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Side-by-side financial comparison of Bank First Corp (BFC) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $44.9M, roughly 2.0× Bank First Corp). Bank First Corp runs the higher net margin — 45.8% vs -9.3%, a 55.1% gap on every dollar of revenue. On growth, Bank First Corp posted the faster year-over-year revenue change (12.1% vs 2.9%). Bank First Corp produced more free cash flow last quarter ($51.0M vs $-2.2M). Over the past eight quarters, Bank First Corp's revenue compounded faster (9.1% CAGR vs 5.5%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
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.
BFC vs CMRC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $89.5M |
| Net Profit | $18.4M | $-8.4M |
| Gross Margin | — | 78.3% |
| Operating Margin | 51.0% | -7.4% |
| Net Margin | 45.8% | -9.3% |
| Revenue YoY | 12.1% | 2.9% |
| Net Profit YoY | 4.8% | -250.0% |
| EPS (diluted) | $1.87 | $-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 | $44.9M | $89.5M | ||
| Q3 25 | $44.2M | $86.0M | ||
| Q2 25 | $41.6M | $84.4M | ||
| Q1 25 | $43.1M | $82.4M | ||
| Q4 24 | $40.1M | $87.0M | ||
| Q3 24 | $40.8M | $83.7M | ||
| Q2 24 | $38.9M | $81.8M | ||
| Q1 24 | $37.7M | $80.4M |
| Q4 25 | $18.4M | $-8.4M | ||
| Q3 25 | $18.0M | $-2.2M | ||
| Q2 25 | $16.9M | $-8.4M | ||
| Q1 25 | $18.2M | $-353.0K | ||
| Q4 24 | $17.5M | $-2.4M | ||
| Q3 24 | $16.6M | $-7.0M | ||
| Q2 24 | $16.1M | $-11.3M | ||
| Q1 24 | $15.4M | $-6.4M |
| Q4 25 | — | 78.3% | ||
| Q3 25 | — | 78.4% | ||
| Q2 25 | — | 79.0% | ||
| Q1 25 | — | 79.4% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 76.3% | ||
| Q2 24 | — | 75.8% | ||
| Q1 24 | — | 77.1% |
| Q4 25 | 51.0% | -7.4% | ||
| Q3 25 | 50.8% | -0.5% | ||
| Q2 25 | 49.7% | -8.0% | ||
| Q1 25 | 51.3% | -2.9% | ||
| Q4 24 | 54.4% | -0.9% | ||
| Q3 24 | 50.7% | -23.0% | ||
| Q2 24 | 51.0% | -16.5% | ||
| Q1 24 | 45.6% | -10.2% |
| Q4 25 | 45.8% | -9.3% | ||
| Q3 25 | 40.7% | -2.6% | ||
| Q2 25 | 40.5% | -9.9% | ||
| Q1 25 | 42.3% | -0.4% | ||
| Q4 24 | 49.3% | -2.7% | ||
| Q3 24 | 40.6% | -8.4% | ||
| Q2 24 | 41.3% | -13.8% | ||
| Q1 24 | 40.8% | -8.0% |
| Q4 25 | $1.87 | $-0.11 | ||
| Q3 25 | $1.83 | $-0.03 | ||
| Q2 25 | $1.71 | $-0.10 | ||
| Q1 25 | $1.82 | $0.00 | ||
| Q4 24 | $1.75 | $-0.03 | ||
| Q3 24 | $1.65 | $-0.09 | ||
| Q2 24 | $1.59 | $-0.15 | ||
| Q1 24 | $1.51 | $-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 | $243.2M | $141.1M |
| Total DebtLower is stronger | — | $157.0M |
| Stockholders' EquityBook value | $643.8M | $39.4M |
| Total Assets | $4.5B | $308.8M |
| Debt / EquityLower = less leverage | — | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $243.2M | $141.1M | ||
