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Side-by-side financial comparison of HAEMONETICS CORP (HAE) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
HAEMONETICS CORP is the larger business by last-quarter revenue ($339.0M vs $192.7M, roughly 1.8× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 13.2%, a 0.2% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -2.7%). HAEMONETICS CORP produced more free cash flow last quarter ($87.2M vs $38.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 0.4%).
Haemonetics Corporation is a global provider of blood and plasma supplies and services. The company was founded in Natick, Massachusetts by Dr. Allen (Jack) Latham in the 1970s.
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.
HAE vs SPSC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $339.0M | $192.7M |
| Net Profit | $44.7M | $25.8M |
| Gross Margin | 59.7% | 70.4% |
| Operating Margin | 19.9% | 18.0% |
| Net Margin | 13.2% | 13.4% |
| Revenue YoY | -2.7% | 12.7% |
| Net Profit YoY | 19.3% | 47.2% |
| EPS (diluted) | $0.95 | $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 | $339.0M | $192.7M | ||
| Q3 25 | $327.3M | $189.9M | ||
| Q2 25 | $321.4M | $187.4M | ||
| Q1 25 | $330.6M | $181.5M | ||
| Q4 24 | $348.5M | $170.9M | ||
| Q3 24 | $345.5M | $163.7M | ||
| Q2 24 | $336.2M | $153.6M | ||
| Q1 24 | — | $149.6M |
| Q4 25 | $44.7M | $25.8M | ||
| Q3 25 | $38.7M | $25.6M | ||
| Q2 25 | $34.0M | $19.7M | ||
| Q1 25 | $58.0M | $22.2M | ||
| Q4 24 | $37.5M | $17.6M | ||
| Q3 24 | $33.8M | $23.5M | ||
| Q2 24 | $38.4M | $18.0M | ||
| Q1 24 | — | $18.0M |
| Q4 25 | 59.7% | 70.4% | ||
| Q3 25 | 59.5% | 69.5% | ||
| Q2 25 | 59.8% | 68.1% | ||
| Q1 25 | 58.4% | 68.7% | ||
| Q4 24 | 55.5% | 67.5% | ||
| Q3 24 | 54.2% | 68.5% | ||
| Q2 24 | 52.0% | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | 19.9% | 18.0% | ||
| Q3 25 | 17.9% | 16.4% | ||
| Q2 25 | 16.8% | 14.1% | ||
| Q1 25 | 21.6% | 14.3% | ||
| Q4 24 | 16.9% | 14.5% | ||
| Q3 24 | 15.0% | 15.6% | ||
| Q2 24 | 11.8% | 15.1% | ||
| Q1 24 | — | 10.3% |
| Q4 25 | 13.2% | 13.4% | ||
| Q3 25 | 11.8% | 13.5% | ||
| Q2 25 | 10.6% | 10.5% | ||
| Q1 25 | 17.5% | 12.2% | ||
| Q4 24 | 10.8% | 10.3% | ||
| Q3 24 | 9.8% | 14.3% | ||
| Q2 24 | 11.4% | 11.7% | ||
| Q1 24 | — | 12.0% |
| Q4 25 | $0.95 | $0.69 | ||
| Q3 25 | $0.81 | $0.67 | ||
| Q2 25 | $0.70 | $0.52 | ||
| Q1 25 | $1.17 | $0.58 | ||
| Q4 24 | $0.74 | $0.46 | ||
| Q3 24 | $0.66 | $0.62 | ||
| Q2 24 | $0.74 | $0.48 | ||
| Q1 24 | — | $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 | $363.4M | $151.4M |
| Total DebtLower is stronger | $1.2B | — |
| Stockholders' EquityBook value | $911.5M | $973.9M |
| Total Assets | $2.5B | $1.2B |
| Debt / EquityLower = less leverage | 1.34× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $363.4M | $151.4M | ||
| Q3 25 | $296.4M | $133.7M | ||
| Q2 25 | $292.9M | $107.6M | ||
| Q1 25 | $306.8M | $94.9M | ||
| Q4 24 | $320.8M | $241.0M | ||
| Q3 24 | $299.3M | $205.8M | ||
| Q2 24 | $344.4M | $271.8M | ||
| Q1 24 | — | $290.8M |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $911.5M | $973.9M | ||
| Q3 25 | $849.2M | $958.9M | ||
| Q2 25 | $882.3M | $949.8M | ||
| Q1 25 | $820.8M | $920.9M | ||
| Q4 24 | $906.9M | $854.7M | ||
| Q3 24 | $878.9M | $829.4M | ||
| Q2 24 | $905.4M | $703.4M | ||
| Q1 24 | — | $683.0M |
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.5B | $1.1B | ||
| Q1 25 | $2.5B | $1.1B | ||
| Q4 24 | $2.5B | $1.0B | ||
| Q3 24 | $2.5B | $1.0B | ||
| Q2 24 | $2.5B | $854.5M | ||
| Q1 24 | — | $839.8M |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 1.39× | — | ||
| Q1 25 | 1.49× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $93.6M | $45.9M |
| Free Cash FlowOCF − Capex | $87.2M | $38.2M |
| FCF MarginFCF / Revenue | 25.7% | 19.8% |
| Capex IntensityCapex / Revenue | 1.9% | 4.0% |
| Cash ConversionOCF / Net Profit | 2.09× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $308.1M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $93.6M | $45.9M | ||
| Q3 25 | $111.3M | $60.6M | ||
| Q2 25 | $17.4M | $32.3M | ||
| Q1 25 | $116.6M | $40.0M | ||
| Q4 24 | $43.8M | $40.6M | ||
| Q3 24 | $48.8M | $53.3M | ||
| Q2 24 | $-27.4M | $29.4M | ||
| Q1 24 | — | $34.1M |
| Q4 25 | $87.2M | $38.2M | ||
| Q3 25 | $106.3M | $54.6M | ||
| Q2 25 | $13.6M | $25.7M | ||
| Q1 25 | $100.9M | $33.8M | ||
| Q4 24 | $35.2M | $34.3M | ||
| Q3 24 | $39.4M | $48.1M | ||
| Q2 24 | $-33.1M | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | 25.7% | 19.8% | ||
| Q3 25 | 32.5% | 28.7% | ||
| Q2 25 | 4.2% | 13.7% | ||
| Q1 25 | 30.5% | 18.6% | ||
| Q4 24 | 10.1% | 20.1% | ||
| Q3 24 | 11.4% | 29.4% | ||
| Q2 24 | -9.8% | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | 1.9% | 4.0% | ||
| Q3 25 | 1.5% | 3.2% | ||
| Q2 25 | 1.2% | 3.6% | ||
| Q1 25 | 4.7% | 3.4% | ||
| Q4 24 | 2.5% | 3.6% | ||
| Q3 24 | 2.7% | 3.2% | ||
| Q2 24 | 1.7% | 3.3% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | 2.09× | 1.78× | ||
| Q3 25 | 2.88× | 2.37× | ||
| Q2 25 | 0.51× | 1.64× | ||
| Q1 25 | 2.01× | 1.80× | ||
| Q4 24 | 1.17× | 2.31× | ||
| Q3 24 | 1.44× | 2.27× | ||
| Q2 24 | -0.71× | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HAE
| Hospital | $143.5M | 42% |
| Plasma Productsand Services | $138.9M | 41% |
| Blood Center Productsand Services | $56.6M | 17% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
