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Side-by-side financial comparison of Limbach Holdings, Inc. (LMB) 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 $186.9M, roughly 1.0× Limbach Holdings, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs 6.6%, a 6.8% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $27.9M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs 13.5%).
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
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.
LMB vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $186.9M | $192.7M |
| Net Profit | $12.3M | $25.8M |
| Gross Margin | 25.7% | 70.4% |
| Operating Margin | 9.4% | 18.0% |
| Net Margin | 6.6% | 13.4% |
| Revenue YoY | 30.1% | 12.7% |
| Net Profit YoY | 25.0% | 47.2% |
| EPS (diluted) | $1.01 | $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 | $186.9M | $192.7M | ||
| Q3 25 | $184.6M | $189.9M | ||
| Q2 25 | $142.2M | $187.4M | ||
| Q1 25 | $133.1M | $181.5M | ||
| Q4 24 | $143.7M | $170.9M | ||
| Q3 24 | $133.9M | $163.7M | ||
| Q2 24 | $122.2M | $153.6M | ||
| Q1 24 | $119.0M | $149.6M |
| Q4 25 | $12.3M | $25.8M | ||
| Q3 25 | $8.8M | $25.6M | ||
| Q2 25 | $7.8M | $19.7M | ||
| Q1 25 | $10.2M | $22.2M | ||
| Q4 24 | $9.8M | $17.6M | ||
| Q3 24 | $7.5M | $23.5M | ||
| Q2 24 | $6.0M | $18.0M | ||
| Q1 24 | $7.6M | $18.0M |
| Q4 25 | 25.7% | 70.4% | ||
| Q3 25 | 24.2% | 69.5% | ||
| Q2 25 | 28.0% | 68.1% | ||
| Q1 25 | 27.6% | 68.7% | ||
| Q4 24 | 30.3% | 67.5% | ||
| Q3 24 | 27.0% | 68.5% | ||
| Q2 24 | 27.4% | 66.1% | ||
| Q1 24 | 26.1% | 65.6% |
| Q4 25 | 9.4% | 18.0% | ||
| Q3 25 | 7.2% | 16.4% | ||
| Q2 25 | 7.5% | 14.1% | ||
| Q1 25 | 5.9% | 14.3% | ||
| Q4 24 | 9.1% | 14.5% | ||
| Q3 24 | 8.1% | 15.6% | ||
| Q2 24 | 6.7% | 15.1% | ||
| Q1 24 | 5.5% | 10.3% |
| Q4 25 | 6.6% | 13.4% | ||
| Q3 25 | 4.8% | 13.5% | ||
| Q2 25 | 5.5% | 10.5% | ||
| Q1 25 | 7.7% | 12.2% | ||
| Q4 24 | 6.9% | 10.3% | ||
| Q3 24 | 5.6% | 14.3% | ||
| Q2 24 | 4.9% | 11.7% | ||
| Q1 24 | 6.4% | 12.0% |
| Q4 25 | $1.01 | $0.69 | ||
| Q3 25 | $0.73 | $0.67 | ||
| Q2 25 | $0.64 | $0.52 | ||
| Q1 25 | $0.85 | $0.58 | ||
| Q4 24 | $0.81 | $0.46 | ||
| Q3 24 | $0.62 | $0.62 | ||
| Q2 24 | $0.50 | $0.48 | ||
| Q1 24 | $0.64 | $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 | $11.3M | $151.4M |
| Total DebtLower is stronger | $30.5M | — |
| Stockholders' EquityBook value | $195.7M | $973.9M |
| Total Assets | $381.1M | $1.2B |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.3M | $151.4M | ||
