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Side-by-side financial comparison of DIGI INTERNATIONAL INC (DGII) 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 $122.5M, roughly 1.6× DIGI INTERNATIONAL INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 9.6%, a 3.9% gap on every dollar of revenue. On growth, DIGI INTERNATIONAL INC posted the faster year-over-year revenue change (17.9% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $35.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 6.6%).
Digi International, Inc. is an American Industrial Internet of Things (IIoT) technology company based in Hopkins, Minnesota. Founded in 1985, they were best known in the early 1990s as a manufacturer of multi-line serial data serial cards for PC clones, allowing these machines to run multi-line bulletin board systems (BBSes). As this market began to wind down with the rise of the internet in the late 1990s, Digi began to concentrate on network attached devices and industrial monitoring.
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.
DGII vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.5M | $192.7M |
| Net Profit | $11.7M | $25.8M |
| Gross Margin | 62.4% | 70.4% |
| Operating Margin | 13.3% | 18.0% |
| Net Margin | 9.6% | 13.4% |
| Revenue YoY | 17.9% | 12.7% |
| Net Profit YoY | 16.1% | 47.2% |
| EPS (diluted) | $0.31 | $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 | $122.5M | $192.7M | ||
| Q3 25 | $114.3M | $189.9M | ||
| Q2 25 | $107.5M | $187.4M | ||
| Q1 25 | $104.5M | $181.5M | ||
| Q4 24 | $103.9M | $170.9M | ||
| Q3 24 | $105.1M | $163.7M | ||
| Q2 24 | $105.2M | $153.6M | ||
| Q1 24 | $107.7M | $149.6M |
| Q4 25 | $11.7M | $25.8M | ||
| Q3 25 | $10.0M | $25.6M | ||
| Q2 25 | $10.2M | $19.7M | ||
| Q1 25 | $10.5M | $22.2M | ||
| Q4 24 | $10.1M | $17.6M | ||
| Q3 24 | $11.9M | $23.5M | ||
| Q2 24 | $9.7M | $18.0M | ||
| Q1 24 | $4.0M | $18.0M |
| Q4 25 | 62.4% | 70.4% | ||
| Q3 25 | 63.9% | 69.5% | ||
| Q2 25 | 63.5% | 68.1% | ||
| Q1 25 | 62.1% | 68.7% | ||
| Q4 24 | 62.0% | 67.5% | ||
| Q3 24 | 61.1% | 68.5% | ||
| Q2 24 | 59.2% | 66.1% | ||
| Q1 24 | 57.9% | 65.6% |
| Q4 25 | 13.3% | 18.0% | ||
| Q3 25 | 12.5% | 16.4% | ||
| Q2 25 | 13.9% | 14.1% | ||
| Q1 25 | 13.1% | 14.3% | ||
| Q4 24 | 12.9% | 14.5% | ||
| Q3 24 | 14.2% | 15.6% | ||
| Q2 24 | 12.3% | 15.1% | ||
| Q1 24 | 7.6% | 10.3% |
| Q4 25 | 9.6% | 13.4% | ||
| Q3 25 | 8.7% | 13.5% | ||
| Q2 25 | 9.5% | 10.5% | ||
| Q1 25 | 10.0% | 12.2% | ||
| Q4 24 | 9.7% | 10.3% | ||
| Q3 24 | 11.3% | 14.3% | ||
| Q2 24 | 9.2% | 11.7% | ||
| Q1 24 | 3.7% | 12.0% |
| Q4 25 | $0.31 | $0.69 | ||
| Q3 25 | $0.26 | $0.67 | ||
| Q2 25 | $0.27 | $0.52 | ||
| Q1 25 | $0.28 | $0.58 | ||
| Q4 24 | $0.27 | $0.46 | ||
| Q3 24 | $0.32 | $0.62 | ||
| Q2 24 | $0.26 | $0.48 | ||
| Q1 24 | $0.11 | $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 | $30.9M | $151.4M |
| Total DebtLower is stronger | $135.0M | — |
| Stockholders' EquityBook value | $649.2M | $973.9M |
