vs
Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) 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 $113.9M, roughly 1.7× Industrial Logistics Properties Trust). SPS COMMERCE INC runs the higher net margin — 13.4% vs -1.6%, a 15.0% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $38.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 0.7%).
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation 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.
ILPT vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $192.7M |
| Net Profit | $-1.8M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -22.1% | 18.0% |
| Net Margin | -1.6% | 13.4% |
| Revenue YoY | 3.1% | 12.7% |
| Net Profit YoY | 92.6% | 47.2% |
| EPS (diluted) | $-0.02 | $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 | $113.9M | $192.7M | ||
| Q3 25 | $110.9M | $189.9M | ||
| Q2 25 | $112.1M | $187.4M | ||
| Q1 25 | $111.9M | $181.5M | ||
| Q4 24 | $110.5M | $170.9M | ||
| Q3 24 | $108.9M | $163.7M | ||
| Q2 24 | $110.6M | $153.6M | ||
| Q1 24 | $112.2M | $149.6M |
| Q4 25 | $-1.8M | $25.8M | ||
| Q3 25 | $-21.6M | $25.6M | ||
| Q2 25 | $-21.3M | $19.7M | ||
| Q1 25 | $-21.5M | $22.2M | ||
| Q4 24 | $-24.1M | $17.6M | ||
| Q3 24 | $-25.0M | $23.5M | ||
| Q2 24 | $-23.2M | $18.0M | ||
| Q1 24 | $-23.4M | $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 | -22.1% | 18.0% | ||
| Q3 25 | -29.4% | 16.4% | ||
| Q2 25 | -30.8% | 14.1% | ||
| Q1 25 | -26.9% | 14.3% | ||
| Q4 24 | -31.1% | 14.5% | ||
| Q3 24 | -33.5% | 15.6% | ||
| Q2 24 | -32.4% | 15.1% | ||
| Q1 24 | -31.7% | 10.3% |
| Q4 25 | -1.6% | 13.4% | ||
| Q3 25 | -19.4% | 13.5% | ||
| Q2 25 | -19.0% | 10.5% | ||
| Q1 25 | -19.2% | 12.2% | ||
| Q4 24 | -21.8% | 10.3% | ||
| Q3 24 | -22.9% | 14.3% | ||
| Q2 24 | -20.9% | 11.7% | ||
| Q1 24 | -20.9% | 12.0% |
| Q4 25 | $-0.02 | $0.69 | ||
| Q3 25 | $-0.33 | $0.67 | ||
| Q2 25 | $-0.32 | $0.52 | ||
| Q1 25 | $-0.33 | $0.58 | ||
| Q4 24 | $-0.37 | $0.46 | ||
| Q3 24 | $-0.38 | $0.62 | ||
| Q2 24 | $-0.35 | $0.48 | ||
| Q1 24 | $-0.36 | $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 | $94.8M | $151.4M |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | $973.9M |
| Total Assets | $5.2B | $1.2B |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $151.4M | ||
| Q3 25 | $83.2M | $133.7M | ||
| Q2 25 | $58.6M | $107.6M | ||
| Q1 25 | $108.0M | $94.9M | ||
| Q4 24 | $131.7M | $241.0M | ||
| Q3 24 | $153.9M | $205.8M | ||
| Q2 24 | $146.2M | $271.8M | ||
| Q1 24 | $128.4M | $290.8M |
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.3B | — |
| Q4 25 | $489.7M | $973.9M | ||
| Q3 25 | $494.1M | $958.9M | ||
| Q2 25 | $519.1M | $949.8M | ||
| Q1 25 | $539.5M | $920.9M | ||
| Q4 24 | $562.0M | $854.7M | ||
| Q3 24 | $585.9M | $829.4M | ||
| Q2 24 | $618.3M | $703.4M | ||
| Q1 24 | $643.2M | $683.0M |
| Q4 25 | $5.2B | $1.2B | ||
| Q3 25 | $5.2B | $1.2B | ||
| Q2 25 | $5.2B | $1.1B | ||
| Q1 25 | $5.4B | $1.1B | ||
| Q4 24 | $5.4B | $1.0B | ||
| Q3 24 | $5.5B | $1.0B | ||
| Q2 24 | $5.5B | $854.5M | ||
| Q1 24 | $5.5B | $839.8M |
| Q4 25 | 8.56× | — | ||
| Q3 25 | 8.49× | — | ||
| Q2 25 | 8.09× | — | ||
| Q1 25 | 7.96× | — | ||
| Q4 24 | 7.65× | — | ||
| Q3 24 | 7.35× | — | ||
| Q2 24 | 6.96× | — | ||
| Q1 24 | 6.70× | — |
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 | $60.7M | $45.9M |
| Free Cash FlowOCF − Capex | $42.0M | $38.2M |
| FCF MarginFCF / Revenue | 36.9% | 19.8% |
| Capex IntensityCapex / Revenue | 16.4% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $45.9M | ||
| Q3 25 | $22.7M | $60.6M | ||
| Q2 25 | $18.4M | $32.3M | ||
| Q1 25 | $11.4M | $40.0M | ||
| Q4 24 | $2.0M | $40.6M | ||
| Q3 24 | $-3.4M | $53.3M | ||
| Q2 24 | $10.8M | $29.4M | ||
| Q1 24 | $8.0M | $34.1M |
| Q4 25 | $42.0M | $38.2M | ||
| Q3 25 | $17.6M | $54.6M | ||
| Q2 25 | $15.2M | $25.7M | ||
| Q1 25 | $5.0M | $33.8M | ||
| Q4 24 | $-3.7M | $34.3M | ||
| Q3 24 | $-5.9M | $48.1M | ||
| Q2 24 | $9.4M | $24.4M | ||
| Q1 24 | $5.9M | $30.5M |
| Q4 25 | 36.9% | 19.8% | ||
| Q3 25 | 15.9% | 28.7% | ||
| Q2 25 | 13.5% | 13.7% | ||
| Q1 25 | 4.5% | 18.6% | ||
| Q4 24 | -3.4% | 20.1% | ||
| Q3 24 | -5.5% | 29.4% | ||
| Q2 24 | 8.5% | 15.9% | ||
| Q1 24 | 5.2% | 20.4% |
| Q4 25 | 16.4% | 4.0% | ||
| Q3 25 | 4.6% | 3.2% | ||
| Q2 25 | 2.9% | 3.6% | ||
| Q1 25 | 5.7% | 3.4% | ||
| Q4 24 | 5.2% | 3.6% | ||
| Q3 24 | 2.3% | 3.2% | ||
| Q2 24 | 1.3% | 3.3% | ||
| Q1 24 | 1.9% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 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
ILPT
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
