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Side-by-side financial comparison of COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
COGENT COMMUNICATIONS HOLDINGS, INC. is the larger business by last-quarter revenue ($240.5M vs $192.7M, roughly 1.2× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -12.8%, a 26.2% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -4.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-43.0M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -4.9%).
Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States. Cogent's primary services consist of Internet access and data transport, offered on a fiber optic, IP data-only network, along with colocation in data centers.
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.
CCOI vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $240.5M | $192.7M |
| Net Profit | $-30.8M | $25.8M |
| Gross Margin | 46.6% | 70.4% |
| Operating Margin | -4.7% | 18.0% |
| Net Margin | -12.8% | 13.4% |
| Revenue YoY | -4.7% | 12.7% |
| Net Profit YoY | 28.9% | 47.2% |
| EPS (diluted) | $-0.63 | $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.
| Q4 25 | $240.5M | $192.7M | ||
| Q3 25 | $241.9M | $189.9M | ||
| Q2 25 | $246.2M | $187.4M | ||
| Q1 25 | $247.0M | $181.5M | ||
| Q4 24 | $252.3M | $170.9M | ||
| Q3 24 | $257.2M | $163.7M | ||
| Q2 24 | $260.4M | $153.6M | ||
| Q1 24 | $266.2M | $149.6M |
| Q4 25 | $-30.8M | $25.8M | ||
| Q3 25 | $-41.5M | $25.6M | ||
| Q2 25 | $-57.8M | $19.7M | ||
| Q1 25 | $-52.0M | $22.2M | ||
| Q4 24 | $-43.3M | $17.6M | ||
| Q3 24 | $-63.1M | $23.5M | ||
| Q2 24 | $-32.3M | $18.0M | ||
| Q1 24 | $-65.3M | $18.0M |
| Q4 25 | 46.6% | 70.4% | ||
| Q3 25 | 45.6% | 69.5% | ||
| Q2 25 | 44.2% | 68.1% | ||
| Q1 25 | 44.4% | 68.7% | ||
| Q4 24 | 38.5% | 67.5% | ||
| Q3 24 | 37.2% | 68.5% | ||
| Q2 24 | 40.0% | 66.1% | ||
| Q1 24 | 36.5% | 65.6% |
| Q4 25 | -4.7% | 18.0% | ||
| Q3 25 | -7.5% | 16.4% | ||
| Q2 25 | -12.8% | 14.1% | ||
| Q1 25 | -16.3% | 14.3% | ||
| Q4 24 | -13.2% | 14.5% | ||
| Q3 24 | -22.5% | 15.6% | ||
| Q2 24 | -18.1% | 15.1% | ||
| Q1 24 | -22.3% | 10.3% |
| Q4 25 | -12.8% | 13.4% | ||
| Q3 25 | -17.2% | 13.5% | ||
| Q2 25 | -23.5% | 10.5% | ||
| Q1 25 | -21.1% | 12.2% | ||
| Q4 24 | -17.2% | 10.3% | ||
| Q3 24 | -24.5% | 14.3% | ||
| Q2 24 | -12.4% | 11.7% | ||
| Q1 24 | -24.5% | 12.0% |
| Q4 25 | $-0.63 | $0.69 | ||
| Q3 25 | $-0.87 | $0.67 | ||
| Q2 25 | $-1.21 | $0.52 | ||
| Q1 25 | $-1.09 | $0.58 | ||
| Q4 24 | $-0.89 | $0.46 | ||
| Q3 24 | $-1.33 | $0.62 | ||
| Q2 24 | $-0.68 | $0.48 | ||
| Q1 24 | $-1.38 | $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 | $148.5M | $151.4M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $-63.8M | $973.9M |
| Total Assets | $3.1B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $148.5M | $151.4M | ||
| Q3 25 | $147.1M | $133.7M | ||
| Q2 25 | $213.7M | $107.6M | ||
| Q1 25 | $153.8M | $94.9M | ||
| Q4 24 | $198.5M | $241.0M | ||
| Q3 24 | $279.2M | $205.8M | ||
| Q2 24 | $384.4M | $271.8M | ||
| Q1 24 | $118.4M | $290.8M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-63.8M | $973.9M | ||
| Q3 25 | $-39.2M | $958.9M | ||
| Q2 25 | $46.7M | $949.8M | ||
| Q1 25 | $142.8M | $920.9M | ||
| Q4 24 | $222.8M | $854.7M | ||
| Q3 24 | $323.6M | $829.4M | ||
| Q2 24 | $415.5M | $703.4M | ||
| Q1 24 | $500.6M | $683.0M |
| Q4 25 | $3.1B | $1.2B | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $3.3B | $1.1B | ||
| Q1 25 | $3.1B | $1.1B | ||
| Q4 24 | $3.2B | $1.0B | ||
| Q3 24 | $3.2B | $1.0B | ||
| Q2 24 | $3.3B | $854.5M | ||
| Q1 24 | $3.1B | $839.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.53× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-6.0M | $45.9M |
| Free Cash FlowOCF − Capex | $-43.0M | $38.2M |
| FCF MarginFCF / Revenue | -17.9% | 19.8% |
| Capex IntensityCapex / Revenue | 15.4% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-198.1M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $45.9M | ||
| Q3 25 | $3.1M | $60.6M | ||
| Q2 25 | $-44.0M | $32.3M | ||
| Q1 25 | $36.4M | $40.0M | ||
| Q4 24 | $14.5M | $40.6M | ||
| Q3 24 | $-20.2M | $53.3M | ||
| Q2 24 | $-22.2M | $29.4M | ||
| Q1 24 | $19.2M | $34.1M |
| Q4 25 | $-43.0M | $38.2M | ||
| Q3 25 | $-33.1M | $54.6M | ||
| Q2 25 | $-100.2M | $25.7M | ||
| Q1 25 | $-21.7M | $33.8M | ||
| Q4 24 | $-31.6M | $34.3M | ||
| Q3 24 | $-79.5M | $48.1M | ||
| Q2 24 | $-70.9M | $24.4M | ||
| Q1 24 | $-21.7M | $30.5M |
| Q4 25 | -17.9% | 19.8% | ||
| Q3 25 | -13.7% | 28.7% | ||
| Q2 25 | -40.7% | 13.7% | ||
| Q1 25 | -8.8% | 18.6% | ||
| Q4 24 | -12.5% | 20.1% | ||
| Q3 24 | -30.9% | 29.4% | ||
| Q2 24 | -27.2% | 15.9% | ||
| Q1 24 | -8.1% | 20.4% |
| Q4 25 | 15.4% | 4.0% | ||
| Q3 25 | 15.0% | 3.2% | ||
| Q2 25 | 22.8% | 3.6% | ||
| Q1 25 | 23.5% | 3.4% | ||
| Q4 24 | 18.3% | 3.6% | ||
| Q3 24 | 23.0% | 3.2% | ||
| Q2 24 | 18.7% | 3.3% | ||
| Q1 24 | 15.4% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CCOI
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
