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Side-by-side financial comparison of Metallus Inc. (MTUS) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
Metallus Inc. is the larger business by last-quarter revenue ($308.3M vs $192.7M, roughly 1.6× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 1.8%, a 11.7% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 9.9%). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 2.3%).
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.
MTUS vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $308.3M | $192.7M |
| Net Profit | $5.4M | $25.8M |
| Gross Margin | 8.1% | 70.4% |
| Operating Margin | — | 18.0% |
| Net Margin | 1.8% | 13.4% |
| Revenue YoY | 9.9% | 12.7% |
| Net Profit YoY | 315.4% | 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.
| Q1 26 | $308.3M | — | ||
| Q4 25 | $267.3M | $192.7M | ||
| Q3 25 | $305.9M | $189.9M | ||
| Q2 25 | $304.6M | $187.4M | ||
| Q1 25 | $280.5M | $181.5M | ||
| Q4 24 | $240.5M | $170.9M | ||
| Q3 24 | $227.2M | $163.7M | ||
| Q2 24 | $294.7M | $153.6M |
| Q1 26 | $5.4M | — | ||
| Q4 25 | $-14.3M | $25.8M | ||
| Q3 25 | $8.1M | $25.6M | ||
| Q2 25 | $3.7M | $19.7M | ||
| Q1 25 | $1.3M | $22.2M | ||
| Q4 24 | $-21.4M | $17.6M | ||
| Q3 24 | $-5.9M | $23.5M | ||
| Q2 24 | $4.6M | $18.0M |
| Q1 26 | 8.1% | — | ||
| Q4 25 | 2.2% | 70.4% | ||
| Q3 25 | 11.4% | 69.5% | ||
| Q2 25 | 10.6% | 68.1% | ||
| Q1 25 | 7.8% | 68.7% | ||
| Q4 24 | 4.5% | 67.5% | ||
| Q3 24 | 5.3% | 68.5% | ||
| Q2 24 | 8.2% | 66.1% |
| Q1 26 | — | — | ||
| Q4 25 | -7.7% | 18.0% | ||
| Q3 25 | 3.6% | 16.4% | ||
| Q2 25 | 2.8% | 14.1% | ||
| Q1 25 | 1.0% | 14.3% | ||
| Q4 24 | -10.1% | 14.5% | ||
| Q3 24 | -3.1% | 15.6% | ||
| Q2 24 | 2.1% | 15.1% |
| Q1 26 | 1.8% | — | ||
| Q4 25 | -5.3% | 13.4% | ||
| Q3 25 | 2.6% | 13.5% | ||
| Q2 25 | 1.2% | 10.5% | ||
| Q1 25 | 0.5% | 12.2% | ||
| Q4 24 | -8.9% | 10.3% | ||
| Q3 24 | -2.6% | 14.3% | ||
| Q2 24 | 1.6% | 11.7% |
| Q1 26 | $0.13 | — | ||
| Q4 25 | $-0.34 | $0.69 | ||
| Q3 25 | $0.19 | $0.67 | ||
| Q2 25 | $0.09 | $0.52 | ||
| Q1 25 | $0.03 | $0.58 | ||
| Q4 24 | $-0.46 | $0.46 | ||
| Q3 24 | $-0.13 | $0.62 | ||
| Q2 24 | $0.10 | $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 | $104.0M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $683.0M | $973.9M |
| Total Assets | $1.1B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $104.0M | — | ||
| Q4 25 | $156.7M | $151.4M | ||
| Q3 25 | $191.5M | $133.7M | ||
| Q2 25 | $190.8M | $107.6M | ||
| Q1 25 | $180.3M | $94.9M | ||
| Q4 24 | $240.7M | $241.0M | ||
| Q3 24 | $254.6M | $205.8M | ||
| Q2 24 | $272.8M | $271.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $0 | — | ||
| Q2 25 | $0 | — | ||
| Q1 25 | $5.4M | — | ||
| Q4 24 | $5.4M | — | ||
| Q3 24 | $13.2M | — | ||
| Q2 24 | $13.2M | — |
| Q1 26 | $683.0M | — | ||
| Q4 25 | $686.0M | $973.9M | ||
| Q3 25 | $697.7M | $958.9M | ||
| Q2 25 | $690.0M | $949.8M | ||
| Q1 25 | $686.1M | $920.9M | ||
| Q4 24 | $690.5M | $854.7M | ||
| Q3 24 | $712.7M | $829.4M | ||
| Q2 24 | $736.3M | $703.4M |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $1.1B | $854.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 0.01× | — | ||
| Q3 24 | 0.02× | — | ||
| Q2 24 | 0.02× | — |
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 | — | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | 0.0% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-1.9M | $45.9M | ||
| Q3 25 | $22.0M | $60.6M | ||
| Q2 25 | $34.8M | $32.3M | ||
| Q1 25 | $-38.9M | $40.0M | ||
| Q4 24 | $13.9M | $40.6M | ||
| Q3 24 | $-15.3M | $53.3M | ||
| Q2 24 | $8.3M | $29.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-37.2M | $38.2M | ||
| Q3 25 | $-6.4M | $54.6M | ||
| Q2 25 | $17.0M | $25.7M | ||
| Q1 25 | $-66.4M | $33.8M | ||
| Q4 24 | $-1.3M | $34.3M | ||
| Q3 24 | $-32.9M | $48.1M | ||
| Q2 24 | $-5.8M | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | -13.9% | 19.8% | ||
| Q3 25 | -2.1% | 28.7% | ||
| Q2 25 | 5.6% | 13.7% | ||
| Q1 25 | -23.7% | 18.6% | ||
| Q4 24 | -0.5% | 20.1% | ||
| Q3 24 | -14.5% | 29.4% | ||
| Q2 24 | -2.0% | 15.9% |
| Q1 26 | 0.0% | — | ||
| Q4 25 | 13.2% | 4.0% | ||
| Q3 25 | 9.3% | 3.2% | ||
| Q2 25 | 5.8% | 3.6% | ||
| Q1 25 | 9.8% | 3.4% | ||
| Q4 24 | 6.3% | 3.6% | ||
| Q3 24 | 7.7% | 3.2% | ||
| Q2 24 | 4.8% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.78× | ||
| Q3 25 | 2.72× | 2.37× | ||
| Q2 25 | 9.41× | 1.64× | ||
| Q1 25 | -29.92× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | 1.80× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MTUS
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
