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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and GCM Grosvenor Inc. (GCMG). Click either name above to swap in a different company.
GCM Grosvenor Inc. is the larger business by last-quarter revenue ($177.1M vs $89.5M, roughly 2.0× Commerce.com, Inc.). GCM Grosvenor Inc. runs the higher net margin — 32.8% vs -9.3%, a 42.2% gap on every dollar of revenue. On growth, GCM Grosvenor Inc. posted the faster year-over-year revenue change (7.2% vs 2.9%). GCM Grosvenor Inc. produced more free cash flow last quarter ($175.0M vs $-2.2M). Over the past eight quarters, GCM Grosvenor Inc.'s revenue compounded faster (27.5% 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.
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
CMRC vs GCMG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $177.1M |
| Net Profit | $-8.4M | $58.2M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 30.9% |
| Net Margin | -9.3% | 32.8% |
| Revenue YoY | 2.9% | 7.2% |
| Net Profit YoY | -250.0% | 149.2% |
| EPS (diluted) | $-0.11 | $0.23 |
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 | $177.1M | ||
| Q3 25 | $86.0M | $135.0M | ||
| Q2 25 | $84.4M | $119.7M | ||
| Q1 25 | $82.4M | $125.8M | ||
| Q4 24 | $87.0M | $165.3M | ||
| Q3 24 | $83.7M | $122.9M | ||
| Q2 24 | $81.8M | $117.0M | ||
| Q1 24 | $80.4M | $108.9M |
| Q4 25 | $-8.4M | $58.2M | ||
| Q3 25 | $-2.2M | $10.5M | ||
| Q2 25 | $-8.4M | $15.4M | ||
| Q1 25 | $-353.0K | $463.0K | ||
| Q4 24 | $-2.4M | $7.6M | ||
| Q3 24 | $-7.0M | $4.2M | ||
| Q2 24 | $-11.3M | $4.8M | ||
| Q1 24 | $-6.4M | $2.1M |
| 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% | 30.9% | ||
| Q3 25 | -0.5% | 32.7% | ||
| Q2 25 | -8.0% | 16.1% | ||
| Q1 25 | -2.9% | 12.2% | ||
| Q4 24 | -0.9% | 26.4% | ||
| Q3 24 | -23.0% | 20.3% | ||
| Q2 24 | -16.5% | 17.8% | ||
| Q1 24 | -10.2% | -14.7% |
| Q4 25 | -9.3% | 32.8% | ||
| Q3 25 | -2.6% | 7.8% | ||
| Q2 25 | -9.9% | 12.9% | ||
| Q1 25 | -0.4% | 0.4% | ||
| Q4 24 | -2.7% | 4.6% | ||
| Q3 24 | -8.4% | 3.4% | ||
| Q2 24 | -13.8% | 4.1% | ||
| Q1 24 | -8.0% | 2.0% |
| Q4 25 | $-0.11 | $0.23 | ||
| Q3 25 | $-0.03 | $0.16 | ||
| Q2 25 | $-0.10 | $0.05 | ||
| Q1 25 | $0.00 | $-0.02 | ||
| Q4 24 | $-0.03 | $0.09 | ||
| Q3 24 | $-0.09 | $0.03 | ||
| Q2 24 | $-0.15 | $0.04 | ||
| Q1 24 | $-0.08 | $-0.13 |
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 | $242.1M |
| Total DebtLower is stronger | $157.0M | $428.4M |
| Stockholders' EquityBook value | $39.4M | $27.0M |
| Total Assets | $308.8M | $813.8M |
| Debt / EquityLower = less leverage | 3.99× | 15.87× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $242.1M | ||
