vs
Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $51.6M, roughly 1.7× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -9.3%, a 76.7% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 2.9%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-2.2M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% 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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
CMRC vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $51.6M |
| Net Profit | $-8.4M | $34.8M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | 97.0% |
| Net Margin | -9.3% | 67.3% |
| Revenue YoY | 2.9% | 32.8% |
| Net Profit YoY | -250.0% | 67.0% |
| EPS (diluted) | $-0.11 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $86.0M | $49.1M | ||
| Q2 25 | $84.4M | $47.6M | ||
| Q1 25 | $82.4M | $37.5M | ||
| Q4 24 | $87.0M | $38.9M | ||
| Q3 24 | $83.7M | $35.1M | ||
| Q2 24 | $81.8M | $32.4M | ||
| Q1 24 | $80.4M | $29.5M |
| Q4 25 | $-8.4M | $34.8M | ||
| Q3 25 | $-2.2M | $25.4M | ||
| Q2 25 | $-8.4M | $26.0M | ||
| Q1 25 | $-353.0K | $18.9M | ||
| Q4 24 | $-2.4M | $20.8M | ||
| Q3 24 | $-7.0M | $15.8M | ||
| Q2 24 | $-11.3M | $14.8M | ||
| Q1 24 | $-6.4M | $17.3M |
| 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% | 97.0% | ||
| Q3 25 | -0.5% | 72.1% | ||
| Q2 25 | -8.0% | 71.3% | ||
| Q1 25 | -2.9% | 71.7% | ||
| Q4 24 | -0.9% | 82.5% | ||
| Q3 24 | -23.0% | 60.6% | ||
| Q2 24 | -16.5% | 61.3% | ||
| Q1 24 | -10.2% | 78.8% |
| Q4 25 | -9.3% | 67.3% | ||
| Q3 25 | -2.6% | 51.7% | ||
| Q2 25 | -9.9% | 54.6% | ||
| Q1 25 | -0.4% | 50.4% | ||
| Q4 24 | -2.7% | 53.5% | ||
| Q3 24 | -8.4% | 45.1% | ||
| Q2 24 | -13.8% | 45.6% | ||
| Q1 24 | -8.0% | 58.5% |
| Q4 25 | $-0.11 | $0.90 | ||
| Q3 25 | $-0.03 | $0.65 | ||
| Q2 25 | $-0.10 | $0.69 | ||
| Q1 25 | $0.00 | $0.51 | ||
| Q4 24 | $-0.03 | $0.56 | ||
| Q3 24 | $-0.09 | $0.44 | ||
| Q2 24 | $-0.15 | $0.42 | ||
| Q1 24 | $-0.08 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $672.5M |
| Total Assets | $308.8M | $7.4B |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $92.1M | ||
| Q3 25 | $142.0M | $99.0M | ||
| Q2 25 | $134.5M | $79.6M | ||
| Q1 25 | $120.7M | $51.7M | ||
| Q4 24 | $178.2M | $49.9M | ||
| Q3 24 | $168.4M | $44.1M | ||
| Q2 24 | $275.8M | $47.4M | ||
| Q1 24 | $265.2M | $34.8M |
| 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 | $672.5M | ||
| Q3 25 | $42.8M | $634.3M | ||
| Q2 25 | $38.8M | $597.9M | ||
| Q1 25 | $38.1M | $563.2M | ||
| Q4 24 | $33.4M | $516.9M | ||
| Q3 24 | $29.0M | $484.6M | ||
| Q2 24 | $26.1M | $471.3M | ||
| Q1 24 | $26.9M | $452.9M |
| Q4 25 | $308.8M | $7.4B | ||
| Q3 25 | $309.5M | $7.0B | ||
| Q2 25 | $302.5M | $6.5B | ||
| Q1 25 | $286.3M | $6.0B | ||
| Q4 24 | $340.3M | $5.5B | ||
| Q3 24 | $335.1M | $5.2B | ||
| Q2 24 | $452.5M | $4.9B | ||
| Q1 24 | $442.5M | $4.6B |
| 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 | $18.2M |
| Free Cash FlowOCF − Capex | $-2.2M | $17.9M |
| FCF MarginFCF / Revenue | -2.4% | 34.6% |
| Capex IntensityCapex / Revenue | 3.5% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $18.2M | ||
| Q3 25 | $10.6M | $11.5M | ||
| Q2 25 | $13.6M | $7.7M | ||
| Q1 25 | $401.0K | $3.5M | ||
| Q4 24 | $12.4M | $37.8M | ||
| Q3 24 | $5.6M | $-17.6M | ||
| Q2 24 | $11.7M | $11.5M | ||
| Q1 24 | $-3.4M | $10.6M |
| Q4 25 | $-2.2M | $17.9M | ||
| Q3 25 | $7.6M | $11.4M | ||
| Q2 25 | $11.9M | $7.6M | ||
| Q1 25 | $-424.0K | $3.5M | ||
| Q4 24 | $11.6M | $37.5M | ||
| Q3 24 | $4.5M | $-17.6M | ||
| Q2 24 | $10.7M | $11.4M | ||
| Q1 24 | $-4.2M | $10.5M |
| Q4 25 | -2.4% | 34.6% | ||
| Q3 25 | 8.8% | 23.2% | ||
| Q2 25 | 14.1% | 15.9% | ||
| Q1 25 | -0.5% | 9.2% | ||
| Q4 24 | 13.3% | 96.4% | ||
| Q3 24 | 5.4% | -50.3% | ||
| Q2 24 | 13.0% | 35.1% | ||
| Q1 24 | -5.3% | 35.8% |
| Q4 25 | 3.5% | 0.5% | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | 2.0% | 0.2% | ||
| Q1 25 | 1.0% | 0.2% | ||
| Q4 24 | 0.9% | 0.7% | ||
| Q3 24 | 1.3% | 0.2% | ||
| Q2 24 | 1.3% | 0.3% | ||
| Q1 24 | 1.0% | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
