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Side-by-side financial comparison of MASIMO CORP (MASI) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
MASIMO CORP is the larger business by last-quarter revenue ($371.5M vs $192.7M, roughly 1.9× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -27.0%, a 40.4% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -26.4%). MASIMO CORP produced more free cash flow last quarter ($50.9M vs $38.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -17.7%).
Masimo Corporation is an American health technology and consumer electronics company headquartered in Irvine, California. The company develops patient monitoring devices, non-invasive sensors, and related software platforms used in hospital and home settings. Masimo has also operated in the consumer audio and wearable device markets.
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.
MASI vs SPSC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $371.5M | $192.7M |
| Net Profit | $-100.4M | $25.8M |
| Gross Margin | 62.1% | 70.4% |
| Operating Margin | 22.5% | 18.0% |
| Net Margin | -27.0% | 13.4% |
| Revenue YoY | -26.4% | 12.7% |
| Net Profit YoY | -1124.5% | 47.2% |
| EPS (diluted) | $-1.84 | $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 | — | $192.7M | ||
| Q3 25 | $371.5M | $189.9M | ||
| Q2 25 | $370.9M | $187.4M | ||
| Q1 25 | $372.0M | $181.5M | ||
| Q4 24 | $600.7M | $170.9M | ||
| Q3 24 | $504.6M | $163.7M | ||
| Q2 24 | $496.3M | $153.6M | ||
| Q1 24 | $492.8M | $149.6M |
| Q4 25 | — | $25.8M | ||
| Q3 25 | $-100.4M | $25.6M | ||
| Q2 25 | $51.3M | $19.7M | ||
| Q1 25 | $-170.7M | $22.2M | ||
| Q4 24 | $-349.6M | $17.6M | ||
| Q3 24 | $9.8M | $23.5M | ||
| Q2 24 | $16.0M | $18.0M | ||
| Q1 24 | $18.9M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | 62.1% | 69.5% | ||
| Q2 25 | 62.9% | 68.1% | ||
| Q1 25 | 62.9% | 68.7% | ||
| Q4 24 | 40.7% | 67.5% | ||
| Q3 24 | 52.2% | 68.5% | ||
| Q2 24 | 51.3% | 66.1% | ||
| Q1 24 | 49.0% | 65.6% |
| Q4 25 | — | 18.0% | ||
| Q3 25 | 22.5% | 16.4% | ||
| Q2 25 | 17.4% | 14.1% | ||
| Q1 25 | 21.0% | 14.3% | ||
| Q4 24 | -59.8% | 14.5% | ||
| Q3 24 | 6.0% | 15.6% | ||
| Q2 24 | 5.7% | 15.1% | ||
| Q1 24 | 6.9% | 10.3% |
| Q4 25 | — | 13.4% | ||
| Q3 25 | -27.0% | 13.5% | ||
| Q2 25 | 13.8% | 10.5% | ||
| Q1 25 | -45.9% | 12.2% | ||
| Q4 24 | -58.2% | 10.3% | ||
| Q3 24 | 1.9% | 14.3% | ||
| Q2 24 | 3.2% | 11.7% | ||
| Q1 24 | 3.8% | 12.0% |
| Q4 25 | — | $0.69 | ||
| Q3 25 | $-1.84 | $0.67 | ||
| Q2 25 | $0.94 | $0.52 | ||
| Q1 25 | $-3.12 | $0.58 | ||
| Q4 24 | $-6.54 | $0.46 | ||
| Q3 24 | $0.18 | $0.62 | ||
| Q2 24 | $0.29 | $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 | $312.3M | $151.4M |
| Total DebtLower is stronger | $559.1M | — |
| Stockholders' EquityBook value | $810.0M | $973.9M |
| Total Assets | $1.8B | $1.2B |
| Debt / EquityLower = less leverage | 0.69× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | $312.3M | $133.7M | ||
| Q2 25 | $149.6M | $107.6M | ||
| Q1 25 | $130.8M | $94.9M | ||
| Q4 24 | $177.6M | $241.0M | ||
| Q3 24 | $158.5M | $205.8M | ||
| Q2 24 | $129.6M | $271.8M | ||
| Q1 24 | $157.6M | $290.8M |
| Q4 25 | — | — | ||
| Q3 25 | $559.1M | — | ||
| Q2 25 | $613.7M | — | ||
| Q1 25 | $651.0M | — | ||
| Q4 24 | $765.2M | — | ||
| Q3 24 | $772.6M | — | ||
| Q2 24 | $781.6M | — | ||
| Q1 24 | $876.0M | — |
| Q4 25 | — | $973.9M | ||
| Q3 25 | $810.0M | $958.9M | ||
| Q2 25 | $1.0B | $949.8M | ||
| Q1 25 | $946.4M | $920.9M | ||
| Q4 24 | $1.1B | $854.7M | ||
| Q3 24 | $1.5B | $829.4M | ||
| Q2 24 | $1.4B | $703.4M | ||
| Q1 24 | $1.4B | $683.0M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $2.4B | $1.1B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.6B | $1.0B | ||
| Q3 24 | $3.1B | $1.0B | ||
| Q2 24 | $2.9B | $854.5M | ||
| Q1 24 | $3.0B | $839.8M |
| Q4 25 | — | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.59× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.53× | — | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.64× | — |
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 | $56.8M | $45.9M |
| Free Cash FlowOCF − Capex | $50.9M | $38.2M |
| FCF MarginFCF / Revenue | 13.7% | 19.8% |
| Capex IntensityCapex / Revenue | 1.6% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $191.0M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.9M | ||
| Q3 25 | $56.8M | $60.6M | ||
| Q2 25 | $69.4M | $32.3M | ||
| Q1 25 | $31.1M | $40.0M | ||
| Q4 24 | $50.5M | $40.6M | ||
| Q3 24 | $25.6M | $53.3M | ||
| Q2 24 | $74.5M | $29.4M | ||
| Q1 24 | $45.8M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | $50.9M | $54.6M | ||
| Q2 25 | $65.6M | $25.7M | ||
| Q1 25 | $28.5M | $33.8M | ||
| Q4 24 | $46.0M | $34.3M | ||
| Q3 24 | $16.9M | $48.1M | ||
| Q2 24 | $66.9M | $24.4M | ||
| Q1 24 | $37.6M | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | 13.7% | 28.7% | ||
| Q2 25 | 17.7% | 13.7% | ||
| Q1 25 | 7.7% | 18.6% | ||
| Q4 24 | 7.7% | 20.1% | ||
| Q3 24 | 3.3% | 29.4% | ||
| Q2 24 | 13.5% | 15.9% | ||
| Q1 24 | 7.6% | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | 1.6% | 3.2% | ||
| Q2 25 | 1.0% | 3.6% | ||
| Q1 25 | 0.7% | 3.4% | ||
| Q4 24 | 0.7% | 3.6% | ||
| Q3 24 | 1.7% | 3.2% | ||
| Q2 24 | 1.5% | 3.3% | ||
| Q1 24 | 1.7% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | 1.35× | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 2.61× | 2.27× | ||
| Q2 24 | 4.66× | 1.63× | ||
| Q1 24 | 2.42× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MASI
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