| Q3 25 | $9.8M | $133.7M | ||
| Q2 25 | $38.9M | $107.6M | ||
| Q1 25 | $38.1M | $94.9M | ||
| Q4 24 | $44.9M | $241.0M | ||
| Q3 24 | $51.2M | $205.8M | ||
| Q2 24 | $59.5M | $271.8M | ||
| Q1 24 | $48.2M | $290.8M |
| Q4 25 | $30.5M | — | ||
| Q3 25 | $56.3M | — | ||
| Q2 25 | $28.4M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $23.6M | — | ||
| Q3 24 | $20.5M | — | ||
| Q2 24 | $19.7M | — | ||
| Q1 24 | $19.4M | — |
| Q4 25 | $195.7M | $973.9M | ||
| Q3 25 | $181.6M | $958.9M | ||
| Q2 25 | $170.5M | $949.8M | ||
| Q1 25 | $161.1M | $920.9M | ||
| Q4 24 | $153.5M | $854.7M | ||
| Q3 24 | $142.2M | $829.4M | ||
| Q2 24 | $133.0M | $703.4M | ||
| Q1 24 | $125.5M | $683.0M |
| Q4 25 | $381.1M | $1.2B | ||
| Q3 25 | $409.1M | $1.2B | ||
| Q2 25 | $343.0M | $1.1B | ||
| Q1 25 | $336.4M | $1.1B | ||
| Q4 24 | $352.1M | $1.0B | ||
| Q3 24 | $324.4M | $1.0B | ||
| Q2 24 | $303.9M | $854.5M | ||
| Q1 24 | $289.2M | $839.8M |
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.15× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 0.15× | — |
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 | $28.1M | $45.9M |
| Free Cash FlowOCF − Capex | $27.9M | $38.2M |
| FCF MarginFCF / Revenue | 14.9% | 19.8% |
| Capex IntensityCapex / Revenue | 0.1% | 4.0% |
| Cash ConversionOCF / Net Profit | 2.29× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.1M | $45.9M | ||
| Q3 25 | $13.3M | $60.6M | ||
| Q2 25 | $2.0M | $32.3M | ||
| Q1 25 | $2.2M | $40.0M | ||
| Q4 24 | $19.3M | $40.6M | ||
| Q3 24 | $4.9M | $53.3M | ||
| Q2 24 | $16.5M | $29.4M | ||
| Q1 24 | $-3.9M | $34.1M |
| Q4 25 | $27.9M | $38.2M | ||
| Q3 25 | $12.8M | $54.6M | ||
| Q2 25 | $1.2M | $25.7M | ||
| Q1 25 | $11.0K | $33.8M | ||
| Q4 24 | $18.0M | $34.3M | ||
| Q3 24 | $4.6M | $48.1M | ||
| Q2 24 | $13.2M | $24.4M | ||
| Q1 24 | $-6.5M | $30.5M |
| Q4 25 | 14.9% | 19.8% | ||
| Q3 25 | 7.0% | 28.7% | ||
| Q2 25 | 0.8% | 13.7% | ||
| Q1 25 | 0.0% | 18.6% | ||
| Q4 24 | 12.5% | 20.1% | ||
| Q3 24 | 3.4% | 29.4% | ||
| Q2 24 | 10.8% | 15.9% | ||
| Q1 24 | -5.5% | 20.4% |
| Q4 25 | 0.1% | 4.0% | ||
| Q3 25 | 0.3% | 3.2% | ||
| Q2 25 | 0.6% | 3.6% | ||
| Q1 25 | 1.7% | 3.4% | ||
| Q4 24 | 0.9% | 3.6% | ||
| Q3 24 | 0.3% | 3.2% | ||
| Q2 24 | 2.7% | 3.3% | ||
| Q1 24 | 2.1% | 2.4% |
| Q4 25 | 2.29× | 1.78× | ||
| Q3 25 | 1.52× | 2.37× | ||
| Q2 25 | 0.26× | 1.64× | ||
| Q1 25 | 0.22× | 1.80× | ||
| Q4 24 | 1.96× | 2.31× | ||
| Q3 24 | 0.66× | 2.27× | ||
| Q2 24 | 2.77× | 1.63× | ||
| Q1 24 | -0.52× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
