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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $89.5M, roughly 1.0× Commerce.com, Inc.). Vericel Corp runs the higher net margin — 25.0% vs -9.3%, a 34.4% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 2.9%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-2.2M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
CMRC vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $92.9M |
| Net Profit | $-8.4M | $23.2M |
| Gross Margin | 78.3% | 78.7% |
| Operating Margin | -7.4% | 24.1% |
| Net Margin | -9.3% | 25.0% |
| Revenue YoY | 2.9% | 23.3% |
| Net Profit YoY | -250.0% | 17.3% |
| EPS (diluted) | $-0.11 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $86.0M | $67.5M | ||
| Q2 25 | $84.4M | $63.2M | ||
| Q1 25 | $82.4M | $52.6M | ||
| Q4 24 | $87.0M | $75.4M | ||
| Q3 24 | $83.7M | $57.9M | ||
| Q2 24 | $81.8M | $52.7M | ||
| Q1 24 | $80.4M | $51.3M |
| Q4 25 | $-8.4M | $23.2M | ||
| Q3 25 | $-2.2M | $5.1M | ||
| Q2 25 | $-8.4M | $-553.0K | ||
| Q1 25 | $-353.0K | $-11.2M | ||
| Q4 24 | $-2.4M | $19.8M | ||
| Q3 24 | $-7.0M | $-901.0K | ||
| Q2 24 | $-11.3M | $-4.7M | ||
| Q1 24 | $-6.4M | $-3.9M |
| Q4 25 | 78.3% | 78.7% | ||
| Q3 25 | 78.4% | 73.5% | ||
| Q2 25 | 79.0% | 73.7% | ||
| Q1 25 | 79.4% | 69.0% | ||
| Q4 24 | 77.6% | 77.6% | ||
| Q3 24 | 76.3% | 71.9% | ||
| Q2 24 | 75.8% | 69.5% | ||
| Q1 24 | 77.1% | 68.9% |
| Q4 25 | -7.4% | 24.1% | ||
| Q3 25 | -0.5% | 5.1% | ||
| Q2 25 | -8.0% | -3.2% | ||
| Q1 25 | -2.9% | -24.3% | ||
| Q4 24 | -0.9% | 24.5% | ||
| Q3 24 | -23.0% | -4.3% | ||
| Q2 24 | -16.5% | -11.5% | ||
| Q1 24 | -10.2% | -10.7% |
| Q4 25 | -9.3% | 25.0% | ||
| Q3 25 | -2.6% | 7.5% | ||
| Q2 25 | -9.9% | -0.9% | ||
| Q1 25 | -0.4% | -21.4% | ||
| Q4 24 | -2.7% | 26.3% | ||
| Q3 24 | -8.4% | -1.6% | ||
| Q2 24 | -13.8% | -8.9% | ||
| Q1 24 | -8.0% | -7.5% |
| Q4 25 | $-0.11 | $0.46 | ||
| Q3 25 | $-0.03 | $0.10 | ||
| Q2 25 | $-0.10 | $-0.01 | ||
| Q1 25 | $0.00 | $-0.23 | ||
| Q4 24 | $-0.03 | $0.40 | ||
| Q3 24 | $-0.09 | $-0.02 | ||
| Q2 24 | $-0.15 | $-0.10 | ||
| Q1 24 | $-0.08 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $354.6M |
| Total Assets | $308.8M | $488.0M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $137.5M | ||
| Q3 25 | $142.0M | $135.4M | ||
| Q2 25 | $134.5M | $116.9M | ||
| Q1 25 | $120.7M | $112.9M | ||
| Q4 24 | $178.2M | $116.2M | ||
| Q3 24 | $168.4M | $101.7M | ||
| Q2 24 | $275.8M | $102.5M | ||
| Q1 24 | $265.2M | $110.6M |
| Q4 25 | $157.0M | — | ||
| Q3 25 | $157.3M | — | ||
| Q2 25 | $157.5M | — | ||
| Q1 25 | $157.8M | — | ||
| Q4 24 | $216.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $340.9M | — | ||
| Q1 24 | $340.5M | — |
| Q4 25 | $39.4M | $354.6M | ||
| Q3 25 | $42.8M | $321.9M | ||
| Q2 25 | $38.8M | $306.8M | ||
| Q1 25 | $38.1M | $295.5M | ||
| Q4 24 | $33.4M | $292.0M | ||
| Q3 24 | $29.0M | $257.5M | ||
| Q2 24 | $26.1M | $243.0M | ||
| Q1 24 | $26.9M | $233.9M |
| Q4 25 | $308.8M | $488.0M | ||
| Q3 25 | $309.5M | $453.3M | ||
| Q2 25 | $302.5M | $435.6M | ||
| Q1 25 | $286.3M | $424.6M | ||
| Q4 24 | $340.3M | $432.7M | ||
| Q3 24 | $335.1M | $390.4M | ||
| Q2 24 | $452.5M | $376.8M | ||
| Q1 24 | $442.5M | $356.7M |
| Q4 25 | 3.99× | — | ||
| Q3 25 | 3.67× | — | ||
| Q2 25 | 4.06× | — | ||
| Q1 25 | 4.14× | — | ||
| Q4 24 | 6.49× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 13.06× | — | ||
| Q1 24 | 12.65× | — |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $-2.2M | $12.8M |
| FCF MarginFCF / Revenue | -2.4% | 13.8% |
| Capex IntensityCapex / Revenue | 3.5% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $15.0M | ||
| Q3 25 | $10.6M | $22.1M | ||
| Q2 25 | $13.6M | $8.2M | ||
| Q1 25 | $401.0K | $6.6M | ||
| Q4 24 | $12.4M | $22.2M | ||
| Q3 24 | $5.6M | $10.2M | ||
| Q2 24 | $11.7M | $18.5M | ||
| Q1 24 | $-3.4M | $7.2M |
| Q4 25 | $-2.2M | $12.8M | ||
| Q3 25 | $7.6M | $19.5M | ||
| Q2 25 | $11.9M | $81.0K | ||
| Q1 25 | $-424.0K | $-7.6M | ||
| Q4 24 | $11.6M | $8.5M | ||
| Q3 24 | $4.5M | $-9.2M | ||
| Q2 24 | $10.7M | $1.8M | ||
| Q1 24 | $-4.2M | $-6.8M |
| Q4 25 | -2.4% | 13.8% | ||
| Q3 25 | 8.8% | 28.8% | ||
| Q2 25 | 14.1% | 0.1% | ||
| Q1 25 | -0.5% | -14.5% | ||
| Q4 24 | 13.3% | 11.2% | ||
| Q3 24 | 5.4% | -15.9% | ||
| Q2 24 | 13.0% | 3.4% | ||
| Q1 24 | -5.3% | -13.3% |
| Q4 25 | 3.5% | 2.4% | ||
| Q3 25 | 3.4% | 3.9% | ||
| Q2 25 | 2.0% | 12.9% | ||
| Q1 25 | 1.0% | 27.0% | ||
| Q4 24 | 0.9% | 18.3% | ||
| Q3 24 | 1.3% | 33.5% | ||
| Q2 24 | 1.3% | 31.8% | ||
| Q1 24 | 1.0% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
