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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and CPI Card Group Inc. (PMTS). Click either name above to swap in a different company.
CPI Card Group Inc. is the larger business by last-quarter revenue ($153.1M vs $89.5M, roughly 1.7× Commerce.com, Inc.). CPI Card Group Inc. runs the higher net margin — 4.8% vs -9.3%, a 14.1% gap on every dollar of revenue. On growth, CPI Card Group Inc. posted the faster year-over-year revenue change (22.3% vs 2.9%). CPI Card Group Inc. produced more free cash flow last quarter ($35.2M vs $-2.2M). Over the past eight quarters, CPI Card Group Inc.'s revenue compounded faster (16.9% 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.
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
CMRC vs PMTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $153.1M |
| Net Profit | $-8.4M | $7.3M |
| Gross Margin | 78.3% | 31.5% |
| Operating Margin | -7.4% | 12.0% |
| Net Margin | -9.3% | 4.8% |
| Revenue YoY | 2.9% | 22.3% |
| Net Profit YoY | -250.0% | 8.5% |
| EPS (diluted) | $-0.11 | $0.62 |
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 | $153.1M | ||
| Q3 25 | $86.0M | $138.0M | ||
| Q2 25 | $84.4M | $129.8M | ||
| Q1 25 | $82.4M | $122.8M | ||
| Q4 24 | $87.0M | $125.1M | ||
| Q3 24 | $83.7M | $124.8M | ||
| Q2 24 | $81.8M | $118.8M | ||
| Q1 24 | $80.4M | $111.9M |
| Q4 25 | $-8.4M | $7.3M | ||
| Q3 25 | $-2.2M | $2.3M | ||
| Q2 25 | $-8.4M | $518.0K | ||
| Q1 25 | $-353.0K | $4.8M | ||
| Q4 24 | $-2.4M | $6.8M | ||
| Q3 24 | $-7.0M | $1.3M | ||
| Q2 24 | $-11.3M | $6.0M | ||
| Q1 24 | $-6.4M | $5.5M |
| Q4 25 | 78.3% | 31.5% | ||
| Q3 25 | 78.4% | 29.7% | ||
| Q2 25 | 79.0% | 30.9% | ||
| Q1 25 | 79.4% | 33.2% | ||
| Q4 24 | 77.6% | 34.1% | ||
| Q3 24 | 76.3% | 35.8% | ||
| Q2 24 | 75.8% | 35.7% | ||
| Q1 24 | 77.1% | 37.1% |
| Q4 25 | -7.4% | 12.0% | ||
| Q3 25 | -0.5% | 9.4% | ||
| Q2 25 | -8.0% | 7.3% | ||
| Q1 25 | -2.9% | 11.5% | ||
| Q4 24 | -0.9% | 12.7% | ||
| Q3 24 | -23.0% | 14.3% | ||
| Q2 24 | -16.5% | 12.5% | ||
| Q1 24 | -10.2% | 12.6% |
| Q4 25 | -9.3% | 4.8% | ||
| Q3 25 | -2.6% | 1.7% | ||
| Q2 25 | -9.9% | 0.4% | ||
| Q1 25 | -0.4% | 3.9% | ||
| Q4 24 | -2.7% | 5.4% | ||
| Q3 24 | -8.4% | 1.0% | ||
| Q2 24 | -13.8% | 5.1% | ||
| Q1 24 | -8.0% | 4.9% |
| Q4 25 | $-0.11 | $0.62 | ||
| Q3 25 | $-0.03 | $0.19 | ||
| Q2 25 | $-0.10 | $0.04 | ||
| Q1 25 | $0.00 | $0.40 | ||
| Q4 24 | $-0.03 | $0.56 | ||
| Q3 24 | $-0.09 | $0.11 | ||
| Q2 24 | $-0.15 | $0.51 | ||
| Q1 24 | $-0.08 | $0.46 |
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 | $21.7M |
| Total DebtLower is stronger | $157.0M | $286.7M |
| Stockholders' EquityBook value | $39.4M | $-17.3M |
