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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and DocGo Inc. (DCGO). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $74.9M, roughly 1.2× DocGo Inc.). Commerce.com, Inc. runs the higher net margin — -9.3% vs -190.0%, a 180.6% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs -38.0%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-12.0M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs -37.5%).
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.
DocGo Inc. is a U.S.-headquartered mobile healthcare and on-demand medical service provider. It offers a range of solutions including in-home urgent care, diagnostic testing, telehealth consultations, and corporate wellness programs, serving individual patients, health systems, enterprise clients, and public sector organizations across North America.
CMRC vs DCGO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $74.9M |
| Net Profit | $-8.4M | $-142.3M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | -139.6% |
| Net Margin | -9.3% | -190.0% |
| Revenue YoY | 2.9% | -38.0% |
| Net Profit YoY | -250.0% | -1761.4% |
| EPS (diluted) | $-0.11 | $-1.36 |
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 | $74.9M | ||
| Q3 25 | $86.0M | $70.8M | ||
| Q2 25 | $84.4M | $80.4M | ||
| Q1 25 | $82.4M | $96.0M | ||
| Q4 24 | $87.0M | $120.8M | ||
| Q3 24 | $83.7M | $138.7M | ||
| Q2 24 | $81.8M | $164.9M | ||
| Q1 24 | $80.4M | $192.1M |
| Q4 25 | $-8.4M | $-142.3M | ||
| Q3 25 | $-2.2M | $-27.8M | ||
| Q2 25 | $-8.4M | $-11.2M | ||
| Q1 25 | $-353.0K | $-9.4M | ||
| Q4 24 | $-2.4M | $-7.6M | ||
| Q3 24 | $-7.0M | $5.5M | ||
| Q2 24 | $-11.3M | $6.5M | ||
| Q1 24 | $-6.4M | $11.2M |
| 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 | -7.4% | -139.6% | ||
| Q3 25 | -0.5% | -59.3% | ||
| Q2 25 | -8.0% | -21.7% | ||
| Q1 25 | -2.9% | -14.6% | ||
| Q4 24 | -0.9% | -6.2% | ||
| Q3 24 | -23.0% | 7.3% | ||
| Q2 24 | -16.5% | 6.2% | ||
| Q1 24 | -10.2% | 8.3% |
| Q4 25 | -9.3% | -190.0% | ||
| Q3 25 | -2.6% | -39.2% | ||
| Q2 25 | -9.9% | -13.9% | ||
| Q1 25 | -0.4% | -9.8% | ||
| Q4 24 | -2.7% | -6.3% | ||
| Q3 24 | -8.4% | 4.0% | ||
| Q2 24 | -13.8% | 4.0% | ||
| Q1 24 | -8.0% | 5.8% |
| Q4 25 | $-0.11 | $-1.36 | ||
| Q3 25 | $-0.03 | $-0.28 | ||
| Q2 25 | $-0.10 | $-0.11 | ||
| Q1 25 | $0.00 | $-0.09 | ||
| Q4 24 | $-0.03 | $-0.03 | ||
| Q3 24 | $-0.09 | $0.05 | ||
| Q2 24 | $-0.15 | $0.06 | ||
| Q1 24 | $-0.08 | $0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $141.1M | $51.0M |
| Total DebtLower is stronger | $157.0M | $235.6K |
| Stockholders' EquityBook value | $39.4M | $144.0M |
| Total Assets | $308.8M | $217.1M |
| Debt / EquityLower = less leverage | 3.99× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $51.0M | ||
