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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $78.6M, roughly 1.1× Repay Holdings Corp). Commerce.com, Inc. runs the higher net margin — -9.3% vs -178.3%, a 169.0% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs 0.4%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-2.2M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs -1.3%).
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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
CMRC vs RPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $78.6M |
| Net Profit | $-8.4M | $-140.1M |
| Gross Margin | 78.3% | 74.2% |
| Operating Margin | -7.4% | -182.2% |
| Net Margin | -9.3% | -178.3% |
| Revenue YoY | 2.9% | 0.4% |
| Net Profit YoY | -250.0% | -3304.1% |
| EPS (diluted) | $-0.11 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $86.0M | $77.7M | ||
| Q2 25 | $84.4M | $75.6M | ||
| Q1 25 | $82.4M | $77.3M | ||
| Q4 24 | $87.0M | $78.3M | ||
| Q3 24 | $83.7M | $79.1M | ||
| Q2 24 | $81.8M | $74.9M | ||
| Q1 24 | $80.4M | $80.7M |
| Q4 25 | $-8.4M | $-140.1M | ||
| Q3 25 | $-2.2M | $-6.4M | ||
| Q2 25 | $-8.4M | $-102.3M | ||
| Q1 25 | $-353.0K | $-7.9M | ||
| Q4 24 | $-2.4M | $-4.1M | ||
| Q3 24 | $-7.0M | $3.2M | ||
| Q2 24 | $-11.3M | $-4.1M | ||
| Q1 24 | $-6.4M | $-5.2M |
| Q4 25 | 78.3% | 74.2% | ||
| Q3 25 | 78.4% | 74.4% | ||
| Q2 25 | 79.0% | 75.7% | ||
| Q1 25 | 79.4% | 75.9% | ||
| Q4 24 | 77.6% | 76.3% | ||
| Q3 24 | 76.3% | 77.8% | ||
| Q2 24 | 75.8% | 78.2% | ||
| Q1 24 | 77.1% | 76.2% |
| Q4 25 | -7.4% | -182.2% | ||
| Q3 25 | -0.5% | -3.9% | ||
| Q2 25 | -8.0% | -138.7% | ||
| Q1 25 | -2.9% | -4.7% | ||
| Q4 24 | -0.9% | -1.5% | ||
| Q3 24 | -23.0% | -0.9% | ||
| Q2 24 | -16.5% | -4.6% | ||
| Q1 24 | -10.2% | -3.1% |
| Q4 25 | -9.3% | -178.3% | ||
| Q3 25 | -2.6% | -8.3% | ||
| Q2 25 | -9.9% | -135.2% | ||
| Q1 25 | -0.4% | -10.3% | ||
| Q4 24 | -2.7% | -5.3% | ||
| Q3 24 | -8.4% | 4.1% | ||
| Q2 24 | -13.8% | -5.4% | ||
| Q1 24 | -8.0% | -6.5% |
| Q4 25 | $-0.11 | $-1.68 | ||
| Q3 25 | $-0.03 | $-0.08 | ||
| Q2 25 | $-0.10 | $-1.15 | ||
| Q1 25 | $0.00 | $-0.09 | ||
| Q4 24 | $-0.03 | $-0.04 | ||
| Q3 24 | $-0.09 | $0.03 | ||
| Q2 24 | $-0.15 | $-0.04 | ||
| Q1 24 | $-0.08 | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | $157.0M | $280.1M |
| Stockholders' EquityBook value | $39.4M | $484.4M |
| Total Assets | $308.8M | $1.2B |
| Debt / EquityLower = less leverage | 3.99× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $115.7M | ||
| Q3 25 | $142.0M | $95.7M | ||
| Q2 25 | $134.5M | $162.6M | ||
| Q1 25 | $120.7M | $165.5M | ||
| Q4 24 | $178.2M | $189.5M | ||
| Q3 24 | $168.4M | $168.7M | ||
| Q2 24 | $275.8M | $147.1M | ||
| Q1 24 | $265.2M | $128.3M |
| Q4 25 | $157.0M | $280.1M | ||
| Q3 25 | $157.3M | $279.5M | ||
| Q2 25 | $157.5M | $279.0M | ||
| Q1 25 | $157.8M | $497.6M | ||
| Q4 24 | $216.5M | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | $340.9M | $435.6M | ||
| Q1 24 | $340.5M | $434.9M |
| Q4 25 | $39.4M | $484.4M | ||
| Q3 25 | $42.8M | $616.9M | ||
| Q2 25 | $38.8M | $633.7M | ||
| Q1 25 | $38.1M | $755.7M | ||
| Q4 24 | $33.4M | $761.3M | ||
| Q3 24 | $29.0M | $754.7M | ||
| Q2 24 | $26.1M | $815.4M | ||
| Q1 24 | $26.9M | $813.8M |
| Q4 25 | $308.8M | $1.2B | ||
| Q3 25 | $309.5M | $1.3B | ||
| Q2 25 | $302.5M | $1.4B | ||
| Q1 25 | $286.3M | $1.5B | ||
| Q4 24 | $340.3M | $1.6B | ||
| Q3 24 | $335.1M | $1.6B | ||
| Q2 24 | $452.5M | $1.5B | ||
| Q1 24 | $442.5M | $1.5B |
| Q4 25 | 3.99× | 0.58× | ||
| Q3 25 | 3.67× | 0.45× | ||
| Q2 25 | 4.06× | 0.44× | ||
| Q1 25 | 4.14× | 0.66× | ||
| Q4 24 | 6.49× | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | 13.06× | 0.53× | ||
| Q1 24 | 12.65× | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-2.2M | $23.2M |
| FCF MarginFCF / Revenue | -2.4% | 29.6% |
| Capex IntensityCapex / Revenue | 3.5% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $23.3M | ||
| Q3 25 | $10.6M | $32.2M | ||
| Q2 25 | $13.6M | $33.1M | ||
| Q1 25 | $401.0K | $2.5M | ||
| Q4 24 | $12.4M | $34.3M | ||
| Q3 24 | $5.6M | $60.1M | ||
| Q2 24 | $11.7M | $31.0M | ||
| Q1 24 | $-3.4M | $24.8M |
| Q4 25 | $-2.2M | $23.2M | ||
| Q3 25 | $7.6M | $32.1M | ||
| Q2 25 | $11.9M | $33.0M | ||
| Q1 25 | $-424.0K | $2.4M | ||
| Q4 24 | $11.6M | $34.0M | ||
| Q3 24 | $4.5M | $59.8M | ||
| Q2 24 | $10.7M | $30.5M | ||
| Q1 24 | $-4.2M | $24.7M |
| Q4 25 | -2.4% | 29.6% | ||
| Q3 25 | 8.8% | 41.3% | ||
| Q2 25 | 14.1% | 43.6% | ||
| Q1 25 | -0.5% | 3.0% | ||
| Q4 24 | 13.3% | 43.5% | ||
| Q3 24 | 5.4% | 75.6% | ||
| Q2 24 | 13.0% | 40.7% | ||
| Q1 24 | -5.3% | 30.6% |
| Q4 25 | 3.5% | 0.1% | ||
| Q3 25 | 3.4% | 0.2% | ||
| Q2 25 | 2.0% | 0.1% | ||
| Q1 25 | 1.0% | 0.2% | ||
| Q4 24 | 0.9% | 0.3% | ||
| Q3 24 | 1.3% | 0.3% | ||
| Q2 24 | 1.3% | 0.6% | ||
| Q1 24 | 1.0% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| Q2 24 | — | — | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
