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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
AMERICAN STATES WATER CO is the larger business by last-quarter revenue ($164.3M vs $89.5M, roughly 1.8× Commerce.com, Inc.). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs -9.3%, a 26.8% gap on every dollar of revenue. On growth, AMERICAN STATES WATER CO posted the faster year-over-year revenue change (14.8% vs 2.9%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-36.0M). Over the past eight quarters, AMERICAN STATES WATER CO's revenue compounded faster (10.2% CAGR vs 5.5%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
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.
AWR vs CMRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $89.5M |
| Net Profit | $28.7M | $-8.4M |
| Gross Margin | 88.9% | 78.3% |
| Operating Margin | 27.4% | -7.4% |
| Net Margin | 17.5% | -9.3% |
| Revenue YoY | 14.8% | 2.9% |
| Net Profit YoY | 1.1% | -250.0% |
| EPS (diluted) | $0.74 | $-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 | $164.3M | $89.5M | ||
| Q3 25 | $182.7M | $86.0M | ||
| Q2 25 | $163.1M | $84.4M | ||
| Q1 25 | $148.0M | $82.4M | ||
| Q4 24 | $143.1M | $87.0M | ||
| Q3 24 | $161.8M | $83.7M | ||
| Q2 24 | $155.3M | $81.8M | ||
| Q1 24 | $135.3M | $80.4M |
| Q4 25 | $28.7M | $-8.4M | ||
| Q3 25 | $41.2M | $-2.2M | ||
| Q2 25 | $33.7M | $-8.4M | ||
| Q1 25 | $26.8M | $-353.0K | ||
| Q4 24 | $28.4M | $-2.4M | ||
| Q3 24 | $35.8M | $-7.0M | ||
| Q2 24 | $31.9M | $-11.3M | ||
| Q1 24 | $23.1M | $-6.4M |
| Q4 25 | 88.9% | 78.3% | ||
| Q3 25 | 91.0% | 78.4% | ||
| Q2 25 | 92.1% | 79.0% | ||
| Q1 25 | 91.3% | 79.4% | ||
| Q4 24 | 92.4% | 77.6% | ||
| Q3 24 | 92.7% | 76.3% | ||
| Q2 24 | 89.6% | 75.8% | ||
| Q1 24 | 88.4% | 77.1% |
| Q4 25 | 27.4% | -7.4% | ||
| Q3 25 | 33.8% | -0.5% | ||
| Q2 25 | 31.3% | -8.0% | ||
| Q1 25 | 30.8% | -2.9% | ||
| Q4 24 | 27.0% | -0.9% | ||
| Q3 24 | 34.0% | -23.0% | ||
| Q2 24 | 33.3% | -16.5% | ||
| Q1 24 | 28.8% | -10.2% |
| Q4 25 | 17.5% | -9.3% | ||
| Q3 25 | 22.5% | -2.6% | ||
| Q2 25 | 20.7% | -9.9% | ||
| Q1 25 | 18.1% | -0.4% | ||
| Q4 24 | 19.9% | -2.7% | ||
| Q3 24 | 22.1% | -8.4% | ||
| Q2 24 | 20.5% | -13.8% | ||
| Q1 24 | 17.1% | -8.0% |
| Q4 25 | $0.74 | $-0.11 | ||
| Q3 25 | $1.06 | $-0.03 | ||
| Q2 25 | $0.87 | $-0.10 | ||
| Q1 25 | $0.70 | $0.00 | ||
| Q4 24 | $0.75 | $-0.03 | ||
| Q3 24 | $0.95 | $-0.09 | ||
| Q2 24 | $0.85 | $-0.15 | ||
| Q1 24 | $0.62 | $-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 | $18.8M | $141.1M |
| Total DebtLower is stronger | $782.7M | $157.0M |
| Stockholders' EquityBook value | $1.0B | $39.4M |
| Total Assets | $2.7B | $308.8M |