| Q3 25 | $142.0M | $73.4M | ||
| Q2 25 | $134.5M | $104.2M | ||
| Q1 25 | $120.7M | $79.0M | ||
| Q4 24 | $178.2M | $89.2M | ||
| Q3 24 | $168.4M | $89.5M | ||
| Q2 24 | $275.8M | $66.1M | ||
| Q1 24 | $265.2M | $41.2M |
| Q4 25 | $157.0M | $235.6K | ||
| Q3 25 | $157.3M | $249.9K | ||
| Q2 25 | $157.5M | $12.6K | ||
| Q1 25 | $157.8M | $15.1K | ||
| Q4 24 | $216.5M | $17.7K | ||
| Q3 24 | — | $47.7K | ||
| Q2 24 | $340.9M | $52.8K | ||
| Q1 24 | $340.5M | $60.1K |
| Q4 25 | $39.4M | $144.0M | ||
| Q3 25 | $42.8M | $270.5M | ||
| Q2 25 | $38.8M | $297.3M | ||
| Q1 25 | $38.1M | $309.3M | ||
| Q4 24 | $33.4M | $320.9M | ||
| Q3 24 | $29.0M | $325.2M | ||
| Q2 24 | $26.1M | $315.2M | ||
| Q1 24 | $26.9M | $311.3M |
| Q4 25 | $308.8M | $217.1M | ||
| Q3 25 | $309.5M | $353.8M | ||
| Q2 25 | $302.5M | $408.3M | ||
| Q1 25 | $286.3M | $430.8M | ||
| Q4 24 | $340.3M | $455.6M | ||
| Q3 24 | $335.1M | $493.9M | ||
| Q2 24 | $452.5M | $488.2M | ||
| Q1 24 | $442.5M | $490.7M |
| Q4 25 | 3.99× | 0.00× | ||
| Q3 25 | 3.67× | 0.00× | ||
| Q2 25 | 4.06× | 0.00× | ||
| Q1 25 | 4.14× | 0.00× | ||
| Q4 24 | 6.49× | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | 13.06× | 0.00× | ||
| Q1 24 | 12.65× | 0.00× |
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 | $980.0K | $-10.5M |
| Free Cash FlowOCF − Capex | $-2.2M | $-12.0M |
| FCF MarginFCF / Revenue | -2.4% | -16.0% |
| Capex IntensityCapex / Revenue | 3.5% | 2.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $29.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $-10.5M | ||
| Q3 25 | $10.6M | $1.7M | ||
| Q2 25 | $13.6M | $33.6M | ||
| Q1 25 | $401.0K | $9.7M | ||
| Q4 24 | $12.4M | $12.7M | ||
| Q3 24 | $5.6M | $31.1M | ||
| Q2 24 | $11.7M | $36.9M | ||
| Q1 24 | $-3.4M | $-10.6M |
| Q4 25 | $-2.2M | $-12.0M | ||
| Q3 25 | $7.6M | $782.6K | ||
| Q2 25 | $11.9M | $32.9M | ||
| Q1 25 | $-424.0K | $8.2M | ||
| Q4 24 | $11.6M | $12.0M | ||
| Q3 24 | $4.5M | $30.2M | ||
| Q2 24 | $10.7M | $35.9M | ||
| Q1 24 | $-4.2M | $-11.6M |
| Q4 25 | -2.4% | -16.0% | ||
| Q3 25 | 8.8% | 1.1% | ||
| Q2 25 | 14.1% | 40.9% | ||
| Q1 25 | -0.5% | 8.5% | ||
| Q4 24 | 13.3% | 9.9% | ||
| Q3 24 | 5.4% | 21.8% | ||
| Q2 24 | 13.0% | 21.7% | ||
| Q1 24 | -5.3% | -6.0% |
| Q4 25 | 3.5% | 2.0% | ||
| Q3 25 | 3.4% | 1.2% | ||
| Q2 25 | 2.0% | 0.9% | ||
| Q1 25 | 1.0% | 1.5% | ||
| Q4 24 | 0.9% | 0.6% | ||
| Q3 24 | 1.3% | 0.7% | ||
| Q2 24 | 1.3% | 0.6% | ||
| Q1 24 | 1.0% | 0.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.67× | ||
| Q2 24 | — | 5.65× | ||
| Q1 24 | — | -0.95× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
DCGO
| Transportation Services Segment | $50.2M | 67% |
| Mobile Health Services Segment | $24.8M | 33% |
