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Side-by-side financial comparison of LifeStance Health Group, Inc. (LFST) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
LifeStance Health Group, Inc. is the larger business by last-quarter revenue ($382.2M vs $192.7M, roughly 2.0× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 3.1%, a 10.4% gap on every dollar of revenue. On growth, LifeStance Health Group, Inc. posted the faster year-over-year revenue change (17.4% vs 12.7%). LifeStance Health Group, Inc. produced more free cash flow last quarter ($46.6M vs $38.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 12.8%).
Lifestance Health (Lifestance) is an American outpatient behavioral health services provider. They provide their services in person and via tele-health. Their services include therapy, psychiatry, TMS, and ketamine therapies. They have landed in lawsuits multiple times over labor violations, leaking of customer information, and misleading investors.
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.
LFST vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $382.2M | $192.7M |
| Net Profit | $11.7M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 4.7% | 18.0% |
| Net Margin | 3.1% | 13.4% |
| Revenue YoY | 17.4% | 12.7% |
| Net Profit YoY | 264.1% | 47.2% |
| EPS (diluted) | — | $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 | $382.2M | $192.7M | ||
| Q3 25 | $363.8M | $189.9M | ||
| Q2 25 | $345.3M | $187.4M | ||
| Q1 25 | $333.0M | $181.5M | ||
| Q4 24 | $325.5M | $170.9M | ||
| Q3 24 | $312.7M | $163.7M | ||
| Q2 24 | $312.3M | $153.6M | ||
| Q1 24 | $300.4M | $149.6M |
| Q4 25 | $11.7M | $25.8M | ||
| Q3 25 | $1.1M | $25.6M | ||
| Q2 25 | $-3.8M | $19.7M | ||
| Q1 25 | $709.0K | $22.2M | ||
| Q4 24 | $-7.1M | $17.6M | ||
| Q3 24 | $-6.0M | $23.5M | ||
| Q2 24 | $-23.3M | $18.0M | ||
| Q1 24 | $-21.1M | $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 | 4.7% | 18.0% | ||
| Q3 25 | 2.0% | 16.4% | ||
| Q2 25 | -0.9% | 14.1% | ||
| Q1 25 | 0.5% | 14.3% | ||
| Q4 24 | 0.3% | 14.5% | ||
| Q3 24 | 0.0% | 15.6% | ||
| Q2 24 | -5.1% | 15.1% | ||
| Q1 24 | -5.6% | 10.3% |
| Q4 25 | 3.1% | 13.4% | ||
| Q3 25 | 0.3% | 13.5% | ||
| Q2 25 | -1.1% | 10.5% | ||
| Q1 25 | 0.2% | 12.2% | ||
| Q4 24 | -2.2% | 10.3% | ||
| Q3 24 | -1.9% | 14.3% | ||
| Q2 24 | -7.5% | 11.7% | ||
| Q1 24 | -7.0% | 12.0% |
| Q4 25 | — | $0.69 | ||
| Q3 25 | — | $0.67 | ||
| Q2 25 | — | $0.52 | ||
| Q1 25 | — | $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 | $248.6M | $151.4M |
| Total DebtLower is stronger | $282.8M | — |
| Stockholders' EquityBook value | $1.5B | $973.9M |
| Total Assets | $2.2B | $1.2B |
| Debt / EquityLower = less leverage | 0.19× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $248.6M | $151.4M | ||
| Q3 25 | $203.9M | $133.7M | ||
| Q2 25 | $188.9M | $107.6M | ||
| Q1 25 | $134.3M | $94.9M | ||
| Q4 24 | $154.6M | $241.0M | ||
| Q3 24 | $102.6M | $205.8M | ||
| Q2 24 | $87.0M | $271.8M | ||
| Q1 24 | $49.5M | $290.8M |
| Q4 25 | $282.8M | — | ||
| Q3 25 | $284.6M | — | ||
| Q2 25 | $286.4M | — | ||
| Q1 25 | $288.2M | — | ||
| Q4 24 | $290.0M | — | ||
| Q3 24 | $287.3M | — | ||
| Q2 24 | $288.0M | — | ||
| Q1 24 | $288.8M | — |
| Q4 25 | $1.5B | $973.9M | ||
| Q3 25 | $1.5B | $958.9M | ||
| Q2 25 | $1.5B | $949.8M | ||
| Q1 25 | $1.5B | $920.9M | ||
| Q4 24 | $1.4B | $854.7M | ||
| Q3 24 | $1.4B | $829.4M | ||
| Q2 24 | $1.4B | $703.4M | ||
| Q1 24 | $1.4B | $683.0M |
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $2.1B | $1.0B | ||
| Q3 24 | $2.1B | $1.0B | ||
| Q2 24 | $2.1B | $854.5M | ||
| Q1 24 | $2.1B | $839.8M |
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 0.19× | — | ||
| Q1 25 | 0.20× | — | ||
| Q4 24 | 0.20× | — | ||
| Q3 24 | 0.20× | — | ||
| Q2 24 | 0.20× | — | ||
| Q1 24 | 0.20× | — |
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 | $57.6M | $45.9M |
| Free Cash FlowOCF − Capex | $46.6M | $38.2M |
| FCF MarginFCF / Revenue | 12.2% | 19.8% |
| Capex IntensityCapex / Revenue | 2.9% | 4.0% |
| Cash ConversionOCF / Net Profit | 4.93× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $110.0M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.6M | $45.9M | ||
| Q3 25 | $27.3M | $60.6M | ||
| Q2 25 | $64.4M | $32.3M | ||
| Q1 25 | $-3.1M | $40.0M | ||
| Q4 24 | $62.3M | $40.6M | ||
| Q3 24 | $22.7M | $53.3M | ||
| Q2 24 | $44.1M | $29.4M | ||
| Q1 24 | $-21.8M | $34.1M |
| Q4 25 | $46.6M | $38.2M | ||
| Q3 25 | $17.0M | $54.6M | ||
| Q2 25 | $56.6M | $25.7M | ||
| Q1 25 | $-10.3M | $33.8M | ||
| Q4 24 | $56.0M | $34.3M | ||
| Q3 24 | $17.7M | $48.1M | ||
| Q2 24 | $39.0M | $24.4M | ||
| Q1 24 | $-26.9M | $30.5M |
| Q4 25 | 12.2% | 19.8% | ||
| Q3 25 | 4.7% | 28.7% | ||
| Q2 25 | 16.4% | 13.7% | ||
| Q1 25 | -3.1% | 18.6% | ||
| Q4 24 | 17.2% | 20.1% | ||
| Q3 24 | 5.7% | 29.4% | ||
| Q2 24 | 12.5% | 15.9% | ||
| Q1 24 | -9.0% | 20.4% |
| Q4 25 | 2.9% | 4.0% | ||
| Q3 25 | 2.8% | 3.2% | ||
| Q2 25 | 2.2% | 3.6% | ||
| Q1 25 | 2.2% | 3.4% | ||
| Q4 24 | 1.9% | 3.6% | ||
| Q3 24 | 1.6% | 3.2% | ||
| Q2 24 | 1.6% | 3.3% | ||
| Q1 24 | 1.7% | 2.4% |
| Q4 25 | 4.93× | 1.78× | ||
| Q3 25 | 25.34× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | -4.36× | 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
LFST
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
