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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $89.5M, roughly 1.1× Commerce.com, Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -9.3%, a 37.8% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs 2.9%). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs 2.5%).
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.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
CMRC vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $97.9M |
| Net Profit | $-8.4M | $27.9M |
| Gross Margin | 78.3% | 98.6% |
| Operating Margin | -7.4% | 27.4% |
| Net Margin | -9.3% | 28.5% |
| Revenue YoY | 2.9% | 6.5% |
| Net Profit YoY | -250.0% | 7.1% |
| EPS (diluted) | $-0.11 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $86.0M | $96.2M | ||
| Q2 25 | $84.4M | $93.8M | ||
| Q1 25 | $82.4M | $97.7M | ||
| Q4 24 | $87.0M | $91.9M | ||
| Q3 24 | $83.7M | $90.7M | ||
| Q2 24 | $81.8M | $89.9M | ||
| Q1 24 | $80.4M | $93.2M |
| Q4 25 | $-8.4M | $27.9M | ||
| Q3 25 | $-2.2M | $29.3M | ||
| Q2 25 | $-8.4M | $27.9M | ||
| Q1 25 | $-353.0K | $29.4M | ||
| Q4 24 | $-2.4M | $26.0M | ||
| Q3 24 | $-7.0M | $19.3M | ||
| Q2 24 | $-11.3M | $29.7M | ||
| Q1 24 | $-6.4M | $30.7M |
| Q4 25 | 78.3% | 98.6% | ||
| Q3 25 | 78.4% | 98.5% | ||
| Q2 25 | 79.0% | 99.1% | ||
| Q1 25 | 79.4% | 98.8% | ||
| Q4 24 | 77.6% | 98.8% | ||
| Q3 24 | 76.3% | 98.8% | ||
| Q2 24 | 75.8% | 98.8% | ||
| Q1 24 | 77.1% | 98.8% |
| Q4 25 | -7.4% | 27.4% | ||
| Q3 25 | -0.5% | 25.9% | ||
| Q2 25 | -8.0% | 25.5% | ||
| Q1 25 | -2.9% | 25.9% | ||
| Q4 24 | -0.9% | 24.6% | ||
| Q3 24 | -23.0% | 17.5% | ||
| Q2 24 | -16.5% | 26.7% | ||
| Q1 24 | -10.2% | 26.4% |
| Q4 25 | -9.3% | 28.5% | ||
| Q3 25 | -2.6% | 30.5% | ||
| Q2 25 | -9.9% | 29.8% | ||
| Q1 25 | -0.4% | 30.1% | ||
| Q4 24 | -2.7% | 28.3% | ||
| Q3 24 | -8.4% | 21.3% | ||
| Q2 24 | -13.8% | 33.0% | ||
| Q1 24 | -8.0% | 33.0% |
| Q4 25 | $-0.11 | $0.38 | ||
| Q3 25 | $-0.03 | $0.41 | ||
| Q2 25 | $-0.10 | $0.39 | ||
| Q1 25 | $0.00 | $0.41 | ||
| Q4 24 | $-0.03 | $0.36 | ||
| Q3 24 | $-0.09 | $0.27 | ||
| Q2 24 | $-0.15 | $0.42 | ||
| Q1 24 | $-0.08 | $0.43 |
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 | $4.6B |
| Stockholders' EquityBook value | $39.4M | $2.4B |
| Total Assets | $308.8M | $7.2B |
| Debt / EquityLower = less leverage | 3.99× | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $21.7M | ||
| Q3 25 | $142.0M | $12.1M | ||
| Q2 25 | $134.5M | $13.9M | ||
| Q1 25 | $120.7M | $17.3M | ||
| Q4 24 | $178.2M | $8.3M | ||
| Q3 24 | $168.4M | $15.6M | ||
| Q2 24 | $275.8M | $13.4M | ||
| Q1 24 | $265.2M | $11.3M |
| Q4 25 | $157.0M | $4.6B | ||
| Q3 25 | $157.3M | $4.5B | ||
| Q2 25 | $157.5M | $4.4B | ||
| Q1 25 | $157.8M | $4.3B | ||
| Q4 24 | $216.5M | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | $340.9M | $4.2B | ||
| Q1 24 | $340.5M | $4.1B |
| Q4 25 | $39.4M | $2.4B | ||
| Q3 25 | $42.8M | $2.4B | ||
| Q2 25 | $38.8M | $2.4B | ||
| Q1 25 | $38.1M | $2.4B | ||
| Q4 24 | $33.4M | $2.3B | ||
| Q3 24 | $29.0M | $2.3B | ||
| Q2 24 | $26.1M | $2.3B | ||
| Q1 24 | $26.9M | $2.3B |
| Q4 25 | $308.8M | $7.2B | ||
| Q3 25 | $309.5M | $7.1B | ||
| Q2 25 | $302.5M | $7.1B | ||
| Q1 25 | $286.3M | $6.9B | ||
| Q4 24 | $340.3M | $6.9B | ||
| Q3 24 | $335.1M | $6.8B | ||
| Q2 24 | $452.5M | $6.8B | ||
| Q1 24 | $442.5M | $6.7B |
| Q4 25 | 3.99× | 1.90× | ||
| Q3 25 | 3.67× | 1.89× | ||
| Q2 25 | 4.06× | 1.87× | ||
| Q1 25 | 4.14× | 1.85× | ||
| Q4 24 | 6.49× | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | 13.06× | 1.81× | ||
| Q1 24 | 12.65× | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $-2.2M | — |
| FCF MarginFCF / Revenue | -2.4% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $47.8M | ||
| Q3 25 | $10.6M | $-1.4M | ||
| Q2 25 | $13.6M | $28.0M | ||
| Q1 25 | $401.0K | $8.9M | ||
| Q4 24 | $12.4M | $37.9M | ||
| Q3 24 | $5.6M | $8.3M | ||
| Q2 24 | $11.7M | $24.8M | ||
| Q1 24 | $-3.4M | $-3.1M |
| 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 | — | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
