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Side-by-side financial comparison of Hippo Holdings Inc. (HIPO) 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 $120.4M, roughly 1.6× Hippo Holdings Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs 5.0%, a 8.4% gap on every dollar of revenue. On growth, Hippo Holdings Inc. posted the faster year-over-year revenue change (18.2% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $9.1M). Over the past eight quarters, Hippo Holdings Inc.'s revenue compounded faster (18.9% CAGR vs 13.5%).
Hippo Valley Estate is a sugar estate found near the town of Chiredzi in Chiredzi District of southeastern Zimbabwe, on the Runde River near the border with Mozambique.
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.
HIPO vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $120.4M | $192.7M |
| Net Profit | $6.0M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 5.6% | 18.0% |
| Net Margin | 5.0% | 13.4% |
| Revenue YoY | 18.2% | 12.7% |
| Net Profit YoY | -86.4% | 47.2% |
| EPS (diluted) | $0.31 | $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 | $120.4M | $192.7M | ||
| Q3 25 | $120.6M | $189.9M | ||
| Q2 25 | $117.3M | $187.4M | ||
| Q1 25 | $110.3M | $181.5M | ||
| Q4 24 | $101.9M | $170.9M | ||
| Q3 24 | $95.5M | $163.7M | ||
| Q2 24 | $89.6M | $153.6M | ||
| Q1 24 | $85.1M | $149.6M |
| Q4 25 | $6.0M | $25.8M | ||
| Q3 25 | $98.1M | $25.6M | ||
| Q2 25 | $1.3M | $19.7M | ||
| Q1 25 | $-47.7M | $22.2M | ||
| Q4 24 | $44.2M | $17.6M | ||
| Q3 24 | $-8.5M | $23.5M | ||
| Q2 24 | $-40.5M | $18.0M | ||
| Q1 24 | $-35.7M | $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 | 5.6% | 18.0% | ||
| Q3 25 | 81.3% | 16.4% | ||
| Q2 25 | 3.4% | 14.1% | ||
| Q1 25 | -41.3% | 14.3% | ||
| Q4 24 | 46.3% | 14.5% | ||
| Q3 24 | -5.4% | 15.6% | ||
| Q2 24 | -40.7% | 15.1% | ||
| Q1 24 | -38.7% | 10.3% |
| Q4 25 | 5.0% | 13.4% | ||
| Q3 25 | 81.3% | 13.5% | ||
| Q2 25 | 1.1% | 10.5% | ||
| Q1 25 | -43.2% | 12.2% | ||
| Q4 24 | 43.4% | 10.3% | ||
| Q3 24 | -8.9% | 14.3% | ||
| Q2 24 | -45.2% | 11.7% | ||
| Q1 24 | -42.0% | 12.0% |
| Q4 25 | $0.31 | $0.69 | ||
| Q3 25 | $3.77 | $0.67 | ||
| Q2 25 | $0.05 | $0.52 | ||
| Q1 25 | $-1.91 | $0.58 | ||
| Q4 24 | $1.81 | $0.46 | ||
| Q3 24 | $-0.34 | $0.62 | ||
| Q2 24 | $-1.64 | $0.48 | ||
| Q1 24 | $-1.47 | $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 | $218.3M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $436.1M | $973.9M |
| Total Assets | $1.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $218.3M | $151.4M | ||
| Q3 25 | $247.7M | $133.7M | ||
| Q2 25 | $198.9M | $107.6M | ||
| Q1 25 | $140.9M | $94.9M | ||
| Q4 24 | $197.6M | $241.0M | ||
| Q3 24 | $191.2M | $205.8M | ||
| Q2 24 | $175.9M | $271.8M | ||
| Q1 24 | $223.4M | $290.8M |
| Q4 25 | $436.1M | $973.9M | ||
| Q3 25 | $421.5M | $958.9M | ||
| Q2 25 | $332.5M | $949.8M | ||
| Q1 25 | $322.8M | $920.9M | ||
| Q4 24 | $362.1M | $854.7M | ||
| Q3 24 | $326.4M | $829.4M | ||
| Q2 24 | $322.6M | $703.4M | ||
| Q1 24 | $351.2M | $683.0M |
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $1.7B | $1.1B | ||
| Q1 25 | $1.5B | $1.1B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.5B | $1.0B | ||
| Q2 24 | $1.5B | $854.5M | ||
| Q1 24 | $1.5B | $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 | $9.2M | $45.9M |
| Free Cash FlowOCF − Capex | $9.1M | $38.2M |
| FCF MarginFCF / Revenue | 7.6% | 19.8% |
| Capex IntensityCapex / Revenue | 0.1% | 4.0% |
| Cash ConversionOCF / Net Profit | 1.53× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $14.8M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.2M | $45.9M | ||
| Q3 25 | $16.9M | $60.6M | ||
| Q2 25 | $24.7M | $32.3M | ||
| Q1 25 | $-35.6M | $40.0M | ||
| Q4 24 | $47.5M | $40.6M | ||
| Q3 24 | $46.8M | $53.3M | ||
| Q2 24 | $-10.6M | $29.4M | ||
| Q1 24 | $17.7M | $34.1M |
| Q4 25 | $9.1M | $38.2M | ||
| Q3 25 | $16.8M | $54.6M | ||
| Q2 25 | $24.6M | $25.7M | ||
| Q1 25 | $-35.7M | $33.8M | ||
| Q4 24 | $47.2M | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | $-10.7M | $24.4M | ||
| Q1 24 | $17.6M | $30.5M |
| Q4 25 | 7.6% | 19.8% | ||
| Q3 25 | 13.9% | 28.7% | ||
| Q2 25 | 21.0% | 13.7% | ||
| Q1 25 | -32.4% | 18.6% | ||
| Q4 24 | 46.3% | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | -11.9% | 15.9% | ||
| Q1 24 | 20.7% | 20.4% |
| Q4 25 | 0.1% | 4.0% | ||
| Q3 25 | 0.1% | 3.2% | ||
| Q2 25 | 0.1% | 3.6% | ||
| Q1 25 | 0.1% | 3.4% | ||
| Q4 24 | 0.3% | 3.6% | ||
| Q3 24 | 0.0% | 3.2% | ||
| Q2 24 | 0.1% | 3.3% | ||
| Q1 24 | 0.1% | 2.4% |
| Q4 25 | 1.53× | 1.78× | ||
| Q3 25 | 0.17× | 2.37× | ||
| Q2 25 | 19.00× | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | 1.07× | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HIPO
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
