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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) 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 $83.5M, roughly 1.1× BillionToOne, Inc.). BillionToOne, Inc. runs the higher net margin — 6.8% vs -9.3%, a 16.2% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs 2.9%). BillionToOne, Inc. produced more free cash flow last quarter ($6.5M vs $-2.2M).
BillionToOne, Inc. is a life sciences and molecular diagnostics firm developing high-precision genetic testing solutions. Its core offerings include non-invasive prenatal tests, oncology diagnostics, and rare disease screening, serving clinical providers and patients mainly in North America.
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.
BLLN vs CMRC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $89.5M |
| Net Profit | $5.7M | $-8.4M |
| Gross Margin | 69.9% | 78.3% |
| Operating Margin | 11.5% | -7.4% |
| Net Margin | 6.8% | -9.3% |
| Revenue YoY | 117.4% | 2.9% |
| Net Profit YoY | 138.3% | -250.0% |
| EPS (diluted) | $0.10 | $-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 | — | $89.5M | ||
| Q3 25 | $83.5M | $86.0M | ||
| Q2 25 | — | $84.4M | ||
| Q1 25 | — | $82.4M | ||
| Q4 24 | — | $87.0M | ||
| Q3 24 | $38.4M | $83.7M | ||
| Q2 24 | — | $81.8M | ||
| Q1 24 | — | $80.4M |
| Q4 25 | — | $-8.4M | ||
| Q3 25 | $5.7M | $-2.2M | ||
| Q2 25 | — | $-8.4M | ||
| Q1 25 | — | $-353.0K | ||
| Q4 24 | — | $-2.4M | ||
| Q3 24 | $-14.9M | $-7.0M | ||
| Q2 24 | — | $-11.3M | ||
| Q1 24 | — | $-6.4M |
| Q4 25 | — | 78.3% | ||
| Q3 25 | 69.9% | 78.4% | ||
| Q2 25 | — | 79.0% | ||
| Q1 25 | — | 79.4% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | 52.6% | 76.3% | ||
| Q2 24 | — | 75.8% | ||
| Q1 24 | — | 77.1% |
| Q4 25 | — | -7.4% | ||
| Q3 25 | 11.5% | -0.5% | ||
| Q2 25 | — | -8.0% | ||
| Q1 25 | — | -2.9% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | -32.9% | -23.0% | ||
| Q2 24 | — | -16.5% | ||
| Q1 24 | — | -10.2% |
| Q4 25 | — | -9.3% | ||
| Q3 25 | 6.8% | -2.6% | ||
| Q2 25 | — | -9.9% | ||
| Q1 25 | — | -0.4% | ||
| Q4 24 | — | -2.7% | ||
| Q3 24 | -38.8% | -8.4% | ||
| Q2 24 | — | -13.8% | ||
| Q1 24 | — | -8.0% |
| Q4 25 | — | $-0.11 | ||
| Q3 25 | $0.10 | $-0.03 | ||
| Q2 25 | — | $-0.10 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $-0.03 | ||
| Q3 24 | $-1.47 | $-0.09 | ||
| Q2 24 | — | $-0.15 | ||
| Q1 24 | — | $-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 | $195.2M | $141.1M |
| Total DebtLower is stronger | $55.0M | $157.0M |
| Stockholders' EquityBook value | $-239.5M | $39.4M |
| Total Assets | $327.5M | $308.8M |
| Debt / EquityLower = less leverage | — | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $141.1M | ||
| Q3 25 | $195.2M | $142.0M | ||
| Q2 25 | — | $134.5M | ||
| Q1 25 | — | $120.7M | ||
| Q4 24 | — | $178.2M | ||
| Q3 24 | — | $168.4M | ||
| Q2 24 | — | $275.8M | ||
| Q1 24 | — | $265.2M |
| Q4 25 | — | $157.0M | ||
| Q3 25 | $55.0M | $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 | — | $39.4M | ||
| Q3 25 | $-239.5M | $42.8M | ||
| Q2 25 | — | $38.8M | ||
| Q1 25 | — | $38.1M | ||
| Q4 24 | — | $33.4M | ||
| Q3 24 | $-242.9M | $29.0M | ||
| Q2 24 | — | $26.1M | ||
| Q1 24 | — | $26.9M |
| Q4 25 | — | $308.8M | ||
| Q3 25 | $327.5M | $309.5M | ||
| Q2 25 | — | $302.5M | ||
| Q1 25 | — | $286.3M | ||
| Q4 24 | — | $340.3M | ||
| Q3 24 | — | $335.1M | ||
| Q2 24 | — | $452.5M | ||
| Q1 24 | — | $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 | $13.8M | $980.0K |
| Free Cash FlowOCF − Capex | $6.5M | $-2.2M |
| FCF MarginFCF / Revenue | 7.7% | -2.4% |
| Capex IntensityCapex / Revenue | 8.8% | 3.5% |
| Cash ConversionOCF / Net Profit | 2.42× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $980.0K | ||
| Q3 25 | $13.8M | $10.6M | ||
| Q2 25 | — | $13.6M | ||
| Q1 25 | — | $401.0K | ||
| Q4 24 | — | $12.4M | ||
| Q3 24 | — | $5.6M | ||
| Q2 24 | — | $11.7M | ||
| Q1 24 | — | $-3.4M |
| Q4 25 | — | $-2.2M | ||
| Q3 25 | $6.5M | $7.6M | ||
| Q2 25 | — | $11.9M | ||
| Q1 25 | — | $-424.0K | ||
| Q4 24 | — | $11.6M | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | — | $10.7M | ||
| Q1 24 | — | $-4.2M |
| Q4 25 | — | -2.4% | ||
| Q3 25 | 7.7% | 8.8% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | -0.5% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | -5.3% |
| Q4 25 | — | 3.5% | ||
| Q3 25 | 8.8% | 3.4% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | 2.42× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLLN
| Prenatal | $74.1M | 89% |
| Oncology | $8.7M | 10% |
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
