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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $57.6M, roughly 1.6× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 2.9%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-167.0M).
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.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
CMRC vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $57.6M |
| Net Profit | $-8.4M | — |
| Gross Margin | 78.3% | 86.7% |
| Operating Margin | -7.4% | — |
| Net Margin | -9.3% | — |
| Revenue YoY | 2.9% | 94.1% |
| Net Profit YoY | -250.0% | 71.6% |
| 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 | $57.6M | ||
| Q3 25 | $86.0M | $49.5M | ||
| Q2 25 | $84.4M | $39.5M | ||
| Q1 25 | $82.4M | $28.5M | ||
| Q4 24 | $87.0M | $29.7M | ||
| Q3 24 | $83.7M | $16.4M | ||
| Q2 24 | $81.8M | $7.3M | ||
| Q1 24 | $80.4M | — |
| Q4 25 | $-8.4M | — | ||
| Q3 25 | $-2.2M | $-30.0M | ||
| Q2 25 | $-8.4M | $-75.8M | ||
| Q1 25 | $-353.0K | $-94.3M | ||
| Q4 24 | $-2.4M | — | ||
| Q3 24 | $-7.0M | $-85.6M | ||
| Q2 24 | $-11.3M | $-91.4M | ||
| Q1 24 | $-6.4M | — |
| Q4 25 | 78.3% | 86.7% | ||
| Q3 25 | 78.4% | 87.5% | ||
| Q2 25 | 79.0% | 87.2% | ||
| Q1 25 | 79.4% | 86.9% | ||
| Q4 24 | 77.6% | 87.1% | ||
| Q3 24 | 76.3% | 85.6% | ||
| Q2 24 | 75.8% | 81.2% | ||
| Q1 24 | 77.1% | — |
| Q4 25 | -7.4% | — | ||
| Q3 25 | -0.5% | -30.8% | ||
| Q2 25 | -8.0% | -151.7% | ||
| Q1 25 | -2.9% | -276.5% | ||
| Q4 24 | -0.9% | — | ||
| Q3 24 | -23.0% | -433.0% | ||
| Q2 24 | -16.5% | -1055.4% | ||
| Q1 24 | -10.2% | — |
| Q4 25 | -9.3% | — | ||
| Q3 25 | -2.6% | -60.5% | ||
| Q2 25 | -9.9% | -191.9% | ||
| Q1 25 | -0.4% | -330.7% | ||
| Q4 24 | -2.7% | — | ||
| Q3 24 | -8.4% | -523.3% | ||
| Q2 24 | -13.8% | -1248.6% | ||
| Q1 24 | -8.0% | — |
| Q4 25 | $-0.11 | — | ||
| Q3 25 | $-0.03 | $-0.41 | ||
| Q2 25 | $-0.10 | $-1.05 | ||
| Q1 25 | $0.00 | $-1.31 | ||
| Q4 24 | $-0.03 | — | ||
| Q3 24 | $-0.09 | $-1.32 | ||
| Q2 24 | $-0.15 | $-1.56 | ||
| 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 | $130.0M |
| Total DebtLower is stronger | $157.0M | $209.1M |
| Stockholders' EquityBook value | $39.4M | $-438.2M |
| Total Assets | $308.8M | $259.1M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $130.0M | ||
| Q3 25 | $142.0M | $135.2M | ||
| Q2 25 | $134.5M | $149.6M | ||
| Q1 25 | $120.7M | $212.3M | ||
| Q4 24 | $178.2M | $297.3M | ||
| Q3 24 | $168.4M | $334.7M | ||
| Q2 24 | $275.8M | $276.2M | ||
| Q1 24 | $265.2M | — |
| Q4 25 | $157.0M | $209.1M | ||
| Q3 25 | $157.3M | $207.1M | ||
| Q2 25 | $157.5M | $205.1M | ||
| Q1 25 | $157.8M | $203.2M | ||
| Q4 24 | $216.5M | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | $340.9M | $174.4M | ||
| Q1 24 | $340.5M | — |
| Q4 25 | $39.4M | $-438.2M | ||
| Q3 25 | $42.8M | $-422.5M | ||
| Q2 25 | $38.8M | $-405.8M | ||
| Q1 25 | $38.1M | $-338.4M | ||
| Q4 24 | $33.4M | $-253.6M | ||
| Q3 24 | $29.0M | $-187.1M | ||
| Q2 24 | $26.1M | $-233.8M | ||
| Q1 24 | $26.9M | — |
| Q4 25 | $308.8M | $259.1M | ||
| Q3 25 | $309.5M | $240.3M | ||
| Q2 25 | $302.5M | $250.2M | ||
| Q1 25 | $286.3M | $294.2M | ||
| Q4 24 | $340.3M | $378.3M | ||
| Q3 24 | $335.1M | $387.0M | ||
| Q2 24 | $452.5M | $319.4M | ||
| 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 | $-166.8M |
| Free Cash FlowOCF − Capex | $-2.2M | $-167.0M |
| FCF MarginFCF / Revenue | -2.4% | -290.0% |
| Capex IntensityCapex / Revenue | 3.5% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $-166.8M | ||
| Q3 25 | $10.6M | $-14.1M | ||
| Q2 25 | $13.6M | $-62.7M | ||
| Q1 25 | $401.0K | $-84.9M | ||
| Q4 24 | $12.4M | $-266.8M | ||
| Q3 24 | $5.6M | $-63.6M | ||
| Q2 24 | $11.7M | $-70.7M | ||
| Q1 24 | $-3.4M | — |
| Q4 25 | $-2.2M | $-167.0M | ||
| Q3 25 | $7.6M | $-14.1M | ||
| Q2 25 | $11.9M | $-62.8M | ||
| Q1 25 | $-424.0K | $-84.9M | ||
| Q4 24 | $11.6M | $-266.9M | ||
| Q3 24 | $4.5M | $-63.6M | ||
| Q2 24 | $10.7M | $-70.8M | ||
| Q1 24 | $-4.2M | — |
| Q4 25 | -2.4% | -290.0% | ||
| Q3 25 | 8.8% | -28.6% | ||
| Q2 25 | 14.1% | -159.0% | ||
| Q1 25 | -0.5% | -297.9% | ||
| Q4 24 | 13.3% | -899.8% | ||
| Q3 24 | 5.4% | -389.0% | ||
| Q2 24 | 13.0% | -966.2% | ||
| Q1 24 | -5.3% | — |
| Q4 25 | 3.5% | 0.4% | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | 2.0% | 0.2% | ||
| Q1 25 | 1.0% | 0.1% | ||
| Q4 24 | 0.9% | 0.5% | ||
| Q3 24 | 1.3% | 0.3% | ||
| Q2 24 | 1.3% | 0.6% | ||
| 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% |
PHAT
Segment breakdown not available.
