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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $86.0M, roughly 1.0× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -9.3%, a 10.7% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-2.2M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs 1.8%).
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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
CMRC vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $86.0M |
| Net Profit | $-8.4M | $1.2M |
| Gross Margin | 78.3% | 13.0% |
| Operating Margin | -7.4% | -3.1% |
| Net Margin | -9.3% | 1.4% |
| Revenue YoY | 2.9% | -5.8% |
| Net Profit YoY | -250.0% | -68.5% |
| EPS (diluted) | $-0.11 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $86.0M | $92.8M | ||
| Q2 25 | $84.4M | $85.8M | ||
| Q1 25 | $82.4M | $65.6M | ||
| Q4 24 | $87.0M | $91.4M | ||
| Q3 24 | $83.7M | $63.2M | ||
| Q2 24 | $81.8M | $73.8M | ||
| Q1 24 | $80.4M | $83.1M |
| Q4 25 | $-8.4M | $1.2M | ||
| Q3 25 | $-2.2M | $3.0M | ||
| Q2 25 | $-8.4M | $21.4M | ||
| Q1 25 | $-353.0K | $-24.2M | ||
| Q4 24 | $-2.4M | $3.7M | ||
| Q3 24 | $-7.0M | $-98.0K | ||
| Q2 24 | $-11.3M | $-430.0K | ||
| Q1 24 | $-6.4M | $-216.0K |
| Q4 25 | 78.3% | 13.0% | ||
| Q3 25 | 78.4% | 16.1% | ||
| Q2 25 | 79.0% | 10.4% | ||
| Q1 25 | 79.4% | 4.2% | ||
| Q4 24 | 77.6% | 14.7% | ||
| Q3 24 | 76.3% | 10.3% | ||
| Q2 24 | 75.8% | 17.7% | ||
| Q1 24 | 77.1% | 14.2% |
| Q4 25 | -7.4% | -3.1% | ||
| Q3 25 | -0.5% | 5.8% | ||
| Q2 25 | -8.0% | -0.1% | ||
| Q1 25 | -2.9% | -10.8% | ||
| Q4 24 | -0.9% | 3.9% | ||
| Q3 24 | -23.0% | -7.8% | ||
| Q2 24 | -16.5% | 4.8% | ||
| Q1 24 | -10.2% | 0.9% |
| Q4 25 | -9.3% | 1.4% | ||
| Q3 25 | -2.6% | 3.2% | ||
| Q2 25 | -9.9% | 24.9% | ||
| Q1 25 | -0.4% | -37.0% | ||
| Q4 24 | -2.7% | 4.1% | ||
| Q3 24 | -8.4% | -0.2% | ||
| Q2 24 | -13.8% | -0.6% | ||
| Q1 24 | -8.0% | -0.3% |
| Q4 25 | $-0.11 | $0.03 | ||
| Q3 25 | $-0.03 | $0.08 | ||
| Q2 25 | $-0.10 | $0.54 | ||
| Q1 25 | $0.00 | $-0.62 | ||
| Q4 24 | $-0.03 | $0.10 | ||
| Q3 24 | $-0.09 | $0.00 | ||
| Q2 24 | $-0.15 | $-0.01 | ||
| Q1 24 | $-0.08 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | $157.0M | $15.0M |
| Stockholders' EquityBook value | $39.4M | $239.7M |
| Total Assets | $308.8M | $340.0M |
| Debt / EquityLower = less leverage | 3.99× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $22.6M | ||
| Q3 25 | $142.0M | $5.1M | ||
| Q2 25 | $134.5M | $4.3M | ||
| Q1 25 | $120.7M | $5.1M | ||
| Q4 24 | $178.2M | $1.6M | ||
| Q3 24 | $168.4M | $7.2M | ||
| Q2 24 | $275.8M | $6.3M | ||
| Q1 24 | $265.2M | $4.6M |
| Q4 25 | $157.0M | $15.0M | ||
| Q3 25 | $157.3M | $14.3M | ||
| Q2 25 | $157.5M | $23.5M | ||
| Q1 25 | $157.8M | $13.7M | ||
| Q4 24 | $216.5M | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | $340.9M | $17.1M | ||
| Q1 24 | $340.5M | $25.5M |
| Q4 25 | $39.4M | $239.7M | ||
| Q3 25 | $42.8M | $239.9M | ||
| Q2 25 | $38.8M | $240.5M | ||
| Q1 25 | $38.1M | $219.9M | ||
| Q4 24 | $33.4M | $243.8M | ||
| Q3 24 | $29.0M | $243.6M | ||
| Q2 24 | $26.1M | $242.9M | ||
| Q1 24 | $26.9M | $242.5M |
| Q4 25 | $308.8M | $340.0M | ||
| Q3 25 | $309.5M | $343.1M | ||
| Q2 25 | $302.5M | $345.8M | ||
| Q1 25 | $286.3M | $326.9M | ||
| Q4 24 | $340.3M | $341.5M | ||
| Q3 24 | $335.1M | $335.8M | ||
| Q2 24 | $452.5M | $341.8M | ||
| Q1 24 | $442.5M | $349.3M |
| Q4 25 | 3.99× | 0.06× | ||
| Q3 25 | 3.67× | 0.06× | ||
| Q2 25 | 4.06× | 0.10× | ||
| Q1 25 | 4.14× | 0.06× | ||
| Q4 24 | 6.49× | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | 13.06× | 0.07× | ||
| Q1 24 | 12.65× | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-2.2M | $20.4M |
| FCF MarginFCF / Revenue | -2.4% | 23.7% |
| Capex IntensityCapex / Revenue | 3.5% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $22.4M | ||
| Q3 25 | $10.6M | $18.2M | ||
| Q2 25 | $13.6M | $-5.1M | ||
| Q1 25 | $401.0K | $8.7M | ||
| Q4 24 | $12.4M | $1.0M | ||
| Q3 24 | $5.6M | $5.8M | ||
| Q2 24 | $11.7M | $14.9M | ||
| Q1 24 | $-3.4M | $-3.9M |
| Q4 25 | $-2.2M | $20.4M | ||
| Q3 25 | $7.6M | $14.8M | ||
| Q2 25 | $11.9M | $-7.8M | ||
| Q1 25 | $-424.0K | $5.2M | ||
| Q4 24 | $11.6M | $-840.0K | ||
| Q3 24 | $4.5M | $3.7M | ||
| Q2 24 | $10.7M | $13.5M | ||
| Q1 24 | $-4.2M | $-5.5M |
| Q4 25 | -2.4% | 23.7% | ||
| Q3 25 | 8.8% | 15.9% | ||
| Q2 25 | 14.1% | -9.1% | ||
| Q1 25 | -0.5% | 7.9% | ||
| Q4 24 | 13.3% | -0.9% | ||
| Q3 24 | 5.4% | 5.8% | ||
| Q2 24 | 13.0% | 18.3% | ||
| Q1 24 | -5.3% | -6.6% |
| Q4 25 | 3.5% | 2.3% | ||
| Q3 25 | 3.4% | 3.6% | ||
| Q2 25 | 2.0% | 3.1% | ||
| Q1 25 | 1.0% | 5.4% | ||
| Q4 24 | 0.9% | 2.1% | ||
| Q3 24 | 1.3% | 3.4% | ||
| Q2 24 | 1.3% | 1.8% | ||
| Q1 24 | 1.0% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | — | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
