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Side-by-side financial comparison of James River Group Holdings, Inc. (JRVR) 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 $167.7M, roughly 1.1× James River Group Holdings, Inc.). James River Group Holdings, Inc. runs the higher net margin — 19.1% vs 13.4%, a 5.7% gap on every dollar of revenue. On growth, James River Group Holdings, Inc. posted the faster year-over-year revenue change (32.4% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-23.6M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -8.7%).
James River Corporation was an American pulp and paper company based in Richmond, Virginia, once the largest paper manufacturer in the world.
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.
JRVR vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $167.7M | $192.7M |
| Net Profit | $32.1M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 14.6% | 18.0% |
| Net Margin | 19.1% | 13.4% |
| Revenue YoY | 32.4% | 12.7% |
| Net Profit YoY | 149.5% | 47.2% |
| EPS (diluted) | $0.59 | $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 | $167.7M | $192.7M | ||
| Q3 25 | $172.7M | $189.9M | ||
| Q2 25 | $174.8M | $187.4M | ||
| Q1 25 | $172.3M | $181.5M | ||
| Q4 24 | $126.7M | $170.9M | ||
| Q3 24 | $191.5M | $163.7M | ||
| Q2 24 | $188.3M | $153.6M | ||
| Q1 24 | $201.1M | $149.6M |
| Q4 25 | $32.1M | $25.8M | ||
| Q3 25 | $1.0M | $25.6M | ||
| Q2 25 | $4.8M | $19.7M | ||
| Q1 25 | $9.6M | $22.2M | ||
| Q4 24 | $-64.8M | $17.6M | ||
| Q3 24 | $-39.4M | $23.5M | ||
| Q2 24 | $7.6M | $18.0M | ||
| Q1 24 | $15.4M | $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 | 14.6% | 18.0% | ||
| Q3 25 | 1.5% | 16.4% | ||
| Q2 25 | 4.2% | 14.1% | ||
| Q1 25 | 9.3% | 14.3% | ||
| Q4 24 | -57.0% | 14.5% | ||
| Q3 24 | -27.1% | 15.6% | ||
| Q2 24 | 10.7% | 15.1% | ||
| Q1 24 | 16.4% | 10.3% |
| Q4 25 | 19.1% | 13.4% | ||
| Q3 25 | 0.6% | 13.5% | ||
| Q2 25 | 2.7% | 10.5% | ||
| Q1 25 | 5.6% | 12.2% | ||
| Q4 24 | -51.1% | 10.3% | ||
| Q3 24 | -20.6% | 14.3% | ||
| Q2 24 | 4.0% | 11.7% | ||
| Q1 24 | 7.7% | 12.0% |
| Q4 25 | $0.59 | $0.69 | ||
| Q3 25 | $-0.02 | $0.67 | ||
| Q2 25 | $0.06 | $0.52 | ||
| Q1 25 | $0.16 | $0.58 | ||
| Q4 24 | $-2.44 | $0.46 | ||
| Q3 24 | $-1.10 | $0.62 | ||
| Q2 24 | $0.13 | $0.48 | ||
| Q1 24 | $0.35 | $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 | $260.9M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $538.2M | $973.9M |
| Total Assets | $4.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $260.9M | $151.4M | ||
| Q3 25 | $238.8M | $133.7M | ||
| Q2 25 | $220.0M | $107.6M | ||
| Q1 25 | $279.4M | $94.9M | ||
| Q4 24 | $362.3M | $241.0M | ||
| Q3 24 | $359.8M | $205.8M | ||
| Q2 24 | $672.5M | $271.8M | ||
| Q1 24 | $305.5M | $290.8M |
| Q4 25 | $538.2M | $973.9M | ||
| Q3 25 | $503.6M | $958.9M | ||
| Q2 25 | $492.6M | $949.8M | ||
| Q1 25 | $484.5M | $920.9M | ||
| Q4 24 | $460.9M | $854.7M | ||
| Q3 24 | $530.3M | $829.4M | ||
| Q2 24 | $541.8M | $703.4M | ||
| Q1 24 | $539.5M | $683.0M |
| Q4 25 | $4.9B | $1.2B | ||
| Q3 25 | $5.0B | $1.2B | ||
| Q2 25 | $5.0B | $1.1B | ||
| Q1 25 | $4.9B | $1.1B | ||
| Q4 24 | $5.0B | $1.0B | ||
| Q3 24 | $5.0B | $1.0B | ||
| Q2 24 | $4.7B | $854.5M | ||
| Q1 24 | $5.3B | $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 | $-18.8M | $45.9M |
| Free Cash FlowOCF − Capex | $-23.6M | $38.2M |
| FCF MarginFCF / Revenue | -14.1% | 19.8% |
| Capex IntensityCapex / Revenue | 2.9% | 4.0% |
| Cash ConversionOCF / Net Profit | -0.59× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-17.9M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.8M | $45.9M | ||
| Q3 25 | $34.3M | $60.6M | ||
| Q2 25 | $25.2M | $32.3M | ||
| Q1 25 | $-51.5M | $40.0M | ||
| Q4 24 | $-247.1M | $40.6M | ||
| Q3 24 | $-269.9M | $53.3M | ||
| Q2 24 | $-8.7M | $29.4M | ||
| Q1 24 | $24.1M | $34.1M |
| Q4 25 | $-23.6M | $38.2M | ||
| Q3 25 | $33.7M | $54.6M | ||
| Q2 25 | $24.7M | $25.7M | ||
| Q1 25 | $-52.7M | $33.8M | ||
| Q4 24 | $-252.0M | $34.3M | ||
| Q3 24 | $-270.8M | $48.1M | ||
| Q2 24 | $-9.3M | $24.4M | ||
| Q1 24 | $23.3M | $30.5M |
| Q4 25 | -14.1% | 19.8% | ||
| Q3 25 | 19.5% | 28.7% | ||
| Q2 25 | 14.1% | 13.7% | ||
| Q1 25 | -30.6% | 18.6% | ||
| Q4 24 | -198.9% | 20.1% | ||
| Q3 24 | -141.4% | 29.4% | ||
| Q2 24 | -4.9% | 15.9% | ||
| Q1 24 | 11.6% | 20.4% |
| Q4 25 | 2.9% | 4.0% | ||
| Q3 25 | 0.4% | 3.2% | ||
| Q2 25 | 0.3% | 3.6% | ||
| Q1 25 | 0.7% | 3.4% | ||
| Q4 24 | 3.9% | 3.6% | ||
| Q3 24 | 0.4% | 3.2% | ||
| Q2 24 | 0.3% | 3.3% | ||
| Q1 24 | 0.4% | 2.4% |
| Q4 25 | -0.59× | 1.78× | ||
| Q3 25 | 33.61× | 2.37× | ||
| Q2 25 | 5.29× | 1.64× | ||
| Q1 25 | -5.38× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | -1.14× | 1.63× | ||
| Q1 24 | 1.56× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JRVR
| Excess And Surplus Lines | $156.7M | 93% |
| Specialty Admitted Insurance | $10.9M | 7% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
