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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $192.7M, roughly 1.2× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 4.4%, a 9.0% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $22.7M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 5.1%).
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.
CSW vs SPSC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $192.7M |
| Net Profit | $10.3M | $25.8M |
| Gross Margin | 39.7% | 70.4% |
| Operating Margin | 7.4% | 18.0% |
| Net Margin | 4.4% | 13.4% |
| Revenue YoY | 20.3% | 12.7% |
| Net Profit YoY | -61.9% | 47.2% |
| EPS (diluted) | $0.62 | $0.69 |
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 | $233.0M | $192.7M | ||
| Q3 25 | $277.0M | $189.9M | ||
| Q2 25 | $263.6M | $187.4M | ||
| Q1 25 | $230.5M | $181.5M | ||
| Q4 24 | $193.6M | $170.9M | ||
| Q3 24 | $227.9M | $163.7M | ||
| Q2 24 | $226.2M | $153.6M | ||
| Q1 24 | $210.9M | $149.6M |
| Q4 25 | $10.3M | $25.8M | ||
| Q3 25 | $40.7M | $25.6M | ||
| Q2 25 | $40.9M | $19.7M | ||
| Q1 25 | $35.1M | $22.2M | ||
| Q4 24 | $26.9M | $17.6M | ||
| Q3 24 | $36.1M | $23.5M | ||
| Q2 24 | $38.6M | $18.0M | ||
| Q1 24 | $31.8M | $18.0M |
| Q4 25 | 39.7% | 70.4% | ||
| Q3 25 | 43.0% | 69.5% | ||
| Q2 25 | 43.8% | 68.1% | ||
| Q1 25 | 44.2% | 68.7% | ||
| Q4 24 | 41.4% | 67.5% | ||
| Q3 24 | 45.6% | 68.5% | ||
| Q2 24 | 47.5% | 66.1% | ||
| Q1 24 | 44.4% | 65.6% |
| Q4 25 | 7.4% | 18.0% | ||
| Q3 25 | 20.5% | 16.4% | ||
| Q2 25 | 20.8% | 14.1% | ||
| Q1 25 | 19.5% | 14.3% | ||
| Q4 24 | 15.3% | 14.5% | ||
| Q3 24 | 22.6% | 15.6% | ||
| Q2 24 | 24.3% | 15.1% | ||
| Q1 24 | 21.0% | 10.3% |
| Q4 25 | 4.4% | 13.4% | ||
| Q3 25 | 14.7% | 13.5% | ||
| Q2 25 | 15.5% | 10.5% | ||
| Q1 25 | 15.2% | 12.2% | ||
| Q4 24 | 13.9% | 10.3% | ||
| Q3 24 | 15.8% | 14.3% | ||
| Q2 24 | 17.1% | 11.7% | ||
| Q1 24 | 15.1% | 12.0% |
| Q4 25 | $0.62 | $0.69 | ||
| Q3 25 | $2.41 | $0.67 | ||
| Q2 25 | $2.43 | $0.52 | ||
| Q1 25 | $2.05 | $0.58 | ||
| Q4 24 | $1.60 | $0.46 | ||
| Q3 24 | $2.26 | $0.62 | ||
| Q2 24 | $2.47 | $0.48 | ||
| Q1 24 | $2.03 | $0.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.2M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $973.9M |
| Total Assets | $2.3B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $151.4M | ||
| Q3 25 | $31.5M | $133.7M | ||
| Q2 25 | $38.0M | $107.6M | ||
| Q1 25 | $225.8M | $94.9M | ||
| Q4 24 | $213.8M | $241.0M | ||
| Q3 24 | $273.2M | $205.8M | ||
| Q2 24 | $18.9M | $271.8M | ||
| Q1 24 | $22.2M | $290.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $166.0M | — |
| Q4 25 | $1.1B | $973.9M | ||
| Q3 25 | $1.1B | $958.9M | ||
| Q2 25 | $1.1B | $949.8M | ||
| Q1 25 | $1.1B | $920.9M | ||
| Q4 24 | $1.0B | $854.7M | ||
| Q3 24 | $1.0B | $829.4M | ||
| Q2 24 | $650.2M | $703.4M | ||
| Q1 24 | $615.7M | $683.0M |
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.4B | $1.0B | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.1B | $854.5M | ||
| Q1 24 | $1.0B | $839.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
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 | $28.9M | $45.9M |
| Free Cash FlowOCF − Capex | $22.7M | $38.2M |
| FCF MarginFCF / Revenue | 9.8% | 19.8% |
| Capex IntensityCapex / Revenue | 2.6% | 4.0% |
| Cash ConversionOCF / Net Profit | 2.81× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $45.9M | ||
| Q3 25 | $61.8M | $60.6M | ||
| Q2 25 | $60.6M | $32.3M | ||
| Q1 25 | $27.3M | $40.0M | ||
| Q4 24 | $11.6M | $40.6M | ||
| Q3 24 | $66.8M | $53.3M | ||
| Q2 24 | $62.7M | $29.4M | ||
| Q1 24 | $22.4M | $34.1M |
| Q4 25 | $22.7M | $38.2M | ||
| Q3 25 | $58.7M | $54.6M | ||
| Q2 25 | $57.7M | $25.7M | ||
| Q1 25 | $22.8M | $33.8M | ||
| Q4 24 | $8.5M | $34.3M | ||
| Q3 24 | $61.3M | $48.1M | ||
| Q2 24 | $59.6M | $24.4M | ||
| Q1 24 | $17.5M | $30.5M |
| Q4 25 | 9.8% | 19.8% | ||
| Q3 25 | 21.2% | 28.7% | ||
| Q2 25 | 21.9% | 13.7% | ||
| Q1 25 | 9.9% | 18.6% | ||
| Q4 24 | 4.4% | 20.1% | ||
| Q3 24 | 26.9% | 29.4% | ||
| Q2 24 | 26.3% | 15.9% | ||
| Q1 24 | 8.3% | 20.4% |
| Q4 25 | 2.6% | 4.0% | ||
| Q3 25 | 1.1% | 3.2% | ||
| Q2 25 | 1.1% | 3.6% | ||
| Q1 25 | 2.0% | 3.4% | ||
| Q4 24 | 1.6% | 3.6% | ||
| Q3 24 | 2.4% | 3.2% | ||
| Q2 24 | 1.4% | 3.3% | ||
| Q1 24 | 2.3% | 2.4% |
| Q4 25 | 2.81× | 1.78× | ||
| Q3 25 | 1.52× | 2.37× | ||
| Q2 25 | 1.48× | 1.64× | ||
| Q1 25 | 0.78× | 1.80× | ||
| Q4 24 | 0.43× | 2.31× | ||
| Q3 24 | 1.85× | 2.27× | ||
| Q2 24 | 1.62× | 1.63× | ||
| Q1 24 | 0.71× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
