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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and 4D Molecular Therapeutics, Inc. (FDMT). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $85.1M, roughly 1.1× 4D Molecular Therapeutics, Inc.). 4D Molecular Therapeutics, Inc. runs the higher net margin — 22.8% vs -9.3%, a 32.1% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs 2.9%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $-2.2M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% 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.
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
CMRC vs FDMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $85.1M |
| Net Profit | $-8.4M | $19.4M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 17.3% |
| Net Margin | -9.3% | 22.8% |
| Revenue YoY | 2.9% | 8508900.0% |
| Net Profit YoY | -250.0% | 139.1% |
| EPS (diluted) | $-0.11 | $0.43 |
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 | $85.1M | ||
| Q3 25 | $86.0M | $90.0K | ||
| Q2 25 | $84.4M | $15.0K | ||
| Q1 25 | $82.4M | $14.0K | ||
| Q4 24 | $87.0M | $1.0K | ||
| Q3 24 | $83.7M | $3.0K | ||
| Q2 24 | $81.8M | $5.0K | ||
| Q1 24 | $80.4M | $28.0K |
| Q4 25 | $-8.4M | $19.4M | ||
| Q3 25 | $-2.2M | $-56.9M | ||
| Q2 25 | $-8.4M | $-54.7M | ||
| Q1 25 | $-353.0K | $-48.0M | ||
| Q4 24 | $-2.4M | — | ||
| Q3 24 | $-7.0M | $-43.8M | ||
| Q2 24 | $-11.3M | $-35.0M | ||
| Q1 24 | $-6.4M | $-32.4M |
| 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% | 17.3% | ||
| Q3 25 | -0.5% | -67983.3% | ||
| Q2 25 | -8.0% | -396373.3% | ||
| Q1 25 | -2.9% | -383007.1% | ||
| Q4 24 | -0.9% | — | ||
| Q3 24 | -23.0% | -1704400.0% | ||
| Q2 24 | -16.5% | -849120.0% | ||
| Q1 24 | -10.2% | -136200.0% |
| Q4 25 | -9.3% | 22.8% | ||
| Q3 25 | -2.6% | -63195.6% | ||
| Q2 25 | -9.9% | -364386.7% | ||
| Q1 25 | -0.4% | -342657.1% | ||
| Q4 24 | -2.7% | — | ||
| Q3 24 | -8.4% | -1461433.3% | ||
| Q2 24 | -13.8% | -699060.0% | ||
| Q1 24 | -8.0% | -115717.9% |
| Q4 25 | $-0.11 | $0.43 | ||
| Q3 25 | $-0.03 | $-1.01 | ||
| Q2 25 | $-0.10 | $-0.98 | ||
| Q1 25 | $0.00 | $-0.86 | ||
| Q4 24 | $-0.03 | — | ||
| Q3 24 | $-0.09 | $-0.79 | ||
| Q2 24 | $-0.15 | $-0.63 | ||
| Q1 24 | $-0.08 | $-0.66 |
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 | $402.7M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $505.7M |
| Total Assets | $308.8M | $566.7M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $402.7M | ||
| Q3 25 | $142.0M | $305.1M | ||
| Q2 25 | $134.5M | $293.2M | ||
| Q1 25 | $120.7M | $321.4M | ||
| Q4 24 | $178.2M | $424.9M | ||
| Q3 24 | $168.4M | $501.9M | ||
| Q2 24 | $275.8M | $541.9M | ||
| Q1 24 | $265.2M | $525.9M |
| Q4 25 | $157.0M | — | ||
| Q3 25 | $157.3M | — | ||
| Q2 25 | $157.5M | — | ||
| Q1 25 | $157.8M | — | ||
| Q4 24 | $216.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $340.9M | — | ||
| Q1 24 | $340.5M | — |
| Q4 25 | $39.4M | $505.7M | ||
| Q3 25 | $42.8M | $369.0M | ||
| Q2 25 | $38.8M | $420.9M | ||
| Q1 25 | $38.1M | $469.7M | ||
| Q4 24 | $33.4M | $510.6M | ||
| Q3 24 | $29.0M | $552.9M | ||
| Q2 24 | $26.1M | $588.3M | ||
| Q1 24 | $26.9M | $600.6M |
| Q4 25 | $308.8M | $566.7M | ||
| Q3 25 | $309.5M | $424.0M | ||
| Q2 25 | $302.5M | $473.6M | ||
| Q1 25 | $286.3M | $515.7M | ||
| Q4 24 | $340.3M | $560.4M | ||
| Q3 24 | $335.1M | $604.0M | ||
| Q2 24 | $452.5M | $620.1M | ||
| Q1 24 | $442.5M | $629.9M |
| Q4 25 | 3.99× | — | ||
| Q3 25 | 3.67× | — | ||
| Q2 25 | 4.06× | — | ||
| Q1 25 | 4.14× | — | ||
| Q4 24 | 6.49× | — | ||
| 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 | $28.6M |
| Free Cash FlowOCF − Capex | $-2.2M | $28.5M |
| FCF MarginFCF / Revenue | -2.4% | 33.5% |
| Capex IntensityCapex / Revenue | 3.5% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $-109.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $28.6M | ||
| Q3 25 | $10.6M | $-46.5M | ||
| Q2 25 | $13.6M | $-43.4M | ||
| Q1 25 | $401.0K | $-47.8M | ||
| Q4 24 | $12.4M | $-134.6M | ||
| Q3 24 | $5.6M | $-29.4M | ||
| Q2 24 | $11.7M | $-30.2M | ||
| Q1 24 | $-3.4M | $-29.1M |
| Q4 25 | $-2.2M | $28.5M | ||
| Q3 25 | $7.6M | $-46.6M | ||
| Q2 25 | $11.9M | $-43.4M | ||
| Q1 25 | $-424.0K | $-48.4M | ||
| Q4 24 | $11.6M | $-138.4M | ||
| Q3 24 | $4.5M | $-31.2M | ||
| Q2 24 | $10.7M | $-30.6M | ||
| Q1 24 | $-4.2M | $-29.8M |
| Q4 25 | -2.4% | 33.5% | ||
| Q3 25 | 8.8% | -51765.6% | ||
| Q2 25 | 14.1% | -289620.0% | ||
| Q1 25 | -0.5% | -345635.7% | ||
| Q4 24 | 13.3% | -13837100.0% | ||
| Q3 24 | 5.4% | -1038966.7% | ||
| Q2 24 | 13.0% | -611840.0% | ||
| Q1 24 | -5.3% | -106421.4% |
| Q4 25 | 3.5% | 0.1% | ||
| Q3 25 | 3.4% | 101.1% | ||
| Q2 25 | 2.0% | 440.0% | ||
| Q1 25 | 1.0% | 4507.1% | ||
| Q4 24 | 0.9% | 378600.0% | ||
| Q3 24 | 1.3% | 59266.7% | ||
| Q2 24 | 1.3% | 6980.0% | ||
| Q1 24 | 1.0% | 2535.7% |
| Q4 25 | — | 1.47× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
FDMT
Segment breakdown not available.
