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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Primis Financial Corp. (FRST). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $45.6M, roughly 2.0× Primis Financial Corp.). Primis Financial Corp. runs the higher net margin — 16.0% vs -9.3%, a 25.4% gap on every dollar of revenue. Over the past eight quarters, Primis Financial Corp.'s revenue compounded faster (13.0% 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.
Primis Financial Corp is a U.S.-based financial holding company operating full-service banking subsidiaries. It provides a comprehensive range of financial solutions including personal and commercial deposit products, diverse loan facilities, mortgage services, and wealth management support, primarily serving retail and corporate customers across the U.S. mid-Atlantic region.
CMRC vs FRST — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $45.6M |
| Net Profit | $-8.4M | $7.3M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | — |
| Net Margin | -9.3% | 16.0% |
| Revenue YoY | 2.9% | — |
| Net Profit YoY | -250.0% | 200.0% |
| EPS (diluted) | $-0.11 | $0.30 |
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 | — | $45.6M | ||
| Q4 25 | $89.5M | $80.9M | ||
| Q3 25 | $86.0M | $41.0M | ||
| Q2 25 | $84.4M | $43.2M | ||
| Q1 25 | $82.4M | $58.7M | ||
| Q4 24 | $87.0M | $38.8M | ||
| Q3 24 | $83.7M | $37.3M | ||
| Q2 24 | $81.8M | $35.7M |
| Q1 26 | — | $7.3M | ||
| Q4 25 | $-8.4M | $29.5M | ||
| Q3 25 | $-2.2M | $6.8M | ||
| Q2 25 | $-8.4M | $2.4M | ||
| Q1 25 | $-353.0K | $22.6M | ||
| Q4 24 | $-2.4M | $-26.2M | ||
| Q3 24 | $-7.0M | $1.2M | ||
| Q2 24 | $-11.3M | $3.4M |
| 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 | — | — | ||
| Q4 25 | -7.4% | 44.8% | ||
| Q3 25 | -0.5% | 21.3% | ||
| Q2 25 | -8.0% | 6.9% | ||
| Q1 25 | -2.9% | 41.9% | ||
| Q4 24 | -0.9% | -123.0% | ||
| Q3 24 | -23.0% | -3.1% | ||
| Q2 24 | -16.5% | 7.8% |
| Q1 26 | — | 16.0% | ||
| Q4 25 | -9.3% | 36.5% | ||
| Q3 25 | -2.6% | 16.7% | ||
| Q2 25 | -9.9% | 5.6% | ||
| Q1 25 | -0.4% | 38.6% | ||
| Q4 24 | -2.7% | -100.3% | ||
| Q3 24 | -8.4% | 3.3% | ||
| Q2 24 | -13.8% | 9.6% |
| Q1 26 | — | $0.30 | ||
| Q4 25 | $-0.11 | $1.19 | ||
| Q3 25 | $-0.03 | $0.28 | ||
| Q2 25 | $-0.10 | $0.10 | ||
| Q1 25 | $0.00 | $0.92 | ||
| Q4 24 | $-0.03 | $-0.95 | ||
| Q3 24 | $-0.09 | $0.05 | ||
| Q2 24 | $-0.15 | $0.14 |
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 | $159.9M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $427.2M |
| Total Assets | $308.8M | $4.3B |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $159.9M | ||
| Q4 25 | $141.1M | $143.6M | ||
| Q3 25 | $142.0M | $63.9M | ||
| Q2 25 | $134.5M | $94.1M | ||
| Q1 25 | $120.7M | $57.0M | ||
| Q4 24 | $178.2M | $64.5M | ||
| Q3 24 | $168.4M | $77.3M | ||
| Q2 24 | $275.8M | $66.6M |
| Q1 26 | — | — | ||
| 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 26 | — | $427.2M | ||
| Q4 25 | $39.4M | $422.9M | ||
| Q3 25 | $42.8M | $382.2M | ||
| Q2 25 | $38.8M | $376.4M | ||
| Q1 25 | $38.1M | $375.6M | ||
| Q4 24 | $33.4M | $351.8M | ||
| Q3 24 | $29.0M | $381.0M | ||
| Q2 24 | $26.1M | $376.0M |
| Q1 26 | — | $4.3B | ||
| Q4 25 | $308.8M | $4.0B | ||
| Q3 25 | $309.5M | $4.0B | ||
| Q2 25 | $302.5M | $3.9B | ||
| Q1 25 | $286.3M | $3.7B | ||
| Q4 24 | $340.3M | $3.7B | ||
| Q3 24 | $335.1M | $4.0B | ||
| Q2 24 | $452.5M | $4.0B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $10.8M | ||
| Q3 25 | $10.6M | $-11.4M | ||
| Q2 25 | $13.6M | $-41.0M | ||
| Q1 25 | $401.0K | $34.4M | ||
| Q4 24 | $12.4M | $19.5M | ||
| Q3 24 | $5.6M | $6.1M | ||
| Q2 24 | $11.7M | $52.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.2M | $9.0M | ||
| Q3 25 | $7.6M | — | ||
| Q2 25 | $11.9M | — | ||
| Q1 25 | $-424.0K | — | ||
| Q4 24 | $11.6M | $18.3M | ||
| Q3 24 | $4.5M | — | ||
| Q2 24 | $10.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | -2.4% | 11.2% | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | -0.5% | — | ||
| Q4 24 | 13.3% | 47.3% | ||
| Q3 24 | 5.4% | — | ||
| Q2 24 | 13.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.5% | 2.1% | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 0.9% | 3.1% | ||
| Q3 24 | 1.3% | 0.0% | ||
| Q2 24 | 1.3% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.36× | ||
| Q3 25 | — | -1.67× | ||
| Q2 25 | — | -16.82× | ||
| Q1 25 | — | 1.52× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 4.93× | ||
| Q2 24 | — | 15.21× |
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% |
FRST
| Net Interest Income | $32.1M | 70% |
| Noninterest Income | $13.6M | 30% |
