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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $73.5M, roughly 1.2× Target Hospitality Corp.). Commerce.com, Inc. runs the higher net margin — -9.3% vs -20.3%, a 11.0% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 2.9%). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs 0.7%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
CMRC vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $73.5M |
| Net Profit | $-8.4M | $-14.9M |
| Gross Margin | 78.3% | 9.6% |
| Operating Margin | -7.4% | -22.9% |
| Net Margin | -9.3% | -20.3% |
| Revenue YoY | 2.9% | 22.0% |
| Net Profit YoY | -250.0% | -219.1% |
| EPS (diluted) | $-0.11 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $86.0M | $91.6M | ||
| Q2 25 | $84.4M | $54.9M | ||
| Q1 25 | $82.4M | $54.9M | ||
| Q4 24 | $87.0M | $60.2M | ||
| Q3 24 | $83.7M | $65.8M | ||
| Q2 24 | $81.8M | $67.5M | ||
| Q1 24 | $80.4M | $72.4M |
| Q4 25 | $-8.4M | $-14.9M | ||
| Q3 25 | $-2.2M | $-795.0K | ||
| Q2 25 | $-8.4M | $-14.9M | ||
| Q1 25 | $-353.0K | $-6.5M | ||
| Q4 24 | $-2.4M | $12.5M | ||
| Q3 24 | $-7.0M | $20.0M | ||
| Q2 24 | $-11.3M | $18.4M | ||
| Q1 24 | $-6.4M | $20.4M |
| Q4 25 | 78.3% | 9.6% | ||
| Q3 25 | 78.4% | 19.6% | ||
| Q2 25 | 79.0% | -0.6% | ||
| Q1 25 | 79.4% | 32.7% | ||
| Q4 24 | 77.6% | 61.5% | ||
| Q3 24 | 76.3% | 68.7% | ||
| Q2 24 | 75.8% | 69.4% | ||
| Q1 24 | 77.1% | 67.8% |
| Q4 25 | -7.4% | -22.9% | ||
| Q3 25 | -0.5% | 0.1% | ||
| Q2 25 | -8.0% | -30.8% | ||
| Q1 25 | -2.9% | -2.0% | ||
| Q4 24 | -0.9% | 34.5% | ||
| Q3 24 | -23.0% | 42.5% | ||
| Q2 24 | -16.5% | 43.8% | ||
| Q1 24 | -10.2% | 42.0% |
| Q4 25 | -9.3% | -20.3% | ||
| Q3 25 | -2.6% | -0.9% | ||
| Q2 25 | -9.9% | -27.2% | ||
| Q1 25 | -0.4% | -11.8% | ||
| Q4 24 | -2.7% | 20.8% | ||
| Q3 24 | -8.4% | 30.4% | ||
| Q2 24 | -13.8% | 27.2% | ||
| Q1 24 | -8.0% | 28.2% |
| Q4 25 | $-0.11 | $-0.14 | ||
| Q3 25 | $-0.03 | $-0.01 | ||
| Q2 25 | $-0.10 | $-0.15 | ||
| Q1 25 | $0.00 | $-0.07 | ||
| Q4 24 | $-0.03 | $0.12 | ||
| Q3 24 | $-0.09 | $0.20 | ||
| Q2 24 | $-0.15 | $0.18 | ||
| Q1 24 | $-0.08 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | $157.0M | $1.7M |
| Stockholders' EquityBook value | $39.4M | $389.3M |
| Total Assets | $308.8M | $530.2M |
| Debt / EquityLower = less leverage | 3.99× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $8.3M | ||
| Q3 25 | $142.0M | $30.4M | ||
| Q2 25 | $134.5M | $19.2M | ||
| Q1 25 | $120.7M | $34.5M | ||
| Q4 24 | $178.2M | $190.7M | ||
| Q3 24 | $168.4M | $177.7M | ||
| Q2 24 | $275.8M | $154.3M | ||
| Q1 24 | $265.2M | $124.3M |
| Q4 25 | $157.0M | $1.7M | ||
| Q3 25 | $157.3M | $2.0M | ||
| Q2 25 | $157.5M | $26.3M | ||
| Q1 25 | $157.8M | $42.9M | ||
| Q4 24 | $216.5M | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | $340.9M | $1.1M | ||
| Q1 24 | $340.5M | $179.9M |
| Q4 25 | $39.4M | $389.3M | ||
| Q3 25 | $42.8M | $402.4M | ||
| Q2 25 | $38.8M | $401.3M | ||
| Q1 25 | $38.1M | $415.3M | ||
| Q4 24 | $33.4M | $421.1M | ||
| Q3 24 | $29.0M | $417.6M | ||
| Q2 24 | $26.1M | $397.2M | ||
| Q1 24 | $26.9M | $375.5M |
| Q4 25 | $308.8M | $530.2M | ||
| Q3 25 | $309.5M | $541.2M | ||
| Q2 25 | $302.5M | $533.7M | ||
| Q1 25 | $286.3M | $562.5M | ||
| Q4 24 | $340.3M | $725.8M | ||
| Q3 24 | $335.1M | $709.8M | ||
| Q2 24 | $452.5M | $697.0M | ||
| Q1 24 | $442.5M | $687.2M |
| Q4 25 | 3.99× | 0.00× | ||
| Q3 25 | 3.67× | 0.01× | ||
| Q2 25 | 4.06× | 0.07× | ||
| Q1 25 | 4.14× | 0.10× | ||
| Q4 24 | 6.49× | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | 13.06× | 0.00× | ||
| Q1 24 | 12.65× | 0.48× |
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 | $5.7M |
| 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.
| Q4 25 | $980.0K | $5.7M | ||
| Q3 25 | $10.6M | $53.4M | ||
| Q2 25 | $13.6M | $11.1M | ||
| Q1 25 | $401.0K | $3.9M | ||
| Q4 24 | $12.4M | $30.6M | ||
| Q3 24 | $5.6M | $31.4M | ||
| Q2 24 | $11.7M | $39.1M | ||
| Q1 24 | $-3.4M | $50.6M |
| Q4 25 | $-2.2M | — | ||
| Q3 25 | $7.6M | — | ||
| Q2 25 | $11.9M | — | ||
| Q1 25 | $-424.0K | $-11.6M | ||
| 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% | -21.1% | ||
| 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% | 28.2% | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
