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Side-by-side financial comparison of AVANOS MEDICAL, INC. (AVNS) 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 $180.9M, roughly 1.1× AVANOS MEDICAL, INC.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -0.7%, a 14.1% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 0.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $21.3M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 4.4%).
Avanos Medical, Inc. is a medical technology company making clinical medical devices. The company consists of two franchises – Pain Management and Chronic Care – that address reducing the use of opioids while helping patients recover faster and preventing infection.
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.
AVNS vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $180.9M | $192.7M |
| Net Profit | $-1.3M | $25.8M |
| Gross Margin | 47.5% | 70.4% |
| Operating Margin | 1.4% | 18.0% |
| Net Margin | -0.7% | 13.4% |
| Revenue YoY | 0.7% | 12.7% |
| Net Profit YoY | 99.7% | 47.2% |
| EPS (diluted) | $-0.02 | $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 | $180.9M | $192.7M | ||
| Q3 25 | $177.8M | $189.9M | ||
| Q2 25 | $175.0M | $187.4M | ||
| Q1 25 | $167.5M | $181.5M | ||
| Q4 24 | $179.6M | $170.9M | ||
| Q3 24 | $170.4M | $163.7M | ||
| Q2 24 | $171.7M | $153.6M | ||
| Q1 24 | $166.1M | $149.6M |
| Q4 25 | $-1.3M | $25.8M | ||
| Q3 25 | $-1.4M | $25.6M | ||
| Q2 25 | $-76.8M | $19.7M | ||
| Q1 25 | $6.6M | $22.2M | ||
| Q4 24 | $-397.3M | $17.6M | ||
| Q3 24 | $4.3M | $23.5M | ||
| Q2 24 | $1.8M | $18.0M | ||
| Q1 24 | $-900.0K | $18.0M |
| Q4 25 | 47.5% | 70.4% | ||
| Q3 25 | 48.4% | 69.5% | ||
| Q2 25 | 52.6% | 68.1% | ||
| Q1 25 | 53.6% | 68.7% | ||
| Q4 24 | 54.6% | 67.5% | ||
| Q3 24 | 54.5% | 68.5% | ||
| Q2 24 | 55.7% | 66.1% | ||
| Q1 24 | 57.1% | 65.6% |
| Q4 25 | 1.4% | 18.0% | ||
| Q3 25 | 0.1% | 16.4% | ||
| Q2 25 | -42.6% | 14.1% | ||
| Q1 25 | 6.1% | 14.3% | ||
| Q4 24 | -233.0% | 14.5% | ||
| Q3 24 | 7.0% | 15.6% | ||
| Q2 24 | 3.7% | 15.1% | ||
| Q1 24 | 2.4% | 10.3% |
| Q4 25 | -0.7% | 13.4% | ||
| Q3 25 | -0.8% | 13.5% | ||
| Q2 25 | -43.9% | 10.5% | ||
| Q1 25 | 3.9% | 12.2% | ||
| Q4 24 | -221.2% | 10.3% | ||
| Q3 24 | 2.5% | 14.3% | ||
| Q2 24 | 1.0% | 11.7% | ||
| Q1 24 | -0.5% | 12.0% |
| Q4 25 | $-0.02 | $0.69 | ||
| Q3 25 | $-0.03 | $0.67 | ||
| Q2 25 | $-1.66 | $0.52 | ||
| Q1 25 | $0.14 | $0.58 | ||
| Q4 24 | $-8.64 | $0.46 | ||
| Q3 24 | $0.09 | $0.62 | ||
| Q2 24 | $0.04 | $0.48 | ||
| Q1 24 | $-0.02 | $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 | $89.8M | $151.4M |
| Total DebtLower is stronger | $90.3M | — |
| Stockholders' EquityBook value | $778.2M | $973.9M |
