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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $71.1M, roughly 1.3× RE/MAX Holdings, Inc.). RE/MAX Holdings, Inc. runs the higher net margin — 2.0% vs -9.3%, a 11.4% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs -1.8%). RE/MAX Holdings, Inc. produced more free cash flow last quarter ($33.5M vs $-2.2M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs -4.7%).
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.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
CMRC vs RMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $71.1M |
| Net Profit | $-8.4M | $1.4M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 13.1% |
| Net Margin | -9.3% | 2.0% |
| Revenue YoY | 2.9% | -1.8% |
| Net Profit YoY | -250.0% | -75.2% |
| 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 | $71.1M | ||
| Q3 25 | $86.0M | $73.2M | ||
| Q2 25 | $84.4M | $72.8M | ||
| Q1 25 | $82.4M | $74.5M | ||
| Q4 24 | $87.0M | $72.5M | ||
| Q3 24 | $83.7M | $78.5M | ||
| Q2 24 | $81.8M | $78.5M | ||
| Q1 24 | $80.4M | $78.3M |
| Q4 25 | $-8.4M | $1.4M | ||
| Q3 25 | $-2.2M | $4.0M | ||
| Q2 25 | $-8.4M | $4.7M | ||
| Q1 25 | $-353.0K | $-2.0M | ||
| Q4 24 | $-2.4M | $5.8M | ||
| Q3 24 | $-7.0M | $966.0K | ||
| Q2 24 | $-11.3M | $3.7M | ||
| Q1 24 | $-6.4M | $-3.4M |
| 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% | 13.1% | ||
| Q3 25 | -0.5% | 25.0% | ||
| Q2 25 | -8.0% | 19.3% | ||
| Q1 25 | -2.9% | 7.2% | ||
| Q4 24 | -0.9% | 5.9% | ||
| Q3 24 | -23.0% | 19.4% | ||
| Q2 24 | -16.5% | 20.6% | ||
| Q1 24 | -10.2% | 5.8% |
| Q4 25 | -9.3% | 2.0% | ||
| Q3 25 | -2.6% | 5.4% | ||
| Q2 25 | -9.9% | 6.4% | ||
| Q1 25 | -0.4% | -2.6% | ||
| Q4 24 | -2.7% | 8.0% | ||
| Q3 24 | -8.4% | 1.2% | ||
| Q2 24 | -13.8% | 4.7% | ||
| Q1 24 | -8.0% | -4.3% |
| Q4 25 | $-0.11 | — | ||
| Q3 25 | $-0.03 | — | ||
| Q2 25 | $-0.10 | — | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $-0.03 | — | ||
| Q3 24 | $-0.09 | — | ||
| Q2 24 | $-0.15 | — | ||
| 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 | $118.7M |
| Total DebtLower is stronger | $157.0M | $432.2M |
| Stockholders' EquityBook value | $39.4M | $452.4M |
| Total Assets | $308.8M | $582.5M |
| Debt / EquityLower = less leverage | 3.99× | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $118.7M | ||
| Q3 25 | $142.0M | $107.5M | ||
| Q2 25 | $134.5M | $94.3M | ||
| Q1 25 | $120.7M | $89.1M | ||
| Q4 24 | $178.2M | $96.6M | ||
| Q3 24 | $168.4M | $83.8M | ||
| Q2 24 | $275.8M | $66.1M | ||
| Q1 24 | $265.2M | $82.1M |
| Q4 25 | $157.0M | $432.2M | ||
| Q3 25 | $157.3M | $433.3M | ||
| Q2 25 | $157.5M | $434.4M | ||
| Q1 25 | $157.8M | $435.3M | ||
| Q4 24 | $216.5M | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | $340.9M | $438.1M | ||
| Q1 24 | $340.5M | $439.0M |
| Q4 25 | $39.4M | $452.4M | ||
| Q3 25 | $42.8M | $448.1M | ||
| Q2 25 | $38.8M | $442.4M | ||
| Q1 25 | $38.1M | $433.5M | ||
| Q4 24 | $33.4M | $429.5M | ||
| Q3 24 | $29.0M | $423.1M | ||
| Q2 24 | $26.1M | $418.4M | ||
| Q1 24 | $26.9M | $412.0M |
| Q4 25 | $308.8M | $582.5M | ||
| Q3 25 | $309.5M | $582.2M | ||
| Q2 25 | $302.5M | $574.8M | ||
| Q1 25 | $286.3M | $571.4M | ||
| Q4 24 | $340.3M | $581.6M | ||
| Q3 24 | $335.1M | $578.6M | ||
| Q2 24 | $452.5M | $571.4M | ||
| Q1 24 | $442.5M | $566.7M |
| Q4 25 | 3.99× | 0.96× | ||
| Q3 25 | 3.67× | 0.97× | ||
| Q2 25 | 4.06× | 0.98× | ||
| Q1 25 | 4.14× | 1.00× | ||
| Q4 24 | 6.49× | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | 13.06× | 1.05× | ||
| Q1 24 | 12.65× | 1.07× |
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 | $40.9M |
| Free Cash FlowOCF − Capex | $-2.2M | $33.5M |
| FCF MarginFCF / Revenue | -2.4% | 47.1% |
| Capex IntensityCapex / Revenue | 3.5% | 10.4% |
| Cash ConversionOCF / Net Profit | — | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $40.9M | ||
| Q3 25 | $10.6M | $17.7M | ||
| Q2 25 | $13.6M | $4.6M | ||
| Q1 25 | $401.0K | $5.7M | ||
| Q4 24 | $12.4M | $59.7M | ||
| Q3 24 | $5.6M | $17.6M | ||
| Q2 24 | $11.7M | $15.9M | ||
| Q1 24 | $-3.4M | $9.4M |
| Q4 25 | $-2.2M | $33.5M | ||
| Q3 25 | $7.6M | $16.4M | ||
| Q2 25 | $11.9M | $2.9M | ||
| Q1 25 | $-424.0K | $4.0M | ||
| Q4 24 | $11.6M | $53.0M | ||
| Q3 24 | $4.5M | $16.3M | ||
| Q2 24 | $10.7M | $14.0M | ||
| Q1 24 | $-4.2M | $6.8M |
| Q4 25 | -2.4% | 47.1% | ||
| Q3 25 | 8.8% | 22.4% | ||
| Q2 25 | 14.1% | 4.0% | ||
| Q1 25 | -0.5% | 5.3% | ||
| Q4 24 | 13.3% | 73.2% | ||
| Q3 24 | 5.4% | 20.8% | ||
| Q2 24 | 13.0% | 17.8% | ||
| Q1 24 | -5.3% | 8.6% |
| Q4 25 | 3.5% | 10.4% | ||
| Q3 25 | 3.4% | 1.8% | ||
| Q2 25 | 2.0% | 2.2% | ||
| Q1 25 | 1.0% | 2.3% | ||
| Q4 24 | 0.9% | 9.1% | ||
| Q3 24 | 1.3% | 1.7% | ||
| Q2 24 | 1.3% | 2.4% | ||
| Q1 24 | 1.0% | 3.3% |
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | — | — |
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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
