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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
NICOLET BANKSHARES INC is the larger business by last-quarter revenue ($104.0M vs $89.5M, roughly 1.2× Commerce.com, Inc.). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -9.3%, a 48.1% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs 2.9%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $-2.2M). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% 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.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
CMRC vs NIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $104.0M |
| Net Profit | $-8.4M | $40.3M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 48.3% |
| Net Margin | -9.3% | 38.8% |
| Revenue YoY | 2.9% | 12.5% |
| Net Profit YoY | -250.0% | 16.9% |
| EPS (diluted) | $-0.11 | $2.63 |
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 | $104.0M | ||
| Q3 25 | $86.0M | $102.9M | ||
| Q2 25 | $84.4M | $95.7M | ||
| Q1 25 | $82.4M | $89.4M | ||
| Q4 24 | $87.0M | $92.4M | ||
| Q3 24 | $83.7M | $90.7M | ||
| Q2 24 | $81.8M | $85.0M | ||
| Q1 24 | $80.4M | $82.2M |
| Q4 25 | $-8.4M | $40.3M | ||
| Q3 25 | $-2.2M | $41.7M | ||
| Q2 25 | $-8.4M | $36.0M | ||
| Q1 25 | $-353.0K | $32.6M | ||
| Q4 24 | $-2.4M | $34.5M | ||
| Q3 24 | $-7.0M | $32.5M | ||
| Q2 24 | $-11.3M | $29.3M | ||
| Q1 24 | $-6.4M | $27.8M |
| 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% | 48.3% | ||
| Q3 25 | -0.5% | 50.4% | ||
| Q2 25 | -8.0% | 46.8% | ||
| Q1 25 | -2.9% | 44.9% | ||
| Q4 24 | -0.9% | 46.8% | ||
| Q3 24 | -23.0% | 45.0% | ||
| Q2 24 | -16.5% | 43.3% | ||
| Q1 24 | -10.2% | 41.8% |
| Q4 25 | -9.3% | 38.8% | ||
| Q3 25 | -2.6% | 40.6% | ||
| Q2 25 | -9.9% | 37.6% | ||
| Q1 25 | -0.4% | 36.4% | ||
| Q4 24 | -2.7% | 37.3% | ||
| Q3 24 | -8.4% | 35.8% | ||
| Q2 24 | -13.8% | 34.5% | ||
| Q1 24 | -8.0% | 33.8% |
| Q4 25 | $-0.11 | $2.63 | ||
| Q3 25 | $-0.03 | $2.73 | ||
| Q2 25 | $-0.10 | $2.34 | ||
| Q1 25 | $0.00 | $2.08 | ||
| Q4 24 | $-0.03 | $2.21 | ||
| Q3 24 | $-0.09 | $2.10 | ||
| Q2 24 | $-0.15 | $1.92 | ||
| Q1 24 | $-0.08 | $1.82 |
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 | — |
| Total DebtLower is stronger | $157.0M | $134.9M |
| Stockholders' EquityBook value | $39.4M | $1.3B |
| Total Assets | $308.8M | $9.2B |
| Debt / EquityLower = less leverage | 3.99× | 0.11× |
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 | $134.9M | ||
| Q3 25 | $157.3M | $134.6M | ||
| Q2 25 | $157.5M | $134.3M | ||
| Q1 25 | $157.8M | $156.6M | ||
| Q4 24 | $216.5M | $161.4M | ||
| Q3 24 | — | $161.2M | ||
| Q2 24 | $340.9M | $162.4M | ||
| Q1 24 | $340.5M | $162.3M |
| Q4 25 | $39.4M | $1.3B | ||
| Q3 25 | $42.8M | $1.2B | ||
| Q2 25 | $38.8M | $1.2B | ||
| Q1 25 | $38.1M | $1.2B | ||
| Q4 24 | $33.4M | $1.2B | ||
| Q3 24 | $29.0M | $1.1B | ||
| Q2 24 | $26.1M | $1.1B | ||
| Q1 24 | $26.9M | $1.1B |
| Q4 25 | $308.8M | $9.2B | ||
| Q3 25 | $309.5M | $9.0B | ||
| Q2 25 | $302.5M | $8.9B | ||
| Q1 25 | $286.3M | $9.0B | ||
| Q4 24 | $340.3M | $8.8B | ||
| Q3 24 | $335.1M | $8.6B | ||
| Q2 24 | $452.5M | $8.6B | ||
| Q1 24 | $442.5M | $8.4B |
| Q4 25 | 3.99× | 0.11× | ||
| Q3 25 | 3.67× | 0.11× | ||
| Q2 25 | 4.06× | 0.11× | ||
| Q1 25 | 4.14× | 0.13× | ||
| Q4 24 | 6.49× | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | 13.06× | 0.15× | ||
| Q1 24 | 12.65× | 0.15× |
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 | $153.5M |
| Free Cash FlowOCF − Capex | $-2.2M | $149.4M |
| FCF MarginFCF / Revenue | -2.4% | 143.7% |
| Capex IntensityCapex / Revenue | 3.5% | 3.9% |
| Cash ConversionOCF / Net Profit | — | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $153.5M | ||
| Q3 25 | $10.6M | $45.9M | ||
| Q2 25 | $13.6M | $38.9M | ||
| Q1 25 | $401.0K | $41.8M | ||
| Q4 24 | $12.4M | $133.7M | ||
| Q3 24 | $5.6M | $39.6M | ||
| Q2 24 | $11.7M | $37.3M | ||
| Q1 24 | $-3.4M | $23.4M |
| Q4 25 | $-2.2M | $149.4M | ||
| Q3 25 | $7.6M | $45.9M | ||
| Q2 25 | $11.9M | $38.4M | ||
| Q1 25 | $-424.0K | $41.3M | ||
| Q4 24 | $11.6M | $116.8M | ||
| Q3 24 | $4.5M | $34.7M | ||
| Q2 24 | $10.7M | $34.4M | ||
| Q1 24 | $-4.2M | $20.1M |
| Q4 25 | -2.4% | 143.7% | ||
| Q3 25 | 8.8% | 44.6% | ||
| Q2 25 | 14.1% | 40.1% | ||
| Q1 25 | -0.5% | 46.2% | ||
| Q4 24 | 13.3% | 126.4% | ||
| Q3 24 | 5.4% | 38.3% | ||
| Q2 24 | 13.0% | 40.5% | ||
| Q1 24 | -5.3% | 24.4% |
| Q4 25 | 3.5% | 3.9% | ||
| Q3 25 | 3.4% | 0.0% | ||
| Q2 25 | 2.0% | 0.6% | ||
| Q1 25 | 1.0% | 0.5% | ||
| Q4 24 | 0.9% | 18.3% | ||
| Q3 24 | 1.3% | 5.4% | ||
| Q2 24 | 1.3% | 3.5% | ||
| Q1 24 | 1.0% | 4.0% |
| Q4 25 | — | 3.81× | ||
| Q3 25 | — | 1.10× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.88× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 0.84× |
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% |
NIC
Segment breakdown not available.
