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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) 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 $134.3M, roughly 1.4× Mayville Engineering Company, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -3.2%, a 16.7% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 10.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $10.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -8.8%).
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
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.
MEC vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $192.7M |
| Net Profit | $-4.4M | $25.8M |
| Gross Margin | 6.8% | 70.4% |
| Operating Margin | -4.1% | 18.0% |
| Net Margin | -3.2% | 13.4% |
| Revenue YoY | 10.7% | 12.7% |
| Net Profit YoY | -127.3% | 47.2% |
| EPS (diluted) | $-0.22 | $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 | $134.3M | $192.7M | ||
| Q3 25 | $144.3M | $189.9M | ||
| Q2 25 | $132.3M | $187.4M | ||
| Q1 25 | $135.6M | $181.5M | ||
| Q4 24 | $121.3M | $170.9M | ||
| Q3 24 | $135.4M | $163.7M | ||
| Q2 24 | $163.6M | $153.6M | ||
| Q1 24 | $161.3M | $149.6M |
| Q4 25 | $-4.4M | $25.8M | ||
| Q3 25 | $-2.7M | $25.6M | ||
| Q2 25 | $-1.1M | $19.7M | ||
| Q1 25 | $20.0K | $22.2M | ||
| Q4 24 | $16.0M | $17.6M | ||
| Q3 24 | $3.0M | $23.5M | ||
| Q2 24 | $3.8M | $18.0M | ||
| Q1 24 | $3.2M | $18.0M |
| Q4 25 | 6.8% | 70.4% | ||
| Q3 25 | 11.0% | 69.5% | ||
| Q2 25 | 10.3% | 68.1% | ||
| Q1 25 | 11.3% | 68.7% | ||
| Q4 24 | 8.9% | 67.5% | ||
| Q3 24 | 12.6% | 68.5% | ||
| Q2 24 | 13.6% | 66.1% | ||
| Q1 24 | 13.0% | 65.6% |
| Q4 25 | -4.1% | 18.0% | ||
| Q3 25 | 0.0% | 16.4% | ||
| Q2 25 | 0.1% | 14.1% | ||
| Q1 25 | 1.2% | 14.3% | ||
| Q4 24 | 19.0% | 14.5% | ||
| Q3 24 | 4.2% | 15.6% | ||
| Q2 24 | 5.0% | 15.1% | ||
| Q1 24 | 4.7% | 10.3% |
| Q4 25 | -3.2% | 13.4% | ||
| Q3 25 | -1.9% | 13.5% | ||
| Q2 25 | -0.8% | 10.5% | ||
| Q1 25 | 0.0% | 12.2% | ||
| Q4 24 | 13.2% | 10.3% | ||
| Q3 24 | 2.2% | 14.3% | ||
| Q2 24 | 2.3% | 11.7% | ||
| Q1 24 | 2.0% | 12.0% |
| Q4 25 | $-0.22 | $0.69 | ||
| Q3 25 | $-0.13 | $0.67 | ||
| Q2 25 | $-0.05 | $0.52 | ||
| Q1 25 | $0.00 | $0.58 | ||
| Q4 24 | $0.76 | $0.46 | ||
| Q3 24 | $0.14 | $0.62 | ||
| Q2 24 | $0.18 | $0.48 | ||
| Q1 24 | $0.16 | $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 | $1.5M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $240.7M | $973.9M |
| Total Assets | $563.6M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $151.4M | ||
| Q3 25 | $1.2M | $133.7M | ||
| Q2 25 | $206.0K | $107.6M | ||
| Q1 25 | $183.0K | $94.9M | ||
| Q4 24 | $206.0K | $241.0M | ||
| Q3 24 | $178.0K | $205.8M | ||
| Q2 24 | $314.0K | $271.8M | ||
| Q1 24 | $314.0K | $290.8M |
| Q4 25 | $240.7M | $973.9M | ||
| Q3 25 | $244.8M | $958.9M | ||
| Q2 25 | $246.8M | $949.8M | ||
| Q1 25 | $250.0M | $920.9M | ||
| Q4 24 | $251.8M | $854.7M | ||
| Q3 24 | $238.4M | $829.4M | ||
| Q2 24 | $238.1M | $703.4M | ||
| Q1 24 | $234.0M | $683.0M |
| Q4 25 | $563.6M | $1.2B | ||
| Q3 25 | $585.6M | $1.2B | ||
| Q2 25 | $433.7M | $1.1B | ||
| Q1 25 | $447.7M | $1.1B | ||
| Q4 24 | $445.6M | $1.0B | ||
| Q3 24 | $466.0M | $1.0B | ||
| Q2 24 | $488.2M | $854.5M | ||
| Q1 24 | $499.9M | $839.8M |
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 | $13.4M | $45.9M |
| Free Cash FlowOCF − Capex | $10.2M | $38.2M |
| FCF MarginFCF / Revenue | 7.6% | 19.8% |
| Capex IntensityCapex / Revenue | 2.4% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | $45.9M | ||
| Q3 25 | $1.9M | $60.6M | ||
| Q2 25 | $15.0M | $32.3M | ||
| Q1 25 | $8.3M | $40.0M | ||
| Q4 24 | $38.0M | $40.6M | ||
| Q3 24 | $17.9M | $53.3M | ||
| Q2 24 | $23.3M | $29.4M | ||
| Q1 24 | $10.6M | $34.1M |
| Q4 25 | $10.2M | $38.2M | ||
| Q3 25 | $-1.1M | $54.6M | ||
| Q2 25 | $12.5M | $25.7M | ||
| Q1 25 | $5.4M | $33.8M | ||
| Q4 24 | $35.6M | $34.3M | ||
| Q3 24 | $15.1M | $48.1M | ||
| Q2 24 | $19.2M | $24.4M | ||
| Q1 24 | $7.8M | $30.5M |
| Q4 25 | 7.6% | 19.8% | ||
| Q3 25 | -0.8% | 28.7% | ||
| Q2 25 | 9.5% | 13.7% | ||
| Q1 25 | 4.0% | 18.6% | ||
| Q4 24 | 29.4% | 20.1% | ||
| Q3 24 | 11.1% | 29.4% | ||
| Q2 24 | 11.7% | 15.9% | ||
| Q1 24 | 4.9% | 20.4% |
| Q4 25 | 2.4% | 4.0% | ||
| Q3 25 | 2.1% | 3.2% | ||
| Q2 25 | 1.8% | 3.6% | ||
| Q1 25 | 2.2% | 3.4% | ||
| Q4 24 | 1.9% | 3.6% | ||
| Q3 24 | 2.1% | 3.2% | ||
| Q2 24 | 2.5% | 3.3% | ||
| Q1 24 | 1.7% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | 416.65× | 1.80× | ||
| Q4 24 | 2.38× | 2.31× | ||
| Q3 24 | 6.03× | 2.27× | ||
| Q2 24 | 6.15× | 1.63× | ||
| Q1 24 | 3.28× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
