vs
Side-by-side financial comparison of Commercial Vehicle Group, Inc. (CVGI) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $154.8M, roughly 1.2× Commercial Vehicle Group, Inc.). On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -5.2%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $8.7M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -10.8%).
WABCO Holdings, Inc. was a U.S.-based provider of electronic braking, stability, suspension and transmission automation systems for heavy-duty commercial vehicles. In 2007, the Vehicle Control Systems was spun off as WABCO Holdings Inc., an American provider of electronic braking, stability, suspension and transmission automation systems for heavy-duty commercial vehicles. Their products are present in many commercial vehicles such as trucks, buses, trailers and off-highway vehicles but they ...
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.
CVGI vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $154.8M | $192.7M |
| Net Profit | — | $25.8M |
| Gross Margin | 9.7% | 70.4% |
| Operating Margin | -1.2% | 18.0% |
| Net Margin | — | 13.4% |
| Revenue YoY | -5.2% | 12.7% |
| Net Profit YoY | — | 47.2% |
| EPS (diluted) | — | $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 | $154.8M | $192.7M | ||
| Q3 25 | $152.5M | $189.9M | ||
| Q2 25 | $172.0M | $187.4M | ||
| Q1 25 | $169.8M | $181.5M | ||
| Q4 24 | $163.3M | $170.9M | ||
| Q3 24 | $171.8M | $163.7M | ||
| Q2 24 | $193.7M | $153.6M | ||
| Q1 24 | $194.6M | $149.6M |
| Q4 25 | — | $25.8M | ||
| Q3 25 | $-7.1M | $25.6M | ||
| Q2 25 | $-4.8M | $19.7M | ||
| Q1 25 | $-4.3M | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | $9.5M | $23.5M | ||
| Q2 24 | $-1.6M | $18.0M | ||
| Q1 24 | $2.9M | $18.0M |
| Q4 25 | 9.7% | 70.4% | ||
| Q3 25 | 10.5% | 69.5% | ||
| Q2 25 | 11.4% | 68.1% | ||
| Q1 25 | 10.5% | 68.7% | ||
| Q4 24 | 8.0% | 67.5% | ||
| Q3 24 | 9.6% | 68.5% | ||
| Q2 24 | 10.6% | 66.1% | ||
| Q1 24 | 11.9% | 65.6% |
| Q4 25 | -1.2% | 18.0% | ||
| Q3 25 | -0.7% | 16.4% | ||
| Q2 25 | 0.5% | 14.1% | ||
| Q1 25 | 0.8% | 14.3% | ||
| Q4 24 | -3.2% | 14.5% | ||
| Q3 24 | -0.6% | 15.6% | ||
| Q2 24 | 0.5% | 15.1% | ||
| Q1 24 | 2.3% | 10.3% |
| Q4 25 | — | 13.4% | ||
| Q3 25 | -4.6% | 13.5% | ||
| Q2 25 | -2.8% | 10.5% | ||
| Q1 25 | -2.5% | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 5.5% | 14.3% | ||
| Q2 24 | -0.8% | 11.7% | ||
| Q1 24 | 1.5% | 12.0% |
| Q4 25 | — | $0.69 | ||
| Q3 25 | — | $0.67 | ||
| Q2 25 | — | $0.52 | ||
| Q1 25 | — | $0.58 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | — | $0.62 | ||
| Q2 24 | $-0.05 | $0.48 | ||
| Q1 24 | $0.09 | $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 | — | $151.4M |
| Total DebtLower is stronger | $104.9M | — |
| Stockholders' EquityBook value | $133.4M | $973.9M |
| Total Assets | $391.7M | $1.2B |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | — | $133.7M | ||
| Q2 25 | — | $107.6M | ||
| Q1 25 | — | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | — | $205.8M | ||
| Q2 24 | — | $271.8M | ||
| Q1 24 | — | $290.8M |
| Q4 25 | $104.9M | — | ||
| Q3 25 | $108.2M | — | ||
| Q2 25 | $118.2M | — | ||
| Q1 25 | $117.4M | — | ||
| Q4 24 | $135.5M | — | ||
| Q3 24 | $128.8M | — | ||
| Q2 24 | $142.0M | — | ||
| Q1 24 | $155.7M | — |
| Q4 25 | $133.4M | $973.9M | ||
| Q3 25 | $136.5M | $958.9M | ||
| Q2 25 | $142.6M | $949.8M | ||
| Q1 25 | $136.7M | $920.9M | ||
| Q4 24 | $135.6M | $854.7M | ||
| Q3 24 | $179.3M | $829.4M | ||
| Q2 24 | $169.6M | $703.4M | ||
| Q1 24 | $175.5M | $683.0M |
| Q4 25 | $391.7M | $1.2B | ||
| Q3 25 | $400.3M | $1.2B | ||
| Q2 25 | $429.8M | $1.1B | ||
| Q1 25 | $419.8M | $1.1B | ||
| Q4 24 | $424.6M | $1.0B | ||
| Q3 24 | $495.3M | $1.0B | ||
| Q2 24 | $503.2M | $854.5M | ||
| Q1 24 | $509.2M | $839.8M |
| Q4 25 | 0.79× | — | ||
| Q3 25 | 0.79× | — | ||
| Q2 25 | 0.83× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.00× | — | ||
| Q3 24 | 0.72× | — | ||
| Q2 24 | 0.84× | — | ||
| Q1 24 | 0.89× | — |
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 | $12.3M | $45.9M |
| Free Cash FlowOCF − Capex | $8.7M | $38.2M |
| FCF MarginFCF / Revenue | 5.6% | 19.8% |
| Capex IntensityCapex / Revenue | 2.3% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $34.0M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $45.9M | ||
| Q3 25 | $-1.7M | $60.6M | ||
| Q2 25 | $18.9M | $32.3M | ||
| Q1 25 | $15.2M | $40.0M | ||
| Q4 24 | $-26.6M | $40.6M | ||
| Q3 24 | $-17.1M | $53.3M | ||
| Q2 24 | $12.6M | $29.4M | ||
| Q1 24 | $-2.4M | $34.1M |
| Q4 25 | $8.7M | $38.2M | ||
| Q3 25 | $-3.5M | $54.6M | ||
| Q2 25 | $17.4M | $25.7M | ||
| Q1 25 | $11.4M | $33.8M | ||
| Q4 24 | $-30.6M | $34.3M | ||
| Q3 24 | $-20.3M | $48.1M | ||
| Q2 24 | $6.4M | $24.4M | ||
| Q1 24 | $-7.4M | $30.5M |
| Q4 25 | 5.6% | 19.8% | ||
| Q3 25 | -2.3% | 28.7% | ||
| Q2 25 | 10.1% | 13.7% | ||
| Q1 25 | 6.7% | 18.6% | ||
| Q4 24 | -18.7% | 20.1% | ||
| Q3 24 | -11.8% | 29.4% | ||
| Q2 24 | 3.3% | 15.9% | ||
| Q1 24 | -3.8% | 20.4% |
| Q4 25 | 2.3% | 4.0% | ||
| Q3 25 | 1.2% | 3.2% | ||
| Q2 25 | 0.9% | 3.6% | ||
| Q1 25 | 2.2% | 3.4% | ||
| Q4 24 | 2.4% | 3.6% | ||
| Q3 24 | 1.9% | 3.2% | ||
| Q2 24 | 3.2% | 3.3% | ||
| Q1 24 | 2.6% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | -1.79× | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | -0.80× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CVGI
| Global Seating | $70.7M | 46% |
| Global Electrical Systems | $49.7M | 32% |
| Trim Systems And Components | $34.4M | 22% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
