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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and INSTEEL INDUSTRIES INC (IIIN). Click either name above to swap in a different company.
INSTEEL INDUSTRIES INC is the larger business by last-quarter revenue ($159.9M vs $89.5M, roughly 1.8× Commerce.com, Inc.). INSTEEL INDUSTRIES INC runs the higher net margin — 4.7% vs -9.3%, a 14.1% gap on every dollar of revenue. On growth, INSTEEL INDUSTRIES INC posted the faster year-over-year revenue change (23.3% vs 2.9%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-2.2M). Over the past eight quarters, INSTEEL INDUSTRIES INC's revenue compounded faster (12.0% 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.
Insteel Industries Inc is a leading U.S. manufacturer of steel reinforcing products including welded wire reinforcement and steel fibers. It primarily serves non-residential construction, infrastructure, and precast concrete segments across North America, delivering high-performance reinforcement solutions for various construction projects.
CMRC vs IIIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $159.9M |
| Net Profit | $-8.4M | $7.6M |
| Gross Margin | 78.3% | 11.3% |
| Operating Margin | -7.4% | 6.0% |
| Net Margin | -9.3% | 4.7% |
| Revenue YoY | 2.9% | 23.3% |
| Net Profit YoY | -250.0% | 602.4% |
| EPS (diluted) | $-0.11 | $0.39 |
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 | $159.9M | ||
| Q3 25 | $86.0M | $177.4M | ||
| Q2 25 | $84.4M | $179.9M | ||
| Q1 25 | $82.4M | $160.7M | ||
| Q4 24 | $87.0M | $129.7M | ||
| Q3 24 | $83.7M | $134.3M | ||
| Q2 24 | $81.8M | $145.8M | ||
| Q1 24 | $80.4M | $127.4M |
| Q4 25 | $-8.4M | $7.6M | ||
| Q3 25 | $-2.2M | $14.6M | ||
| Q2 25 | $-8.4M | $15.2M | ||
| Q1 25 | $-353.0K | $10.2M | ||
| Q4 24 | $-2.4M | $1.1M | ||
| Q3 24 | $-7.0M | $4.7M | ||
| Q2 24 | $-11.3M | $6.6M | ||
| Q1 24 | $-6.4M | $6.9M |
| Q4 25 | 78.3% | 11.3% | ||
| Q3 25 | 78.4% | 16.1% | ||
| Q2 25 | 79.0% | 17.1% | ||
| Q1 25 | 79.4% | 15.3% | ||
| Q4 24 | 77.6% | 7.3% | ||
| Q3 24 | 76.3% | 9.1% | ||
| Q2 24 | 75.8% | 10.6% | ||
| Q1 24 | 77.1% | 12.3% |
| Q4 25 | -7.4% | 6.0% | ||
| Q3 25 | -0.5% | 10.8% | ||
| Q2 25 | -8.0% | 11.0% | ||
| Q1 25 | -2.9% | 8.3% | ||
| Q4 24 | -0.9% | 1.1% | ||
| Q3 24 | -23.0% | 4.5% | ||
| Q2 24 | -16.5% | 6.0% | ||
| Q1 24 | -10.2% | 7.0% |
| Q4 25 | -9.3% | 4.7% | ||
| Q3 25 | -2.6% | 8.2% | ||
| Q2 25 | -9.9% | 8.4% | ||
| Q1 25 | -0.4% | 6.4% | ||
| Q4 24 | -2.7% | 0.8% | ||
| Q3 24 | -8.4% | 3.5% | ||
| Q2 24 | -13.8% | 4.5% | ||
| Q1 24 | -8.0% | 5.4% |
| Q4 25 | $-0.11 | $0.39 | ||
| Q3 25 | $-0.03 | $0.74 | ||
| Q2 25 | $-0.10 | $0.78 | ||
| Q1 25 | $0.00 | $0.52 | ||
