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Side-by-side financial comparison of Forestar Group Inc. (FOR) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
Forestar Group Inc. is the larger business by last-quarter revenue ($273.0M vs $192.7M, roughly 1.4× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 5.6%, a 7.8% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 9.0%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-157.1M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -9.6%).
Forestar Group Inc. is a residential lot development company based in Arlington, Texas. The company has operations in 51 markets in 21 states and delivered 11,518 residential lots during the twelve-month period ended December 31, 2020. The company is publicly traded on the New York Stock Exchange and in October 2017 became a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and...
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.
FOR vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $273.0M | $192.7M |
| Net Profit | $15.4M | $25.8M |
| Gross Margin | 20.1% | 70.4% |
| Operating Margin | 7.6% | 18.0% |
| Net Margin | 5.6% | 13.4% |
| Revenue YoY | 9.0% | 12.7% |
| Net Profit YoY | -6.7% | 47.2% |
| EPS (diluted) | $0.30 | $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 | $273.0M | $192.7M | ||
| Q3 25 | $670.5M | $189.9M | ||
| Q2 25 | $390.5M | $187.4M | ||
| Q1 25 | $351.0M | $181.5M | ||
| Q4 24 | $250.4M | $170.9M | ||
| Q3 24 | $551.3M | $163.7M | ||
| Q2 24 | $318.4M | $153.6M | ||
| Q1 24 | $333.8M | $149.6M |
| Q4 25 | $15.4M | $25.8M | ||
| Q3 25 | $86.9M | $25.6M | ||
| Q2 25 | $32.9M | $19.7M | ||
| Q1 25 | $31.6M | $22.2M | ||
| Q4 24 | $16.5M | $17.6M | ||
| Q3 24 | $81.5M | $23.5M | ||
| Q2 24 | $38.7M | $18.0M | ||
| Q1 24 | $45.0M | $18.0M |
| Q4 25 | 20.1% | 70.4% | ||
| Q3 25 | 22.3% | 69.5% | ||
| Q2 25 | 20.4% | 68.1% | ||
| Q1 25 | 22.6% | 68.7% | ||
| Q4 24 | 22.0% | 67.5% | ||
| Q3 24 | 23.9% | 68.5% | ||
| Q2 24 | 22.5% | 66.1% | ||
| Q1 24 | 24.9% | 65.6% |
| Q4 25 | 7.6% | 18.0% | ||
| Q3 25 | 16.9% | 16.4% | ||
| Q2 25 | 11.2% | 14.1% | ||
| Q1 25 | 11.6% | 14.3% | ||
| Q4 24 | 8.7% | 14.5% | ||
| Q3 24 | 19.7% | 15.6% | ||
| Q2 24 | 16.2% | 15.1% | ||
| Q1 24 | 17.6% | 10.3% |
| Q4 25 | 5.6% | 13.4% | ||
| Q3 25 | 13.0% | 13.5% | ||
| Q2 25 | 8.4% | 10.5% | ||
| Q1 25 | 9.0% | 12.2% | ||
| Q4 24 | 6.6% | 10.3% | ||
| Q3 24 | 14.8% | 14.3% | ||
| Q2 24 | 12.2% | 11.7% | ||
| Q1 24 | 13.5% | 12.0% |
| Q4 25 | $0.30 | $0.69 | ||
| Q3 25 | $1.70 | $0.67 | ||
| Q2 25 | $0.65 | $0.52 | ||
| Q1 25 | $0.62 | $0.58 | ||
| Q4 24 | $0.32 | $0.46 | ||
| Q3 24 | $1.59 | $0.62 | ||
| Q2 24 | $0.76 | $0.48 | ||
| Q1 24 | $0.89 | $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 | $211.7M | $151.4M |
| Total DebtLower is stronger | $793.2M | — |
| Stockholders' EquityBook value | $1.8B | $973.9M |
| Total Assets | $3.2B | $1.2B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $211.7M | $151.4M | ||
| Q3 25 | $379.2M | $133.7M | ||
| Q2 25 | $189.2M | $107.6M | ||
| Q1 25 | $174.3M | $94.9M | ||
| Q4 24 | $132.0M | $241.0M | ||
| Q3 24 | $481.2M | $205.8M | ||
| Q2 24 | $359.2M | $271.8M | ||
| Q1 24 | $416.2M | $290.8M |
| Q4 25 | $793.2M | — | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | — | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
| Q4 25 | $1.8B | $973.9M | ||
| Q3 25 | $1.8B | $958.9M | ||
| Q2 25 | $1.7B | $949.8M | ||
| Q1 25 | $1.6B | $920.9M | ||
| Q4 24 | $1.6B | $854.7M | ||
| Q3 24 | $1.6B | $829.4M | ||
| Q2 24 | $1.5B | $703.4M | ||
| Q1 24 | $1.5B | $683.0M |
| Q4 25 | $3.2B | $1.2B | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $3.0B | $1.1B | ||
| Q4 24 | $3.0B | $1.0B | ||
| Q3 24 | $2.8B | $1.0B | ||
| Q2 24 | $2.7B | $854.5M | ||
| Q1 24 | $2.6B | $839.8M |
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.47× | — | ||
| Q1 24 | 0.48× | — |
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 | $-157.0M | $45.9M |
| Free Cash FlowOCF − Capex | $-157.1M | $38.2M |
| FCF MarginFCF / Revenue | -57.5% | 19.8% |
| Capex IntensityCapex / Revenue | 0.0% | 4.0% |
| Cash ConversionOCF / Net Profit | -10.19× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $93.0M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-157.0M | $45.9M | ||
| Q3 25 | $256.3M | $60.6M | ||
| Q2 25 | $15.8M | $32.3M | ||
| Q1 25 | $-19.8M | $40.0M | ||
| Q4 24 | $-450.0M | $40.6M | ||
| Q3 24 | $119.2M | $53.3M | ||
| Q2 24 | $-61.7M | $29.4M | ||
| Q1 24 | $-59.2M | $34.1M |
| Q4 25 | $-157.1M | $38.2M | ||
| Q3 25 | $255.6M | $54.6M | ||
| Q2 25 | $15.0M | $25.7M | ||
| Q1 25 | $-20.5M | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | $118.4M | $48.1M | ||
| Q2 24 | $-62.3M | $24.4M | ||
| Q1 24 | $-59.8M | $30.5M |
| Q4 25 | -57.5% | 19.8% | ||
| Q3 25 | 38.1% | 28.7% | ||
| Q2 25 | 3.8% | 13.7% | ||
| Q1 25 | -5.8% | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | 21.5% | 29.4% | ||
| Q2 24 | -19.6% | 15.9% | ||
| Q1 24 | -17.9% | 20.4% |
| Q4 25 | 0.0% | 4.0% | ||
| Q3 25 | 0.1% | 3.2% | ||
| Q2 25 | 0.2% | 3.6% | ||
| Q1 25 | 0.2% | 3.4% | ||
| Q4 24 | 0.0% | 3.6% | ||
| Q3 24 | 0.1% | 3.2% | ||
| Q2 24 | 0.2% | 3.3% | ||
| Q1 24 | 0.2% | 2.4% |
| Q4 25 | -10.19× | 1.78× | ||
| Q3 25 | 2.95× | 2.37× | ||
| Q2 25 | 0.48× | 1.64× | ||
| Q1 25 | -0.63× | 1.80× | ||
| Q4 24 | -27.27× | 2.31× | ||
| Q3 24 | 1.46× | 2.27× | ||
| Q2 24 | -1.59× | 1.63× | ||
| Q1 24 | -1.32× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
