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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Kennedy-Wilson Holdings, Inc. (KW). Click either name above to swap in a different company.
Kennedy-Wilson Holdings, Inc. is the larger business by last-quarter revenue ($120.6M vs $89.5M, roughly 1.3× Commerce.com, Inc.). Kennedy-Wilson Holdings, Inc. runs the higher net margin — 48.1% vs -9.3%, a 57.4% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs -11.0%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-55.2M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs -6.0%).
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.
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
CMRC vs KW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $120.6M |
| Net Profit | $-8.4M | $58.0M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 57.3% |
| Net Margin | -9.3% | 48.1% |
| Revenue YoY | 2.9% | -11.0% |
| Net Profit YoY | -250.0% | 32.7% |
| EPS (diluted) | $-0.11 | $0.22 |
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 | $120.6M | ||
| Q3 25 | $86.0M | $116.4M | ||
| Q2 25 | $84.4M | $135.7M | ||
| Q1 25 | $82.4M | $128.3M | ||
| Q4 24 | $87.0M | $135.5M | ||
| Q3 24 | $83.7M | $127.5M | ||
| Q2 24 | $81.8M | $132.0M | ||
| Q1 24 | $80.4M | $136.4M |
| Q4 25 | $-8.4M | $58.0M | ||
| Q3 25 | $-2.2M | $-10.2M | ||
| Q2 25 | $-8.4M | $5.6M | ||
| Q1 25 | $-353.0K | $-29.6M | ||
| Q4 24 | $-2.4M | $43.7M | ||
| Q3 24 | $-7.0M | $-66.8M | ||
| Q2 24 | $-11.3M | $-48.3M | ||
| Q1 24 | $-6.4M | $37.7M |
| 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% | 57.3% | ||
| Q3 25 | -0.5% | -6.2% | ||
| Q2 25 | -8.0% | 7.4% | ||
| Q1 25 | -2.9% | -26.9% | ||
| Q4 24 | -0.9% | 36.7% | ||
| Q3 24 | -23.0% | -60.8% | ||
| Q2 24 | -16.5% | -45.5% | ||
| Q1 24 | -10.2% | 47.2% |
| Q4 25 | -9.3% | 48.1% | ||
| Q3 25 | -2.6% | -8.8% | ||
| Q2 25 | -9.9% | 4.1% | ||
| Q1 25 | -0.4% | -23.1% | ||
| Q4 24 | -2.7% | 32.3% | ||
| Q3 24 | -8.4% | -52.4% | ||
| Q2 24 | -13.8% | -36.6% | ||
| Q1 24 | -8.0% | 27.6% |
| Q4 25 | $-0.11 | $0.22 | ||
| Q3 25 | $-0.03 | $-0.15 | ||
| Q2 25 | $-0.10 | $-0.05 | ||
| Q1 25 | $0.00 | $-0.30 | ||
| Q4 24 | $-0.03 | $0.24 | ||
| Q3 24 | $-0.09 | $-0.56 | ||
| Q2 24 | $-0.15 | $-0.43 | ||
| Q1 24 | $-0.08 | $0.19 |
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 | $184.5M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $1.5B |
| Total Assets | $308.8M | $6.6B |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $184.5M | ||
| Q3 25 | $142.0M | $382.6M | ||
| Q2 25 | $134.5M | $309.1M | ||
| Q1 25 | $120.7M | $356.6M | ||
| Q4 24 | $178.2M | $217.5M | ||
| Q3 24 | $168.4M | $367.1M | ||
| Q2 24 | $275.8M | $366.5M | ||
| Q1 24 | $265.2M | $541.9M |
| 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 | $1.5B | ||
| Q3 25 | $42.8M | $1.5B | ||
| Q2 25 | $38.8M | $1.6B | ||
| Q1 25 | $38.1M | $1.6B | ||
| Q4 24 | $33.4M | $1.6B | ||
| Q3 24 | $29.0M | $1.6B | ||
| Q2 24 | $26.1M | $1.7B | ||
| Q1 24 | $26.9M | $1.7B |
| Q4 25 | $308.8M | $6.6B | ||
| Q3 25 | $309.5M | $6.7B | ||
| Q2 25 | $302.5M | $6.8B | ||
| Q1 25 | $286.3M | $7.2B | ||
| Q4 24 | $340.3M | $7.0B | ||
| Q3 24 | $335.1M | $7.4B | ||
| Q2 24 | $452.5M | $7.5B | ||
| Q1 24 | $442.5M | $7.7B |
| 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 | $11.4M |
| Free Cash FlowOCF − Capex | $-2.2M | $-55.2M |
| FCF MarginFCF / Revenue | -2.4% | -45.8% |
| Capex IntensityCapex / Revenue | 3.5% | 55.2% |
| Cash ConversionOCF / Net Profit | — | 0.20× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $-103.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $11.4M | ||
| Q3 25 | $10.6M | $-7.6M | ||
| Q2 25 | $13.6M | $42.0M | ||
| Q1 25 | $401.0K | $-51.9M | ||
| Q4 24 | $12.4M | $55.1M | ||
| Q3 24 | $5.6M | $-5.6M | ||
| Q2 24 | $11.7M | $36.7M | ||
| Q1 24 | $-3.4M | $-5.6M |
| Q4 25 | $-2.2M | $-55.2M | ||
| Q3 25 | $7.6M | $-18.0M | ||
| Q2 25 | $11.9M | $29.4M | ||
| Q1 25 | $-424.0K | $-59.7M | ||
| Q4 24 | $11.6M | $-76.5M | ||
| Q3 24 | $4.5M | $-27.7M | ||
| Q2 24 | $10.7M | $-500.0K | ||
| Q1 24 | $-4.2M | $-57.1M |
| Q4 25 | -2.4% | -45.8% | ||
| Q3 25 | 8.8% | -15.5% | ||
| Q2 25 | 14.1% | 21.7% | ||
| Q1 25 | -0.5% | -46.5% | ||
| Q4 24 | 13.3% | -56.5% | ||
| Q3 24 | 5.4% | -21.7% | ||
| Q2 24 | 13.0% | -0.4% | ||
| Q1 24 | -5.3% | -41.9% |
| Q4 25 | 3.5% | 55.2% | ||
| Q3 25 | 3.4% | 8.9% | ||
| Q2 25 | 2.0% | 9.3% | ||
| Q1 25 | 1.0% | 6.1% | ||
| Q4 24 | 0.9% | 97.1% | ||
| Q3 24 | 1.3% | 17.3% | ||
| Q2 24 | 1.3% | 28.2% | ||
| Q1 24 | 1.0% | 37.8% |
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 7.50× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.15× |
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% |
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