| Q3 25 | $126.2M | $142.0M | ||
| Q2 25 | $120.3M | $134.5M | ||
| Q1 25 | $300.9M | $120.7M | ||
| Q4 24 | $261.3M | $178.2M | ||
| Q3 24 | $204.4M | $168.4M | ||
| Q2 24 | $99.0M | $275.8M | ||
| Q1 24 | $83.4M | $265.2M |
| Q4 25 | — | $157.0M | ||
| Q3 25 | — | $157.3M | ||
| Q2 25 | — | $157.5M | ||
| Q1 25 | — | $157.8M | ||
| Q4 24 | — | $216.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $340.9M | ||
| Q1 24 | — | $340.5M |
| Q4 25 | $643.8M | $39.4M | ||
| Q3 25 | $628.1M | $42.8M | ||
| Q2 25 | $612.3M | $38.8M | ||
| Q1 25 | $648.4M | $38.1M | ||
| Q4 24 | $639.7M | $33.4M | ||
| Q3 24 | $628.9M | $29.0M | ||
| Q2 24 | $614.6M | $26.1M | ||
| Q1 24 | $609.3M | $26.9M |
| Q4 25 | $4.5B | $308.8M | ||
| Q3 25 | $4.4B | $309.5M | ||
| Q2 25 | $4.4B | $302.5M | ||
| Q1 25 | $4.5B | $286.3M | ||
| Q4 24 | $4.5B | $340.3M | ||
| Q3 24 | $4.3B | $335.1M | ||
| Q2 24 | $4.1B | $452.5M | ||
| Q1 24 | $4.1B | $442.5M |
| Q4 25 | — | 3.99× | ||
| Q3 25 | — | 3.67× | ||
| Q2 25 | — | 4.06× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | — | 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 | $62.5M | $980.0K |
| Free Cash FlowOCF − Capex | $51.0M | $-2.2M |
| FCF MarginFCF / Revenue | 113.6% | -2.4% |
| Capex IntensityCapex / Revenue | 25.5% | 3.5% |
| Cash ConversionOCF / Net Profit | 3.40× | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.8M | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $62.5M | $980.0K | ||
| Q3 25 | $15.5M | $10.6M | ||
| Q2 25 | $11.9M | $13.6M | ||
| Q1 25 | $6.2M | $401.0K | ||
| Q4 24 | $65.8M | $12.4M | ||
| Q3 24 | $18.8M | $5.6M | ||
| Q2 24 | $14.9M | $11.7M | ||
| Q1 24 | $1.3M | $-3.4M |
| Q4 25 | $51.0M | $-2.2M | ||
| Q3 25 | $12.5M | $7.6M | ||
| Q2 25 | $8.2M | $11.9M | ||
| Q1 25 | $4.0M | $-424.0K | ||
| Q4 24 | $58.6M | $11.6M | ||
| Q3 24 | $16.9M | $4.5M | ||
| Q2 24 | $13.7M | $10.7M | ||
| Q1 24 | $551.0K | $-4.2M |
| Q4 25 | 113.6% | -2.4% | ||
| Q3 25 | 28.2% | 8.8% | ||
| Q2 25 | 19.8% | 14.1% | ||
| Q1 25 | 9.3% | -0.5% | ||
| Q4 24 | 146.3% | 13.3% | ||
| Q3 24 | 41.5% | 5.4% | ||
| Q2 24 | 35.3% | 13.0% | ||
| Q1 24 | 1.5% | -5.3% |
| Q4 25 | 25.5% | 3.5% | ||
| Q3 25 | 6.7% | 3.4% | ||
| Q2 25 | 8.7% | 2.0% | ||
| Q1 25 | 5.0% | 1.0% | ||
| Q4 24 | 18.0% | 0.9% | ||
| Q3 24 | 4.5% | 1.3% | ||
| Q2 24 | 3.1% | 1.3% | ||
| Q1 24 | 2.1% | 1.0% |
| Q4 25 | 3.40× | — | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.70× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 3.75× | — | ||
| Q3 24 | 1.13× | — | ||
| Q2 24 | 0.93× | — | ||
| Q1 24 | 0.09× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFC
Segment breakdown not available.
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
