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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $89.5M, roughly 1.1× Commerce.com, Inc.). Commerce.com, Inc. runs the higher net margin — -9.3% vs -33.5%, a 24.2% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs -6.5%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-4.3M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs 0.5%).
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.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
CMRC vs FORR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $101.1M |
| Net Profit | $-8.4M | $-33.9M |
| Gross Margin | 78.3% | 56.7% |
| Operating Margin | -7.4% | -36.6% |
| Net Margin | -9.3% | -33.5% |
| Revenue YoY | 2.9% | -6.5% |
| Net Profit YoY | -250.0% | -7941.4% |
| EPS (diluted) | $-0.11 | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $86.0M | $94.3M | ||
| Q2 25 | $84.4M | $111.7M | ||
| Q1 25 | $82.4M | $89.9M | ||
| Q4 24 | $87.0M | $108.0M | ||
| Q3 24 | $83.7M | $102.5M | ||
| Q2 24 | $81.8M | $121.8M | ||
| Q1 24 | $80.4M | $100.1M |
| Q4 25 | $-8.4M | $-33.9M | ||
| Q3 25 | $-2.2M | $-2.1M | ||
| Q2 25 | $-8.4M | $3.9M | ||
| Q1 25 | $-353.0K | $-87.3M | ||
| Q4 24 | $-2.4M | $432.0K | ||
| Q3 24 | $-7.0M | $-5.8M | ||
| Q2 24 | $-11.3M | $6.3M | ||
| Q1 24 | $-6.4M | $-6.7M |
| Q4 25 | 78.3% | 56.7% | ||
| Q3 25 | 78.4% | 60.0% | ||
| Q2 25 | 79.0% | 55.5% | ||
| Q1 25 | 79.4% | 55.9% | ||
| Q4 24 | 77.6% | 58.8% | ||
| Q3 24 | 76.3% | 60.5% | ||
| Q2 24 | 75.8% | 57.3% | ||
| Q1 24 | 77.1% | 54.9% |
| Q4 25 | -7.4% | -36.6% | ||
| Q3 25 | -0.5% | 4.7% | ||
| Q2 25 | -8.0% | 6.2% | ||
| Q1 25 | -2.9% | -97.5% | ||
| Q4 24 | -0.9% | -0.5% | ||
| Q3 24 | -23.0% | -0.7% | ||
| Q2 24 | -16.5% | 9.3% | ||
| Q1 24 | -10.2% | -9.3% |
| Q4 25 | -9.3% | -33.5% | ||
| Q3 25 | -2.6% | -2.3% | ||
| Q2 25 | -9.9% | 3.5% | ||
| Q1 25 | -0.4% | -97.1% | ||
| Q4 24 | -2.7% | 0.4% | ||
| Q3 24 | -8.4% | -5.7% | ||
| Q2 24 | -13.8% | 5.2% | ||
| Q1 24 | -8.0% | -6.7% |
| Q4 25 | $-0.11 | $-1.75 | ||
| Q3 25 | $-0.03 | $-0.11 | ||
| Q2 25 | $-0.10 | $0.20 | ||
| Q1 25 | $0.00 | $-4.62 | ||
| Q4 24 | $-0.03 | $0.02 | ||
| Q3 24 | $-0.09 | $-0.30 | ||
| Q2 24 | $-0.15 | $0.33 | ||
| Q1 24 | $-0.08 | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $126.5M |
| Total Assets | $308.8M | $404.0M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $63.3M | ||
| Q3 25 | $142.0M | $65.1M | ||
| Q2 25 | $134.5M | $67.8M | ||
| Q1 25 | $120.7M | $75.6M | ||
| Q4 24 | $178.2M | $56.1M | ||
| Q3 24 | $168.4M | $62.8M | ||
| Q2 24 | $275.8M | $58.9M | ||
| Q1 24 | $265.2M | $61.4M |
| 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 | $126.5M | ||
| Q3 25 | $42.8M | $157.7M | ||
| Q2 25 | $38.8M | $159.5M | ||
| Q1 25 | $38.1M | $147.4M | ||
| Q4 24 | $33.4M | $229.5M | ||
| Q3 24 | $29.0M | $234.3M | ||
| Q2 24 | $26.1M | $237.1M | ||
| Q1 24 | $26.9M | $230.9M |
| Q4 25 | $308.8M | $404.0M | ||
| Q3 25 | $309.5M | $414.2M | ||
| Q2 25 | $302.5M | $436.0M | ||
| Q1 25 | $286.3M | $439.8M | ||
| Q4 24 | $340.3M | $503.9M | ||
| Q3 24 | $335.1M | $505.3M | ||
| Q2 24 | $452.5M | $524.2M | ||
| Q1 24 | $442.5M | $555.7M |
| 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 | $-3.2M |
| Free Cash FlowOCF − Capex | $-2.2M | $-4.3M |
| FCF MarginFCF / Revenue | -2.4% | -4.2% |
| Capex IntensityCapex / Revenue | 3.5% | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $-3.2M | ||
| Q3 25 | $10.6M | $1.2M | ||
| Q2 25 | $13.6M | $-3.6M | ||
| Q1 25 | $401.0K | $26.7M | ||
| Q4 24 | $12.4M | $-1.8M | ||
| Q3 24 | $5.6M | $264.0K | ||
| Q2 24 | $11.7M | $-2.9M | ||
| Q1 24 | $-3.4M | $611.0K |
| Q4 25 | $-2.2M | $-4.3M | ||
| Q3 25 | $7.6M | $524.0K | ||
| Q2 25 | $11.9M | $-4.2M | ||
| Q1 25 | $-424.0K | $26.1M | ||
| Q4 24 | $11.6M | $-2.5M | ||
| Q3 24 | $4.5M | $-223.0K | ||
| Q2 24 | $10.7M | $-3.7M | ||
| Q1 24 | $-4.2M | $-815.0K |
| Q4 25 | -2.4% | -4.2% | ||
| Q3 25 | 8.8% | 0.6% | ||
| Q2 25 | 14.1% | -3.8% | ||
| Q1 25 | -0.5% | 29.0% | ||
| Q4 24 | 13.3% | -2.3% | ||
| Q3 24 | 5.4% | -0.2% | ||
| Q2 24 | 13.0% | -3.1% | ||
| Q1 24 | -5.3% | -0.8% |
| Q4 25 | 3.5% | 1.1% | ||
| Q3 25 | 3.4% | 0.7% | ||
| Q2 25 | 2.0% | 0.5% | ||
| Q1 25 | 1.0% | 0.7% | ||
| Q4 24 | 0.9% | 0.6% | ||
| Q3 24 | 1.3% | 0.5% | ||
| Q2 24 | 1.3% | 0.7% | ||
| Q1 24 | 1.0% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
