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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) 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 $111.5M, roughly 1.7× AVIAT NETWORKS, INC.). SPS COMMERCE INC runs the higher net margin — 13.4% vs 5.1%, a 8.3% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -5.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $22.5M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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 SPSC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $192.7M |
| Net Profit | $5.7M | $25.8M |
| Gross Margin | 32.4% | 70.4% |
| Operating Margin | 6.5% | 18.0% |
| Net Margin | 5.1% | 13.4% |
| Revenue YoY | -5.7% | 12.7% |
| Net Profit YoY | 27.2% | 47.2% |
| EPS (diluted) | $0.44 | $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 | $111.5M | $192.7M | ||
| Q3 25 | $107.3M | $189.9M | ||
| Q2 25 | $115.3M | $187.4M | ||
| Q1 25 | $112.6M | $181.5M | ||
| Q4 24 | $118.2M | $170.9M | ||
| Q3 24 | $88.4M | $163.7M | ||
| Q2 24 | $116.7M | $153.6M | ||
| Q1 24 | $110.8M | $149.6M |
| Q4 25 | $5.7M | $25.8M | ||
| Q3 25 | $162.0K | $25.6M | ||
| Q2 25 | $5.2M | $19.7M | ||
| Q1 25 | $3.5M | $22.2M | ||
| Q4 24 | $4.5M | $17.6M | ||
| Q3 24 | $-11.9M | $23.5M | ||
| Q2 24 | $1.5M | $18.0M | ||
| Q1 24 | $3.9M | $18.0M |
| Q4 25 | 32.4% | 70.4% | ||
| Q3 25 | 33.2% | 69.5% | ||
| Q2 25 | 34.2% | 68.1% | ||
| Q1 25 | 34.9% | 68.7% | ||
| Q4 24 | 34.6% | 67.5% | ||
| Q3 24 | 22.4% | 68.5% | ||
| Q2 24 | 35.3% | 66.1% | ||
| Q1 24 | 32.5% | 65.6% |
| Q4 25 | 6.5% | 18.0% | ||
| Q3 25 | 4.8% | 16.4% | ||
| Q2 25 | 7.7% | 14.1% | ||
| Q1 25 | 8.3% | 14.3% | ||
| Q4 24 | 6.7% | 14.5% | ||
| Q3 24 | -17.6% | 15.6% | ||
| Q2 24 | 4.7% | 15.1% | ||
| Q1 24 | 5.1% | 10.3% |
| Q4 25 | 5.1% | 13.4% | ||
| Q3 25 | 0.2% | 13.5% | ||
| Q2 25 | 4.5% | 10.5% | ||
| Q1 25 | 3.1% | 12.2% | ||
| Q4 24 | 3.8% | 10.3% | ||
| Q3 24 | -13.4% | 14.3% | ||
| Q2 24 | 1.3% | 11.7% | ||
| Q1 24 | 3.5% | 12.0% |
| Q4 25 | $0.44 | $0.69 | ||
| Q3 25 | $0.01 | $0.67 | ||
| Q2 25 | $0.42 | $0.52 | ||
| Q1 25 | $0.27 | $0.58 | ||
| Q4 24 | $0.35 | $0.46 | ||
| Q3 24 | $-0.94 | $0.62 | ||
| Q2 24 | $0.11 | $0.48 | ||
| Q1 24 | $0.30 | $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 | $86.5M | $151.4M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $973.9M |
| Total Assets | $659.4M | $1.2B |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $151.4M | ||
| Q3 25 | $64.8M | $133.7M | ||
| Q2 25 | $59.7M | $107.6M | ||
| Q1 25 | $49.4M | $94.9M | ||
| Q4 24 | $52.6M | $241.0M | ||
| Q3 24 | $51.0M | $205.8M | ||
| Q2 24 | $64.6M | $271.8M | ||
| Q1 24 | $59.2M | $290.8M |
| Q4 25 | $105.4M | — | ||
| Q3 25 | $106.5M | — | ||
| Q2 25 | $87.6M | — | ||
| Q1 25 | $73.9M | — | ||
| Q4 24 | $74.9M | — | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $973.9M | ||
| Q3 25 | $263.6M | $958.9M | ||
| Q2 25 | $263.2M | $949.8M | ||
| Q1 25 | $256.1M | $920.9M | ||
| Q4 24 | $249.6M | $854.7M | ||
| Q3 24 | $247.1M | $829.4M | ||
| Q2 24 | $255.9M | $703.4M | ||
| Q1 24 | $256.0M | $683.0M |
| Q4 25 | $659.4M | $1.2B | ||
| Q3 25 | $643.3M | $1.2B | ||
| Q2 25 | $633.3M | $1.1B | ||
| Q1 25 | $628.3M | $1.1B | ||
| Q4 24 | $594.1M | $1.0B | ||
| Q3 24 | $590.9M | $1.0B | ||
| Q2 24 | $535.2M | $854.5M | ||
| Q1 24 | $490.3M | $839.8M |
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 0.19× | — |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $22.5M | $38.2M |
| FCF MarginFCF / Revenue | 20.2% | 19.8% |
| Capex IntensityCapex / Revenue | 1.3% | 4.0% |
| Cash ConversionOCF / Net Profit | 4.18× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $45.9M | ||
| Q3 25 | $-11.7M | $60.6M | ||
| Q2 25 | $10.5M | $32.3M | ||
| Q1 25 | $1.6M | $40.0M | ||
| Q4 24 | $20.8M | $40.6M | ||
| Q3 24 | $-27.2M | $53.3M | ||
| Q2 24 | $8.3M | $29.4M | ||
| Q1 24 | $15.3M | $34.1M |
| Q4 25 | $22.5M | $38.2M | ||
| Q3 25 | $-13.5M | $54.6M | ||
| Q2 25 | $8.2M | $25.7M | ||
| Q1 25 | $-1.2M | $33.8M | ||
| Q4 24 | $18.3M | $34.3M | ||
| Q3 24 | $-32.6M | $48.1M | ||
| Q2 24 | $7.5M | $24.4M | ||
| Q1 24 | $14.8M | $30.5M |
| Q4 25 | 20.2% | 19.8% | ||
| Q3 25 | -12.6% | 28.7% | ||
| Q2 25 | 7.1% | 13.7% | ||
| Q1 25 | -1.0% | 18.6% | ||
| Q4 24 | 15.5% | 20.1% | ||
| Q3 24 | -36.8% | 29.4% | ||
| Q2 24 | 6.4% | 15.9% | ||
| Q1 24 | 13.4% | 20.4% |
| Q4 25 | 1.3% | 4.0% | ||
| Q3 25 | 1.6% | 3.2% | ||
| Q2 25 | 2.0% | 3.6% | ||
| Q1 25 | 2.5% | 3.4% | ||
| Q4 24 | 2.1% | 3.6% | ||
| Q3 24 | 6.1% | 3.2% | ||
| Q2 24 | 0.7% | 3.3% | ||
| Q1 24 | 0.4% | 2.4% |
| Q4 25 | 4.18× | 1.78× | ||
| Q3 25 | -72.48× | 2.37× | ||
| Q2 25 | 2.02× | 1.64× | ||
| Q1 25 | 0.46× | 1.80× | ||
| Q4 24 | 4.62× | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | 5.37× | 1.63× | ||
| Q1 24 | 3.96× | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