| Total Assets | $308.8M | $403.2M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $21.7M | ||
| Q3 25 | $142.0M | $16.0M | ||
| Q2 25 | $134.5M | $17.1M | ||
| Q1 25 | $120.7M | $31.5M | ||
| Q4 24 | $178.2M | $33.5M | ||
| Q3 24 | $168.4M | $14.7M | ||
| Q2 24 | $275.8M | $7.5M | ||
| Q1 24 | $265.2M | $17.1M |
| Q4 25 | $157.0M | $286.7M | ||
| Q3 25 | $157.3M | $308.4M | ||
| Q2 25 | $157.5M | $310.9M | ||
| Q1 25 | $157.8M | $280.7M | ||
| Q4 24 | $216.5M | $280.4M | ||
| Q3 24 | — | $280.2M | ||
| Q2 24 | $340.9M | $269.7M | ||
| Q1 24 | $340.5M | $265.3M |
| Q4 25 | $39.4M | $-17.3M | ||
| Q3 25 | $42.8M | $-25.7M | ||
| Q2 25 | $38.8M | $-29.0M | ||
| Q1 25 | $38.1M | $-29.7M | ||
| Q4 24 | $33.4M | $-35.6M | ||
| Q3 24 | $29.0M | $-42.8M | ||
| Q2 24 | $26.1M | $-44.6M | ||
| Q1 24 | $26.9M | $-48.5M |
| Q4 25 | $308.8M | $403.2M | ||
| Q3 25 | $309.5M | $407.1M | ||
| Q2 25 | $302.5M | $399.8M | ||
| Q1 25 | $286.3M | $351.9M | ||
| Q4 24 | $340.3M | $349.7M | ||
| Q3 24 | $335.1M | $342.3M | ||
| Q2 24 | $452.5M | $321.4M | ||
| Q1 24 | $442.5M | $319.8M |
| 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 | $39.6M |
| Free Cash FlowOCF − Capex | $-2.2M | $35.2M |
| FCF MarginFCF / Revenue | -2.4% | 23.0% |
| Capex IntensityCapex / Revenue | 3.5% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 5.39× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $41.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $39.6M | ||
| Q3 25 | $10.6M | $10.0M | ||
| Q2 25 | $13.6M | $4.3M | ||
| Q1 25 | $401.0K | $5.6M | ||
| Q4 24 | $12.4M | $26.7M | ||
| Q3 24 | $5.6M | $12.5M | ||
| Q2 24 | $11.7M | $-4.8M | ||
| Q1 24 | $-3.4M | $8.9M |
| Q4 25 | $-2.2M | $35.2M | ||
| Q3 25 | $7.6M | $5.3M | ||
| Q2 25 | $11.9M | $533.0K | ||
| Q1 25 | $-424.0K | $292.0K | ||
| Q4 24 | $11.6M | $21.6M | ||
| Q3 24 | $4.5M | $11.1M | ||
| Q2 24 | $10.7M | $-6.0M | ||
| Q1 24 | $-4.2M | $7.4M |
| Q4 25 | -2.4% | 23.0% | ||
| Q3 25 | 8.8% | 3.8% | ||
| Q2 25 | 14.1% | 0.4% | ||
| Q1 25 | -0.5% | 0.2% | ||
| Q4 24 | 13.3% | 17.3% | ||
| Q3 24 | 5.4% | 8.9% | ||
| Q2 24 | 13.0% | -5.0% | ||
| Q1 24 | -5.3% | 6.6% |
| Q4 25 | 3.5% | 2.9% | ||
| Q3 25 | 3.4% | 3.4% | ||
| Q2 25 | 2.0% | 2.9% | ||
| Q1 25 | 1.0% | 4.3% | ||
| Q4 24 | 0.9% | 4.0% | ||
| Q3 24 | 1.3% | 1.2% | ||
| Q2 24 | 1.3% | 1.0% | ||
| Q1 24 | 1.0% | 1.3% |
| Q4 25 | — | 5.39× | ||
| Q3 25 | — | 4.32× | ||
| Q2 25 | — | 8.39× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 3.94× | ||
| Q3 24 | — | 9.70× | ||
| Q2 24 | — | -0.79× | ||
| Q1 24 | — | 1.63× |
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% |
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
