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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT). Click either name above to swap in a different company.
ESSENTIAL PROPERTIES REALTY TRUST, INC. is the larger business by last-quarter revenue ($158.8M vs $89.5M, roughly 1.8× Commerce.com, Inc.). ESSENTIAL PROPERTIES REALTY TRUST, INC. runs the higher net margin — 37.8% vs -9.3%, a 47.1% gap on every dollar of revenue. On growth, ESSENTIAL PROPERTIES REALTY TRUST, INC. posted the faster year-over-year revenue change (22.8% vs 2.9%). Over the past eight quarters, ESSENTIAL PROPERTIES REALTY TRUST, INC.'s revenue compounded faster (20.6% CAGR vs 5.5%).
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.
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
CMRC vs EPRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $158.8M |
| Net Profit | $-8.4M | $60.0M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 56.5% |
| Net Margin | -9.3% | 37.8% |
| Revenue YoY | 2.9% | 22.8% |
| Net Profit YoY | -250.0% | 6.5% |
| EPS (diluted) | $-0.11 | $0.28 |
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 | — | $158.8M | ||
| Q4 25 | $89.5M | $149.9M | ||
| Q3 25 | $86.0M | $144.9M | ||
| Q2 25 | $84.4M | $137.1M | ||
| Q1 25 | $82.4M | $129.4M | ||
| Q4 24 | $87.0M | $119.7M | ||
| Q3 24 | $83.7M | $117.1M | ||
| Q2 24 | $81.8M | $109.3M |
| Q1 26 | — | $60.0M | ||
| Q4 25 | $-8.4M | $68.1M | ||
| Q3 25 | $-2.2M | $65.6M | ||
| Q2 25 | $-8.4M | $63.2M | ||
| Q1 25 | $-353.0K | $56.1M | ||
| Q4 24 | $-2.4M | $55.4M | ||
| Q3 24 | $-7.0M | $49.1M | ||
| Q2 24 | $-11.3M | $51.5M |
| Q1 26 | — | — | ||
| 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 26 | — | 56.5% | ||
| Q4 25 | -7.4% | 65.9% | ||
| Q3 25 | -0.5% | 64.7% | ||
| Q2 25 | -8.0% | 64.1% | ||
| Q1 25 | -2.9% | 61.6% | ||
| Q4 24 | -0.9% | 66.1% | ||
| Q3 24 | -23.0% | 59.7% | ||
| Q2 24 | -16.5% | 61.1% |
| Q1 26 | — | 37.8% | ||
| Q4 25 | -9.3% | 45.4% | ||
| Q3 25 | -2.6% | 45.3% | ||
| Q2 25 | -9.9% | 46.1% | ||
| Q1 25 | -0.4% | 43.4% | ||
| Q4 24 | -2.7% | 46.3% | ||
| Q3 24 | -8.4% | 42.0% | ||
| Q2 24 | -13.8% | 47.1% |
| Q1 26 | — | $0.28 | ||
| Q4 25 | $-0.11 | $0.34 | ||
| Q3 25 | $-0.03 | $0.33 | ||
| Q2 25 | $-0.10 | $0.32 | ||
| Q1 25 | $0.00 | $0.29 | ||
| Q4 24 | $-0.03 | $0.31 | ||
| Q3 24 | $-0.09 | $0.27 | ||
| Q2 24 | $-0.15 | $0.29 |
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 | $15.2M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $4.4B |
| Total Assets | $308.8M | $7.2B |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $15.2M | ||
| Q4 25 | $141.1M | $60.2M | ||
| Q3 25 | $142.0M | $23.8M | ||
| Q2 25 | $134.5M | $20.8M | ||
| Q1 25 | $120.7M | $47.0M | ||
| Q4 24 | $178.2M | $40.7M | ||
| Q3 24 | $168.4M | $32.7M | ||
| Q2 24 | $275.8M | $23.6M |
| Q1 26 | — | — | ||
| Q4 25 | $157.0M | $2.5B | ||
| Q3 25 | $157.3M | $2.6B | ||
| Q2 25 | $157.5M | $2.3B | ||
| Q1 25 | $157.8M | $2.1B | ||
| Q4 24 | $216.5M | $2.1B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | $340.9M | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $39.4M | $4.2B | ||
| Q3 25 | $42.8M | $3.8B | ||
| Q2 25 | $38.8M | $3.8B | ||
| Q1 25 | $38.1M | $3.8B | ||
| Q4 24 | $33.4M | $3.6B | ||
| Q3 24 | $29.0M | $3.2B | ||
| Q2 24 | $26.1M | $3.2B |
| Q1 26 | — | $7.2B | ||
| Q4 25 | $308.8M | $6.9B | ||
| Q3 25 | $309.5M | $6.6B | ||
| Q2 25 | $302.5M | $6.3B | ||
| Q1 25 | $286.3M | $6.1B | ||
| Q4 24 | $340.3M | $5.8B | ||
| Q3 24 | $335.1M | $5.5B | ||
| Q2 24 | $452.5M | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | 3.99× | 0.60× | ||
| Q3 25 | 3.67× | 0.69× | ||
| Q2 25 | 4.06× | 0.61× | ||
| Q1 25 | 4.14× | 0.56× | ||
| Q4 24 | 6.49× | 0.60× | ||
| Q3 24 | — | 0.69× | ||
| Q2 24 | 13.06× | 0.59× |
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 | — |
| Free Cash FlowOCF − Capex | $-2.2M | — |
| FCF MarginFCF / Revenue | -2.4% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $980.0K | $381.1M | ||
| Q3 25 | $10.6M | $99.0M | ||
| Q2 25 | $13.6M | $99.8M | ||
| Q1 25 | $401.0K | $77.2M | ||
| Q4 24 | $12.4M | $308.5M | ||
| Q3 24 | $5.6M | $73.5M | ||
| Q2 24 | $11.7M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.2M | — | ||
| Q3 25 | $7.6M | — | ||
| Q2 25 | $11.9M | — | ||
| Q1 25 | $-424.0K | — | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $4.5M | — | ||
| Q2 24 | $10.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | -2.4% | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | -0.5% | — | ||
| Q4 24 | 13.3% | — | ||
| Q3 24 | 5.4% | — | ||
| Q2 24 | 13.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.5% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 1.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.60× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.58× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 5.57× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.57× |
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% |
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
