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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Donnelley Financial Solutions, Inc. (DFIN). Click either name above to swap in a different company.
Donnelley Financial Solutions, Inc. is the larger business by last-quarter revenue ($172.5M vs $89.5M, roughly 1.9× Commerce.com, Inc.). Donnelley Financial Solutions, Inc. runs the higher net margin — 3.6% vs -9.3%, a 12.9% gap on every dollar of revenue. On growth, Donnelley Financial Solutions, Inc. posted the faster year-over-year revenue change (10.4% vs 2.9%). Donnelley Financial Solutions, Inc. produced more free cash flow last quarter ($47.9M vs $-2.2M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs -7.9%).
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.
Donnelley Financial Solutions (DFIN) is a financial compliance company based in Chicago, Illinois, United States. The company provides software as a service (SaaS) products, software-enabled services (SeS), print, and compliance services related to US Securities and Exchange Commission regulations to companies in capital and investment markets.
CMRC vs DFIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $172.5M |
| Net Profit | $-8.4M | $6.2M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 8.3% |
| Net Margin | -9.3% | 3.6% |
| Revenue YoY | 2.9% | 10.4% |
| Net Profit YoY | -250.0% | -1.6% |
| EPS (diluted) | $-0.11 | $0.31 |
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 | $172.5M | ||
| Q3 25 | $86.0M | $175.3M | ||
| Q2 25 | $84.4M | $218.1M | ||
| Q1 25 | $82.4M | $201.1M | ||
| Q4 24 | $87.0M | $156.3M | ||
| Q3 24 | $83.7M | $179.5M | ||
| Q2 24 | $81.8M | $242.7M | ||
| Q1 24 | $80.4M | $203.4M |
| Q4 25 | $-8.4M | $6.2M | ||
| Q3 25 | $-2.2M | $-40.9M | ||
| Q2 25 | $-8.4M | $36.1M | ||
| Q1 25 | $-353.0K | $31.0M | ||
| Q4 24 | $-2.4M | $6.3M | ||
| Q3 24 | $-7.0M | $8.7M | ||
| Q2 24 | $-11.3M | $44.1M | ||
| Q1 24 | $-6.4M | $33.3M |
| 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% | 8.3% | ||
| Q3 25 | -0.5% | 16.1% | ||
| Q2 25 | -8.0% | 24.2% | ||
| Q1 25 | -2.9% | 22.8% | ||
| Q4 24 | -0.9% | 6.0% | ||
| Q3 24 | -23.0% | 10.1% | ||
| Q2 24 | -16.5% | 26.6% | ||
| Q1 24 | -10.2% | 21.9% |
| Q4 25 | -9.3% | 3.6% | ||
| Q3 25 | -2.6% | -23.3% | ||
| Q2 25 | -9.9% | 16.6% | ||
| Q1 25 | -0.4% | 15.4% | ||
| Q4 24 | -2.7% | 4.0% | ||
| Q3 24 | -8.4% | 4.8% | ||
| Q2 24 | -13.8% | 18.2% | ||
| Q1 24 | -8.0% | 16.4% |
| Q4 25 | $-0.11 | $0.31 | ||
| Q3 25 | $-0.03 | $-1.49 | ||
| Q2 25 | $-0.10 | $1.28 | ||
| Q1 25 | $0.00 | $1.05 | ||
| Q4 24 | $-0.03 | $0.21 | ||
| Q3 24 | $-0.09 | $0.29 | ||
| Q2 24 | $-0.15 | $1.47 | ||
| Q1 24 | $-0.08 | $1.09 |
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 | $24.5M |
| Total DebtLower is stronger | $157.0M | $171.3M |
| Stockholders' EquityBook value | $39.4M | $379.2M |
| Total Assets | $308.8M | $800.4M |
