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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $89.5M, roughly 1.0× Commerce.com, Inc.). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -9.3%, a 3.5% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs 2.9%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
CMRC vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $91.6M |
| Net Profit | $-8.4M | $-5.4M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | -1.0% |
| Net Margin | -9.3% | -5.9% |
| Revenue YoY | 2.9% | 7.2% |
| Net Profit YoY | -250.0% | -95.8% |
| EPS (diluted) | $-0.11 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $86.0M | $89.8M | ||
| Q2 25 | $84.4M | $88.6M | ||
| Q1 25 | $82.4M | $87.9M | ||
| Q4 24 | $87.0M | $85.4M | ||
| Q3 24 | $83.7M | $87.6M | ||
| Q2 24 | $81.8M | $85.8M | ||
| Q1 24 | $80.4M | $69.2M |
| Q4 25 | $-8.4M | $-5.4M | ||
| Q3 25 | $-2.2M | $-9.4M | ||
| Q2 25 | $-8.4M | $-9.0M | ||
| Q1 25 | $-353.0K | $-9.1M | ||
| Q4 24 | $-2.4M | $-2.7M | ||
| Q3 24 | $-7.0M | $-5.3M | ||
| Q2 24 | $-11.3M | $-12.9M | ||
| Q1 24 | $-6.4M | $214.7M |
| 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% | -1.0% | ||
| Q3 25 | -0.5% | -8.0% | ||
| Q2 25 | -8.0% | -10.3% | ||
| Q1 25 | -2.9% | -6.9% | ||
| Q4 24 | -0.9% | -6.7% | ||
| Q3 24 | -23.0% | -4.8% | ||
| Q2 24 | -16.5% | -18.5% | ||
| Q1 24 | -10.2% | -4.0% |
| Q4 25 | -9.3% | -5.9% | ||
| Q3 25 | -2.6% | -10.5% | ||
| Q2 25 | -9.9% | -10.2% | ||
| Q1 25 | -0.4% | -10.4% | ||
| Q4 24 | -2.7% | -3.2% | ||
| Q3 24 | -8.4% | -6.0% | ||
| Q2 24 | -13.8% | -15.0% | ||
| Q1 24 | -8.0% | 310.0% |
| Q4 25 | $-0.11 | $-0.13 | ||
| Q3 25 | $-0.03 | $-0.20 | ||
| Q2 25 | $-0.10 | $-0.19 | ||
| Q1 25 | $0.00 | $-0.19 | ||
| Q4 24 | $-0.03 | $-0.34 | ||
| Q3 24 | $-0.09 | $-0.13 | ||
| Q2 24 | $-0.15 | $-0.24 | ||
| Q1 24 | $-0.08 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | $157.0M | $642.4M |
| Stockholders' EquityBook value | $39.4M | $880.8M |
| Total Assets | $308.8M | $1.9B |
| Debt / EquityLower = less leverage | 3.99× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $27.3M | ||
| Q3 25 | $142.0M | $22.6M | ||
| Q2 25 | $134.5M | $29.1M | ||
| Q1 25 | $120.7M | $87.5M | ||
| Q4 24 | $178.2M | $46.3M | ||
| Q3 24 | $168.4M | $43.1M | ||
| Q2 24 | $275.8M | $43.8M | ||
| Q1 24 | $265.2M | $389.7M |
| Q4 25 | $157.0M | $642.4M | ||
| Q3 25 | $157.3M | $535.4M | ||
| Q2 25 | $157.5M | $513.1M | ||
| Q1 25 | $157.8M | $515.8M | ||
| Q4 24 | $216.5M | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | $340.9M | $297.4M | ||
| Q1 24 | $340.5M | $298.7M |
| Q4 25 | $39.4M | $880.8M | ||
| Q3 25 | $42.8M | $892.7M | ||
| Q2 25 | $38.8M | $902.0M | ||
| Q1 25 | $38.1M | $910.5M | ||
| Q4 24 | $33.4M | $918.6M | ||
| Q3 24 | $29.0M | $925.4M | ||
| Q2 24 | $26.1M | $933.1M | ||
| Q1 24 | $26.9M | $871.6M |
| Q4 25 | $308.8M | $1.9B | ||
| Q3 25 | $309.5M | $1.9B | ||
| Q2 25 | $302.5M | $1.8B | ||
| Q1 25 | $286.3M | $1.8B | ||
| Q4 24 | $340.3M | $1.7B | ||
| Q3 24 | $335.1M | $1.7B | ||
| Q2 24 | $452.5M | $1.7B | ||
| Q1 24 | $442.5M | $1.4B |
| Q4 25 | 3.99× | 0.73× | ||
| Q3 25 | 3.67× | 0.60× | ||
| Q2 25 | 4.06× | 0.57× | ||
| Q1 25 | 4.14× | 0.57× | ||
| Q4 24 | 6.49× | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | 13.06× | 0.32× | ||
| Q1 24 | 12.65× | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-2.2M | $-78.6M |
| FCF MarginFCF / Revenue | -2.4% | -85.8% |
| Capex IntensityCapex / Revenue | 3.5% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $28.8M | ||
| Q3 25 | $10.6M | $30.7M | ||
| Q2 25 | $13.6M | $20.9M | ||
| Q1 25 | $401.0K | $20.5M | ||
| Q4 24 | $12.4M | $20.6M | ||
| Q3 24 | $5.6M | $24.3M | ||
| Q2 24 | $11.7M | $2.5M | ||
| Q1 24 | $-3.4M | $15.2M |
| Q4 25 | $-2.2M | $-78.6M | ||
| Q3 25 | $7.6M | $-51.4M | ||
| Q2 25 | $11.9M | $-65.3M | ||
| Q1 25 | $-424.0K | $-62.7M | ||
| Q4 24 | $11.6M | $-72.0M | ||
| Q3 24 | $4.5M | $-51.3M | ||
| Q2 24 | $10.7M | $-78.3M | ||
| Q1 24 | $-4.2M | $-54.9M |
| Q4 25 | -2.4% | -85.8% | ||
| Q3 25 | 8.8% | -57.2% | ||
| Q2 25 | 14.1% | -73.7% | ||
| Q1 25 | -0.5% | -71.3% | ||
| Q4 24 | 13.3% | -84.3% | ||
| Q3 24 | 5.4% | -58.5% | ||
| Q2 24 | 13.0% | -91.3% | ||
| Q1 24 | -5.3% | -79.3% |
| Q4 25 | 3.5% | 117.2% | ||
| Q3 25 | 3.4% | 91.4% | ||
| Q2 25 | 2.0% | 97.3% | ||
| Q1 25 | 1.0% | 94.7% | ||
| Q4 24 | 0.9% | 108.4% | ||
| Q3 24 | 1.3% | 86.2% | ||
| Q2 24 | 1.3% | 94.2% | ||
| Q1 24 | 1.0% | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
