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Side-by-side financial comparison of BALCHEM CORP (BCPC) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
BALCHEM CORP is the larger business by last-quarter revenue ($270.7M vs $192.7M, roughly 1.4× SPS COMMERCE INC). BALCHEM CORP runs the higher net margin — 14.9% vs 13.4%, a 1.5% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 8.1%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $33.8M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 7.5%).
Balchem Corp is a global specialty chemicals and nutritional ingredients provider that develops, manufactures and distributes application-specific products for human nutrition, animal health, pharmaceutical and industrial end markets, serving customers across North America, Europe and Asia Pacific.
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.
BCPC vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.7M | $192.7M |
| Net Profit | $40.3M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 20.5% | 18.0% |
| Net Margin | 14.9% | 13.4% |
| Revenue YoY | 8.1% | 12.7% |
| Net Profit YoY | 8.7% | 47.2% |
| EPS (diluted) | $1.25 | $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.
| Q1 26 | $270.7M | — | ||
| Q4 25 | $263.6M | $192.7M | ||
| Q3 25 | $267.6M | $189.9M | ||
| Q2 25 | $255.5M | $187.4M | ||
| Q1 25 | $250.5M | $181.5M | ||
| Q4 24 | $240.0M | $170.9M | ||
| Q3 24 | $239.9M | $163.7M | ||
| Q2 24 | $234.1M | $153.6M |
| Q1 26 | $40.3M | — | ||
| Q4 25 | $39.2M | $25.8M | ||
| Q3 25 | $40.3M | $25.6M | ||
| Q2 25 | $38.3M | $19.7M | ||
| Q1 25 | $37.1M | $22.2M | ||
| Q4 24 | $33.6M | $17.6M | ||
| Q3 24 | $33.8M | $23.5M | ||
| Q2 24 | $32.1M | $18.0M |
| Q1 26 | — | — | ||
| Q4 25 | 35.6% | 70.4% | ||
| Q3 25 | 35.7% | 69.5% | ||
| Q2 25 | 36.4% | 68.1% | ||
| Q1 25 | 35.2% | 68.7% | ||
| Q4 24 | 36.0% | 67.5% | ||
| Q3 24 | 35.6% | 68.5% | ||
| Q2 24 | 35.5% | 66.1% |
| Q1 26 | 20.5% | — | ||
| Q4 25 | 19.8% | 18.0% | ||
| Q3 25 | 20.4% | 16.4% | ||
| Q2 25 | 20.1% | 14.1% | ||
| Q1 25 | 20.4% | 14.3% | ||
| Q4 24 | 19.8% | 14.5% | ||
| Q3 24 | 20.0% | 15.6% | ||
| Q2 24 | 19.6% | 15.1% |
| Q1 26 | 14.9% | — | ||
| Q4 25 | 14.9% | 13.4% | ||
| Q3 25 | 15.1% | 13.5% | ||
| Q2 25 | 15.0% | 10.5% | ||
| Q1 25 | 14.8% | 12.2% | ||
| Q4 24 | 14.0% | 10.3% | ||
| Q3 24 | 14.1% | 14.3% | ||
| Q2 24 | 13.7% | 11.7% |
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.21 | $0.69 | ||
| Q3 25 | $1.24 | $0.67 | ||
| Q2 25 | $1.17 | $0.52 | ||
| Q1 25 | $1.13 | $0.58 | ||
| Q4 24 | $1.03 | $0.46 | ||
| Q3 24 | $1.03 | $0.62 | ||
| Q2 24 | $0.98 | $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 | $72.9M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.3B | $973.9M |
| Total Assets | $1.7B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $72.9M | — | ||
| Q4 25 | $74.6M | $151.4M | ||
| Q3 25 | $65.1M | $133.7M | ||
| Q2 25 | $65.4M | $107.6M | ||
| Q1 25 | $49.9M | $94.9M | ||
| Q4 24 | $49.5M | $241.0M | ||
| Q3 24 | $73.7M | $205.8M | ||
| Q2 24 | $63.7M | $271.8M |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $973.9M | ||
| Q3 25 | $1.3B | $958.9M | ||
| Q2 25 | $1.3B | $949.8M | ||
| Q1 25 | $1.2B | $920.9M | ||
| Q4 24 | $1.1B | $854.7M | ||
| Q3 24 | $1.2B | $829.4M | ||
| Q2 24 | $1.1B | $703.4M |
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.7B | $1.1B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $1.6B | $1.0B | ||
| Q3 24 | $1.6B | $1.0B | ||
| Q2 24 | $1.6B | $854.5M |
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 | $40.1M | $45.9M |
| Free Cash FlowOCF − Capex | $33.8M | $38.2M |
| FCF MarginFCF / Revenue | 12.5% | 19.8% |
| Capex IntensityCapex / Revenue | 2.3% | 4.0% |
| Cash ConversionOCF / Net Profit | 0.99× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $40.1M | — | ||
| Q4 25 | $67.3M | $45.9M | ||
| Q3 25 | $65.6M | $60.6M | ||
| Q2 25 | $47.3M | $32.3M | ||
| Q1 25 | $36.5M | $40.0M | ||
| Q4 24 | $52.3M | $40.6M | ||
| Q3 24 | $51.3M | $53.3M | ||
| Q2 24 | $45.0M | $29.4M |
| Q1 26 | $33.8M | — | ||
| Q4 25 | — | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $24.4M |
| Q1 26 | 12.5% | — | ||
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 15.9% |
| Q1 26 | 2.3% | — | ||
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 3.3% |
| Q1 26 | 0.99× | — | ||
| Q4 25 | 1.72× | 1.78× | ||
| Q3 25 | 1.63× | 2.37× | ||
| Q2 25 | 1.23× | 1.64× | ||
| Q1 25 | 0.98× | 1.80× | ||
| Q4 24 | 1.56× | 2.31× | ||
| Q3 24 | 1.52× | 2.27× | ||
| Q2 24 | 1.40× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BCPC
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