| Debt / EquityLower = less leverage | 3.99× | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $24.5M | ||
| Q3 25 | $142.0M | $22.7M | ||
| Q2 25 | $134.5M | $33.8M | ||
| Q1 25 | $120.7M | $16.2M | ||
| Q4 24 | $178.2M | $57.3M | ||
| Q3 24 | $168.4M | $33.6M | ||
| Q2 24 | $275.8M | $35.0M | ||
| Q1 24 | $265.2M | $43.7M |
| Q4 25 | $157.0M | $171.3M | ||
| Q3 25 | $157.3M | $154.7M | ||
| Q2 25 | $157.5M | $190.1M | ||
| Q1 25 | $157.8M | $189.5M | ||
| Q4 24 | $216.5M | $124.7M | ||
| Q3 24 | — | — | ||
| Q2 24 | $340.9M | — | ||
| Q1 24 | $340.5M | — |
| Q4 25 | $39.4M | $379.2M | ||
| Q3 25 | $42.8M | $423.1M | ||
| Q2 25 | $38.8M | $432.1M | ||
| Q1 25 | $38.1M | $419.9M | ||
| Q4 24 | $33.4M | $436.1M | ||
| Q3 24 | $29.0M | $444.5M | ||
| Q2 24 | $26.1M | $441.5M | ||
| Q1 24 | $26.9M | $408.9M |
| Q4 25 | $308.8M | $800.4M | ||
| Q3 25 | $309.5M | $816.3M | ||
| Q2 25 | $302.5M | $874.7M | ||
| Q1 25 | $286.3M | $852.8M | ||
| Q4 24 | $340.3M | $841.6M | ||
| Q3 24 | $335.1M | $843.6M | ||
| Q2 24 | $452.5M | $882.9M | ||
| Q1 24 | $442.5M | $867.8M |
| Q4 25 | 3.99× | 0.45× | ||
| Q3 25 | 3.67× | 0.37× | ||
| Q2 25 | 4.06× | 0.44× | ||
| Q1 25 | 4.14× | 0.45× | ||
| Q4 24 | 6.49× | 0.29× | ||
| 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 | $980.0K | $59.8M |
| Free Cash FlowOCF − Capex | $-2.2M | $47.9M |
| FCF MarginFCF / Revenue | -2.4% | 27.8% |
| Capex IntensityCapex / Revenue | 3.5% | 6.9% |
| Cash ConversionOCF / Net Profit | — | 9.65× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $107.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $59.8M | ||
| Q3 25 | $10.6M | $74.4M | ||
| Q2 25 | $13.6M | $68.4M | ||
| Q1 25 | $401.0K | $-37.7M | ||
| Q4 24 | $12.4M | $56.4M | ||
| Q3 24 | $5.6M | $86.4M | ||
| Q2 24 | $11.7M | $56.2M | ||
| Q1 24 | $-3.4M | $-27.9M |
| Q4 25 | $-2.2M | $47.9M | ||
| Q3 25 | $7.6M | $59.2M | ||
| Q2 25 | $11.9M | $51.7M | ||
| Q1 25 | $-424.0K | $-51.0M | ||
| Q4 24 | $11.6M | $41.3M | ||
| Q3 24 | $4.5M | $67.3M | ||
| Q2 24 | $10.7M | $36.8M | ||
| Q1 24 | $-4.2M | $-40.2M |
| Q4 25 | -2.4% | 27.8% | ||
| Q3 25 | 8.8% | 33.8% | ||
| Q2 25 | 14.1% | 23.7% | ||
| Q1 25 | -0.5% | -25.4% | ||
| Q4 24 | 13.3% | 26.4% | ||
| Q3 24 | 5.4% | 37.5% | ||
| Q2 24 | 13.0% | 15.2% | ||
| Q1 24 | -5.3% | -19.8% |
| Q4 25 | 3.5% | 6.9% | ||
| Q3 25 | 3.4% | 8.7% | ||
| Q2 25 | 2.0% | 7.7% | ||
| Q1 25 | 1.0% | 6.6% | ||
| Q4 24 | 0.9% | 9.7% | ||
| Q3 24 | 1.3% | 10.6% | ||
| Q2 24 | 1.3% | 8.0% | ||
| Q1 24 | 1.0% | 6.0% |
| Q4 25 | — | 9.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.89× | ||
| Q1 25 | — | -1.22× | ||
| Q4 24 | — | 8.95× | ||
| Q3 24 | — | 9.93× | ||
| Q2 24 | — | 1.27× | ||
| Q1 24 | — | -0.84× |
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% |
DFIN
| Technology Service | $68.0M | 39% |
| Capital Markets Compliance And Communications Management | $61.6M | 36% |
| Investment Companies Software Solutions | $30.9M | 18% |
| Print And Distribution Service | $13.6M | 8% |
