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Side-by-side financial comparison of Loar Holdings Inc. (LOAR) 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 $131.8M, roughly 1.5× Loar Holdings Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs 9.5%, a 3.9% gap on every dollar of revenue. On growth, Loar Holdings Inc. posted the faster year-over-year revenue change (19.3% vs 12.7%). Over the past eight quarters, Loar Holdings Inc.'s revenue compounded faster (19.8% CAGR vs 13.5%).
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.
LOAR vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $131.8M | $192.7M |
| Net Profit | $12.5M | $25.8M |
| Gross Margin | 52.1% | 70.4% |
| Operating Margin | 18.0% | 18.0% |
| Net Margin | 9.5% | 13.4% |
| Revenue YoY | 19.3% | 12.7% |
| Net Profit YoY | 239.5% | 47.2% |
| EPS (diluted) | $0.13 | $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 | $131.8M | $192.7M | ||
| Q3 25 | $126.8M | $189.9M | ||
| Q2 25 | $123.1M | $187.4M | ||
| Q1 25 | $114.7M | $181.5M | ||
| Q4 24 | $110.4M | $170.9M | ||
| Q3 24 | $103.5M | $163.7M | ||
| Q2 24 | $97.0M | $153.6M | ||
| Q1 24 | $91.8M | $149.6M |
| Q4 25 | $12.5M | $25.8M | ||
| Q3 25 | $27.6M | $25.6M | ||
| Q2 25 | $16.7M | $19.7M | ||
| Q1 25 | $15.3M | $22.2M | ||
| Q4 24 | $3.7M | $17.6M | ||
| Q3 24 | $8.7M | $23.5M | ||
| Q2 24 | $7.6M | $18.0M | ||
| Q1 24 | $2.2M | $18.0M |
| Q4 25 | 52.1% | 70.4% | ||
| Q3 25 | 52.7% | 69.5% | ||
| Q2 25 | 53.8% | 68.1% | ||
| Q1 25 | 52.1% | 68.7% | ||
| Q4 24 | 48.9% | 67.5% | ||
| Q3 24 | 51.1% | 68.5% | ||
| Q2 24 | 49.0% | 66.1% | ||
| Q1 24 | 48.4% | 65.6% |
| Q4 25 | 18.0% | 18.0% | ||
| Q3 25 | 22.9% | 16.4% | ||
| Q2 25 | 22.2% | 14.1% | ||
| Q1 25 | 22.8% | 14.3% | ||
| Q4 24 | 19.2% | 14.5% | ||
| Q3 24 | 22.1% | 15.6% | ||
| Q2 24 | 22.9% | 15.1% | ||
| Q1 24 | 23.3% | 10.3% |
| Q4 25 | 9.5% | 13.4% | ||
| Q3 25 | 21.8% | 13.5% | ||
| Q2 25 | 13.6% | 10.5% | ||
| Q1 25 | 13.4% | 12.2% | ||
| Q4 24 | 3.3% | 10.3% | ||
| Q3 24 | 8.4% | 14.3% | ||
| Q2 24 | 7.9% | 11.7% | ||
| Q1 24 | 2.4% | 12.0% |
| Q4 25 | $0.13 | $0.69 | ||
| Q3 25 | $0.29 | $0.67 | ||
| Q2 25 | $0.17 | $0.52 | ||
| Q1 25 | $0.16 | $0.58 | ||
| Q4 24 | $-11023.48 | $0.46 | ||
| Q3 24 | $0.09 | $0.62 | ||
| Q2 24 | $0.09 | $0.48 | ||
| Q1 24 | $11023.54 | $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 | $84.8M | $151.4M |
| Total DebtLower is stronger | $715.7M | — |
| Stockholders' EquityBook value | $1.2B | $973.9M |
| Total Assets | $2.0B | $1.2B |
| Debt / EquityLower = less leverage | 0.61× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $84.8M | $151.4M | ||
| Q3 25 | $99.0M | $133.7M | ||
| Q2 25 | $103.3M | $107.6M | ||
| Q1 25 | $80.5M | $94.9M | ||
| Q4 24 | $54.1M | $241.0M | ||
| Q3 24 | $55.2M | $205.8M | ||
| Q2 24 | $73.2M | $271.8M | ||
| Q1 24 | $28.2M | $290.8M |
| Q4 25 | $715.7M | — | ||
| Q3 25 | $279.4M | — | ||
| Q2 25 | $277.7M | — | ||
| Q1 25 | $277.5M | — | ||
| Q4 24 | $277.3M | — | ||
| Q3 24 | $602.1M | — | ||
| Q2 24 | $250.7M | — | ||
| Q1 24 | $534.2M | — |
| Q4 25 | $1.2B | $973.9M | ||
| Q3 25 | $1.2B | $958.9M | ||
| Q2 25 | $1.1B | $949.8M | ||
| Q1 25 | $1.1B | $920.9M | ||
| Q4 24 | $1.1B | $854.7M | ||
| Q3 24 | $769.8M | $829.4M | ||
| Q2 24 | $758.4M | $703.4M | ||
| Q1 24 | $420.6M | $683.0M |
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $1.5B | $1.1B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.5B | $1.0B | ||
| Q2 24 | $1.1B | $854.5M | ||
| Q1 24 | $1.1B | $839.8M |
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.24× | — | ||
| Q2 25 | 0.25× | — | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 0.25× | — | ||
| Q3 24 | 0.78× | — | ||
| Q2 24 | 0.33× | — | ||
| Q1 24 | 1.27× | — |
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 | $30.4M | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | 2.43× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.4M | $45.9M | ||
| Q3 25 | $29.7M | $60.6M | ||
| Q2 25 | $23.8M | $32.3M | ||
| Q1 25 | $28.4M | $40.0M | ||
| Q4 24 | $20.7M | $40.6M | ||
| Q3 24 | $16.3M | $53.3M | ||
| Q2 24 | $7.1M | $29.4M | ||
| Q1 24 | $10.8M | $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 | 2.43× | 1.78× | ||
| Q3 25 | 1.08× | 2.37× | ||
| Q2 25 | 1.42× | 1.64× | ||
| Q1 25 | 1.85× | 1.80× | ||
| Q4 24 | 5.62× | 2.31× | ||
| Q3 24 | 1.89× | 2.27× | ||
| Q2 24 | 0.93× | 1.63× | ||
| Q1 24 | 4.81× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LOAR
| Other | $76.8M | 58% |
| Commercial Aerospace | $21.2M | 16% |
| Business Jet And General Aviation | $17.6M | 13% |
| Defense | $16.2M | 12% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
