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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
Industrial Logistics Properties Trust is the larger business by last-quarter revenue ($113.9M vs $89.5M, roughly 1.3× Commerce.com, Inc.). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -9.3%, a 7.8% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs 2.9%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-2.2M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs 0.7%).
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.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
CMRC vs ILPT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $113.9M |
| Net Profit | $-8.4M | $-1.8M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | -22.1% |
| Net Margin | -9.3% | -1.6% |
| Revenue YoY | 2.9% | 3.1% |
| Net Profit YoY | -250.0% | 92.6% |
| EPS (diluted) | $-0.11 | $-0.02 |
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 | $113.9M | ||
| Q3 25 | $86.0M | $110.9M | ||
| Q2 25 | $84.4M | $112.1M | ||
| Q1 25 | $82.4M | $111.9M | ||
| Q4 24 | $87.0M | $110.5M | ||
| Q3 24 | $83.7M | $108.9M | ||
| Q2 24 | $81.8M | $110.6M | ||
| Q1 24 | $80.4M | $112.2M |
| Q4 25 | $-8.4M | $-1.8M | ||
| Q3 25 | $-2.2M | $-21.6M | ||
| Q2 25 | $-8.4M | $-21.3M | ||
| Q1 25 | $-353.0K | $-21.5M | ||
| Q4 24 | $-2.4M | $-24.1M | ||
| Q3 24 | $-7.0M | $-25.0M | ||
| Q2 24 | $-11.3M | $-23.2M | ||
| Q1 24 | $-6.4M | $-23.4M |
| 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% | -22.1% | ||
| Q3 25 | -0.5% | -29.4% | ||
| Q2 25 | -8.0% | -30.8% | ||
| Q1 25 | -2.9% | -26.9% | ||
| Q4 24 | -0.9% | -31.1% | ||
| Q3 24 | -23.0% | -33.5% | ||
| Q2 24 | -16.5% | -32.4% | ||
| Q1 24 | -10.2% | -31.7% |
| Q4 25 | -9.3% | -1.6% | ||
| Q3 25 | -2.6% | -19.4% | ||
| Q2 25 | -9.9% | -19.0% | ||
| Q1 25 | -0.4% | -19.2% | ||
| Q4 24 | -2.7% | -21.8% | ||
| Q3 24 | -8.4% | -22.9% | ||
| Q2 24 | -13.8% | -20.9% | ||
| Q1 24 | -8.0% | -20.9% |
| Q4 25 | $-0.11 | $-0.02 | ||
| Q3 25 | $-0.03 | $-0.33 | ||
| Q2 25 | $-0.10 | $-0.32 | ||
| Q1 25 | $0.00 | $-0.33 | ||
| Q4 24 | $-0.03 | $-0.37 | ||
| Q3 24 | $-0.09 | $-0.38 | ||
| Q2 24 | $-0.15 | $-0.35 | ||
| Q1 24 | $-0.08 | $-0.36 |
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 | $94.8M |
| Total DebtLower is stronger | $157.0M | $4.2B |
| Stockholders' EquityBook value | $39.4M | $489.7M |
| Total Assets | $308.8M | $5.2B |
| Debt / EquityLower = less leverage | 3.99× | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $94.8M | ||
| Q3 25 | $142.0M | $83.2M | ||
| Q2 25 | $134.5M | $58.6M | ||
| Q1 25 | $120.7M | $108.0M | ||
| Q4 24 | $178.2M | $131.7M | ||
| Q3 24 | $168.4M | $153.9M | ||
| Q2 24 | $275.8M | $146.2M | ||
| Q1 24 | $265.2M | $128.4M |
| Q4 25 | $157.0M | $4.2B | ||
| Q3 25 | $157.3M | $4.2B | ||
| Q2 25 | $157.5M | $4.2B | ||
| Q1 25 | $157.8M | $4.3B | ||
| Q4 24 | $216.5M | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | $340.9M | $4.3B | ||
| Q1 24 | $340.5M | $4.3B |
| Q4 25 | $39.4M | $489.7M | ||
| Q3 25 | $42.8M | $494.1M | ||
| Q2 25 | $38.8M | $519.1M | ||
| Q1 25 | $38.1M | $539.5M | ||
| Q4 24 | $33.4M | $562.0M | ||
| Q3 24 | $29.0M | $585.9M | ||
| Q2 24 | $26.1M | $618.3M | ||
| Q1 24 | $26.9M | $643.2M |
| Q4 25 | $308.8M | $5.2B | ||
| Q3 25 | $309.5M | $5.2B | ||
| Q2 25 | $302.5M | $5.2B | ||
| Q1 25 | $286.3M | $5.4B | ||
| Q4 24 | $340.3M | $5.4B | ||
| Q3 24 | $335.1M | $5.5B | ||
| Q2 24 | $452.5M | $5.5B | ||
| Q1 24 | $442.5M | $5.5B |
| Q4 25 | 3.99× | 8.56× | ||
| Q3 25 | 3.67× | 8.49× | ||
| Q2 25 | 4.06× | 8.09× | ||
| Q1 25 | 4.14× | 7.96× | ||
| Q4 24 | 6.49× | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | 13.06× | 6.96× | ||
| Q1 24 | 12.65× | 6.70× |
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 | $60.7M |
| Free Cash FlowOCF − Capex | $-2.2M | $42.0M |
| FCF MarginFCF / Revenue | -2.4% | 36.9% |
| Capex IntensityCapex / Revenue | 3.5% | 16.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $60.7M | ||
| Q3 25 | $10.6M | $22.7M | ||
| Q2 25 | $13.6M | $18.4M | ||
| Q1 25 | $401.0K | $11.4M | ||
| Q4 24 | $12.4M | $2.0M | ||
| Q3 24 | $5.6M | $-3.4M | ||
| Q2 24 | $11.7M | $10.8M | ||
| Q1 24 | $-3.4M | $8.0M |
| Q4 25 | $-2.2M | $42.0M | ||
| Q3 25 | $7.6M | $17.6M | ||
| Q2 25 | $11.9M | $15.2M | ||
| Q1 25 | $-424.0K | $5.0M | ||
| Q4 24 | $11.6M | $-3.7M | ||
| Q3 24 | $4.5M | $-5.9M | ||
| Q2 24 | $10.7M | $9.4M | ||
| Q1 24 | $-4.2M | $5.9M |
| Q4 25 | -2.4% | 36.9% | ||
| Q3 25 | 8.8% | 15.9% | ||
| Q2 25 | 14.1% | 13.5% | ||
| Q1 25 | -0.5% | 4.5% | ||
| Q4 24 | 13.3% | -3.4% | ||
| Q3 24 | 5.4% | -5.5% | ||
| Q2 24 | 13.0% | 8.5% | ||
| Q1 24 | -5.3% | 5.2% |
| Q4 25 | 3.5% | 16.4% | ||
| Q3 25 | 3.4% | 4.6% | ||
| Q2 25 | 2.0% | 2.9% | ||
| Q1 25 | 1.0% | 5.7% | ||
| Q4 24 | 0.9% | 5.2% | ||
| Q3 24 | 1.3% | 2.3% | ||
| Q2 24 | 1.3% | 1.3% | ||
| Q1 24 | 1.0% | 1.9% |
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% |
ILPT
Segment breakdown not available.
