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Side-by-side financial comparison of HUTCHMED (China) Ltd (HCM) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
HUTCHMED (China) Ltd is the larger business by last-quarter revenue ($270.8M vs $192.7M, roughly 1.4× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 0.7%, a 12.7% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -16.5%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $3.4M).
HUTCHMED (China) LtdHCMEarnings & Financial Report
HUTCHMED (China) Ltd is a biopharmaceutical firm focused on discovering, developing and commercializing targeted and immunotherapies for oncology and immunological diseases. It operates across China and global markets, with multiple marketed oncology drugs and a robust pipeline of late-stage clinical candidates addressing unmet patient needs.
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.
HCM vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.8M | $192.7M |
| Net Profit | $2.0M | $25.8M |
| Gross Margin | 37.7% | 70.4% |
| Operating Margin | -13.2% | 18.0% |
| Net Margin | 0.7% | 13.4% |
| Revenue YoY | -16.5% | 12.7% |
| Net Profit YoY | -83.6% | 47.2% |
| EPS (diluted) | $0.00 | $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 | $270.8M | $192.7M | ||
| Q3 25 | — | $189.9M | ||
| Q2 25 | $277.7M | $187.4M | ||
| Q1 25 | $324.5M | $181.5M | ||
| Q4 24 | — | $170.9M | ||
| Q3 24 | — | $163.7M | ||
| Q2 24 | $305.7M | $153.6M | ||
| Q1 24 | — | $149.6M |
| Q4 25 | $2.0M | $25.8M | ||
| Q3 25 | — | $25.6M | ||
| Q2 25 | $455.0M | $19.7M | ||
| Q1 25 | $11.9M | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | — | $23.5M | ||
| Q2 24 | $25.8M | $18.0M | ||
| Q1 24 | — | $18.0M |
| Q4 25 | 37.7% | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | 0.1% | 68.1% | ||
| Q1 25 | 48.0% | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | 41.1% | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | -13.2% | 18.0% | ||
| Q3 25 | — | 16.4% | ||
| Q2 25 | -1.3% | 14.1% | ||
| Q1 25 | -5.0% | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | -9.0% | 15.1% | ||
| Q1 24 | — | 10.3% |
| Q4 25 | 0.7% | 13.4% | ||
| Q3 25 | — | 13.5% | ||
| Q2 25 | 163.8% | 10.5% | ||
| Q1 25 | 3.7% | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | 14.3% | ||
| Q2 24 | 8.4% | 11.7% | ||
| Q1 24 | — | 12.0% |
| Q4 25 | $0.00 | $0.69 | ||
| Q3 25 | — | $0.67 | ||
| Q2 25 | $0.52 | $0.52 | ||
| Q1 25 | $0.01 | $0.58 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | — | $0.62 | ||
| Q2 24 | $0.03 | $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 | $1.4B | $151.4M |
| Total DebtLower is stronger | $93.2M | — |
| Stockholders' EquityBook value | $1.2B | $973.9M |
| Total Assets | $1.8B | $1.2B |
| Debt / EquityLower = less leverage | 0.08× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $151.4M | ||
| Q3 25 | — | $133.7M | ||
| Q2 25 | $1.4B | $107.6M | ||
| Q1 25 | $836.1M | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | — | $205.8M | ||
| Q2 24 | $802.5M | $271.8M | ||
| Q1 24 | — | $290.8M |
| Q4 25 | $93.2M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $93.4M | — | ||
| Q1 25 | $82.8M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $82.1M | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | $973.9M | ||
| Q3 25 | — | $958.9M | ||
| Q2 25 | $1.2B | $949.8M | ||
| Q1 25 | $759.9M | $920.9M | ||
| Q4 24 | — | $854.7M | ||
| Q3 24 | — | $829.4M | ||
| Q2 24 | $740.1M | $703.4M | ||
| Q1 24 | — | $683.0M |
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | $1.3B | $854.5M | ||
| Q1 24 | — | $839.8M |
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.11× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.11× | — | ||
| 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 | $8.2M | $45.9M |
| Free Cash FlowOCF − Capex | $3.4M | $38.2M |
| FCF MarginFCF / Revenue | 1.2% | 19.8% |
| Capex IntensityCapex / Revenue | 1.8% | 4.0% |
| Cash ConversionOCF / Net Profit | 4.21× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-96.2M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $45.9M | ||
| Q3 25 | — | $60.6M | ||
| Q2 25 | $-72.9M | $32.3M | ||
| Q1 25 | $40.3M | $40.0M | ||
| Q4 24 | — | $40.6M | ||
| Q3 24 | — | $53.3M | ||
| Q2 24 | $-39.8M | $29.4M | ||
| Q1 24 | — | $34.1M |
| Q4 25 | $3.4M | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | $-82.2M | $25.7M | ||
| Q1 25 | $32.5M | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | $-49.9M | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | 1.2% | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | -29.6% | 13.7% | ||
| Q1 25 | 10.0% | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | -16.3% | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | 1.8% | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | 3.3% | 3.6% | ||
| Q1 25 | 2.4% | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | 3.3% | 3.3% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | 4.21× | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | -0.16× | 1.64× | ||
| Q1 25 | 3.38× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | -1.54× | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCM
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