| Total Assets | $918.4M | $1.2B |
| Debt / EquityLower = less leverage | 0.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.9M | $151.4M | ||
| Q3 25 | $21.9M | $133.7M | ||
| Q2 25 | $20.1M | $107.6M | ||
| Q1 25 | $26.3M | $94.9M | ||
| Q4 24 | $25.9M | $241.0M | ||
| Q3 24 | $27.5M | $205.8M | ||
| Q2 24 | $28.3M | $271.8M | ||
| Q1 24 | $23.8M | $290.8M |
| Q4 25 | $135.0M | — | ||
| Q3 25 | $159.2M | — | ||
| Q2 25 | $40.1M | — | ||
| Q1 25 | $70.0M | — | ||
| Q4 24 | $95.0M | — | ||
| Q3 24 | $123.2M | — | ||
| Q2 24 | $151.6M | — | ||
| Q1 24 | $171.8M | — |
| Q4 25 | $649.2M | $973.9M | ||
| Q3 25 | $636.1M | $958.9M | ||
| Q2 25 | $621.5M | $949.8M | ||
| Q1 25 | $605.2M | $920.9M | ||
| Q4 24 | $590.7M | $854.7M | ||
| Q3 24 | $581.0M | $829.4M | ||
| Q2 24 | $563.1M | $703.4M | ||
| Q1 24 | $549.6M | $683.0M |
| Q4 25 | $918.4M | $1.2B | ||
| Q3 25 | $922.6M | $1.2B | ||
| Q2 25 | $770.3M | $1.1B | ||
| Q1 25 | $781.0M | $1.1B | ||
| Q4 24 | $796.1M | $1.0B | ||
| Q3 24 | $815.1M | $1.0B | ||
| Q2 24 | $820.4M | $854.5M | ||
| Q1 24 | $825.3M | $839.8M |
| Q4 25 | 0.21× | — | ||
| Q3 25 | 0.25× | — | ||
| Q2 25 | 0.06× | — | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | 0.16× | — | ||
| Q3 24 | 0.21× | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | 0.31× | — |
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 | $35.6M | $45.9M |
| Free Cash FlowOCF − Capex | $35.2M | $38.2M |
| FCF MarginFCF / Revenue | 28.7% | 19.8% |
| Capex IntensityCapex / Revenue | 0.4% | 4.0% |
| Cash ConversionOCF / Net Profit | 3.04× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $111.4M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $35.6M | $45.9M | ||
| Q3 25 | $28.0M | $60.6M | ||
| Q2 25 | $24.0M | $32.3M | ||
| Q1 25 | $26.3M | $40.0M | ||
| Q4 24 | $29.7M | $40.6M | ||
| Q3 24 | $26.4M | $53.3M | ||
| Q2 24 | $24.9M | $29.4M | ||
| Q1 24 | $13.1M | $34.1M |
| Q4 25 | $35.2M | $38.2M | ||
| Q3 25 | $27.5M | $54.6M | ||
| Q2 25 | $22.9M | $25.7M | ||
| Q1 25 | $25.7M | $33.8M | ||
| Q4 24 | $29.1M | $34.3M | ||
| Q3 24 | $25.5M | $48.1M | ||
| Q2 24 | $24.5M | $24.4M | ||
| Q1 24 | $12.5M | $30.5M |
| Q4 25 | 28.7% | 19.8% | ||
| Q3 25 | 24.1% | 28.7% | ||
| Q2 25 | 21.3% | 13.7% | ||
| Q1 25 | 24.6% | 18.6% | ||
| Q4 24 | 28.1% | 20.1% | ||
| Q3 24 | 24.3% | 29.4% | ||
| Q2 24 | 23.2% | 15.9% | ||
| Q1 24 | 11.6% | 20.4% |
| Q4 25 | 0.4% | 4.0% | ||
| Q3 25 | 0.4% | 3.2% | ||
| Q2 25 | 0.9% | 3.6% | ||
| Q1 25 | 0.5% | 3.4% | ||
| Q4 24 | 0.6% | 3.6% | ||
| Q3 24 | 0.9% | 3.2% | ||
| Q2 24 | 0.5% | 3.3% | ||
| Q1 24 | 0.5% | 2.4% |
| Q4 25 | 3.04× | 1.78× | ||
| Q3 25 | 2.81× | 2.37× | ||
| Q2 25 | 2.34× | 1.64× | ||
| Q1 25 | 2.50× | 1.80× | ||
| Q4 24 | 2.95× | 2.31× | ||
| Q3 24 | 2.23× | 2.27× | ||
| Q2 24 | 2.57× | 1.63× | ||
| Q1 24 | 3.27× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DGII
| Io T Productsand Services | $86.4M | 71% |
| Io T Solutions | $36.1M | 29% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