| Debt / EquityLower = less leverage | 0.75× | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $141.1M | ||
| Q3 25 | $26.1M | $142.0M | ||
| Q2 25 | $20.2M | $134.5M | ||
| Q1 25 | $21.2M | $120.7M | ||
| Q4 24 | $26.7M | $178.2M | ||
| Q3 24 | $16.5M | $168.4M | ||
| Q2 24 | $3.6M | $275.8M | ||
| Q1 24 | $17.0M | $265.2M |
| Q4 25 | $782.7M | $157.0M | ||
| Q3 25 | — | $157.3M | ||
| Q2 25 | — | $157.5M | ||
| Q1 25 | — | $157.8M | ||
| Q4 24 | $640.4M | $216.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $340.9M | ||
| Q1 24 | — | $340.5M |
| Q4 25 | $1.0B | $39.4M | ||
| Q3 25 | $1.0B | $42.8M | ||
| Q2 25 | $972.5M | $38.8M | ||
| Q1 25 | $956.4M | $38.1M | ||
| Q4 24 | $920.1M | $33.4M | ||
| Q3 24 | $879.5M | $29.0M | ||
| Q2 24 | $833.5M | $26.1M | ||
| Q1 24 | $800.5M | $26.9M |
| Q4 25 | $2.7B | $308.8M | ||
| Q3 25 | $2.7B | $309.5M | ||
| Q2 25 | $2.6B | $302.5M | ||
| Q1 25 | $2.5B | $286.3M | ||
| Q4 24 | $2.5B | $340.3M | ||
| Q3 24 | $2.4B | $335.1M | ||
| Q2 24 | $2.3B | $452.5M | ||
| Q1 24 | $2.3B | $442.5M |
| Q4 25 | 0.75× | 3.99× | ||
| Q3 25 | — | 3.67× | ||
| Q2 25 | — | 4.06× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | 0.70× | 6.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 13.06× | ||
| Q1 24 | — | 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 | $27.7M | $980.0K |
| Free Cash FlowOCF − Capex | $-36.0M | $-2.2M |
| FCF MarginFCF / Revenue | -21.9% | -2.4% |
| Capex IntensityCapex / Revenue | 38.8% | 3.5% |
| Cash ConversionOCF / Net Profit | 0.96× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $980.0K | ||
| Q3 25 | $92.4M | $10.6M | ||
| Q2 25 | $64.6M | $13.6M | ||
| Q1 25 | $45.1M | $401.0K | ||
| Q4 24 | $64.5M | $12.4M | ||
| Q3 24 | $63.7M | $5.6M | ||
| Q2 24 | $24.7M | $11.7M | ||
| Q1 24 | $45.8M | $-3.4M |
| Q4 25 | $-36.0M | $-2.2M | ||
| Q3 25 | $37.7M | $7.6M | ||
| Q2 25 | $13.7M | $11.9M | ||
| Q1 25 | $-22.5M | $-424.0K | ||
| Q4 24 | $6.0M | $11.6M | ||
| Q3 24 | $-478.0K | $4.5M | ||
| Q2 24 | $-37.0M | $10.7M | ||
| Q1 24 | $-1.7M | $-4.2M |
| Q4 25 | -21.9% | -2.4% | ||
| Q3 25 | 20.7% | 8.8% | ||
| Q2 25 | 8.4% | 14.1% | ||
| Q1 25 | -15.2% | -0.5% | ||
| Q4 24 | 4.2% | 13.3% | ||
| Q3 24 | -0.3% | 5.4% | ||
| Q2 24 | -23.8% | 13.0% | ||
| Q1 24 | -1.3% | -5.3% |
| Q4 25 | 38.8% | 3.5% | ||
| Q3 25 | 29.9% | 3.4% | ||
| Q2 25 | 31.2% | 2.0% | ||
| Q1 25 | 45.6% | 1.0% | ||
| Q4 24 | 40.9% | 0.9% | ||
| Q3 24 | 39.7% | 1.3% | ||
| Q2 24 | 39.8% | 1.3% | ||
| Q1 24 | 35.2% | 1.0% |
| Q4 25 | 0.96× | — | ||
| Q3 25 | 2.24× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | — | ||
| Q1 24 | 1.98× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