| Q4 24 | $-0.03 | $0.06 | ||
| Q3 24 | $-0.09 | $0.24 | ||
| Q2 24 | $-0.15 | $0.34 | ||
| 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 | $15.6M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $358.8M |
| Total Assets | $308.8M | $456.1M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $15.6M | ||
| Q3 25 | $142.0M | $38.6M | ||
| Q2 25 | $134.5M | $53.7M | ||
| Q1 25 | $120.7M | $28.4M | ||
| Q4 24 | $178.2M | $36.0M | ||
| Q3 24 | $168.4M | $111.5M | ||
| Q2 24 | $275.8M | $97.7M | ||
| Q1 24 | $265.2M | $83.9M |
| 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 | $358.8M | ||
| Q3 25 | $42.8M | $371.5M | ||
| Q2 25 | $38.8M | $356.2M | ||
| Q1 25 | $38.1M | $341.4M | ||
| Q4 24 | $33.4M | $331.6M | ||
| Q3 24 | $29.0M | $350.9M | ||
| Q2 24 | $26.1M | $346.0M | ||
| Q1 24 | $26.9M | $340.6M |
| Q4 25 | $308.8M | $456.1M | ||
| Q3 25 | $309.5M | $462.6M | ||
| Q2 25 | $302.5M | $471.9M | ||
| Q1 25 | $286.3M | $421.9M | ||
| Q4 24 | $340.3M | $404.7M | ||
| Q3 24 | $335.1M | $422.6M | ||
| Q2 24 | $452.5M | $414.6M | ||
| Q1 24 | $442.5M | $397.2M |
| 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 | $-701.0K |
| Free Cash FlowOCF − Capex | $-2.2M | $-2.2M |
| FCF MarginFCF / Revenue | -2.4% | -1.4% |
| Capex IntensityCapex / Revenue | 3.5% | 0.9% |
| Cash ConversionOCF / Net Profit | — | -0.09× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $439.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $-701.0K | ||
| Q3 25 | $10.6M | $-17.0M | ||
| Q2 25 | $13.6M | $28.5M | ||
| Q1 25 | $401.0K | $-3.3M | ||
| Q4 24 | $12.4M | $19.0M | ||
| Q3 24 | $5.6M | $16.2M | ||
| Q2 24 | $11.7M | $18.8M | ||
| Q1 24 | $-3.4M | $1.4M |
| Q4 25 | $-2.2M | $-2.2M | ||
| Q3 25 | $7.6M | $-18.7M | ||
| Q2 25 | $11.9M | $26.9M | ||
| Q1 25 | $-424.0K | $-5.5M | ||
| Q4 24 | $11.6M | $16.3M | ||
| Q3 24 | $4.5M | $14.5M | ||
| Q2 24 | $10.7M | $15.5M | ||
| Q1 24 | $-4.2M | $-580.0K |
| Q4 25 | -2.4% | -1.4% | ||
| Q3 25 | 8.8% | -10.6% | ||
| Q2 25 | 14.1% | 15.0% | ||
| Q1 25 | -0.5% | -3.5% | ||
| Q4 24 | 13.3% | 12.6% | ||
| Q3 24 | 5.4% | 10.8% | ||
| Q2 24 | 13.0% | 10.7% | ||
| Q1 24 | -5.3% | -0.5% |
| Q4 25 | 3.5% | 0.9% | ||
| Q3 25 | 3.4% | 1.0% | ||
| Q2 25 | 2.0% | 0.9% | ||
| Q1 25 | 1.0% | 1.4% | ||
| Q4 24 | 0.9% | 2.1% | ||
| Q3 24 | 1.3% | 1.3% | ||
| Q2 24 | 1.3% | 2.2% | ||
| Q1 24 | 1.0% | 1.5% |
| Q4 25 | — | -0.09× | ||
| Q3 25 | — | -1.17× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | — | -0.32× | ||
| Q4 24 | — | 17.56× | ||
| Q3 24 | — | 3.48× | ||
| Q2 24 | — | 2.86× | ||
| Q1 24 | — | 0.20× |
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% |
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
