vs
Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $89.5M, roughly 1.2× Commerce.com, Inc.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -9.3%, a 14.5% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-2.2M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs 0.3%).
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
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.
AVNW vs CMRC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $89.5M |
| Net Profit | $5.7M | $-8.4M |
| Gross Margin | 32.4% | 78.3% |
| Operating Margin | 6.5% | -7.4% |
| Net Margin | 5.1% | -9.3% |
| Revenue YoY | -5.7% | 2.9% |
| Net Profit YoY | 27.2% | -250.0% |
| EPS (diluted) | $0.44 | $-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.
| Q4 25 | $111.5M | $89.5M | ||
| Q3 25 | $107.3M | $86.0M | ||
| Q2 25 | $115.3M | $84.4M | ||
| Q1 25 | $112.6M | $82.4M | ||
| Q4 24 | $118.2M | $87.0M | ||
| Q3 24 | $88.4M | $83.7M | ||
| Q2 24 | $116.7M | $81.8M | ||
| Q1 24 | $110.8M | $80.4M |
| Q4 25 | $5.7M | $-8.4M | ||
| Q3 25 | $162.0K | $-2.2M | ||
| Q2 25 | $5.2M | $-8.4M | ||
| Q1 25 | $3.5M | $-353.0K | ||
| Q4 24 | $4.5M | $-2.4M | ||
| Q3 24 | $-11.9M | $-7.0M | ||
| Q2 24 | $1.5M | $-11.3M | ||
| Q1 24 | $3.9M | $-6.4M |
| Q4 25 | 32.4% | 78.3% | ||
| Q3 25 | 33.2% | 78.4% | ||
| Q2 25 | 34.2% | 79.0% | ||
| Q1 25 | 34.9% | 79.4% | ||
| Q4 24 | 34.6% | 77.6% | ||
| Q3 24 | 22.4% | 76.3% | ||
| Q2 24 | 35.3% | 75.8% | ||
| Q1 24 | 32.5% | 77.1% |
| Q4 25 | 6.5% | -7.4% | ||
| Q3 25 | 4.8% | -0.5% | ||
| Q2 25 | 7.7% | -8.0% | ||
| Q1 25 | 8.3% | -2.9% | ||
| Q4 24 | 6.7% | -0.9% | ||
| Q3 24 | -17.6% | -23.0% | ||
| Q2 24 | 4.7% | -16.5% | ||
| Q1 24 | 5.1% | -10.2% |
| Q4 25 | 5.1% | -9.3% | ||
| Q3 25 | 0.2% | -2.6% | ||
| Q2 25 | 4.5% | -9.9% | ||
| Q1 25 | 3.1% | -0.4% | ||
| Q4 24 | 3.8% | -2.7% | ||
| Q3 24 | -13.4% | -8.4% | ||
| Q2 24 | 1.3% | -13.8% | ||
| Q1 24 | 3.5% | -8.0% |
| Q4 25 | $0.44 | $-0.11 | ||
| Q3 25 | $0.01 | $-0.03 | ||
| Q2 25 | $0.42 | $-0.10 | ||
| Q1 25 | $0.27 | $0.00 | ||
| Q4 24 | $0.35 | $-0.03 | ||
| Q3 24 | $-0.94 | $-0.09 | ||
| Q2 24 | $0.11 | $-0.15 | ||
| Q1 24 | $0.30 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $86.5M | $141.1M |
| Total DebtLower is stronger | $105.4M | $157.0M |
| Stockholders' EquityBook value | $271.6M | $39.4M |
| Total Assets | $659.4M | $308.8M |
| Debt / EquityLower = less leverage | 0.39× | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $141.1M | ||
| Q3 25 | $64.8M | $142.0M | ||
