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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Lifeway Foods, Inc. (LWAY). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $55.4M, roughly 1.6× Lifeway Foods, Inc.). Lifeway Foods, Inc. runs the higher net margin — 4.6% vs -9.3%, a 13.9% gap on every dollar of revenue. On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs 2.9%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-17.4M). Over the past eight quarters, Lifeway Foods, Inc.'s revenue compounded faster (11.4% 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.
Lifeway Foods is an Illinois-based health food company founded in 1986. They are a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome.
CMRC vs LWAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $55.4M |
| Net Profit | $-8.4M | $2.5M |
| Gross Margin | 78.3% | 27.8% |
| Operating Margin | -7.4% | 6.8% |
| Net Margin | -9.3% | 4.6% |
| Revenue YoY | 2.9% | 18.0% |
| Net Profit YoY | -250.0% | 1688.1% |
| EPS (diluted) | $-0.11 | $0.15 |
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 | $55.4M | ||
| Q3 25 | $86.0M | $57.1M | ||
| Q2 25 | $84.4M | $53.9M | ||
| Q1 25 | $82.4M | $46.1M | ||
| Q4 24 | $87.0M | $46.9M | ||
| Q3 24 | $83.7M | $46.1M | ||
| Q2 24 | $81.8M | $49.2M | ||
| Q1 24 | $80.4M | $44.6M |
| Q4 25 | $-8.4M | $2.5M | ||
| Q3 25 | $-2.2M | $3.5M | ||
| Q2 25 | $-8.4M | $4.2M | ||
| Q1 25 | $-353.0K | $3.5M | ||
| Q4 24 | $-2.4M | $-160.0K | ||
| Q3 24 | $-7.0M | $3.0M | ||
| Q2 24 | $-11.3M | $3.8M | ||
| Q1 24 | $-6.4M | $2.4M |
| Q4 25 | 78.3% | 27.8% | ||
| Q3 25 | 78.4% | 28.7% | ||
| Q2 25 | 79.0% | 28.6% | ||
| Q1 25 | 79.4% | 23.9% | ||
| Q4 24 | 77.6% | 25.3% | ||
| Q3 24 | 76.3% | 25.7% | ||
| Q2 24 | 75.8% | 27.0% | ||
| Q1 24 | 77.1% | 25.8% |
| Q4 25 | -7.4% | 6.8% | ||
| Q3 25 | -0.5% | 8.8% | ||
| Q2 25 | -8.0% | 10.8% | ||
| Q1 25 | -2.9% | 3.4% | ||
| Q4 24 | -0.9% | 1.5% | ||
| Q3 24 | -23.0% | 9.1% | ||
| Q2 24 | -16.5% | 11.0% | ||
| Q1 24 | -10.2% | 8.0% |
| Q4 25 | -9.3% | 4.6% | ||
| Q3 25 | -2.6% | 6.2% | ||
| Q2 25 | -9.9% | 7.9% | ||
| Q1 25 | -0.4% | 7.7% | ||
| Q4 24 | -2.7% | -0.3% | ||
| Q3 24 | -8.4% | 6.5% | ||
| Q2 24 | -13.8% | 7.7% | ||
| Q1 24 | -8.0% | 5.4% |
| Q4 25 | $-0.11 | $0.15 | ||
| Q3 25 | $-0.03 | $0.23 | ||
| Q2 25 | $-0.10 | $0.28 | ||
| Q1 25 | $0.00 | $0.23 | ||
| Q4 24 | $-0.03 | $0.00 | ||
| Q3 24 | $-0.09 | $0.19 | ||
| Q2 24 | $-0.15 | $0.25 | ||
| Q1 24 | $-0.08 | $0.16 |
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 | $5.6M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $85.8M |
