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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $88.4M, roughly 1.0× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -9.3%, a 27.6% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 2.9%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% 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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
CMRC vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $88.4M |
| Net Profit | $-8.4M | $16.2M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 7.5% |
| Net Margin | -9.3% | 18.3% |
| Revenue YoY | 2.9% | 18.7% |
| Net Profit YoY | -250.0% | 401.5% |
| EPS (diluted) | $-0.11 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $86.0M | $77.9M | ||
| Q2 25 | $84.4M | $77.4M | ||
| Q1 25 | $82.4M | $83.0M | ||
| Q4 24 | $87.0M | $74.5M | ||
| Q3 24 | $83.7M | $82.6M | ||
| Q2 24 | $81.8M | $69.8M | ||
| Q1 24 | $80.4M | $64.0M |
| Q4 25 | $-8.4M | $16.2M | ||
| Q3 25 | $-2.2M | $11.4M | ||
| Q2 25 | $-8.4M | $7.6M | ||
| Q1 25 | $-353.0K | $1.3M | ||
| Q4 24 | $-2.4M | $-5.4M | ||
| Q3 24 | $-7.0M | $17.1M | ||
| Q2 24 | $-11.3M | $1.9M | ||
| Q1 24 | $-6.4M | $677.0K |
| 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% | 7.5% | ||
| Q3 25 | -0.5% | 4.6% | ||
| Q2 25 | -8.0% | -1.1% | ||
| Q1 25 | -2.9% | -2.3% | ||
| Q4 24 | -0.9% | -0.5% | ||
| Q3 24 | -23.0% | 14.9% | ||
| Q2 24 | -16.5% | 8.1% | ||
| Q1 24 | -10.2% | 5.6% |
| Q4 25 | -9.3% | 18.3% | ||
| Q3 25 | -2.6% | 14.6% | ||
| Q2 25 | -9.9% | 9.8% | ||
| Q1 25 | -0.4% | 1.5% | ||
| Q4 24 | -2.7% | -7.2% | ||
| Q3 24 | -8.4% | 20.7% | ||
| Q2 24 | -13.8% | 2.7% | ||
| Q1 24 | -8.0% | 1.1% |
| Q4 25 | $-0.11 | $0.08 | ||
| Q3 25 | $-0.03 | $0.05 | ||
| Q2 25 | $-0.10 | $0.03 | ||
| Q1 25 | $0.00 | $-0.01 | ||
| Q4 24 | $-0.03 | $-0.05 | ||
| Q3 24 | $-0.09 | $0.09 | ||
| Q2 24 | $-0.15 | $-0.01 | ||
| Q1 24 | $-0.08 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | $157.0M | $361.3M |
| Stockholders' EquityBook value | $39.4M | $-12.9M |
| Total Assets | $308.8M | $959.5M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $24.4M | ||
| Q3 25 | $142.0M | $29.9M | ||
| Q2 25 | $134.5M | $29.3M | ||
| Q1 25 | $120.7M | $40.1M | ||
| Q4 24 | $178.2M | $24.3M | ||
| Q3 24 | $168.4M | $31.0M | ||
| Q2 24 | $275.8M | $27.6M | ||
| Q1 24 | $265.2M | $34.2M |
| Q4 25 | $157.0M | $361.3M | ||
| Q3 25 | $157.3M | $351.2M | ||
| Q2 25 | $157.5M | $331.6M | ||
| Q1 25 | $157.8M | $307.0M | ||
| Q4 24 | $216.5M | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | $340.9M | $233.3M | ||
| Q1 24 | $340.5M | $208.7M |
| Q4 25 | $39.4M | $-12.9M | ||
| Q3 25 | $42.8M | $7.5M | ||
| Q2 25 | $38.8M | $-25.0M | ||
| Q1 25 | $38.1M | $57.1M | ||
| Q4 24 | $33.4M | $-148.4M | ||
| Q3 24 | $29.0M | $-180.1M | ||
| Q2 24 | $26.1M | $-273.0M | ||
| Q1 24 | $26.9M | $-382.4M |
| Q4 25 | $308.8M | $959.5M | ||
| Q3 25 | $309.5M | $916.7M | ||
| Q2 25 | $302.5M | $905.5M | ||
| Q1 25 | $286.3M | $884.9M | ||
| Q4 24 | $340.3M | $881.1M | ||
| Q3 24 | $335.1M | $831.1M | ||
| Q2 24 | $452.5M | $782.3M | ||
| Q1 24 | $442.5M | $750.5M |
| Q4 25 | 3.99× | — | ||
| Q3 25 | 3.67× | 46.95× | ||
| Q2 25 | 4.06× | — | ||
| Q1 25 | 4.14× | 5.38× | ||
| 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $-2.2M | $-13.4M |
| FCF MarginFCF / Revenue | -2.4% | -15.1% |
| Capex IntensityCapex / Revenue | 3.5% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $-3.5M | ||
| Q3 25 | $10.6M | $18.2M | ||
| Q2 25 | $13.6M | $-7.9M | ||
| Q1 25 | $401.0K | $29.7M | ||
| Q4 24 | $12.4M | $-532.0K | ||
| Q3 24 | $5.6M | $17.7M | ||
| Q2 24 | $11.7M | $533.0K | ||
| Q1 24 | $-3.4M | $13.7M |
| Q4 25 | $-2.2M | $-13.4M | ||
| Q3 25 | $7.6M | $-9.3M | ||
| Q2 25 | $11.9M | $-29.7M | ||
| Q1 25 | $-424.0K | $18.1M | ||
| Q4 24 | $11.6M | $-55.0M | ||
| Q3 24 | $4.5M | $-5.4M | ||
| Q2 24 | $10.7M | $-22.5M | ||
| Q1 24 | $-4.2M | $-13.0M |
| Q4 25 | -2.4% | -15.1% | ||
| Q3 25 | 8.8% | -11.9% | ||
| Q2 25 | 14.1% | -38.4% | ||
| Q1 25 | -0.5% | 21.8% | ||
| Q4 24 | 13.3% | -73.8% | ||
| Q3 24 | 5.4% | -6.5% | ||
| Q2 24 | 13.0% | -32.2% | ||
| Q1 24 | -5.3% | -20.4% |
| Q4 25 | 3.5% | 11.1% | ||
| Q3 25 | 3.4% | 35.3% | ||
| Q2 25 | 2.0% | 28.2% | ||
| Q1 25 | 1.0% | 13.9% | ||
| Q4 24 | 0.9% | 73.1% | ||
| Q3 24 | 1.3% | 27.9% | ||
| Q2 24 | 1.3% | 32.9% | ||
| Q1 24 | 1.0% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
