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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) 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 $114.8M, roughly 1.7× HA Sustainable Infrastructure Capital, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -46.8%, a 60.2% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs 12.7%). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 4.2%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
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.
HASI vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $192.7M |
| Net Profit | $-53.8M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -57.4% | 18.0% |
| Net Margin | -46.8% | 13.4% |
| Revenue YoY | 13.3% | 12.7% |
| Net Profit YoY | -176.7% | 47.2% |
| EPS (diluted) | $-0.38 | $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 | $114.8M | $192.7M | ||
| Q3 25 | $103.1M | $189.9M | ||
| Q2 25 | $85.7M | $187.4M | ||
| Q1 25 | $96.9M | $181.5M | ||
| Q4 24 | $101.3M | $170.9M | ||
| Q3 24 | $82.0M | $163.7M | ||
| Q2 24 | $94.5M | $153.6M | ||
| Q1 24 | $105.8M | $149.6M |
| Q4 25 | $-53.8M | $25.8M | ||
| Q3 25 | $83.3M | $25.6M | ||
| Q2 25 | $98.4M | $19.7M | ||
| Q1 25 | $56.6M | $22.2M | ||
| Q4 24 | $70.1M | $17.6M | ||
| Q3 24 | $-19.6M | $23.5M | ||
| Q2 24 | $26.5M | $18.0M | ||
| Q1 24 | $123.0M | $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 | -57.4% | 18.0% | ||
| Q3 25 | — | 16.4% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | 84.7% | 14.3% | ||
| Q4 24 | 90.9% | 14.5% | ||
| Q3 24 | -32.1% | 15.6% | ||
| Q2 24 | 39.5% | 15.1% | ||
| Q1 24 | — | 10.3% |
| Q4 25 | -46.8% | 13.4% | ||
| Q3 25 | 80.8% | 13.5% | ||
| Q2 25 | 114.9% | 10.5% | ||
| Q1 25 | 58.4% | 12.2% | ||
| Q4 24 | 69.2% | 10.3% | ||
| Q3 24 | -23.9% | 14.3% | ||
| Q2 24 | 28.1% | 11.7% | ||
| Q1 24 | 116.3% | 12.0% |
| Q4 25 | $-0.38 | $0.69 | ||
| Q3 25 | $0.61 | $0.67 | ||
| Q2 25 | $0.74 | $0.52 | ||
| Q1 25 | $0.44 | $0.58 | ||
| Q4 24 | $0.58 | $0.46 | ||
| Q3 24 | $-0.17 | $0.62 | ||
| Q2 24 | $0.23 | $0.48 | ||
| Q1 24 | $0.98 | $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 | $110.2M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.7B | $973.9M |
| Total Assets | $8.2B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $151.4M | ||
| Q3 25 | $301.8M | $133.7M | ||
| Q2 25 | $86.5M | $107.6M | ||
| Q1 25 | $67.4M | $94.9M | ||
| Q4 24 | $129.8M | $241.0M | ||
| Q3 24 | $44.1M | $205.8M | ||
| Q2 24 | $145.7M | $271.8M | ||
| Q1 24 | $61.4M | $290.8M |
| Q4 25 | $2.7B | $973.9M | ||
| Q3 25 | $2.7B | $958.9M | ||
| Q2 25 | $2.6B | $949.8M | ||
| Q1 25 | $2.5B | $920.9M | ||
| Q4 24 | $2.4B | $854.7M | ||
| Q3 24 | $2.3B | $829.4M | ||
| Q2 24 | $2.3B | $703.4M | ||
| Q1 24 | $2.3B | $683.0M |
| Q4 25 | $8.2B | $1.2B | ||
| Q3 25 | $8.2B | $1.2B | ||
| Q2 25 | $7.6B | $1.1B | ||
| Q1 25 | $7.5B | $1.1B | ||
| Q4 24 | $7.1B | $1.0B | ||
| Q3 24 | $6.7B | $1.0B | ||
| Q2 24 | $6.7B | $854.5M | ||
| Q1 24 | $6.7B | $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 | $167.3M | $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.
| Q4 25 | $167.3M | $45.9M | ||
| Q3 25 | $-121.8M | $60.6M | ||
| Q2 25 | $79.6M | $32.3M | ||
| Q1 25 | $-37.1M | $40.0M | ||
| Q4 24 | $5.9M | $40.6M | ||
| Q3 24 | $21.9M | $53.3M | ||
| Q2 24 | $-24.8M | $29.4M | ||
| Q1 24 | $20.9M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | -1.46× | 2.37× | ||
| Q2 25 | 0.81× | 1.64× | ||
| Q1 25 | -0.66× | 1.80× | ||
| Q4 24 | 0.08× | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | -0.94× | 1.63× | ||
| Q1 24 | 0.17× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