| Q2 25 | $59.7M | $134.5M | ||
| Q1 25 | $49.4M | $120.7M | ||
| Q4 24 | $52.6M | $178.2M | ||
| Q3 24 | $51.0M | $168.4M | ||
| Q2 24 | $64.6M | $275.8M | ||
| Q1 24 | $59.2M | $265.2M |
| Q4 25 | $105.4M | $157.0M | ||
| Q3 25 | $106.5M | $157.3M | ||
| Q2 25 | $87.6M | $157.5M | ||
| Q1 25 | $73.9M | $157.8M | ||
| Q4 24 | $74.9M | $216.5M | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | $340.9M | ||
| Q1 24 | $48.9M | $340.5M |
| Q4 25 | $271.6M | $39.4M | ||
| Q3 25 | $263.6M | $42.8M | ||
| Q2 25 | $263.2M | $38.8M | ||
| Q1 25 | $256.1M | $38.1M | ||
| Q4 24 | $249.6M | $33.4M | ||
| Q3 24 | $247.1M | $29.0M | ||
| Q2 24 | $255.9M | $26.1M | ||
| Q1 24 | $256.0M | $26.9M |
| Q4 25 | $659.4M | $308.8M | ||
| Q3 25 | $643.3M | $309.5M | ||
| Q2 25 | $633.3M | $302.5M | ||
| Q1 25 | $628.3M | $286.3M | ||
| Q4 24 | $594.1M | $340.3M | ||
| Q3 24 | $590.9M | $335.1M | ||
| Q2 24 | $535.2M | $452.5M | ||
| Q1 24 | $490.3M | $442.5M |
| Q4 25 | 0.39× | 3.99× | ||
| Q3 25 | 0.40× | 3.67× | ||
| Q2 25 | 0.33× | 4.06× | ||
| Q1 25 | 0.29× | 4.14× | ||
| Q4 24 | 0.30× | 6.49× | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.19× | 13.06× | ||
| Q1 24 | 0.19× | 12.65× |
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 | $23.9M | $980.0K |
| Free Cash FlowOCF − Capex | $22.5M | $-2.2M |
| FCF MarginFCF / Revenue | 20.2% | -2.4% |
| Capex IntensityCapex / Revenue | 1.3% | 3.5% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $980.0K | ||
| Q3 25 | $-11.7M | $10.6M | ||
| Q2 25 | $10.5M | $13.6M | ||
| Q1 25 | $1.6M | $401.0K | ||
| Q4 24 | $20.8M | $12.4M | ||
| Q3 24 | $-27.2M | $5.6M | ||
| Q2 24 | $8.3M | $11.7M | ||
| Q1 24 | $15.3M | $-3.4M |
| Q4 25 | $22.5M | $-2.2M | ||
| Q3 25 | $-13.5M | $7.6M | ||
| Q2 25 | $8.2M | $11.9M | ||
| Q1 25 | $-1.2M | $-424.0K | ||
| Q4 24 | $18.3M | $11.6M | ||
| Q3 24 | $-32.6M | $4.5M | ||
| Q2 24 | $7.5M | $10.7M | ||
| Q1 24 | $14.8M | $-4.2M |
| Q4 25 | 20.2% | -2.4% | ||
| Q3 25 | -12.6% | 8.8% | ||
| Q2 25 | 7.1% | 14.1% | ||
| Q1 25 | -1.0% | -0.5% | ||
| Q4 24 | 15.5% | 13.3% | ||
| Q3 24 | -36.8% | 5.4% | ||
| Q2 24 | 6.4% | 13.0% | ||
| Q1 24 | 13.4% | -5.3% |
| Q4 25 | 1.3% | 3.5% | ||
| Q3 25 | 1.6% | 3.4% | ||
| Q2 25 | 2.0% | 2.0% | ||
| Q1 25 | 2.5% | 1.0% | ||
| Q4 24 | 2.1% | 0.9% | ||
| Q3 24 | 6.1% | 1.3% | ||
| Q2 24 | 0.7% | 1.3% | ||
| Q1 24 | 0.4% | 1.0% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | — | ||
| Q1 24 | 3.96× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
