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Side-by-side financial comparison of Claritev Corp (CTEV) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
Claritev Corp is the larger business by last-quarter revenue ($246.6M vs $192.7M, roughly 1.3× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -32.7%, a 46.1% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 6.2%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $36.4M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 2.5%).
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.
CTEV vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $246.6M | $192.7M |
| Net Profit | $-80.6M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -3.1% | 18.0% |
| Net Margin | -32.7% | 13.4% |
| Revenue YoY | 6.2% | 12.7% |
| Net Profit YoY | 41.6% | 47.2% |
| EPS (diluted) | $-4.88 | $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 | $246.6M | $192.7M | ||
| Q3 25 | $246.0M | $189.9M | ||
| Q2 25 | $241.6M | $187.4M | ||
| Q1 25 | $231.3M | $181.5M | ||
| Q4 24 | $232.1M | $170.9M | ||
| Q3 24 | $230.5M | $163.7M | ||
| Q2 24 | $233.5M | $153.6M | ||
| Q1 24 | $234.5M | $149.6M |
| Q4 25 | $-80.6M | $25.8M | ||
| Q3 25 | $-69.8M | $25.6M | ||
| Q2 25 | $-62.6M | $19.7M | ||
| Q1 25 | $-71.3M | $22.2M | ||
| Q4 24 | $-138.0M | $17.6M | ||
| Q3 24 | $-391.4M | $23.5M | ||
| Q2 24 | $-576.7M | $18.0M | ||
| Q1 24 | $-539.7M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | -3.1% | 18.0% | ||
| Q3 25 | 4.1% | 16.4% | ||
| Q2 25 | 6.9% | 14.1% | ||
| Q1 25 | 4.2% | 14.3% | ||
| Q4 24 | -17.8% | 14.5% | ||
| Q3 24 | -146.7% | 15.6% | ||
| Q2 24 | -224.4% | 15.1% | ||
| Q1 24 | -207.4% | 10.3% |
| Q4 25 | -32.7% | 13.4% | ||
| Q3 25 | -28.4% | 13.5% | ||
| Q2 25 | -25.9% | 10.5% | ||
| Q1 25 | -30.8% | 12.2% | ||
| Q4 24 | -59.4% | 10.3% | ||
| Q3 24 | -169.8% | 14.3% | ||
| Q2 24 | -247.0% | 11.7% | ||
| Q1 24 | -230.1% | 12.0% |
| Q4 25 | $-4.88 | $0.69 | ||
| Q3 25 | $-4.23 | $0.67 | ||
| Q2 25 | $-3.81 | $0.52 | ||
| Q1 25 | $-4.38 | $0.58 | ||
| Q4 24 | $-8.49 | $0.46 | ||
| Q3 24 | $-24.25 | $0.62 | ||
| Q2 24 | $-35.78 | $0.48 | ||
| Q1 24 | $-33.40 | $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 | $16.8M | $151.4M |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $-173.9M | $973.9M |
| Total Assets | $4.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.8M | $151.4M | ||
| Q3 25 | $39.2M | $133.7M | ||
| Q2 25 | $56.4M | $107.6M | ||
| Q1 25 | $23.1M | $94.9M | ||
| Q4 24 | $16.8M | $241.0M | ||
| Q3 24 | $86.6M | $205.8M | ||
| Q2 24 | $48.8M | $271.8M | ||
| Q1 24 | $58.7M | $290.8M |
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.5B | — |
| Q4 25 | $-173.9M | $973.9M | ||
| Q3 25 | $-101.8M | $958.9M | ||
| Q2 25 | $-39.9M | $949.8M | ||
| Q1 25 | $14.8M | $920.9M | ||
| Q4 24 | $84.0M | $854.7M | ||
| Q3 24 | $207.6M | $829.4M | ||
| Q2 24 | $603.4M | $703.4M | ||
| Q1 24 | $1.2B | $683.0M |
| Q4 25 | $4.9B | $1.2B | ||
| Q3 25 | $5.0B | $1.2B | ||
| Q2 25 | $5.1B | $1.1B | ||
| Q1 25 | $5.1B | $1.1B | ||
| Q4 24 | $5.2B | $1.0B | ||
| Q3 24 | $5.3B | $1.0B | ||
| Q2 24 | $5.7B | $854.5M | ||
| Q1 24 | $6.4B | $839.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 304.87× | — | ||
| Q4 24 | 53.67× | — | ||
| Q3 24 | 21.73× | — | ||
| Q2 24 | 7.48× | — | ||
| Q1 24 | 3.85× | — |
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 | $66.3M | $45.9M |
| Free Cash FlowOCF − Capex | $36.4M | $38.2M |
| FCF MarginFCF / Revenue | 14.8% | 19.8% |
| Capex IntensityCapex / Revenue | 12.1% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-12.3M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.3M | $45.9M | ||
| Q3 25 | $19.9M | $60.6M | ||
| Q2 25 | $61.2M | $32.3M | ||
| Q1 25 | $-30.1M | $40.0M | ||
| Q4 24 | $-33.4M | $40.6M | ||
| Q3 24 | $72.8M | $53.3M | ||
| Q2 24 | $18.5M | $29.4M | ||
| Q1 24 | $49.7M | $34.1M |
| Q4 25 | $36.4M | $38.2M | ||
| Q3 25 | $-16.3M | $54.6M | ||
| Q2 25 | $36.6M | $25.7M | ||
| Q1 25 | $-68.9M | $33.8M | ||
| Q4 24 | $-63.8M | $34.3M | ||
| Q3 24 | $41.1M | $48.1M | ||
| Q2 24 | $-7.0M | $24.4M | ||
| Q1 24 | $19.2M | $30.5M |
| Q4 25 | 14.8% | 19.8% | ||
| Q3 25 | -6.6% | 28.7% | ||
| Q2 25 | 15.2% | 13.7% | ||
| Q1 25 | -29.8% | 18.6% | ||
| Q4 24 | -27.5% | 20.1% | ||
| Q3 24 | 17.8% | 29.4% | ||
| Q2 24 | -3.0% | 15.9% | ||
| Q1 24 | 8.2% | 20.4% |
| Q4 25 | 12.1% | 4.0% | ||
| Q3 25 | 14.7% | 3.2% | ||
| Q2 25 | 10.2% | 3.6% | ||
| Q1 25 | 16.8% | 3.4% | ||
| Q4 24 | 13.1% | 3.6% | ||
| Q3 24 | 13.8% | 3.2% | ||
| Q2 24 | 10.9% | 3.3% | ||
| Q1 24 | 13.0% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CTEV
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