| Total Assets | $308.8M | $105.6M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $5.6M | ||
| Q3 25 | $142.0M | $23.0M | ||
| Q2 25 | $134.5M | $21.2M | ||
| Q1 25 | $120.7M | $19.4M | ||
| Q4 24 | $178.2M | $16.7M | ||
| Q3 24 | $168.4M | $20.6M | ||
| Q2 24 | $275.8M | $14.6M | ||
| Q1 24 | $265.2M | $12.0M |
| 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 | $2.5M |
| Q4 25 | $39.4M | $85.8M | ||
| Q3 25 | $42.8M | $82.8M | ||
| Q2 25 | $38.8M | $78.7M | ||
| Q1 25 | $38.1M | $74.2M | ||
| Q4 24 | $33.4M | $71.9M | ||
| Q3 24 | $29.0M | $71.5M | ||
| Q2 24 | $26.1M | $68.0M | ||
| Q1 24 | $26.9M | $63.5M |
| Q4 25 | $308.8M | $105.6M | ||
| Q3 25 | $309.5M | $109.5M | ||
| Q2 25 | $302.5M | $98.3M | ||
| Q1 25 | $286.3M | $93.7M | ||
| Q4 24 | $340.3M | $90.5M | ||
| Q3 24 | $335.1M | $91.3M | ||
| Q2 24 | $452.5M | $84.9M | ||
| Q1 24 | $442.5M | $82.8M |
| 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× | 0.04× |
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 | $267.0K |
| Free Cash FlowOCF − Capex | $-2.2M | $-17.4M |
| FCF MarginFCF / Revenue | -2.4% | -31.5% |
| Capex IntensityCapex / Revenue | 3.5% | 31.9% |
| Cash ConversionOCF / Net Profit | — | 0.11× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $-16.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $267.0K | ||
| Q3 25 | $10.6M | $6.9M | ||
| Q2 25 | $13.6M | $3.9M | ||
| Q1 25 | $401.0K | $-150.0K | ||
| Q4 24 | $12.4M | $-2.6M | ||
| Q3 24 | $5.6M | $7.5M | ||
| Q2 24 | $11.7M | $6.5M | ||
| Q1 24 | $-3.4M | $1.5M |
| Q4 25 | $-2.2M | $-17.4M | ||
| Q3 25 | $7.6M | $1.8M | ||
| Q2 25 | $11.9M | $1.6M | ||
| Q1 25 | $-424.0K | $-2.4M | ||
| Q4 24 | $11.6M | $-3.8M | ||
| Q3 24 | $4.5M | $5.9M | ||
| Q2 24 | $10.7M | $5.1M | ||
| Q1 24 | $-4.2M | $-923.0K |
| Q4 25 | -2.4% | -31.5% | ||
| Q3 25 | 8.8% | 3.1% | ||
| Q2 25 | 14.1% | 3.0% | ||
| Q1 25 | -0.5% | -5.1% | ||
| Q4 24 | 13.3% | -8.2% | ||
| Q3 24 | 5.4% | 12.8% | ||
| Q2 24 | 13.0% | 10.4% | ||
| Q1 24 | -5.3% | -2.1% |
| Q4 25 | 3.5% | 31.9% | ||
| Q3 25 | 3.4% | 9.0% | ||
| Q2 25 | 2.0% | 4.3% | ||
| Q1 25 | 1.0% | 4.8% | ||
| Q4 24 | 0.9% | 2.7% | ||
| Q3 24 | 1.3% | 3.3% | ||
| Q2 24 | 1.3% | 2.9% | ||
| Q1 24 | 1.0% | 5.5% |
| Q4 25 | — | 0.11× | ||
| Q3 25 | — | 1.96× | ||
| Q2 25 | — | 0.92× | ||
| Q1 25 | — | -0.04× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.50× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | — | 0.64× |
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% |
LWAY
| Drinkable Kefirotherthan Pro Bugs | $47.8M | 86% |
| Cheese | $4.7M | 8% |
| Cream And Other | $1.7M | 3% |
| Other | $1.2M | 2% |
