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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and MakeMyTrip Ltd (MMYT). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $88.6M, roughly 1.0× MakeMyTrip Ltd). On growth, MakeMyTrip Ltd posted the faster year-over-year revenue change (11.8% vs 2.9%).
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.
MakeMyTrip Limited is an Indian online travel company, headquartered in Gurgaon. Founded in 2000, it operates an online travel-booking platform for travel services such as airline tickets, hotel reservations, holiday packages, and rail and bus tickets. The company also maintains offices outside India, including locations in New York, Singapore, Kuala Lumpur, Phuket, Bangkok, Dubai and Istanbul.
CMRC vs MMYT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2022
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $88.6M |
| Net Profit | $-8.4M | — |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 3.8% |
| Net Margin | -9.3% | — |
| Revenue YoY | 2.9% | 11.8% |
| Net Profit YoY | -250.0% | — |
| EPS (diluted) | $-0.11 | — |
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 | — | ||
| Q3 25 | $86.0M | — | ||
| Q2 25 | $84.4M | — | ||
| Q1 25 | $82.4M | — | ||
| Q4 24 | $87.0M | — | ||
| Q3 24 | $83.7M | — | ||
| Q2 24 | $81.8M | — | ||
| Q1 24 | $80.4M | — |
| Q4 25 | $-8.4M | — | ||
| Q3 25 | $-2.2M | — | ||
| Q2 25 | $-8.4M | — | ||
| Q1 25 | $-353.0K | — | ||
| Q4 24 | $-2.4M | — | ||
| Q3 24 | $-7.0M | — | ||
| Q2 24 | $-11.3M | — | ||
| Q1 24 | $-6.4M | — |
| 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% | — | ||
| Q3 25 | -0.5% | — | ||
| Q2 25 | -8.0% | — | ||
| Q1 25 | -2.9% | — | ||
| Q4 24 | -0.9% | — | ||
| Q3 24 | -23.0% | — | ||
| Q2 24 | -16.5% | — | ||
| Q1 24 | -10.2% | — |
| Q4 25 | -9.3% | — | ||
| Q3 25 | -2.6% | — | ||
| Q2 25 | -9.9% | — | ||
| Q1 25 | -0.4% | — | ||
| Q4 24 | -2.7% | — | ||
| Q3 24 | -8.4% | — | ||
| Q2 24 | -13.8% | — | ||
| Q1 24 | -8.0% | — |
| Q4 25 | $-0.11 | — | ||
| Q3 25 | $-0.03 | — | ||
| Q2 25 | $-0.10 | — | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $-0.03 | — | ||
| Q3 24 | $-0.09 | — | ||
| Q2 24 | $-0.15 | — | ||
| Q1 24 | $-0.08 | — |
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 | $213.3M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $896.5M |
| Total Assets | $308.8M | $1.3B |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | — | ||
| Q3 25 | $142.0M | — | ||
| Q2 25 | $134.5M | — | ||
| Q1 25 | $120.7M | — | ||
| Q4 24 | $178.2M | — | ||
| Q3 24 | $168.4M | — | ||
| Q2 24 | $275.8M | — | ||
| Q1 24 | $265.2M | — |
| 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 | — | ||
| Q3 25 | $42.8M | — | ||
| Q2 25 | $38.8M | — | ||
| Q1 25 | $38.1M | — | ||
| Q4 24 | $33.4M | — | ||
| Q3 24 | $29.0M | — | ||
| Q2 24 | $26.1M | — | ||
| Q1 24 | $26.9M | — |
| Q4 25 | $308.8M | — | ||
| Q3 25 | $309.5M | — | ||
| Q2 25 | $302.5M | — | ||
| Q1 25 | $286.3M | — | ||
| Q4 24 | $340.3M | — | ||
| Q3 24 | $335.1M | — | ||
| Q2 24 | $452.5M | — | ||
| Q1 24 | $442.5M | — |
| 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 | — |
| Free Cash FlowOCF − Capex | $-2.2M | — |
| FCF MarginFCF / Revenue | -2.4% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | — | ||
| Q3 25 | $10.6M | — | ||
| Q2 25 | $13.6M | — | ||
| Q1 25 | $401.0K | — | ||
| Q4 24 | $12.4M | — | ||
| Q3 24 | $5.6M | — | ||
| Q2 24 | $11.7M | — | ||
| Q1 24 | $-3.4M | — |
| Q4 25 | $-2.2M | — | ||
| Q3 25 | $7.6M | — | ||
| Q2 25 | $11.9M | — | ||
| Q1 25 | $-424.0K | — | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $4.5M | — | ||
| Q2 24 | $10.7M | — | ||
| Q1 24 | $-4.2M | — |
| Q4 25 | -2.4% | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | -0.5% | — | ||
| Q4 24 | 13.3% | — | ||
| Q3 24 | 5.4% | — | ||
| Q2 24 | 13.0% | — | ||
| Q1 24 | -5.3% | — |
| Q4 25 | 3.5% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.0% | — |
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% |
MMYT
Segment breakdown not available.
