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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($117.3M vs $89.5M, roughly 1.3× Commerce.com, Inc.). Latham Group, Inc. runs the higher net margin — -7.3% vs -9.3%, a 2.1% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (5.3% vs 2.9%). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs -14.4%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
CMRC vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $117.3M |
| Net Profit | $-8.4M | $-8.5M |
| Gross Margin | 78.3% | 31.7% |
| Operating Margin | -7.4% | — |
| Net Margin | -9.3% | -7.3% |
| Revenue YoY | 2.9% | 5.3% |
| Net Profit YoY | -250.0% | -43.1% |
| EPS (diluted) | $-0.11 | $-0.07 |
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.
| Q1 26 | — | $117.3M | ||
| Q4 25 | $89.5M | $100.0M | ||
| Q3 25 | $86.0M | $161.9M | ||
| Q2 25 | $84.4M | $172.6M | ||
| Q1 25 | $82.4M | $111.4M | ||
| Q4 24 | $87.0M | $87.3M | ||
| Q3 24 | $83.7M | $150.5M | ||
| Q2 24 | $81.8M | $160.1M |
| Q1 26 | — | $-8.5M | ||
| Q4 25 | $-8.4M | $-7.0M | ||
| Q3 25 | $-2.2M | $8.1M | ||
| Q2 25 | $-8.4M | $16.0M | ||
| Q1 25 | $-353.0K | $-6.0M | ||
| Q4 24 | $-2.4M | $-29.2M | ||
| Q3 24 | $-7.0M | $5.9M | ||
| Q2 24 | $-11.3M | $13.3M |
| Q1 26 | — | 31.7% | ||
| Q4 25 | 78.3% | 28.0% | ||
| Q3 25 | 78.4% | 35.4% | ||
| Q2 25 | 79.0% | 37.1% | ||
| Q1 25 | 79.4% | 29.5% | ||
| Q4 24 | 77.6% | 24.6% | ||
| Q3 24 | 76.3% | 32.4% | ||
| Q2 24 | 75.8% | 33.1% |
| Q1 26 | — | — | ||
| Q4 25 | -7.4% | -10.7% | ||
| Q3 25 | -0.5% | 13.3% | ||
| Q2 25 | -8.0% | 14.3% | ||
| Q1 25 | -2.9% | -4.4% | ||
| Q4 24 | -0.9% | -14.9% | ||
| Q3 24 | -23.0% | 8.9% | ||
| Q2 24 | -16.5% | 12.5% |
| Q1 26 | — | -7.3% | ||
| Q4 25 | -9.3% | -7.0% | ||
| Q3 25 | -2.6% | 5.0% | ||
| Q2 25 | -9.9% | 9.3% | ||
| Q1 25 | -0.4% | -5.4% | ||
| Q4 24 | -2.7% | -33.4% | ||
| Q3 24 | -8.4% | 3.9% | ||
| Q2 24 | -13.8% | 8.3% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $-0.11 | $-0.06 | ||
| Q3 25 | $-0.03 | $0.07 | ||
| Q2 25 | $-0.10 | $0.13 | ||
| Q1 25 | $0.00 | $-0.05 | ||
| Q4 24 | $-0.03 | $-0.24 | ||
| Q3 24 | $-0.09 | $0.05 | ||
| Q2 24 | $-0.15 | $0.11 |
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 | — |
| Total DebtLower is stronger | $157.0M | $3.3M |
| Stockholders' EquityBook value | $39.4M | $396.7M |
| Total Assets | $308.8M | $856.4M |
| Debt / EquityLower = less leverage | 3.99× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $141.1M | — | ||
| Q3 25 | $142.0M | — | ||
| Q2 25 | $134.5M | — | ||
| Q1 25 | $120.7M | — | ||
| Q4 24 | $178.2M | — | ||
| Q3 24 | $168.4M | — | ||
| Q2 24 | $275.8M | — |
| Q1 26 | — | $3.3M | ||
| Q4 25 | $157.0M | $279.8M | ||
| Q3 25 | $157.3M | $281.1M | ||
| Q2 25 | $157.5M | $281.5M | ||
| Q1 25 | $157.8M | $306.9M | ||
| Q4 24 | $216.5M | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | $340.9M | $282.4M |
| Q1 26 | — | $396.7M | ||
| Q4 25 | $39.4M | $405.9M | ||
| Q3 25 | $42.8M | $408.4M | ||
| Q2 25 | $38.8M | $398.4M | ||
| Q1 25 | $38.1M | $381.1M | ||
| Q4 24 | $33.4M | $387.2M | ||
| Q3 24 | $29.0M | $416.6M | ||
| Q2 24 | $26.1M | $408.1M |
| Q1 26 | — | $856.4M | ||
| Q4 25 | $308.8M | $823.2M | ||
| Q3 25 | $309.5M | $844.4M | ||
| Q2 25 | $302.5M | $822.1M | ||
| Q1 25 | $286.3M | $824.6M | ||
| Q4 24 | $340.3M | $794.2M | ||
| Q3 24 | $335.1M | $853.4M | ||
| Q2 24 | $452.5M | $830.0M |
| Q1 26 | — | 0.01× | ||
| Q4 25 | 3.99× | 0.69× | ||
| Q3 25 | 3.67× | 0.69× | ||
| Q2 25 | 4.06× | 0.71× | ||
| Q1 25 | 4.14× | 0.81× | ||
| Q4 24 | 6.49× | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | 13.06× | 0.69× |
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 | $-47.7M |
| Free Cash FlowOCF − Capex | $-2.2M | — |
| FCF MarginFCF / Revenue | -2.4% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-47.7M | ||
| Q4 25 | $980.0K | $23.3M | ||
| Q3 25 | $10.6M | $51.0M | ||
| Q2 25 | $13.6M | $36.0M | ||
| Q1 25 | $401.0K | $-46.9M | ||
| Q4 24 | $12.4M | $6.2M | ||
| Q3 24 | $5.6M | $37.2M | ||
| Q2 24 | $11.7M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.2M | $14.1M | ||
| Q3 25 | $7.6M | $45.2M | ||
| Q2 25 | $11.9M | $29.1M | ||
| Q1 25 | $-424.0K | $-50.3M | ||
| Q4 24 | $11.6M | $-98.0K | ||
| Q3 24 | $4.5M | $33.2M | ||
| Q2 24 | $10.7M | $47.9M |
| Q1 26 | — | — | ||
| Q4 25 | -2.4% | 14.1% | ||
| Q3 25 | 8.8% | 27.9% | ||
| Q2 25 | 14.1% | 16.8% | ||
| Q1 25 | -0.5% | -45.2% | ||
| Q4 24 | 13.3% | -0.1% | ||
| Q3 24 | 5.4% | 22.1% | ||
| Q2 24 | 13.0% | 29.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.5% | 9.2% | ||
| Q3 25 | 3.4% | 3.6% | ||
| Q2 25 | 2.0% | 4.0% | ||
| Q1 25 | 1.0% | 3.1% | ||
| Q4 24 | 0.9% | 7.2% | ||
| Q3 24 | 1.3% | 2.7% | ||
| Q2 24 | 1.3% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× |
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% |
SWIM
Segment breakdown not available.
