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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Inogen Inc (INGN). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $68.6M, roughly 1.3× Inogen Inc). On growth, Inogen Inc posted the faster year-over-year revenue change (3.4% vs 2.9%). Inogen Inc produced more free cash flow last quarter ($-1.9M vs $-2.2M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs 4.2%).
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.
Inogen Inc is a medical technology firm specializing in the development, production and distribution of portable oxygen concentrators and associated respiratory care products. It caters primarily to patients with chronic respiratory conditions needing long-term oxygen therapy across North America, Europe and other global markets, focusing on home care and ambulatory patient segments to enhance users' quality of life.
CMRC vs INGN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $68.6M |
| Net Profit | $-8.4M | — |
| Gross Margin | 78.3% | 51.4% |
| Operating Margin | -7.4% | -13.6% |
| Net Margin | -9.3% | — |
| Revenue YoY | 2.9% | 3.4% |
| Net Profit YoY | -250.0% | — |
| EPS (diluted) | $-0.11 | $-0.26 |
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 | $68.6M | ||
| Q3 25 | $86.0M | $79.1M | ||
| Q2 25 | $84.4M | $79.2M | ||
| Q1 25 | $82.4M | $68.5M | ||
| Q4 24 | $87.0M | $66.3M | ||
| Q3 24 | $83.7M | $74.9M | ||
| Q2 24 | $81.8M | $74.4M | ||
| Q1 24 | $80.4M | $63.1M |
| Q4 25 | $-8.4M | — | ||
| Q3 25 | $-2.2M | $-5.3M | ||
| Q2 25 | $-8.4M | $-4.2M | ||
| Q1 25 | $-353.0K | $-6.2M | ||
| Q4 24 | $-2.4M | — | ||
| Q3 24 | $-7.0M | $-6.0M | ||
| Q2 24 | $-11.3M | $-5.6M | ||
| Q1 24 | $-6.4M | $-14.6M |
| Q4 25 | 78.3% | 51.4% | ||
| Q3 25 | 78.4% | 52.2% | ||
| Q2 25 | 79.0% | 52.2% | ||
| Q1 25 | 79.4% | 53.1% | ||
| Q4 24 | 77.6% | 54.7% | ||
| Q3 24 | 76.3% | 55.2% | ||
| Q2 24 | 75.8% | 57.4% | ||
| Q1 24 | 77.1% | 54.5% |
| Q4 25 | -7.4% | -13.6% | ||
| Q3 25 | -0.5% | -9.0% | ||
| Q2 25 | -8.0% | -7.7% | ||
| Q1 25 | -2.9% | -11.2% | ||
| Q4 24 | -0.9% | -17.2% | ||
| Q3 24 | -23.0% | -10.4% | ||
| Q2 24 | -16.5% | -9.5% | ||
| Q1 24 | -10.2% | -25.8% |
| Q4 25 | -9.3% | — | ||
| Q3 25 | -2.6% | -6.7% | ||
| Q2 25 | -9.9% | -5.2% | ||
| Q1 25 | -0.4% | -9.0% | ||
| Q4 24 | -2.7% | — | ||
| Q3 24 | -8.4% | -8.0% | ||
| Q2 24 | -13.8% | -7.5% | ||
| Q1 24 | -8.0% | -23.1% |
| Q4 25 | $-0.11 | $-0.26 | ||
| Q3 25 | $-0.03 | $-0.20 | ||
| Q2 25 | $-0.10 | $-0.15 | ||
| Q1 25 | $0.00 | $-0.25 | ||
| Q4 24 | $-0.03 | $-0.41 | ||
| Q3 24 | $-0.09 | $-0.25 | ||
| Q2 24 | $-0.15 | $-0.24 | ||
| Q1 24 | $-0.08 | $-0.62 |
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 | $103.7M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $192.2M |
| Total Assets | $308.8M | $298.6M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $103.7M | ||
| Q3 25 | $142.0M | $106.5M | ||
| Q2 25 | $134.5M | $103.7M | ||
| Q1 25 | $120.7M | $118.9M | ||
| Q4 24 | $178.2M | $113.8M | ||
| Q3 24 | $168.4M | $105.7M | ||
| Q2 24 | $275.8M | $97.9M | ||
| Q1 24 | $265.2M | $107.4M |
| 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 | $192.2M | ||
| Q3 25 | $42.8M | $197.2M | ||
| Q2 25 | $38.8M | $199.5M | ||
| Q1 25 | $38.1M | $198.0M | ||
| Q4 24 | $33.4M | $173.9M | ||
| Q3 24 | $29.0M | $185.4M | ||
| Q2 24 | $26.1M | $187.6M | ||
| Q1 24 | $26.9M | $191.9M |
| Q4 25 | $308.8M | $298.6M | ||
| Q3 25 | $309.5M | $307.0M | ||
| Q2 25 | $302.5M | $312.0M | ||
| Q1 25 | $286.3M | $308.4M | ||
| Q4 24 | $340.3M | $296.2M | ||
| Q3 24 | $335.1M | $306.2M | ||
| Q2 24 | $452.5M | $308.9M | ||
| Q1 24 | $442.5M | $315.6M |
| 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 | $-943.0K |
| Free Cash FlowOCF − Capex | $-2.2M | $-1.9M |
| FCF MarginFCF / Revenue | -2.4% | -2.8% |
| Capex IntensityCapex / Revenue | 3.5% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $-13.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $-943.0K | ||
| Q3 25 | $10.6M | $2.2M | ||
| Q2 25 | $13.6M | $4.3M | ||
| Q1 25 | $401.0K | $-16.8M | ||
| Q4 24 | $12.4M | $-3.0M | ||
| Q3 24 | $5.6M | $7.0M | ||
| Q2 24 | $11.7M | $6.7M | ||
| Q1 24 | $-3.4M | $-4.7M |
| Q4 25 | $-2.2M | $-1.9M | ||
| Q3 25 | $7.6M | $1.6M | ||
| Q2 25 | $11.9M | $3.7M | ||
| Q1 25 | $-424.0K | $-17.1M | ||
| Q4 24 | $11.6M | $-3.3M | ||
| Q3 24 | $4.5M | $5.3M | ||
| Q2 24 | $10.7M | $6.6M | ||
| Q1 24 | $-4.2M | $-6.1M |
| Q4 25 | -2.4% | -2.8% | ||
| Q3 25 | 8.8% | 2.0% | ||
| Q2 25 | 14.1% | 4.6% | ||
| Q1 25 | -0.5% | -24.9% | ||
| Q4 24 | 13.3% | -5.0% | ||
| Q3 24 | 5.4% | 7.1% | ||
| Q2 24 | 13.0% | 8.9% | ||
| Q1 24 | -5.3% | -9.6% |
| Q4 25 | 3.5% | 1.4% | ||
| Q3 25 | 3.4% | 0.7% | ||
| Q2 25 | 2.0% | 0.9% | ||
| Q1 25 | 1.0% | 0.4% | ||
| Q4 24 | 0.9% | 0.5% | ||
| Q3 24 | 1.3% | 2.2% | ||
| Q2 24 | 1.3% | 0.1% | ||
| Q1 24 | 1.0% | 2.1% |
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% |
INGN
| Other | $36.1M | 53% |
| Non Us | $32.5M | 47% |
