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Side-by-side financial comparison of IMAX CORP (IMAX) 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 $125.2M, roughly 1.5× IMAX CORP). SPS COMMERCE INC runs the higher net margin — 13.4% vs 0.5%, a 12.9% gap on every dollar of revenue. On growth, IMAX CORP posted the faster year-over-year revenue change (35.1% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $28.0M). Over the past eight quarters, IMAX CORP's revenue compounded faster (25.8% CAGR vs 13.5%).
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
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.
IMAX vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $125.2M | $192.7M |
| Net Profit | $637.0K | $25.8M |
| Gross Margin | 57.6% | 70.4% |
| Operating Margin | 19.3% | 18.0% |
| Net Margin | 0.5% | 13.4% |
| Revenue YoY | 35.1% | 12.7% |
| Net Profit YoY | -88.0% | 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 | $125.2M | $192.7M | ||
| Q3 25 | $106.7M | $189.9M | ||
| Q2 25 | $91.7M | $187.4M | ||
| Q1 25 | $86.7M | $181.5M | ||
| Q4 24 | $92.7M | $170.9M | ||
| Q3 24 | $91.5M | $163.7M | ||
| Q2 24 | $89.0M | $153.6M | ||
| Q1 24 | $79.1M | $149.6M |
| Q4 25 | $637.0K | $25.8M | ||
| Q3 25 | $20.7M | $25.6M | ||
| Q2 25 | $11.3M | $19.7M | ||
| Q1 25 | $2.3M | $22.2M | ||
| Q4 24 | $5.3M | $17.6M | ||
| Q3 24 | $13.9M | $23.5M | ||
| Q2 24 | $3.6M | $18.0M | ||
| Q1 24 | $3.3M | $18.0M |
| Q4 25 | 57.6% | 70.4% | ||
| Q3 25 | 63.1% | 69.5% | ||
| Q2 25 | 58.5% | 68.1% | ||
| Q1 25 | 61.4% | 68.7% | ||
| Q4 24 | 52.2% | 67.5% | ||
| Q3 24 | 55.8% | 68.5% | ||
| Q2 24 | 49.4% | 66.1% | ||
| Q1 24 | 59.3% | 65.6% |
| Q4 25 | 19.3% | 18.0% | ||
| Q3 25 | 27.2% | 16.4% | ||
| Q2 25 | 15.6% | 14.1% | ||
| Q1 25 | 19.3% | 14.3% | ||
| Q4 24 | 10.3% | 14.5% | ||
| Q3 24 | 21.2% | 15.6% | ||
| Q2 24 | 3.2% | 15.1% | ||
| Q1 24 | 15.3% | 10.3% |
| Q4 25 | 0.5% | 13.4% | ||
| Q3 25 | 19.4% | 13.5% | ||
| Q2 25 | 12.3% | 10.5% | ||
| Q1 25 | 2.7% | 12.2% | ||
| Q4 24 | 5.7% | 10.3% | ||
| Q3 24 | 15.2% | 14.3% | ||
| Q2 24 | 4.0% | 11.7% | ||
| Q1 24 | 4.1% | 12.0% |
| Q4 25 | $0.02 | $0.69 | ||
| Q3 25 | $0.37 | $0.67 | ||
| Q2 25 | $0.20 | $0.52 | ||
| Q1 25 | $0.04 | $0.58 | ||
| Q4 24 | $0.09 | $0.46 | ||
| Q3 24 | $0.26 | $0.62 | ||
| Q2 24 | $0.07 | $0.48 | ||
| Q1 24 | $0.06 | $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 | $151.2M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $337.9M | $973.9M |
| Total Assets | $894.0M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $151.2M | $151.4M | ||
| Q3 25 | $143.1M | $133.7M | ||
| Q2 25 | $109.3M | $107.6M | ||
| Q1 25 | $97.1M | $94.9M | ||
| Q4 24 | $100.6M | $241.0M | ||
| Q3 24 | $104.5M | $205.8M | ||
| Q2 24 | $91.6M | $271.8M | ||
| Q1 24 | $81.0M | $290.8M |
| Q4 25 | $337.9M | $973.9M | ||
| Q3 25 | $349.5M | $958.9M | ||
| Q2 25 | $320.4M | $949.8M | ||
| Q1 25 | $299.5M | $920.9M | ||
| Q4 24 | $299.5M | $854.7M | ||
| Q3 24 | $289.4M | $829.4M | ||
| Q2 24 | $267.2M | $703.4M | ||
| Q1 24 | $258.8M | $683.0M |
| Q4 25 | $894.0M | $1.2B | ||
| Q3 25 | $889.6M | $1.2B | ||
| Q2 25 | $868.6M | $1.1B | ||
| Q1 25 | $848.3M | $1.1B | ||
| Q4 24 | $830.4M | $1.0B | ||
| Q3 24 | $847.6M | $1.0B | ||
| Q2 24 | $827.4M | $854.5M | ||
| Q1 24 | $824.1M | $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 | $29.4M | $45.9M |
| Free Cash FlowOCF − Capex | $28.0M | $38.2M |
| FCF MarginFCF / Revenue | 22.3% | 19.8% |
| Capex IntensityCapex / Revenue | 1.1% | 4.0% |
| Cash ConversionOCF / Net Profit | 46.11× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $118.9M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.4M | $45.9M | ||
| Q3 25 | $67.5M | $60.6M | ||
| Q2 25 | $23.2M | $32.3M | ||
| Q1 25 | $7.0M | $40.0M | ||
| Q4 24 | $11.5M | $40.6M | ||
| Q3 24 | $35.3M | $53.3M | ||
| Q2 24 | $35.0M | $29.4M | ||
| Q1 24 | $-11.0M | $34.1M |
| Q4 25 | $28.0M | $38.2M | ||
| Q3 25 | $64.8M | $54.6M | ||
| Q2 25 | $20.9M | $25.7M | ||
| Q1 25 | $5.3M | $33.8M | ||
| Q4 24 | $6.9M | $34.3M | ||
| Q3 24 | $34.2M | $48.1M | ||
| Q2 24 | $33.5M | $24.4M | ||
| Q1 24 | $-12.1M | $30.5M |
| Q4 25 | 22.3% | 19.8% | ||
| Q3 25 | 60.7% | 28.7% | ||
| Q2 25 | 22.8% | 13.7% | ||
| Q1 25 | 6.1% | 18.6% | ||
| Q4 24 | 7.4% | 20.1% | ||
| Q3 24 | 37.3% | 29.4% | ||
| Q2 24 | 37.6% | 15.9% | ||
| Q1 24 | -15.3% | 20.4% |
| Q4 25 | 1.1% | 4.0% | ||
| Q3 25 | 2.6% | 3.2% | ||
| Q2 25 | 2.6% | 3.6% | ||
| Q1 25 | 1.9% | 3.4% | ||
| Q4 24 | 5.0% | 3.6% | ||
| Q3 24 | 1.2% | 3.2% | ||
| Q2 24 | 1.8% | 3.3% | ||
| Q1 24 | 1.4% | 2.4% |
| Q4 25 | 46.11× | 1.78× | ||
| Q3 25 | 3.27× | 2.37× | ||
| Q2 25 | 2.06× | 1.64× | ||
| Q1 25 | 2.99× | 1.80× | ||
| Q4 24 | 2.16× | 2.31× | ||
| Q3 24 | 2.54× | 2.27× | ||
| Q2 24 | 9.78× | 1.63× | ||
| Q1 24 | -3.35× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
