | ||
| Q2 24 | $304.4M | $29.4M | ||
| Q1 24 | $-239.6M | $34.1M |
| Q4 25 | $-77.1M | $38.2M | ||
| Q3 25 | $167.0M | $54.6M | ||
| Q2 25 | $250.5M | $25.7M | ||
| Q1 25 | $-396.6M | $33.8M | ||
| Q4 24 | $212.9M | $34.3M | ||
| Q3 24 | $-40.0M | $48.1M | ||
| Q2 24 | $275.8M | $24.4M | ||
| Q1 24 | $-266.4M | $30.5M |
| Q4 25 | -23.4% | 19.8% | ||
| Q3 25 | 56.5% | 28.7% | ||
| Q2 25 | 46.8% | 13.7% | ||
| Q1 25 | -106.9% | 18.6% | ||
| Q4 24 | 63.1% | 20.1% | ||
| Q3 24 | -17.2% | 29.4% | ||
| Q2 24 | 56.0% | 15.9% | ||
| Q1 24 | -78.0% | 20.4% |
| Q4 25 | 21.5% | 4.0% | ||
| Q3 25 | 22.6% | 3.2% | ||
| Q2 25 | 9.1% | 3.6% | ||
| Q1 25 | 12.6% | 3.4% | ||
| Q4 24 | 16.6% | 3.6% | ||
| Q3 24 | 16.3% | 3.2% | ||
| Q2 24 | 5.8% | 3.3% | ||
| Q1 24 | 7.8% | 2.4% |
| Q4 25 | -0.09× | 1.78× | ||
| Q3 25 | 11.61× | 2.37× | ||
| Q2 25 | 38.10× | 1.64× | ||
| Q1 25 | -1232.46× | 1.80× | ||
| Q4 24 | 5.96× | 2.31× | ||
| Q3 24 | -0.08× | 2.27× | ||
| Q2 24 | 8.46× | 1.63× | ||
| Q1 24 | -42.94× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANDE
| Specialty And Primary Nutrients | $137.1M | 42% |
| Premium Ingredients | $66.1M | 20% |
| Segment Reporting Reconciling Item Other | $63.2M | 19% |
| Other | $63.1M | 19% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
