vs
Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
FORUM ENERGY TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($208.7M vs $192.7M, roughly 1.1× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 2.2%, a 11.3% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 3.2%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $1.4M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 0.8%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
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.
FET vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.7M | $192.7M |
| Net Profit | $4.5M | $25.8M |
| Gross Margin | 29.2% | 70.4% |
| Operating Margin | 5.3% | 18.0% |
| Net Margin | 2.2% | 13.4% |
| Revenue YoY | 3.2% | 12.7% |
| Net Profit YoY | 300.4% | 47.2% |
| EPS (diluted) | $0.39 | $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 | $208.7M | — | ||
| Q4 25 | $202.2M | $192.7M | ||
| Q3 25 | $196.2M | $189.9M | ||
| Q2 25 | $199.8M | $187.4M | ||
| Q1 25 | $193.3M | $181.5M | ||
| Q4 24 | $201.0M | $170.9M | ||
| Q3 24 | $207.8M | $163.7M | ||
| Q2 24 | $205.2M | $153.6M |
| Q1 26 | $4.5M | — | ||
| Q4 25 | $2.1M | $25.8M | ||
| Q3 25 | $-20.6M | $25.6M | ||
| Q2 25 | $7.7M | $19.7M | ||
| Q1 25 | $1.1M | $22.2M | ||
| Q4 24 | $-103.5M | $17.6M | ||
| Q3 24 | $-14.8M | $23.5M | ||
| Q2 24 | $-6.7M | $18.0M |
| Q1 26 | 29.2% | — | ||
| Q4 25 | 30.2% | 70.4% | ||
| Q3 25 | 20.5% | 69.5% | ||
| Q2 25 | 29.7% | 68.1% | ||
| Q1 25 | 30.2% | 68.7% | ||
| Q4 24 | 31.1% | 67.5% | ||
| Q3 24 | 31.6% | 68.5% | ||
| Q2 24 | 30.7% | 66.1% |
| Q1 26 | 5.3% | — | ||
| Q4 25 | 6.3% | 18.0% | ||
| Q3 25 | -3.1% | 16.4% | ||
| Q2 25 | 7.4% | 14.1% | ||
| Q1 25 | 4.6% | 14.3% | ||
| Q4 24 | -53.1% | 14.5% | ||
| Q3 24 | 4.3% | 15.6% | ||
| Q2 24 | 3.9% | 15.1% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.0% | 13.4% | ||
| Q3 25 | -10.5% | 13.5% | ||
| Q2 25 | 3.9% | 10.5% | ||
| Q1 25 | 0.6% | 12.2% | ||
| Q4 24 | -51.5% | 10.3% | ||
| Q3 24 | -7.1% | 14.3% | ||
| Q2 24 | -3.3% | 11.7% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $0.25 | $0.69 | ||
| Q3 25 | $-1.76 | $0.67 | ||
| Q2 25 | $0.61 | $0.52 | ||
| Q1 25 | $0.09 | $0.58 | ||
| Q4 24 | $-8.41 | $0.46 | ||
| Q3 24 | $-1.20 | $0.62 | ||
| Q2 24 | $-0.54 | $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 | $37.5M | $151.4M |
| Total DebtLower is stronger | $153.7M | — |
| Stockholders' EquityBook value | $280.7M | $973.9M |
| Total Assets | $763.1M | $1.2B |
| Debt / EquityLower = less leverage | 0.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.5M | — | ||
| Q4 25 | $34.7M | $151.4M | ||
| Q3 25 | $31.7M | $133.7M | ||
| Q2 25 | $39.0M | $107.6M | ||
| Q1 25 | $31.1M | $94.9M | ||
| Q4 24 | $44.7M | $241.0M | ||
| Q3 24 | $33.3M | $205.8M | ||
| Q2 24 | $31.8M | $271.8M |
| Q1 26 | $153.7M | — | ||
| Q4 25 | $135.9M | — | ||
| Q3 25 | $140.0M | — | ||
| Q2 25 | $159.3M | — | ||
| Q1 25 | $171.4M | — | ||
| Q4 24 | $188.4M | — | ||
| Q3 24 | $231.5M | — | ||
| Q2 24 | $252.9M | — |
| Q1 26 | $280.7M | — | ||
| Q4 25 | $291.1M | $973.9M | ||
| Q3 25 | $297.3M | $958.9M | ||
| Q2 25 | $334.2M | $949.8M | ||
| Q1 25 | $320.0M | $920.9M | ||
| Q4 24 | $319.9M | $854.7M | ||
| Q3 24 | $443.5M | $829.4M | ||
| Q2 24 | $442.0M | $703.4M |
| Q1 26 | $763.1M | — | ||
| Q4 25 | $752.5M | $1.2B | ||
| Q3 25 | $770.1M | $1.2B | ||
| Q2 25 | $810.1M | $1.1B | ||
| Q1 25 | $790.1M | $1.1B | ||
| Q4 24 | $816.0M | $1.0B | ||
| Q3 24 | $973.7M | $1.0B | ||
| Q2 24 | $976.8M | $854.5M |
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.54× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.57× | — |
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 | $1.6M | $45.9M |
| Free Cash FlowOCF − Capex | $1.4M | $38.2M |
| FCF MarginFCF / Revenue | 0.7% | 19.8% |
| Capex IntensityCapex / Revenue | 0.1% | 4.0% |
| Cash ConversionOCF / Net Profit | 0.36× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $58.5M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6M | — | ||
| Q4 25 | $22.4M | $45.9M | ||
| Q3 25 | $22.9M | $60.6M | ||
| Q2 25 | $15.8M | $32.3M | ||
| Q1 25 | $9.3M | $40.0M | ||
| Q4 24 | $38.5M | $40.6M | ||
| Q3 24 | $25.6M | $53.3M | ||
| Q2 24 | $23.1M | $29.4M |
| Q1 26 | $1.4M | — | ||
| Q4 25 | $20.9M | $38.2M | ||
| Q3 25 | $21.5M | $54.6M | ||
| Q2 25 | $14.8M | $25.7M | ||
| Q1 25 | $7.2M | $33.8M | ||
| Q4 24 | $36.1M | $34.3M | ||
| Q3 24 | $24.3M | $48.1M | ||
| Q2 24 | $21.6M | $24.4M |
| Q1 26 | 0.7% | — | ||
| Q4 25 | 10.3% | 19.8% | ||
| Q3 25 | 10.9% | 28.7% | ||
| Q2 25 | 7.4% | 13.7% | ||
| Q1 25 | 3.7% | 18.6% | ||
| Q4 24 | 18.0% | 20.1% | ||
| Q3 24 | 11.7% | 29.4% | ||
| Q2 24 | 10.5% | 15.9% |
| Q1 26 | 0.1% | — | ||
| Q4 25 | 0.8% | 4.0% | ||
| Q3 25 | 0.7% | 3.2% | ||
| Q2 25 | 0.5% | 3.6% | ||
| Q1 25 | 1.1% | 3.4% | ||
| Q4 24 | 1.2% | 3.6% | ||
| Q3 24 | 0.6% | 3.2% | ||
| Q2 24 | 0.7% | 3.3% |
| Q1 26 | 0.36× | — | ||
| Q4 25 | 10.83× | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | 2.05× | 1.64× | ||
| Q1 25 | 8.31× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FET
| Drilling and Completions | $126.7M | 61% |
| Downhole | $50.6M | 24% |
| Production Equipment | $18.8M | 9% |
| Valve Solutions | $12.8M | 6% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
