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Side-by-side financial comparison of Marcus & Millichap, Inc. (MMI) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
Marcus & Millichap, Inc. is the larger business by last-quarter revenue ($243.9M vs $192.7M, roughly 1.3× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 5.5%, a 8.0% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 1.6%). Marcus & Millichap, Inc. produced more free cash flow last quarter ($43.9M vs $38.2M). Over the past eight quarters, Marcus & Millichap, Inc.'s revenue compounded faster (37.5% CAGR vs 13.5%).
Marcus & Millichap, Inc. is an American company that provides real estate brokerage, mortgage brokerage, research, and advisory services in the U.S. and Canada in the field of commercial property. It popularized the practice of listing properties exclusively with one brokerage firm. The company has over 1,800 employees in more than 80 offices across the U.S. and Canada.
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.
MMI vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $243.9M | $192.7M |
| Net Profit | $13.3M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 6.3% | 18.0% |
| Net Margin | 5.5% | 13.4% |
| Revenue YoY | 1.6% | 12.7% |
| Net Profit YoY | 55.7% | 47.2% |
| EPS (diluted) | $0.33 | $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 | $243.9M | $192.7M | ||
| Q3 25 | $193.9M | $189.9M | ||
| Q2 25 | $172.3M | $187.4M | ||
| Q1 25 | $145.0M | $181.5M | ||
| Q4 24 | $240.1M | $170.9M | ||
| Q3 24 | $168.5M | $163.7M | ||
| Q2 24 | $158.4M | $153.6M | ||
| Q1 24 | $129.1M | $149.6M |
| Q4 25 | $13.3M | $25.8M | ||
| Q3 25 | $240.0K | $25.6M | ||
| Q2 25 | $-11.0M | $19.7M | ||
| Q1 25 | $-4.4M | $22.2M | ||
| Q4 24 | $8.5M | $17.6M | ||
| Q3 24 | $-5.4M | $23.5M | ||
| Q2 24 | $-5.5M | $18.0M | ||
| Q1 24 | $-10.0M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | 6.3% | 18.0% | ||
| Q3 25 | -1.2% | 16.4% | ||
| Q2 25 | -5.3% | 14.1% | ||
| Q1 25 | -12.2% | 14.3% | ||
| Q4 24 | 2.8% | 14.5% | ||
| Q3 24 | -6.8% | 15.6% | ||
| Q2 24 | -5.1% | 15.1% | ||
| Q1 24 | -15.6% | 10.3% |
| Q4 25 | 5.5% | 13.4% | ||
| Q3 25 | 0.1% | 13.5% | ||
| Q2 25 | -6.4% | 10.5% | ||
| Q1 25 | -3.0% | 12.2% | ||
| Q4 24 | 3.6% | 10.3% | ||
| Q3 24 | -3.2% | 14.3% | ||
| Q2 24 | -3.5% | 11.7% | ||
| Q1 24 | -7.7% | 12.0% |
| Q4 25 | $0.33 | $0.69 | ||
| Q3 25 | $0.01 | $0.67 | ||
| Q2 25 | $-0.28 | $0.52 | ||
| Q1 25 | $-0.11 | $0.58 | ||
| Q4 24 | $0.22 | $0.46 | ||
| Q3 24 | $-0.14 | $0.62 | ||
| Q2 24 | $-0.14 | $0.48 | ||
| Q1 24 | $-0.26 | $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 | — | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $603.1M | $973.9M |
| Total Assets | $827.2M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | — | $133.7M | ||
| Q2 25 | — | $107.6M | ||
| Q1 25 | — | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | — | $205.8M | ||
| Q2 24 | — | $271.8M | ||
| Q1 24 | — | $290.8M |
| Q4 25 | $603.1M | $973.9M | ||
| Q3 25 | $602.2M | $958.9M | ||
| Q2 25 | $607.8M | $949.8M | ||
| Q1 25 | $617.6M | $920.9M | ||
| Q4 24 | $630.8M | $854.7M | ||
| Q3 24 | $617.7M | $829.4M | ||
| Q2 24 | $626.7M | $703.4M | ||
| Q1 24 | $625.6M | $683.0M |
| Q4 25 | $827.2M | $1.2B | ||
| Q3 25 | $812.5M | $1.2B | ||
| Q2 25 | $792.2M | $1.1B | ||
| Q1 25 | $802.0M | $1.1B | ||
| Q4 24 | $869.8M | $1.0B | ||
| Q3 24 | $833.7M | $1.0B | ||
| Q2 24 | $825.4M | $854.5M | ||
| Q1 24 | $826.7M | $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 | $46.3M | $45.9M |
| Free Cash FlowOCF − Capex | $43.9M | $38.2M |
| FCF MarginFCF / Revenue | 18.0% | 19.8% |
| Capex IntensityCapex / Revenue | 1.0% | 4.0% |
| Cash ConversionOCF / Net Profit | 3.48× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $58.8M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $46.3M | $45.9M | ||
| Q3 25 | $52.2M | $60.6M | ||
| Q2 25 | $21.0M | $32.3M | ||
| Q1 25 | $-52.8M | $40.0M | ||
| Q4 24 | $56.7M | $40.6M | ||
| Q3 24 | $15.2M | $53.3M | ||
| Q2 24 | $851.0K | $29.4M | ||
| Q1 24 | $-51.0M | $34.1M |
| Q4 25 | $43.9M | $38.2M | ||
| Q3 25 | $50.0M | $54.6M | ||
| Q2 25 | $19.3M | $25.7M | ||
| Q1 25 | $-54.3M | $33.8M | ||
| Q4 24 | $55.1M | $34.3M | ||
| Q3 24 | $13.2M | $48.1M | ||
| Q2 24 | $-806.0K | $24.4M | ||
| Q1 24 | $-53.7M | $30.5M |
| Q4 25 | 18.0% | 19.8% | ||
| Q3 25 | 25.8% | 28.7% | ||
| Q2 25 | 11.2% | 13.7% | ||
| Q1 25 | -37.5% | 18.6% | ||
| Q4 24 | 23.0% | 20.1% | ||
| Q3 24 | 7.8% | 29.4% | ||
| Q2 24 | -0.5% | 15.9% | ||
| Q1 24 | -41.6% | 20.4% |
| Q4 25 | 1.0% | 4.0% | ||
| Q3 25 | 1.2% | 3.2% | ||
| Q2 25 | 1.0% | 3.6% | ||
| Q1 25 | 1.0% | 3.4% | ||
| Q4 24 | 0.6% | 3.6% | ||
| Q3 24 | 1.2% | 3.2% | ||
| Q2 24 | 1.0% | 3.3% | ||
| Q1 24 | 2.0% | 2.4% |
| Q4 25 | 3.48× | 1.78× | ||
| Q3 25 | 217.54× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | 6.63× | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
