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Side-by-side financial comparison of MARA Holdings, Inc. (MARA) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
MARA Holdings, Inc. is the larger business by last-quarter revenue ($202.3M vs $192.7M, roughly 1.1× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -14298.3%, a 14311.7% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -5.6%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-1.2B). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 10.7%).
MARA Holdings, Inc. is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
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.
MARA vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.3M | $192.7M |
| Net Profit | $-1.7B | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -11795.9% | 18.0% |
| Net Margin | -14298.3% | 13.4% |
| Revenue YoY | -5.6% | 12.7% |
| Net Profit YoY | -423.5% | 47.2% |
| EPS (diluted) | $-4.25 | $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 | $202.3M | $192.7M | ||
| Q3 25 | $252.4M | $189.9M | ||
| Q2 25 | $238.5M | $187.4M | ||
| Q1 25 | $213.9M | $181.5M | ||
| Q4 24 | $214.4M | $170.9M | ||
| Q3 24 | $131.6M | $163.7M | ||
| Q2 24 | $145.1M | $153.6M | ||
| Q1 24 | $165.2M | $149.6M |
| Q4 25 | $-1.7B | $25.8M | ||
| Q3 25 | $123.1M | $25.6M | ||
| Q2 25 | $808.2M | $19.7M | ||
| Q1 25 | $-533.4M | $22.2M | ||
| Q4 24 | $528.5M | $17.6M | ||
| Q3 24 | $-124.8M | $23.5M | ||
| Q2 24 | $-199.7M | $18.0M | ||
| Q1 24 | $337.2M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | -2613.4% | 67.5% | ||
| Q3 24 | -1065.0% | 68.5% | ||
| Q2 24 | -587.6% | 66.1% | ||
| Q1 24 | -289.4% | 65.6% |
| Q4 25 | -11795.9% | 18.0% | ||
| Q3 25 | 18.9% | 16.4% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | -253.0% | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | -130.8% | 15.6% | ||
| Q2 24 | -160.1% | 15.1% | ||
| Q1 24 | — | 10.3% |
| Q4 25 | -14298.3% | 13.4% | ||
| Q3 25 | 48.8% | 13.5% | ||
| Q2 25 | 338.9% | 10.5% | ||
| Q1 25 | -249.4% | 12.2% | ||
| Q4 24 | 5367.4% | 10.3% | ||
| Q3 24 | -94.8% | 14.3% | ||
| Q2 24 | -137.6% | 11.7% | ||
| Q1 24 | 204.1% | 12.0% |
| Q4 25 | $-4.25 | $0.69 | ||
| Q3 25 | $0.27 | $0.67 | ||
| Q2 25 | $1.84 | $0.52 | ||
| Q1 25 | $-1.55 | $0.58 | ||
| Q4 24 | $1.60 | $0.46 | ||
| Q3 24 | $-0.42 | $0.62 | ||
| Q2 24 | $-0.72 | $0.48 | ||
| Q1 24 | $1.26 | $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 | $547.1M | $151.4M |
| Total DebtLower is stronger | $3.6B | — |
| Stockholders' EquityBook value | $3.5B | $973.9M |
| Total Assets | $7.3B | $1.2B |
| Debt / EquityLower = less leverage | 1.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $547.1M | $151.4M | ||
| Q3 25 | $826.4M | $133.7M | ||
| Q2 25 | $109.5M | $107.6M | ||
| Q1 25 | $196.2M | $94.9M | ||
| Q4 24 | $391.8M | $241.0M | ||
| Q3 24 | $164.3M | $205.8M | ||
| Q2 24 | $256.0M | $271.8M | ||
| Q1 24 | $324.3M | $290.8M |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $618.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.5B | $973.9M | ||
| Q3 25 | $5.2B | $958.9M | ||
| Q2 25 | $4.8B | $949.8M | ||
| Q1 25 | $3.7B | $920.9M | ||
| Q4 24 | $4.1B | $854.7M | ||
| Q3 24 | $2.9B | $829.4M | ||
| Q2 24 | $2.6B | $703.4M | ||
| Q1 24 | $2.5B | $683.0M |
| Q4 25 | $7.3B | $1.2B | ||
| Q3 25 | $9.2B | $1.2B | ||
| Q2 25 | $7.7B | $1.1B | ||
| Q1 25 | $6.4B | $1.1B | ||
| Q4 24 | $6.8B | $1.0B | ||
| Q3 24 | $3.6B | $1.0B | ||
| Q2 24 | $3.1B | $854.5M | ||
| Q1 24 | $3.0B | $839.8M |
| Q4 25 | 1.04× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.22× | — | ||
| 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 | $-802.7M | $45.9M |
| Free Cash FlowOCF − Capex | $-1.2B | $38.2M |
| FCF MarginFCF / Revenue | -598.0% | 19.8% |
| Capex IntensityCapex / Revenue | 201.2% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-2.0B | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-802.7M | $45.9M | ||
| Q3 25 | $-199.0M | $60.6M | ||
| Q2 25 | $-163.4M | $32.3M | ||
| Q1 25 | $-215.5M | $40.0M | ||
| Q4 24 | $-677.0M | $40.6M | ||
| Q3 24 | $-160.1M | $53.3M | ||
| Q2 24 | $-115.2M | $29.4M | ||
| Q1 24 | $-88.3M | $34.1M |
| Q4 25 | $-1.2B | $38.2M | ||
| Q3 25 | $-283.9M | $54.6M | ||
| Q2 25 | $-282.4M | $25.7M | ||
| Q1 25 | $-254.3M | $33.8M | ||
| Q4 24 | $-927.8M | $34.3M | ||
| Q3 24 | $-198.1M | $48.1M | ||
| Q2 24 | $-132.4M | $24.4M | ||
| Q1 24 | $-97.4M | $30.5M |
| Q4 25 | -598.0% | 19.8% | ||
| Q3 25 | -112.5% | 28.7% | ||
| Q2 25 | -118.4% | 13.7% | ||
| Q1 25 | -118.9% | 18.6% | ||
| Q4 24 | -432.8% | 20.1% | ||
| Q3 24 | -150.5% | 29.4% | ||
| Q2 24 | -91.2% | 15.9% | ||
| Q1 24 | -59.0% | 20.4% |
| Q4 25 | 201.2% | 4.0% | ||
| Q3 25 | 33.6% | 3.2% | ||
| Q2 25 | 49.9% | 3.6% | ||
| Q1 25 | 18.2% | 3.4% | ||
| Q4 24 | 117.0% | 3.6% | ||
| Q3 24 | 28.9% | 3.2% | ||
| Q2 24 | 11.9% | 3.3% | ||
| Q1 24 | 5.5% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | -1.62× | 2.37× | ||
| Q2 25 | -0.20× | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | -1.28× | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | -0.26× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MARA
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