| Total Assets | $1.1B | $1.2B |
| Debt / EquityLower = less leverage | 0.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $89.8M | $151.4M | ||
| Q3 25 | $70.5M | $133.7M | ||
| Q2 25 | $90.3M | $107.6M | ||
| Q1 25 | $97.0M | $94.9M | ||
| Q4 24 | $107.7M | $241.0M | ||
| Q3 24 | $89.0M | $205.8M | ||
| Q2 24 | $92.2M | $271.8M | ||
| Q1 24 | $75.8M | $290.8M |
| Q4 25 | $90.3M | — | ||
| Q3 25 | $93.4M | — | ||
| Q2 25 | $95.7M | — | ||
| Q1 25 | $98.0M | — | ||
| Q4 24 | $125.3M | — | ||
| Q3 24 | $152.6M | — | ||
| Q2 24 | $164.9M | — | ||
| Q1 24 | $167.2M | — |
| Q4 25 | $778.2M | $973.9M | ||
| Q3 25 | $778.0M | $958.9M | ||
| Q2 25 | $776.3M | $949.8M | ||
| Q1 25 | $839.4M | $920.9M | ||
| Q4 24 | $828.5M | $854.7M | ||
| Q3 24 | $1.2B | $829.4M | ||
| Q2 24 | $1.2B | $703.4M | ||
| Q1 24 | $1.2B | $683.0M |
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.7B | $854.5M | ||
| Q1 24 | $1.7B | $839.8M |
| Q4 25 | 0.12× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.12× | — | ||
| Q2 24 | 0.13× | — | ||
| Q1 24 | 0.14× | — |
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 | $28.2M | $45.9M |
| Free Cash FlowOCF − Capex | $21.3M | $38.2M |
| FCF MarginFCF / Revenue | 11.8% | 19.8% |
| Capex IntensityCapex / Revenue | 3.8% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $45.9M | ||
| Q3 25 | $14.0M | $60.6M | ||
| Q2 25 | $6.8M | $32.3M | ||
| Q1 25 | $25.7M | $40.0M | ||
| Q4 24 | $57.9M | $40.6M | ||
| Q3 24 | $23.0M | $53.3M | ||
| Q2 24 | $27.8M | $29.4M | ||
| Q1 24 | $-8.0M | $34.1M |
| Q4 25 | $21.3M | $38.2M | ||
| Q3 25 | $7.0M | $54.6M | ||
| Q2 25 | $-4.2M | $25.7M | ||
| Q1 25 | $19.0M | $33.8M | ||
| Q4 24 | $53.1M | $34.3M | ||
| Q3 24 | $20.0M | $48.1M | ||
| Q2 24 | $21.9M | $24.4M | ||
| Q1 24 | $-12.1M | $30.5M |
| Q4 25 | 11.8% | 19.8% | ||
| Q3 25 | 3.9% | 28.7% | ||
| Q2 25 | -2.4% | 13.7% | ||
| Q1 25 | 11.3% | 18.6% | ||
| Q4 24 | 29.6% | 20.1% | ||
| Q3 24 | 11.7% | 29.4% | ||
| Q2 24 | 12.8% | 15.9% | ||
| Q1 24 | -7.3% | 20.4% |
| Q4 25 | 3.8% | 4.0% | ||
| Q3 25 | 3.9% | 3.2% | ||
| Q2 25 | 6.3% | 3.6% | ||
| Q1 25 | 4.0% | 3.4% | ||
| Q4 24 | 2.7% | 3.6% | ||
| Q3 24 | 1.8% | 3.2% | ||
| Q2 24 | 3.4% | 3.3% | ||
| Q1 24 | 2.5% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | 3.89× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 5.35× | 2.27× | ||
| Q2 24 | 15.44× | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNS
| Enteral Feeding | $83.0M | 46% |
| Radiofrequency Ablation | $36.9M | 20% |
| Neonate Solutions | $32.1M | 18% |
| Surgical Pain And Recovery | $24.7M | 14% |
| Corporate Other | $4.2M | 2% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
