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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Katapult Holdings, Inc. (KPLT). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $73.9M, roughly 1.2× Katapult Holdings, Inc.). Katapult Holdings, Inc. runs the higher net margin — 26.8% vs -9.3%, a 36.2% gap on every dollar of revenue. On growth, Katapult Holdings, Inc. posted the faster year-over-year revenue change (17.3% vs 2.9%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-12.0M). Over the past eight quarters, Katapult Holdings, Inc.'s revenue compounded faster (6.6% 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.
Katapult Holdings, Inc. is a U.S.-based fintech company that provides accessible point-of-sale lease-to-purchase solutions for consumers with limited or no traditional credit history. It partners with a wide network of e-commerce platforms and brick-and-mortar retail merchants across segments including electronics, furniture and home goods to offer flexible payment plans for customers to obtain needed products.
CMRC vs KPLT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $73.9M |
| Net Profit | $-8.4M | $19.8M |
| Gross Margin | 78.3% | 15.6% |
| Operating Margin | -7.4% | -1.4% |
| Net Margin | -9.3% | 26.8% |
| Revenue YoY | 2.9% | 17.3% |
| Net Profit YoY | -250.0% | 307.3% |
| EPS (diluted) | $-0.11 | $3.69 |
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 | $73.9M | ||
| Q3 25 | $86.0M | $74.0M | ||
| Q2 25 | $84.4M | $71.9M | ||
| Q1 25 | $82.4M | $71.9M | ||
| Q4 24 | $87.0M | $63.0M | ||
| Q3 24 | $83.7M | $60.3M | ||
| Q2 24 | $81.8M | $58.9M | ||
| Q1 24 | $80.4M | $65.1M |
| Q4 25 | $-8.4M | $19.8M | ||
| Q3 25 | $-2.2M | $-4.9M | ||
| Q2 25 | $-8.4M | $-7.8M | ||
| Q1 25 | $-353.0K | $-5.7M | ||
| Q4 24 | $-2.4M | $-9.6M | ||
| Q3 24 | $-7.0M | $-8.9M | ||
| Q2 24 | $-11.3M | $-6.9M | ||
| Q1 24 | $-6.4M | $-570.0K |
| Q4 25 | 78.3% | 15.6% | ||
| Q3 25 | 78.4% | 19.7% | ||
| Q2 25 | 79.0% | 15.5% | ||
| Q1 25 | 79.4% | 19.9% | ||
| Q4 24 | 77.6% | 11.8% | ||
| Q3 24 | 76.3% | 19.8% | ||
| Q2 24 | 75.8% | 16.9% | ||
| Q1 24 | 77.1% | 25.3% |
| Q4 25 | -7.4% | -1.4% | ||
| Q3 25 | -0.5% | 3.3% | ||
| Q2 25 | -8.0% | -2.0% | ||
| Q1 25 | -2.9% | -0.7% | ||
| Q4 24 | -0.9% | -7.7% | ||
| Q3 24 | -23.0% | -7.4% | ||
| Q2 24 | -16.5% | -4.5% | ||
| Q1 24 | -10.2% | 5.8% |
| Q4 25 | -9.3% | 26.8% | ||
| Q3 25 | -2.6% | -6.7% | ||
| Q2 25 | -9.9% | -10.9% | ||
| Q1 25 | -0.4% | -7.9% | ||
| Q4 24 | -2.7% | -15.2% | ||
| Q3 24 | -8.4% | -14.7% | ||
| Q2 24 | -13.8% | -11.7% | ||
| Q1 24 | -8.0% | -0.9% |
| Q4 25 | $-0.11 | $3.69 | ||
| Q3 25 | $-0.03 | $-0.94 | ||
| Q2 25 | $-0.10 | $-1.63 | ||
| Q1 25 | $0.00 | $-1.23 | ||
| Q4 24 | $-0.03 | $-2.17 | ||
| Q3 24 | $-0.09 | $-2.05 | ||
| Q2 24 | $-0.15 | $-1.61 | ||
| 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 | $22.4M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $-38.1M |
| Total Assets | $308.8M | $107.9M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $22.4M | ||
| Q3 25 | $142.0M | $3.4M | ||
| Q2 25 | $134.5M | $3.7M | ||
| Q1 25 | $120.7M | $6.0M | ||
| Q4 24 | $178.2M | $3.5M | ||
| Q3 24 | $168.4M | $25.9M | ||
| Q2 24 | $275.8M | $33.7M | ||
| Q1 24 | $265.2M | $31.2M |
| 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 | $-38.1M | ||
| Q3 25 | $42.8M | $-58.4M | ||
| Q2 25 | $38.8M | $-54.1M | ||
| Q1 25 | $38.1M | $-51.7M | ||
| Q4 24 | $33.4M | $-46.8M | ||
| Q3 24 | $29.0M | $-40.3M | ||
| Q2 24 | $26.1M | $-32.9M | ||
| Q1 24 | $26.9M | $-27.5M |
| Q4 25 | $308.8M | $107.9M | ||
| Q3 25 | $309.5M | $85.9M | ||
| Q2 25 | $302.5M | $90.6M | ||
| Q1 25 | $286.3M | $88.5M | ||
| Q4 24 | $340.3M | $93.2M | ||
| Q3 24 | $335.1M | $92.0M | ||
| Q2 24 | $452.5M | $106.6M | ||
| Q1 24 | $442.5M | $106.6M |
| 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 | $-11.9M |
| Free Cash FlowOCF − Capex | $-2.2M | $-12.0M |
| FCF MarginFCF / Revenue | -2.4% | -16.2% |
| Capex IntensityCapex / Revenue | 3.5% | 0.0% |
| Cash ConversionOCF / Net Profit | — | -0.60× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $-11.9M | ||
| Q3 25 | $10.6M | $4.0M | ||
| Q2 25 | $13.6M | $-6.6M | ||
| Q1 25 | $401.0K | $3.4M | ||
| Q4 24 | $12.4M | $-32.6M | ||
| Q3 24 | $5.6M | $-5.4M | ||
| Q2 24 | $11.7M | $-628.0K | ||
| Q1 24 | $-3.4M | $2.0M |
| Q4 25 | $-2.2M | $-12.0M | ||
| Q3 25 | $7.6M | $4.0M | ||
| Q2 25 | $11.9M | — | ||
| Q1 25 | $-424.0K | $3.4M | ||
| Q4 24 | $11.6M | $-32.6M | ||
| Q3 24 | $4.5M | $-5.4M | ||
| Q2 24 | $10.7M | $-653.0K | ||
| Q1 24 | $-4.2M | — |
| Q4 25 | -2.4% | -16.2% | ||
| Q3 25 | 8.8% | 5.4% | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | -0.5% | 4.7% | ||
| Q4 24 | 13.3% | -51.8% | ||
| Q3 24 | 5.4% | -9.0% | ||
| Q2 24 | 13.0% | -1.1% | ||
| Q1 24 | -5.3% | — |
| Q4 25 | 3.5% | 0.0% | ||
| Q3 25 | 3.4% | 0.0% | ||
| Q2 25 | 2.0% | 0.0% | ||
| Q1 25 | 1.0% | 0.0% | ||
| Q4 24 | 0.9% | 0.1% | ||
| Q3 24 | 1.3% | 0.0% | ||
| Q2 24 | 1.3% | 0.0% | ||
| Q1 24 | 1.0% | 0.0% |
| Q4 25 | — | -0.60× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
KPLT
Segment breakdown not available.
