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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $89.5M, roughly 1.5× Commerce.com, Inc.). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -9.3%, a 6.1% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs 2.9%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-2.2M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs -8.8%).
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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
CMRC vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $134.3M |
| Net Profit | $-8.4M | $-4.4M |
| Gross Margin | 78.3% | 6.8% |
| Operating Margin | -7.4% | -4.1% |
| Net Margin | -9.3% | -3.2% |
| Revenue YoY | 2.9% | 10.7% |
| Net Profit YoY | -250.0% | -127.3% |
| 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 | $134.3M | ||
| Q3 25 | $86.0M | $144.3M | ||
| Q2 25 | $84.4M | $132.3M | ||
| Q1 25 | $82.4M | $135.6M | ||
| Q4 24 | $87.0M | $121.3M | ||
| Q3 24 | $83.7M | $135.4M | ||
| Q2 24 | $81.8M | $163.6M | ||
| Q1 24 | $80.4M | $161.3M |
| Q4 25 | $-8.4M | $-4.4M | ||
| Q3 25 | $-2.2M | $-2.7M | ||
| Q2 25 | $-8.4M | $-1.1M | ||
| Q1 25 | $-353.0K | $20.0K | ||
| Q4 24 | $-2.4M | $16.0M | ||
| Q3 24 | $-7.0M | $3.0M | ||
| Q2 24 | $-11.3M | $3.8M | ||
| Q1 24 | $-6.4M | $3.2M |
| Q4 25 | 78.3% | 6.8% | ||
| Q3 25 | 78.4% | 11.0% | ||
| Q2 25 | 79.0% | 10.3% | ||
| Q1 25 | 79.4% | 11.3% | ||
| Q4 24 | 77.6% | 8.9% | ||
| Q3 24 | 76.3% | 12.6% | ||
| Q2 24 | 75.8% | 13.6% | ||
| Q1 24 | 77.1% | 13.0% |
| Q4 25 | -7.4% | -4.1% | ||
| Q3 25 | -0.5% | 0.0% | ||
| Q2 25 | -8.0% | 0.1% | ||
| Q1 25 | -2.9% | 1.2% | ||
| Q4 24 | -0.9% | 19.0% | ||
| Q3 24 | -23.0% | 4.2% | ||
| Q2 24 | -16.5% | 5.0% | ||
| Q1 24 | -10.2% | 4.7% |
| Q4 25 | -9.3% | -3.2% | ||
| Q3 25 | -2.6% | -1.9% | ||
| Q2 25 | -9.9% | -0.8% | ||
| Q1 25 | -0.4% | 0.0% | ||
| Q4 24 | -2.7% | 13.2% | ||
| Q3 24 | -8.4% | 2.2% | ||
| Q2 24 | -13.8% | 2.3% | ||
| Q1 24 | -8.0% | 2.0% |
| Q4 25 | $-0.11 | $-0.22 | ||
| Q3 25 | $-0.03 | $-0.13 | ||
| Q2 25 | $-0.10 | $-0.05 | ||
| Q1 25 | $0.00 | $0.00 | ||
| Q4 24 | $-0.03 | $0.76 | ||
| Q3 24 | $-0.09 | $0.14 | ||
| Q2 24 | $-0.15 | $0.18 | ||
| 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 | $1.5M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $240.7M |
| Total Assets | $308.8M | $563.6M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $1.5M | ||
| Q3 25 | $142.0M | $1.2M | ||
| Q2 25 | $134.5M | $206.0K | ||
| Q1 25 | $120.7M | $183.0K | ||
| Q4 24 | $178.2M | $206.0K | ||
| Q3 24 | $168.4M | $178.0K | ||
| Q2 24 | $275.8M | $314.0K | ||
| Q1 24 | $265.2M | $314.0K |
| 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 | $240.7M | ||
| Q3 25 | $42.8M | $244.8M | ||
| Q2 25 | $38.8M | $246.8M | ||
| Q1 25 | $38.1M | $250.0M | ||
| Q4 24 | $33.4M | $251.8M | ||
| Q3 24 | $29.0M | $238.4M | ||
| Q2 24 | $26.1M | $238.1M | ||
| Q1 24 | $26.9M | $234.0M |
| Q4 25 | $308.8M | $563.6M | ||
| Q3 25 | $309.5M | $585.6M | ||
| Q2 25 | $302.5M | $433.7M | ||
| Q1 25 | $286.3M | $447.7M | ||
| Q4 24 | $340.3M | $445.6M | ||
| Q3 24 | $335.1M | $466.0M | ||
| Q2 24 | $452.5M | $488.2M | ||
| Q1 24 | $442.5M | $499.9M |
| 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 | $13.4M |
| Free Cash FlowOCF − Capex | $-2.2M | $10.2M |
| FCF MarginFCF / Revenue | -2.4% | 7.6% |
| Capex IntensityCapex / Revenue | 3.5% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $13.4M | ||
| Q3 25 | $10.6M | $1.9M | ||
| Q2 25 | $13.6M | $15.0M | ||
| Q1 25 | $401.0K | $8.3M | ||
| Q4 24 | $12.4M | $38.0M | ||
| Q3 24 | $5.6M | $17.9M | ||
| Q2 24 | $11.7M | $23.3M | ||
| Q1 24 | $-3.4M | $10.6M |
| Q4 25 | $-2.2M | $10.2M | ||
| Q3 25 | $7.6M | $-1.1M | ||
| Q2 25 | $11.9M | $12.5M | ||
| Q1 25 | $-424.0K | $5.4M | ||
| Q4 24 | $11.6M | $35.6M | ||
| Q3 24 | $4.5M | $15.1M | ||
| Q2 24 | $10.7M | $19.2M | ||
| Q1 24 | $-4.2M | $7.8M |
| Q4 25 | -2.4% | 7.6% | ||
| Q3 25 | 8.8% | -0.8% | ||
| Q2 25 | 14.1% | 9.5% | ||
| Q1 25 | -0.5% | 4.0% | ||
| Q4 24 | 13.3% | 29.4% | ||
| Q3 24 | 5.4% | 11.1% | ||
| Q2 24 | 13.0% | 11.7% | ||
| Q1 24 | -5.3% | 4.9% |
| Q4 25 | 3.5% | 2.4% | ||
| Q3 25 | 3.4% | 2.1% | ||
| Q2 25 | 2.0% | 1.8% | ||
| Q1 25 | 1.0% | 2.2% | ||
| Q4 24 | 0.9% | 1.9% | ||
| Q3 24 | 1.3% | 2.1% | ||
| Q2 24 | 1.3% | 2.5% | ||
| Q1 24 | 1.0% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | — | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
