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Side-by-side financial comparison of ANI PHARMACEUTICALS INC (ANIP) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
ANI PHARMACEUTICALS INC is the larger business by last-quarter revenue ($247.1M vs $192.7M, roughly 1.3× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 11.1%, a 2.3% gap on every dollar of revenue. On growth, ANI PHARMACEUTICALS INC posted the faster year-over-year revenue change (29.6% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $29.1M). Over the past eight quarters, ANI PHARMACEUTICALS INC's revenue compounded faster (34.1% CAGR vs 13.5%).
ANI Pharmaceuticals Inc is a U.S.-based specialty pharmaceutical firm that develops, manufactures and sells generic and branded prescription drugs. Its key segments cover dermatology, oncology, CNS therapies and anti-infectives, primarily serving U.S. healthcare providers, retail pharmacies and institutional medical 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.
ANIP vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $247.1M | $192.7M |
| Net Profit | $27.5M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 14.1% | 18.0% |
| Net Margin | 11.1% | 13.4% |
| Revenue YoY | 29.6% | 12.7% |
| Net Profit YoY | 367.5% | 47.2% |
| EPS (diluted) | $1.14 | $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 | $247.1M | $192.7M | ||
| Q3 25 | $227.8M | $189.9M | ||
| Q2 25 | $211.4M | $187.4M | ||
| Q1 25 | $197.1M | $181.5M | ||
| Q4 24 | $190.6M | $170.9M | ||
| Q3 24 | $148.3M | $163.7M | ||
| Q2 24 | $138.0M | $153.6M | ||
| Q1 24 | $137.4M | $149.6M |
| Q4 25 | $27.5M | $25.8M | ||
| Q3 25 | $26.6M | $25.6M | ||
| Q2 25 | $8.5M | $19.7M | ||
| Q1 25 | $15.7M | $22.2M | ||
| Q4 24 | $-10.3M | $17.6M | ||
| Q3 24 | $-24.2M | $23.5M | ||
| Q2 24 | $-2.3M | $18.0M | ||
| Q1 24 | $18.2M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | 14.1% | 18.0% | ||
| Q3 25 | 15.9% | 16.4% | ||
| Q2 25 | 6.6% | 14.1% | ||
| Q1 25 | 13.3% | 14.3% | ||
| Q4 24 | -2.3% | 14.5% | ||
| Q3 24 | -13.8% | 15.6% | ||
| Q2 24 | 3.7% | 15.1% | ||
| Q1 24 | 14.8% | 10.3% |
| Q4 25 | 11.1% | 13.4% | ||
| Q3 25 | 11.7% | 13.5% | ||
| Q2 25 | 4.0% | 10.5% | ||
| Q1 25 | 8.0% | 12.2% | ||
| Q4 24 | -5.4% | 10.3% | ||
| Q3 24 | -16.3% | 14.3% | ||
| Q2 24 | -1.7% | 11.7% | ||
| Q1 24 | 13.2% | 12.0% |
| Q4 25 | $1.14 | $0.69 | ||
| Q3 25 | $1.13 | $0.67 | ||
| Q2 25 | $0.36 | $0.52 | ||
| Q1 25 | $0.69 | $0.58 | ||
| Q4 24 | $-0.45 | $0.46 | ||
| Q3 24 | $-1.27 | $0.62 | ||
| Q2 24 | $-0.14 | $0.48 | ||
| Q1 24 | $0.82 | $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 | $285.6M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $540.7M | $973.9M |
| Total Assets | $1.4B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $285.6M | $151.4M | ||
| Q3 25 | $262.6M | $133.7M | ||
| Q2 25 | $217.8M | $107.6M | ||
| Q1 25 | $149.8M | $94.9M | ||
| Q4 24 | $144.9M | $241.0M | ||
| Q3 24 | $145.0M | $205.8M | ||
| Q2 24 | $240.1M | $271.8M | ||
| Q1 24 | $228.6M | $290.8M |
| Q4 25 | $540.7M | $973.9M | ||
| Q3 25 | $505.8M | $958.9M | ||
| Q2 25 | $436.8M | $949.8M | ||
| Q1 25 | $418.6M | $920.9M | ||
| Q4 24 | $403.7M | $854.7M | ||
| Q3 24 | $405.9M | $829.4M | ||
| Q2 24 | $455.8M | $703.4M | ||
| Q1 24 | $452.0M | $683.0M |
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $920.8M | $854.5M | ||
| Q1 24 | $914.5M | $839.8M |
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 | $30.4M | $45.9M |
| Free Cash FlowOCF − Capex | $29.1M | $38.2M |
| FCF MarginFCF / Revenue | 11.8% | 19.8% |
| Capex IntensityCapex / Revenue | 0.5% | 4.0% |
| Cash ConversionOCF / Net Profit | 1.10× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $171.4M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.4M | $45.9M | ||
| Q3 25 | $44.1M | $60.6M | ||
| Q2 25 | $75.8M | $32.3M | ||
| Q1 25 | $35.0M | $40.0M | ||
| Q4 24 | $15.9M | $40.6M | ||
| Q3 24 | $12.5M | $53.3M | ||
| Q2 24 | $17.4M | $29.4M | ||
| Q1 24 | $18.3M | $34.1M |
| Q4 25 | $29.1M | $38.2M | ||
| Q3 25 | $38.0M | $54.6M | ||
| Q2 25 | $71.8M | $25.7M | ||
| Q1 25 | $32.5M | $33.8M | ||
| Q4 24 | $13.5M | $34.3M | ||
| Q3 24 | $7.7M | $48.1M | ||
| Q2 24 | $13.0M | $24.4M | ||
| Q1 24 | $13.7M | $30.5M |
| Q4 25 | 11.8% | 19.8% | ||
| Q3 25 | 16.7% | 28.7% | ||
| Q2 25 | 34.0% | 13.7% | ||
| Q1 25 | 16.5% | 18.6% | ||
| Q4 24 | 7.1% | 20.1% | ||
| Q3 24 | 5.2% | 29.4% | ||
| Q2 24 | 9.4% | 15.9% | ||
| Q1 24 | 10.0% | 20.4% |
| Q4 25 | 0.5% | 4.0% | ||
| Q3 25 | 2.7% | 3.2% | ||
| Q2 25 | 1.9% | 3.6% | ||
| Q1 25 | 1.3% | 3.4% | ||
| Q4 24 | 1.3% | 3.6% | ||
| Q3 24 | 3.2% | 3.2% | ||
| Q2 24 | 3.2% | 3.3% | ||
| Q1 24 | 3.3% | 2.4% |
| Q4 25 | 1.10× | 1.78× | ||
| Q3 25 | 1.66× | 2.37× | ||
| Q2 25 | 8.87× | 1.64× | ||
| Q1 25 | 2.23× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | 1.00× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANIP
| Sales Of Cortrophin Gel | $111.4M | 45% |
| Sales Of Generic Pharmaceutical Products | $100.8M | 41% |
| Sales Of ILUVIEN And YUTIQ | $19.8M | 8% |
| Sales Of Established Brands | $12.3M | 5% |
| Unapproved Products | $6.5M | 3% |
| Sales Of Royalties And Other Pharmaceutical Services | $2.7M | 1% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
