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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) 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 $132.7M, roughly 1.5× Emerald Holding, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -22.8%, a 36.2% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $11.7M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -0.3%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
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.
EEX vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $192.7M |
| Net Profit | $-30.2M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -11.8% | 18.0% |
| Net Margin | -22.8% | 13.4% |
| Revenue YoY | 24.3% | 12.7% |
| Net Profit YoY | -692.2% | 47.2% |
| EPS (diluted) | $-0.15 | $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 | $132.7M | $192.7M | ||
| Q3 25 | $77.5M | $189.9M | ||
| Q2 25 | $105.5M | $187.4M | ||
| Q1 25 | $147.7M | $181.5M | ||
| Q4 24 | $106.8M | $170.9M | ||
| Q3 24 | $72.6M | $163.7M | ||
| Q2 24 | $86.0M | $153.6M | ||
| Q1 24 | $133.4M | $149.6M |
| Q4 25 | $-30.2M | $25.8M | ||
| Q3 25 | $-14.4M | $25.6M | ||
| Q2 25 | $-1.4M | $19.7M | ||
| Q1 25 | $15.3M | $22.2M | ||
| Q4 24 | $5.1M | $17.6M | ||
| Q3 24 | $-11.1M | $23.5M | ||
| Q2 24 | $-2.8M | $18.0M | ||
| Q1 24 | $11.0M | $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 | -11.8% | 18.0% | ||
| Q3 25 | -10.1% | 16.4% | ||
| Q2 25 | 9.7% | 14.1% | ||
| Q1 25 | 24.2% | 14.3% | ||
| Q4 24 | 19.5% | 14.5% | ||
| Q3 24 | -6.5% | 15.6% | ||
| Q2 24 | 7.4% | 15.1% | ||
| Q1 24 | 18.2% | 10.3% |
| Q4 25 | -22.8% | 13.4% | ||
| Q3 25 | -18.6% | 13.5% | ||
| Q2 25 | -1.3% | 10.5% | ||
| Q1 25 | 10.4% | 12.2% | ||
| Q4 24 | 4.8% | 10.3% | ||
| Q3 24 | -15.3% | 14.3% | ||
| Q2 24 | -3.3% | 11.7% | ||
| Q1 24 | 8.2% | 12.0% |
| Q4 25 | $-0.15 | $0.69 | ||
| Q3 25 | $-0.07 | $0.67 | ||
| Q2 25 | $-0.01 | $0.52 | ||
| Q1 25 | $0.08 | $0.58 | ||
| Q4 24 | $0.01 | $0.46 | ||
| Q3 24 | $-0.05 | $0.62 | ||
| Q2 24 | $-0.03 | $0.48 | ||
| Q1 24 | $0.00 | $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 | $100.9M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $338.8M | $973.9M |
| Total Assets | $1.2B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $151.4M | ||
| Q3 25 | $95.4M | $133.7M | ||
| Q2 25 | $156.4M | $107.6M | ||
| Q1 25 | $276.8M | $94.9M | ||
| Q4 24 | $194.8M | $241.0M | ||
| Q3 24 | $188.9M | $205.8M | ||
| Q2 24 | $193.2M | $271.8M | ||
| Q1 24 | $186.8M | $290.8M |
| Q4 25 | $338.8M | $973.9M | ||
| Q3 25 | $369.5M | $958.9M | ||
| Q2 25 | $389.4M | $949.8M | ||
| Q1 25 | $392.1M | $920.9M | ||
| Q4 24 | $385.9M | $854.7M | ||
| Q3 24 | $391.1M | $829.4M | ||
| Q2 24 | $407.6M | $703.4M | ||
| Q1 24 | $-90.7M | $683.0M |
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $1.1B | $854.5M | ||
| Q1 24 | $1.1B | $839.8M |
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 | $11.7M | $38.2M |
| FCF MarginFCF / Revenue | 8.8% | 19.8% |
| Capex IntensityCapex / Revenue | 0.5% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $45.9M | ||
| Q3 25 | $1.8M | $60.6M | ||
| Q2 25 | $15.9M | $32.3M | ||
| Q1 25 | $12.6M | $40.0M | ||
| Q4 24 | $20.6M | $40.6M | ||
| Q3 24 | $9.1M | $53.3M | ||
| Q2 24 | $9.8M | $29.4M | ||
| Q1 24 | $7.3M | $34.1M |
| Q4 25 | $11.7M | $38.2M | ||
| Q3 25 | $1.5M | $54.6M | ||
| Q2 25 | $15.8M | $25.7M | ||
| Q1 25 | $12.4M | $33.8M | ||
| Q4 24 | $19.9M | $34.3M | ||
| Q3 24 | $9.0M | $48.1M | ||
| Q2 24 | $9.6M | $24.4M | ||
| Q1 24 | $7.0M | $30.5M |
| Q4 25 | 8.8% | 19.8% | ||
| Q3 25 | 1.9% | 28.7% | ||
| Q2 25 | 15.0% | 13.7% | ||
| Q1 25 | 8.4% | 18.6% | ||
| Q4 24 | 18.6% | 20.1% | ||
| Q3 24 | 12.4% | 29.4% | ||
| Q2 24 | 11.2% | 15.9% | ||
| Q1 24 | 5.2% | 20.4% |
| Q4 25 | 0.5% | 4.0% | ||
| Q3 25 | 0.4% | 3.2% | ||
| Q2 25 | 0.1% | 3.6% | ||
| Q1 25 | 0.1% | 3.4% | ||
| Q4 24 | 0.7% | 3.6% | ||
| Q3 24 | 0.1% | 3.2% | ||
| Q2 24 | 0.2% | 3.3% | ||
| Q1 24 | 0.2% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | 0.82× | 1.80× | ||
| Q4 24 | 4.04× | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | 0.66× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
