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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and P10, Inc. (PX). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $81.0M, roughly 1.1× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -9.3%, a 21.0% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-2.2M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% 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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
CMRC vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $81.0M |
| Net Profit | $-8.4M | $9.5M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 31.9% |
| Net Margin | -9.3% | 11.7% |
| Revenue YoY | 2.9% | -4.7% |
| Net Profit YoY | -250.0% | 79.0% |
| 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 | $81.0M | ||
| Q3 25 | $86.0M | $75.9M | ||
| Q2 25 | $84.4M | $72.7M | ||
| Q1 25 | $82.4M | $67.7M | ||
| Q4 24 | $87.0M | $85.0M | ||
| Q3 24 | $83.7M | $74.2M | ||
| Q2 24 | $81.8M | $71.1M | ||
| Q1 24 | $80.4M | $66.1M |
| Q4 25 | $-8.4M | $9.5M | ||
| Q3 25 | $-2.2M | $2.1M | ||
| Q2 25 | $-8.4M | $3.4M | ||
| Q1 25 | $-353.0K | $4.5M | ||
| Q4 24 | $-2.4M | $5.3M | ||
| Q3 24 | $-7.0M | $1.4M | ||
| Q2 24 | $-11.3M | $7.0M | ||
| Q1 24 | $-6.4M | $5.0M |
| 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% | 31.9% | ||
| Q3 25 | -0.5% | 14.1% | ||
| Q2 25 | -8.0% | 24.4% | ||
| Q1 25 | -2.9% | 16.6% | ||
| Q4 24 | -0.9% | 26.9% | ||
| Q3 24 | -23.0% | 11.9% | ||
| Q2 24 | -16.5% | 23.7% | ||
| Q1 24 | -10.2% | 18.3% |
| Q4 25 | -9.3% | 11.7% | ||
| Q3 25 | -2.6% | 2.8% | ||
| Q2 25 | -9.9% | 4.7% | ||
| Q1 25 | -0.4% | 6.7% | ||
| Q4 24 | -2.7% | 6.2% | ||
| Q3 24 | -8.4% | 1.9% | ||
| Q2 24 | -13.8% | 9.8% | ||
| Q1 24 | -8.0% | 7.6% |
| Q4 25 | $-0.11 | $0.08 | ||
| Q3 25 | $-0.03 | $0.02 | ||
| Q2 25 | $-0.10 | $0.03 | ||
| Q1 25 | $0.00 | $0.04 | ||
| Q4 24 | $-0.03 | $0.05 | ||
| Q3 24 | $-0.09 | $0.01 | ||
| Q2 24 | $-0.15 | $0.06 | ||
| Q1 24 | $-0.08 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | $157.0M | $373.2M |
| Stockholders' EquityBook value | $39.4M | $403.5M |
| Total Assets | $308.8M | $928.3M |
| Debt / EquityLower = less leverage | 3.99× | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $28.2M | ||
| Q3 25 | $142.0M | $40.0M | ||
| Q2 25 | $134.5M | $33.4M | ||
| Q1 25 | $120.7M | $74.4M | ||
| Q4 24 | $178.2M | $67.5M | ||
| Q3 24 | $168.4M | $61.5M | ||
| Q2 24 | $275.8M | $31.2M | ||
| Q1 24 | $265.2M | $29.0M |
| Q4 25 | $157.0M | $373.2M | ||
| Q3 25 | $157.3M | $393.4M | ||
| Q2 25 | $157.5M | $373.0M | ||
| Q1 25 | $157.8M | $357.2M | ||
| Q4 24 | $216.5M | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | $340.9M | $300.6M | ||
| Q1 24 | $340.5M | $314.0M |
| Q4 25 | $39.4M | $403.5M | ||
| Q3 25 | $42.8M | $396.8M | ||
| Q2 25 | $38.8M | $388.9M | ||
| Q1 25 | $38.1M | $374.3M | ||
| Q4 24 | $33.4M | $386.9M | ||
| Q3 24 | $29.0M | $394.1M | ||
| Q2 24 | $26.1M | $396.9M | ||
| Q1 24 | $26.9M | $400.1M |
| Q4 25 | $308.8M | $928.3M | ||
| Q3 25 | $309.5M | $936.0M | ||
| Q2 25 | $302.5M | $932.2M | ||
| Q1 25 | $286.3M | $877.4M | ||
| Q4 24 | $340.3M | $869.3M | ||
| Q3 24 | $335.1M | $857.0M | ||
| Q2 24 | $452.5M | $823.2M | ||
| Q1 24 | $442.5M | $832.8M |
| Q4 25 | 3.99× | 0.93× | ||
| Q3 25 | 3.67× | 0.99× | ||
| Q2 25 | 4.06× | 0.96× | ||
| Q1 25 | 4.14× | 0.95× | ||
| Q4 24 | 6.49× | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | 13.06× | 0.76× | ||
| Q1 24 | 12.65× | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-2.2M | $18.1M |
| FCF MarginFCF / Revenue | -2.4% | 22.3% |
| Capex IntensityCapex / Revenue | 3.5% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $23.0M | ||
| Q3 25 | $10.6M | $-8.6M | ||
| Q2 25 | $13.6M | $13.4M | ||
| Q1 25 | $401.0K | $-4.7M | ||
| Q4 24 | $12.4M | $101.0M | ||
| Q3 24 | $5.6M | $27.5M | ||
| Q2 24 | $11.7M | $34.8M | ||
| Q1 24 | $-3.4M | $11.0M |
| Q4 25 | $-2.2M | $18.1M | ||
| Q3 25 | $7.6M | $-9.5M | ||
| Q2 25 | $11.9M | $11.6M | ||
| Q1 25 | $-424.0K | $-6.0M | ||
| Q4 24 | $11.6M | $96.6M | ||
| Q3 24 | $4.5M | $25.2M | ||
| Q2 24 | $10.7M | $33.9M | ||
| Q1 24 | $-4.2M | $10.7M |
| Q4 25 | -2.4% | 22.3% | ||
| Q3 25 | 8.8% | -12.6% | ||
| Q2 25 | 14.1% | 15.9% | ||
| Q1 25 | -0.5% | -8.9% | ||
| Q4 24 | 13.3% | 113.6% | ||
| Q3 24 | 5.4% | 34.0% | ||
| Q2 24 | 13.0% | 47.7% | ||
| Q1 24 | -5.3% | 16.2% |
| Q4 25 | 3.5% | 6.0% | ||
| Q3 25 | 3.4% | 1.2% | ||
| Q2 25 | 2.0% | 2.5% | ||
| Q1 25 | 1.0% | 1.9% | ||
| Q4 24 | 0.9% | 5.2% | ||
| Q3 24 | 1.3% | 3.0% | ||
| Q2 24 | 1.3% | 1.3% | ||
| Q1 24 | 1.0% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | — | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
