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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $89.5M, roughly 1.6× Commerce.com, Inc.). Commerce.com, Inc. runs the higher net margin — -9.3% vs -68.1%, a 58.7% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 2.9%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% 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.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
CMRC vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $143.5M |
| Net Profit | $-8.4M | $-97.7M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | -45.7% |
| Net Margin | -9.3% | -68.1% |
| Revenue YoY | 2.9% | 77.7% |
| Net Profit YoY | -250.0% | 21.6% |
| EPS (diluted) | $-0.11 | $-1.04 |
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 | $143.5M | ||
| Q3 25 | $86.0M | $140.6M | ||
| Q2 25 | $84.4M | $122.3M | ||
| Q1 25 | $82.4M | $96.2M | ||
| Q4 24 | $87.0M | $80.8M | ||
| Q3 24 | $83.7M | $83.3M | ||
| Q2 24 | $81.8M | $84.9M | ||
| Q1 24 | $80.4M | $82.5M |
| Q4 25 | $-8.4M | $-97.7M | ||
| Q3 25 | $-2.2M | $-104.5M | ||
| Q2 25 | $-8.4M | $-70.0M | ||
| Q1 25 | $-353.0K | $120.2M | ||
| Q4 24 | $-2.4M | $-124.7M | ||
| Q3 24 | $-7.0M | $-43.0M | ||
| Q2 24 | $-11.3M | $-48.1M | ||
| Q1 24 | $-6.4M | $-50.3M |
| 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% | -45.7% | ||
| Q3 25 | -0.5% | -70.8% | ||
| Q2 25 | -8.0% | -56.4% | ||
| Q1 25 | -2.9% | 81.8% | ||
| Q4 24 | -0.9% | -152.7% | ||
| Q3 24 | -23.0% | -51.7% | ||
| Q2 24 | -16.5% | -56.4% | ||
| Q1 24 | -10.2% | -58.8% |
| Q4 25 | -9.3% | -68.1% | ||
| Q3 25 | -2.6% | -74.4% | ||
| Q2 25 | -9.9% | -57.2% | ||
| Q1 25 | -0.4% | 125.0% | ||
| Q4 24 | -2.7% | -154.4% | ||
| Q3 24 | -8.4% | -51.6% | ||
| Q2 24 | -13.8% | -56.7% | ||
| Q1 24 | -8.0% | -60.9% |
| Q4 25 | $-0.11 | $-1.04 | ||
| Q3 25 | $-0.03 | $-1.38 | ||
| Q2 25 | $-0.10 | $-0.73 | ||
| Q1 25 | $0.00 | $0.89 | ||
| Q4 24 | $-0.03 | $-1.21 | ||
| Q3 24 | $-0.09 | $-0.45 | ||
| Q2 24 | $-0.15 | $-0.52 | ||
| Q1 24 | $-0.08 | $-0.54 |
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 | $57.4M |
| Total DebtLower is stronger | $157.0M | $3.8B |
| Stockholders' EquityBook value | $39.4M | $21.3M |
| Total Assets | $308.8M | $5.7B |
| Debt / EquityLower = less leverage | 3.99× | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $57.4M | ||
| Q3 25 | $142.0M | $34.7M | ||
| Q2 25 | $134.5M | $33.6M | ||
| Q1 25 | $120.7M | $26.3M | ||
| Q4 24 | $178.2M | $27.8M | ||
| Q3 24 | $168.4M | $20.3M | ||
| Q2 24 | $275.8M | $33.1M | ||
| Q1 24 | $265.2M | $23.0M |
| Q4 25 | $157.0M | $3.8B | ||
| Q3 25 | $157.3M | $3.7B | ||
| Q2 25 | $157.5M | $3.1B | ||
| Q1 25 | $157.8M | $2.8B | ||
| Q4 24 | $216.5M | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | $340.9M | $1.6B | ||
| Q1 24 | $340.5M | $1.3B |
| Q4 25 | $39.4M | $21.3M | ||
| Q3 25 | $42.8M | $181.1M | ||
| Q2 25 | $38.8M | $375.5M | ||
| Q1 25 | $38.1M | $476.2M | ||
| Q4 24 | $33.4M | $202.7M | ||
| Q3 24 | $29.0M | $370.8M | ||
| Q2 24 | $26.1M | $394.8M | ||
| Q1 24 | $26.9M | $402.5M |
| Q4 25 | $308.8M | $5.7B | ||
| Q3 25 | $309.5M | $5.5B | ||
| Q2 25 | $302.5M | $4.4B | ||
| Q1 25 | $286.3M | $4.1B | ||
| Q4 24 | $340.3M | $2.4B | ||
| Q3 24 | $335.1M | $2.4B | ||
| Q2 24 | $452.5M | $2.5B | ||
| Q1 24 | $442.5M | $2.3B |
| Q4 25 | 3.99× | 176.99× | ||
| Q3 25 | 3.67× | 20.59× | ||
| Q2 25 | 4.06× | 8.21× | ||
| Q1 25 | 4.14× | 5.79× | ||
| Q4 24 | 6.49× | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | 13.06× | 3.94× | ||
| Q1 24 | 12.65× | 3.34× |
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 | $-2.8M |
| Free Cash FlowOCF − Capex | $-2.2M | $-68.6M |
| FCF MarginFCF / Revenue | -2.4% | -47.8% |
| Capex IntensityCapex / Revenue | 3.5% | 45.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $-2.8M | ||
| Q3 25 | $10.6M | $-24.4M | ||
| Q2 25 | $13.6M | $-5.2M | ||
| Q1 25 | $401.0K | $-85.7M | ||
| Q4 24 | $12.4M | $-8.1M | ||
| Q3 24 | $5.6M | $14.2M | ||
| Q2 24 | $11.7M | $-17.6M | ||
| Q1 24 | $-3.4M | $-3.9M |
| Q4 25 | $-2.2M | $-68.6M | ||
| Q3 25 | $7.6M | $-90.7M | ||
| Q2 25 | $11.9M | $-87.5M | ||
| Q1 25 | $-424.0K | $-151.7M | ||
| Q4 24 | $11.6M | $-34.3M | ||
| Q3 24 | $4.5M | $-11.7M | ||
| Q2 24 | $10.7M | $-32.1M | ||
| Q1 24 | $-4.2M | $-16.7M |
| Q4 25 | -2.4% | -47.8% | ||
| Q3 25 | 8.8% | -64.5% | ||
| Q2 25 | 14.1% | -71.6% | ||
| Q1 25 | -0.5% | -157.7% | ||
| Q4 24 | 13.3% | -42.4% | ||
| Q3 24 | 5.4% | -14.0% | ||
| Q2 24 | 13.0% | -37.9% | ||
| Q1 24 | -5.3% | -20.3% |
| Q4 25 | 3.5% | 45.9% | ||
| Q3 25 | 3.4% | 47.2% | ||
| Q2 25 | 2.0% | 67.3% | ||
| Q1 25 | 1.0% | 68.6% | ||
| Q4 24 | 0.9% | 32.5% | ||
| Q3 24 | 1.3% | 31.1% | ||
| Q2 24 | 1.3% | 17.2% | ||
| Q1 24 | 1.0% | 15.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| 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% |
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
