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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) 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 $121.4M, roughly 1.6× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs 13.4%, a 24.8% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 11.7%). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 7.1%).
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
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.
BNL vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $192.7M |
| Net Profit | $46.4M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 52.2% | 18.0% |
| Net Margin | 38.2% | 13.4% |
| Revenue YoY | 11.7% | 12.7% |
| Net Profit YoY | — | 47.2% |
| EPS (diluted) | $0.24 | $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 | $121.4M | — | ||
| Q4 25 | $118.3M | $192.7M | ||
| Q3 25 | $114.2M | $189.9M | ||
| Q2 25 | $113.0M | $187.4M | ||
| Q1 25 | $108.7M | $181.5M | ||
| Q4 24 | $112.1M | $170.9M | ||
| Q3 24 | $108.4M | $163.7M | ||
| Q2 24 | $105.9M | $153.6M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $25.8M | ||
| Q3 25 | $26.5M | $25.6M | ||
| Q2 25 | $20.2M | $19.7M | ||
| Q1 25 | $16.7M | $22.2M | ||
| Q4 24 | $26.4M | $17.6M | ||
| Q3 24 | $35.6M | $23.5M | ||
| Q2 24 | $35.3M | $18.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | 18.0% | ||
| Q3 25 | — | 16.4% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 15.1% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | 13.4% | ||
| Q3 25 | 23.2% | 13.5% | ||
| Q2 25 | 17.8% | 10.5% | ||
| Q1 25 | 15.4% | 12.2% | ||
| Q4 24 | 23.5% | 10.3% | ||
| Q3 24 | 32.8% | 14.3% | ||
| Q2 24 | 33.4% | 11.7% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $0.69 | ||
| Q3 25 | $0.14 | $0.67 | ||
| Q2 25 | $0.10 | $0.52 | ||
| Q1 25 | $0.09 | $0.58 | ||
| Q4 24 | $0.13 | $0.46 | ||
| Q3 24 | $0.19 | $0.62 | ||
| Q2 24 | $0.19 | $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 | $20.3M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $973.9M |
| Total Assets | $5.8B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $151.4M | ||
| Q3 25 | $82.0M | $133.7M | ||
| Q2 25 | $20.8M | $107.6M | ||
| Q1 25 | $9.6M | $94.9M | ||
| Q4 24 | $14.8M | $241.0M | ||
| Q3 24 | $9.0M | $205.8M | ||
| Q2 24 | $18.3M | $271.8M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $973.9M | ||
| Q3 25 | $2.9B | $958.9M | ||
| Q2 25 | $2.9B | $949.8M | ||
| Q1 25 | $2.9B | $920.9M | ||
| Q4 24 | $3.0B | $854.7M | ||
| Q3 24 | $3.0B | $829.4M | ||
| Q2 24 | $3.1B | $703.4M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $1.2B | ||
| Q3 25 | $5.5B | $1.2B | ||
| Q2 25 | $5.3B | $1.1B | ||
| Q1 25 | $5.2B | $1.1B | ||
| Q4 24 | $5.2B | $1.0B | ||
| Q3 24 | $5.3B | $1.0B | ||
| Q2 24 | $5.3B | $854.5M |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.62× | — |
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 | — | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $45.9M | ||
| Q3 25 | $64.2M | $60.6M | ||
| Q2 25 | $79.3M | $32.3M | ||
| Q1 25 | $71.5M | $40.0M | ||
| Q4 24 | $276.3M | $40.6M | ||
| Q3 24 | $67.3M | $53.3M | ||
| Q2 24 | $74.2M | $29.4M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $38.2M | ||
| Q3 25 | $58.0M | $54.6M | ||
| Q2 25 | $76.7M | $25.7M | ||
| Q1 25 | $57.1M | $33.8M | ||
| Q4 24 | $259.5M | $34.3M | ||
| Q3 24 | $60.3M | $48.1M | ||
| Q2 24 | $74.0M | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | 19.8% | ||
| Q3 25 | 50.8% | 28.7% | ||
| Q2 25 | 67.9% | 13.7% | ||
| Q1 25 | 52.5% | 18.6% | ||
| Q4 24 | 231.4% | 20.1% | ||
| Q3 24 | 55.6% | 29.4% | ||
| Q2 24 | 69.9% | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | 4.0% | ||
| Q3 25 | 5.4% | 3.2% | ||
| Q2 25 | 2.3% | 3.6% | ||
| Q1 25 | 13.2% | 3.4% | ||
| Q4 24 | 15.0% | 3.6% | ||
| Q3 24 | 6.5% | 3.2% | ||
| Q2 24 | 0.2% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | 1.78× | ||
| Q3 25 | 2.43× | 2.37× | ||
| Q2 25 | 3.93× | 1.64× | ||
| Q1 25 | 4.27× | 1.80× | ||
| Q4 24 | 10.47× | 2.31× | ||
| Q3 24 | 1.89× | 2.27× | ||
| Q2 24 | 2.10× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
