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Side-by-side financial comparison of Employers Holdings, Inc. (EIG) 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 $170.5M, roughly 1.1× Employers Holdings, Inc.). On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -21.3%). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -11.4%).
Employers Holdings, Inc. is a U.S.-headquartered insurance holding company that specializes in offering workers' compensation insurance and customized risk management services primarily for small and medium-sized enterprises across the United States. It mainly serves clients in low-to-medium hazard industries, helping them mitigate workplace safety risks and meet relevant regulatory requirements for employee protection.
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.
EIG vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $170.5M | $192.7M |
| Net Profit | — | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | — | 18.0% |
| Net Margin | — | 13.4% |
| Revenue YoY | -21.3% | 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.
| Q1 26 | $170.5M | — | ||
| Q4 25 | $188.5M | $192.7M | ||
| Q3 25 | $239.3M | $189.9M | ||
| Q2 25 | $246.3M | $187.4M | ||
| Q1 25 | $202.6M | $181.5M | ||
| Q4 24 | $216.6M | $170.9M | ||
| Q3 24 | $224.0M | $163.7M | ||
| Q2 24 | $217.0M | $153.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $25.8M | ||
| Q3 25 | $-8.3M | $25.6M | ||
| Q2 25 | $29.7M | $19.7M | ||
| Q1 25 | $12.8M | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | $30.3M | $23.5M | ||
| Q2 24 | $31.7M | $18.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 18.0% | ||
| Q3 25 | -4.7% | 16.4% | ||
| Q2 25 | 15.0% | 14.1% | ||
| Q1 25 | 7.8% | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 16.4% | 15.6% | ||
| Q2 24 | 18.4% | 15.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 13.4% | ||
| Q3 25 | -3.5% | 13.5% | ||
| Q2 25 | 12.1% | 10.5% | ||
| Q1 25 | 6.3% | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 13.5% | 14.3% | ||
| Q2 24 | 14.6% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.93 | $0.69 | ||
| Q3 25 | $-0.36 | $0.67 | ||
| Q2 25 | $1.23 | $0.52 | ||
| Q1 25 | $0.52 | $0.58 | ||
| Q4 24 | $1.14 | $0.46 | ||
| Q3 24 | $1.21 | $0.62 | ||
| Q2 24 | $1.25 | $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 | $169.9M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $955.7M | $973.9M |
| Total Assets | $3.4B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $169.9M | — | ||
| Q4 25 | $169.9M | $151.4M | ||
| Q3 25 | $172.4M | $133.7M | ||
| Q2 25 | $78.1M | $107.6M | ||
| Q1 25 | $100.4M | $94.9M | ||
| Q4 24 | $68.4M | $241.0M | ||
| Q3 24 | $173.9M | $205.8M | ||
| Q2 24 | $126.4M | $271.8M |
| Q1 26 | — | — | ||
| Q4 25 | $19.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $955.7M | — | ||
| Q4 25 | $955.7M | $973.9M | ||
| Q3 25 | $1.0B | $958.9M | ||
| Q2 25 | $1.1B | $949.8M | ||
| Q1 25 | $1.1B | $920.9M | ||
| Q4 24 | $1.1B | $854.7M | ||
| Q3 24 | $1.1B | $829.4M | ||
| Q2 24 | $1.0B | $703.4M |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.4B | $1.2B | ||
| Q3 25 | $3.5B | $1.2B | ||
| Q2 25 | $3.5B | $1.1B | ||
| Q1 25 | $3.6B | $1.1B | ||
| Q4 24 | $3.5B | $1.0B | ||
| Q3 24 | $3.6B | $1.0B | ||
| Q2 24 | $3.5B | $854.5M |
| Q1 26 | — | — | ||
| Q4 25 | 0.02× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $44.7M | $45.9M | ||
| Q3 25 | $29.4M | $60.6M | ||
| Q2 25 | $0 | $32.3M | ||
| Q1 25 | $14.6M | $40.0M | ||
| Q4 24 | $76.4M | $40.6M | ||
| Q3 24 | $51.0M | $53.3M | ||
| Q2 24 | $11.7M | $29.4M |
| Q1 26 | — | — | ||
| Q4 25 | $44.6M | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | $76.3M | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | 35.2% | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | 0.0% | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | 0.00× | 1.64× | ||
| Q1 25 | 1.14× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 1.68× | 2.27× | ||
| Q2 24 | 0.37× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EIG
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
