vs
Side-by-side financial comparison of INFINITY NATURAL RESOURCES, INC. (INR) 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 $115.5M, roughly 1.7× INFINITY NATURAL RESOURCES, INC.). INFINITY NATURAL RESOURCES, INC. runs the higher net margin — 17.3% vs 13.4%, a 3.9% gap on every dollar of revenue.
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.
INR vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $115.5M | $192.7M |
| Net Profit | $20.0M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 47.0% | 18.0% |
| Net Margin | 17.3% | 13.4% |
| Revenue YoY | — | 12.7% |
| Net Profit YoY | — | 47.2% |
| EPS (diluted) | $1.33 | $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 | $115.5M | $192.7M | ||
| Q3 25 | $78.3M | $189.9M | ||
| Q2 25 | $72.5M | $187.4M | ||
| Q1 25 | $84.2M | $181.5M | ||
| Q4 24 | — | $170.9M | ||
| Q3 24 | — | $163.7M | ||
| Q2 24 | — | $153.6M | ||
| Q1 24 | — | $149.6M |
| Q4 25 | $20.0M | $25.8M | ||
| Q3 25 | $10.4M | $25.6M | ||
| Q2 25 | $18.0M | $19.7M | ||
| Q1 25 | $-34.6M | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | — | $23.5M | ||
| Q2 24 | — | $18.0M | ||
| Q1 24 | — | $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 | 47.0% | 18.0% | ||
| Q3 25 | 30.5% | 16.4% | ||
| Q2 25 | 29.9% | 14.1% | ||
| Q1 25 | -104.5% | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 15.1% | ||
| Q1 24 | — | 10.3% |
| Q4 25 | 17.3% | 13.4% | ||
| Q3 25 | 13.3% | 13.5% | ||
| Q2 25 | 24.8% | 10.5% | ||
| Q1 25 | -41.1% | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | 14.3% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | — | 12.0% |
| Q4 25 | $1.33 | $0.69 | ||
| Q3 25 | $0.65 | $0.67 | ||
| Q2 25 | $1.18 | $0.52 | ||
| Q1 25 | $-2.27 | $0.58 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | — | $0.62 | ||
| Q2 24 | — | $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 | $2.8M | $151.4M |
| Total DebtLower is stronger | $55.0K | — |
| Stockholders' EquityBook value | $307.1M | $973.9M |
| Total Assets | $1.2B | $1.2B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.8M | $151.4M | ||
| Q3 25 | $4.6M | $133.7M | ||
| Q2 25 | $6.3M | $107.6M | ||
| Q1 25 | $4.9M | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | — | $205.8M | ||
| Q2 24 | — | $271.8M | ||
| Q1 24 | — | $290.8M |
| Q4 25 | $55.0K | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $123.0K | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $307.1M | $973.9M | ||
| Q3 25 | $288.6M | $958.9M | ||
| Q2 25 | $10.1M | $949.8M | ||
| Q1 25 | $-52.2M | $920.9M | ||
| Q4 24 | — | $854.7M | ||
| Q3 24 | — | $829.4M | ||
| Q2 24 | — | $703.4M | ||
| Q1 24 | — | $683.0M |
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $953.9M | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $854.5M | ||
| Q1 24 | — | $839.8M |
| Q4 25 | 0.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $75.1M | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | 3.75× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.1M | $45.9M | ||
| Q3 25 | $42.1M | $60.6M | ||
| Q2 25 | $70.4M | $32.3M | ||
| Q1 25 | $74.2M | $40.0M | ||
| Q4 24 | — | $40.6M | ||
| Q3 24 | — | $53.3M | ||
| Q2 24 | — | $29.4M | ||
| Q1 24 | — | $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 | 3.75× | 1.78× | ||
| Q3 25 | 4.04× | 2.37× | ||
| Q2 25 | 3.91× | 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
INR
| Oil Reserves | $54.0M | 47% |
| Natural Gas Reserves | $46.8M | 41% |
| Natural Gas Liquids Reserves | $14.7M | 13% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
