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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and PennyMac Mortgage Investment Trust (PMT). Click either name above to swap in a different company.
PennyMac Mortgage Investment Trust is the larger business by last-quarter revenue ($93.6M vs $89.5M, roughly 1.0× Commerce.com, Inc.). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs -9.3%, a 65.3% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs -13.3%). Over the past eight quarters, PennyMac Mortgage Investment Trust's revenue compounded faster (12.3% 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.
PennyMac Mortgage Investment Trust is a U.S.-headquartered real estate investment trust specializing in residential mortgage assets. It invests in performing and non-performing mortgage loans, mortgage-backed securities, and credit risk transfer instruments, operating across investment management and mortgage servicing segments in the U.S. housing market.
CMRC vs PMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $93.6M |
| Net Profit | $-8.4M | $52.4M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 38.6% |
| Net Margin | -9.3% | 56.0% |
| Revenue YoY | 2.9% | -13.3% |
| Net Profit YoY | -250.0% | 12.5% |
| EPS (diluted) | $-0.11 | $0.49 |
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 | $93.6M | ||
| Q3 25 | $86.0M | $99.2M | ||
| Q2 25 | $84.4M | $70.2M | ||
| Q1 25 | $82.4M | $44.5M | ||
| Q4 24 | $87.0M | $107.9M | ||
| Q3 24 | $83.7M | $80.9M | ||
| Q2 24 | $81.8M | $71.2M | ||
| Q1 24 | $80.4M | $74.2M |
| Q4 25 | $-8.4M | $52.4M | ||
| Q3 25 | $-2.2M | $58.3M | ||
| Q2 25 | $-8.4M | $7.5M | ||
| Q1 25 | $-353.0K | $9.7M | ||
| Q4 24 | $-2.4M | $46.5M | ||
| Q3 24 | $-7.0M | $41.4M | ||
| Q2 24 | $-11.3M | $25.4M | ||
| Q1 24 | $-6.4M | $47.6M |
| 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% | 38.6% | ||
| Q3 25 | -0.5% | 47.4% | ||
| Q2 25 | -8.0% | 24.2% | ||
| Q1 25 | -2.9% | -14.2% | ||
| Q4 24 | -0.9% | 51.1% | ||
| Q3 24 | -23.0% | 32.8% | ||
| Q2 24 | -16.5% | 40.2% | ||
| Q1 24 | -10.2% | 43.6% |
| Q4 25 | -9.3% | 56.0% | ||
| Q3 25 | -2.6% | 58.7% | ||
| Q2 25 | -9.9% | 10.7% | ||
| Q1 25 | -0.4% | 21.8% | ||
| Q4 24 | -2.7% | 43.1% | ||
| Q3 24 | -8.4% | 51.2% | ||
| Q2 24 | -13.8% | 35.7% | ||
| Q1 24 | -8.0% | 64.2% |
| Q4 25 | $-0.11 | $0.49 | ||
| Q3 25 | $-0.03 | $0.55 | ||
| Q2 25 | $-0.10 | $-0.04 | ||
| Q1 25 | $0.00 | $-0.01 | ||
| Q4 24 | $-0.03 | $0.45 | ||
| Q3 24 | $-0.09 | $0.36 | ||
| Q2 24 | $-0.15 | $0.17 | ||
| Q1 24 | $-0.08 | $0.39 |
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 | $190.5M |
| Total DebtLower is stronger | $157.0M | $1.1B |
| Stockholders' EquityBook value | $39.4M | $1.9B |
| Total Assets | $308.8M | $21.3B |
| Debt / EquityLower = less leverage | 3.99× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $190.5M | ||
| Q3 25 | $142.0M | $181.0M | ||
| Q2 25 | $134.5M | $108.6M | ||
| Q1 25 | $120.7M | $204.2M | ||
| Q4 24 | $178.2M | $103.2M | ||
| Q3 24 | $168.4M | $102.8M | ||
| Q2 24 | $275.8M | $336.3M | ||
| Q1 24 | $265.2M | $343.3M |
| Q4 25 | $157.0M | $1.1B | ||
| Q3 25 | $157.3M | $299.0M | ||
| Q2 25 | $157.5M | $1.2B | ||
| Q1 25 | $157.8M | $968.4M | ||
| Q4 24 | $216.5M | $1.0B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | $340.9M | $5.4B | ||
| Q1 24 | $340.5M | $5.1B |
| Q4 25 | $39.4M | $1.9B | ||
| Q3 25 | $42.8M | $1.9B | ||
| Q2 25 | $38.8M | $1.9B | ||
| Q1 25 | $38.1M | $1.9B | ||
| Q4 24 | $33.4M | $1.9B | ||
| Q3 24 | $29.0M | $1.9B | ||
| Q2 24 | $26.1M | $1.9B | ||
| Q1 24 | $26.9M | $2.0B |
| Q4 25 | $308.8M | $21.3B | ||
| Q3 25 | $309.5M | $18.5B | ||
| Q2 25 | $302.5M | $16.8B | ||
| Q1 25 | $286.3M | $14.9B | ||
| Q4 24 | $340.3M | $14.4B | ||
| Q3 24 | $335.1M | $13.1B | ||
| Q2 24 | $452.5M | $12.1B | ||
| Q1 24 | $442.5M | $12.3B |
| Q4 25 | 3.99× | 0.58× | ||
| Q3 25 | 3.67× | 0.16× | ||
| Q2 25 | 4.06× | 0.65× | ||
| Q1 25 | 4.14× | 0.51× | ||
| Q4 24 | 6.49× | 0.52× | ||
| Q3 24 | — | 2.70× | ||
| Q2 24 | 13.06× | 2.76× | ||
| Q1 24 | 12.65× | 2.60× |
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 | $-7.2B |
| Free Cash FlowOCF − Capex | $-2.2M | — |
| FCF MarginFCF / Revenue | -2.4% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | — | -137.76× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $-7.2B | ||
| Q3 25 | $10.6M | $-1.3B | ||
| Q2 25 | $13.6M | $-2.0B | ||
| Q1 25 | $401.0K | $-594.3M | ||
| Q4 24 | $12.4M | $-2.7B | ||
| Q3 24 | $5.6M | $-983.8M | ||
| Q2 24 | $11.7M | $243.8M | ||
| Q1 24 | $-3.4M | $-342.4M |
| 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% | — |
| Q4 25 | — | -137.76× | ||
| Q3 25 | — | -22.26× | ||
| Q2 25 | — | -267.53× | ||
| Q1 25 | — | -61.39× | ||
| Q4 24 | — | -58.08× | ||
| Q3 24 | — | -23.76× | ||
| Q2 24 | — | 9.59× | ||
| Q1 24 | — | -7.19× |
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% |
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