| Q3 25 | $142.0M | $182.7M | ||
| Q2 25 | $134.5M | $136.3M | ||
| Q1 25 | $120.7M | $94.5M | ||
| Q4 24 | $178.2M | $89.5M | ||
| Q3 24 | $168.4M | $98.4M | ||
| Q2 24 | $275.8M | $73.9M | ||
| Q1 24 | $265.2M | $41.9M |
| Q4 25 | $157.0M | $428.4M | ||
| Q3 25 | $157.3M | $429.3M | ||
| Q2 25 | $157.5M | $430.2M | ||
| Q1 25 | $157.8M | $431.1M | ||
| Q4 24 | $216.5M | $432.0M | ||
| Q3 24 | — | $432.9M | ||
| Q2 24 | $340.9M | $433.8M | ||
| Q1 24 | $340.5M | $384.0M |
| Q4 25 | $39.4M | $27.0M | ||
| Q3 25 | $42.8M | $-7.4M | ||
| Q2 25 | $38.8M | $-12.3M | ||
| Q1 25 | $38.1M | $-28.3M | ||
| Q4 24 | $33.4M | $-27.6M | ||
| Q3 24 | $29.0M | $-31.9M | ||
| Q2 24 | $26.1M | $-28.5M | ||
| Q1 24 | $26.9M | $-26.4M |
| Q4 25 | $308.8M | $813.8M | ||
| Q3 25 | $309.5M | $685.9M | ||
| Q2 25 | $302.5M | $636.9M | ||
| Q1 25 | $286.3M | $579.8M | ||
| Q4 24 | $340.3M | $612.7M | ||
| Q3 24 | $335.1M | $575.0M | ||
| Q2 24 | $452.5M | $543.9M | ||
| Q1 24 | $442.5M | $497.3M |
| Q4 25 | 3.99× | 15.87× | ||
| 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 | $183.5M |
| Free Cash FlowOCF − Capex | $-2.2M | $175.0M |
| FCF MarginFCF / Revenue | -2.4% | 98.8% |
| Capex IntensityCapex / Revenue | 3.5% | 4.8% |
| Cash ConversionOCF / Net Profit | — | 3.16× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $326.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $183.5M | ||
| Q3 25 | $10.6M | $79.8M | ||
| Q2 25 | $13.6M | $42.0M | ||
| Q1 25 | $401.0K | $33.3M | ||
| Q4 24 | $12.4M | $148.8M | ||
| Q3 24 | $5.6M | $69.0M | ||
| Q2 24 | $11.7M | $17.5M | ||
| Q1 24 | $-3.4M | $24.2M |
| Q4 25 | $-2.2M | $175.0M | ||
| Q3 25 | $7.6M | $78.3M | ||
| Q2 25 | $11.9M | $40.8M | ||
| Q1 25 | $-424.0K | $32.1M | ||
| Q4 24 | $11.6M | $132.0M | ||
| Q3 24 | $4.5M | $62.2M | ||
| Q2 24 | $10.7M | $12.8M | ||
| Q1 24 | $-4.2M | $20.0M |
| Q4 25 | -2.4% | 98.8% | ||
| Q3 25 | 8.8% | 58.0% | ||
| Q2 25 | 14.1% | 34.1% | ||
| Q1 25 | -0.5% | 25.5% | ||
| Q4 24 | 13.3% | 79.9% | ||
| Q3 24 | 5.4% | 50.6% | ||
| Q2 24 | 13.0% | 10.9% | ||
| Q1 24 | -5.3% | 18.4% |
| Q4 25 | 3.5% | 4.8% | ||
| Q3 25 | 3.4% | 1.1% | ||
| Q2 25 | 2.0% | 1.0% | ||
| Q1 25 | 1.0% | 0.9% | ||
| Q4 24 | 0.9% | 10.1% | ||
| Q3 24 | 1.3% | 5.5% | ||
| Q2 24 | 1.3% | 4.0% | ||
| Q1 24 | 1.0% | 3.9% |
| Q4 25 | — | 3.16× | ||
| Q3 25 | — | 7.61× | ||
| Q2 25 | — | 2.72× | ||
| Q1 25 | — | 71.84× | ||
| Q4 24 | — | 19.54× | ||
| Q3 24 | — | 16.60× | ||
| Q2 24 | — | 3.64× | ||
| Q1 24 | — | 11.40× |
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% |
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
