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Side-by-side financial comparison of DESCARTES SYSTEMS GROUP INC (DSGX) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
DESCARTES SYSTEMS GROUP INC is the larger business by last-quarter revenue ($179.8M vs $100.0M, roughly 1.8× Latham Group, Inc.). DESCARTES SYSTEMS GROUP INC runs the higher net margin — 21.1% vs -7.0%, a 28.2% gap on every dollar of revenue. DESCARTES SYSTEMS GROUP INC produced more free cash flow last quarter ($62.1M vs $14.1M).
The Descartes Systems Group Inc. is a Canadian multinational technology company specializing in logistics software, supply chain management software, and cloud-based services for logistics businesses.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
DSGX vs SWIM — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.8M | $100.0M |
| Net Profit | $38.0M | $-7.0M |
| Gross Margin | 76.9% | 28.0% |
| Operating Margin | 26.8% | -10.7% |
| Net Margin | 21.1% | -7.0% |
| Revenue YoY | — | 14.5% |
| Net Profit YoY | — | 76.0% |
| EPS (diluted) | $0.43 | $-0.06 |
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 | — | $100.0M | ||
| Q3 25 | $179.8M | $161.9M | ||
| Q2 25 | — | $172.6M | ||
| Q1 25 | — | $111.4M | ||
| Q4 24 | — | $87.3M | ||
| Q3 24 | $163.4M | $150.5M | ||
| Q2 24 | — | $160.1M | ||
| Q1 24 | — | $110.6M |
| Q4 25 | — | $-7.0M | ||
| Q3 25 | $38.0M | $8.1M | ||
| Q2 25 | — | $16.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | — | $-29.2M | ||
| Q3 24 | $34.7M | $5.9M | ||
| Q2 24 | — | $13.3M | ||
| Q1 24 | — | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | 76.9% | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | 75.2% | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | — | -10.7% | ||
| Q3 25 | 26.8% | 13.3% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | -4.4% | ||
| Q4 24 | — | -14.9% | ||
| Q3 24 | 28.1% | 8.9% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | -1.9% |
| Q4 25 | — | -7.0% | ||
| Q3 25 | 21.1% | 5.0% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | -5.4% | ||
| Q4 24 | — | -33.4% | ||
| Q3 24 | 21.2% | 3.9% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | — | -7.1% |
| Q4 25 | — | $-0.06 | ||
| Q3 25 | $0.43 | $0.07 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $-0.05 | ||
| Q4 24 | — | $-0.24 | ||
| Q3 24 | $0.40 | $0.05 | ||
| Q2 24 | — | $0.11 | ||
| Q1 24 | — | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $240.6M | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $1.5B | $405.9M |
| Total Assets | $1.8B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $240.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $252.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | — | $405.9M | ||
| Q3 25 | $1.5B | $408.4M | ||
| Q2 25 | — | $398.4M | ||
| Q1 25 | — | $381.1M | ||
| Q4 24 | — | $387.2M | ||
| Q3 24 | $1.3B | $416.6M | ||
| Q2 24 | — | $408.1M | ||
| Q1 24 | — | $391.8M |
| Q4 25 | — | $823.2M | ||
| Q3 25 | $1.8B | $844.4M | ||
| Q2 25 | — | $822.1M | ||
| Q1 25 | — | $824.6M | ||
| Q4 24 | — | $794.2M | ||
| Q3 24 | $1.6B | $853.4M | ||
| Q2 24 | — | $830.0M | ||
| Q1 24 | — | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $63.3M | $23.3M |
| Free Cash FlowOCF − Capex | $62.1M | $14.1M |
| FCF MarginFCF / Revenue | 34.5% | 14.1% |
| Capex IntensityCapex / Revenue | 0.7% | 9.2% |
| Cash ConversionOCF / Net Profit | 1.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $189.6M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | $63.3M | $51.0M | ||
| Q2 25 | — | $36.0M | ||
| Q1 25 | — | $-46.9M | ||
| Q4 24 | — | $6.2M | ||
| Q3 24 | $34.7M | $37.2M | ||
| Q2 24 | — | $52.4M | ||
| Q1 24 | — | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | $62.1M | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | $33.1M | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | 34.5% | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | 20.2% | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | — | 9.2% | ||
| Q3 25 | 0.7% | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | 1.0% | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | 1.67× | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.00× | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DSGX
Segment breakdown not available.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
