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Side-by-side financial comparison of New Fortress Energy Inc. (NFE) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
New Fortress Energy Inc. is the larger business by last-quarter revenue ($326.2M vs $192.7M, roughly 1.7× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -259.7%, a 273.1% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -7.0%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-134.8M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -26.8%).
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
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.
NFE vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $326.2M | $192.7M |
| Net Profit | $-847.1M | $25.8M |
| Gross Margin | 35.5% | 70.4% |
| Operating Margin | -193.0% | 18.0% |
| Net Margin | -259.7% | 13.4% |
| Revenue YoY | -7.0% | 12.7% |
| Net Profit YoY | -277.4% | 47.2% |
| EPS (diluted) | $-3.03 | $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 | $326.2M | $192.7M | ||
| Q3 25 | $240.3M | $189.9M | ||
| Q2 25 | $228.1M | $187.4M | ||
| Q1 25 | $384.9M | $181.5M | ||
| Q4 24 | $350.7M | $170.9M | ||
| Q3 24 | $446.0M | $163.7M | ||
| Q2 24 | $291.2M | $153.6M | ||
| Q1 24 | $609.5M | $149.6M |
| Q4 25 | $-847.1M | $25.8M | ||
| Q3 25 | $-263.0M | $25.6M | ||
| Q2 25 | $-546.5M | $19.7M | ||
| Q1 25 | $-175.4M | $22.2M | ||
| Q4 24 | $-224.4M | $17.6M | ||
| Q3 24 | $9.3M | $23.5M | ||
| Q2 24 | $-88.9M | $18.0M | ||
| Q1 24 | $54.1M | $18.0M |
| Q4 25 | 35.5% | 70.4% | ||
| Q3 25 | 18.1% | 69.5% | ||
| Q2 25 | 8.4% | 68.1% | ||
| Q1 25 | 21.4% | 68.7% | ||
| Q4 24 | 17.6% | 67.5% | ||
| Q3 24 | 27.1% | 68.5% | ||
| Q2 24 | 23.8% | 66.1% | ||
| Q1 24 | 62.4% | 65.6% |
| Q4 25 | -193.0% | 18.0% | ||
| Q3 25 | -37.4% | 16.4% | ||
| Q2 25 | -170.3% | 14.1% | ||
| Q1 25 | -3.3% | 14.3% | ||
| Q4 24 | 65.0% | 14.5% | ||
| Q3 24 | 17.8% | 15.6% | ||
| Q2 24 | 12.3% | 15.1% | ||
| Q1 24 | 30.4% | 10.3% |
| Q4 25 | -259.7% | 13.4% | ||
| Q3 25 | -109.4% | 13.5% | ||
| Q2 25 | -239.6% | 10.5% | ||
| Q1 25 | -45.6% | 12.2% | ||
| Q4 24 | -64.0% | 10.3% | ||
| Q3 24 | 2.1% | 14.3% | ||
| Q2 24 | -30.5% | 11.7% | ||
| Q1 24 | 8.9% | 12.0% |
| Q4 25 | $-3.03 | $0.69 | ||
| Q3 25 | $-0.96 | $0.67 | ||
| Q2 25 | $-1.99 | $0.52 | ||
| Q1 25 | $-0.65 | $0.58 | ||
| Q4 24 | $-1.10 | $0.46 | ||
| Q3 24 | $0.03 | $0.62 | ||
| Q2 24 | $-0.42 | $0.48 | ||
| Q1 24 | $0.23 | $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 | $226.5M | $151.4M |
| Total DebtLower is stronger | $8.2B | — |
| Stockholders' EquityBook value | $182.6M | $973.9M |
| Total Assets | $10.6B | $1.2B |
| Debt / EquityLower = less leverage | 44.78× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $226.5M | $151.4M | ||
| Q3 25 | $145.2M | $133.7M | ||
| Q2 25 | $551.1M | $107.6M | ||
| Q1 25 | $447.9M | $94.9M | ||
| Q4 24 | $492.9M | $241.0M | ||
| Q3 24 | $90.8M | $205.8M | ||
| Q2 24 | $133.0M | $271.8M | ||
| Q1 24 | $143.5M | $290.8M |
| Q4 25 | $8.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.9B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $182.6M | $973.9M | ||
| Q3 25 | $1.1B | $958.9M | ||
| Q2 25 | $1.3B | $949.8M | ||
| Q1 25 | $1.8B | $920.9M | ||
| Q4 24 | $1.9B | $854.7M | ||
| Q3 24 | $1.6B | $829.4M | ||
| Q2 24 | $1.6B | $703.4M | ||
| Q1 24 | $1.7B | $683.0M |
| Q4 25 | $10.6B | $1.2B | ||
| Q3 25 | $12.0B | $1.2B | ||
| Q2 25 | $12.0B | $1.1B | ||
| Q1 25 | $13.1B | $1.1B | ||
| Q4 24 | $12.9B | $1.0B | ||
| Q3 24 | $12.0B | $1.0B | ||
| Q2 24 | $11.4B | $854.5M | ||
| Q1 24 | $10.9B | $839.8M |
| Q4 25 | 44.78× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.74× | — | ||
| Q3 24 | — | — | ||
| 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 | $-76.2M | $45.9M |
| Free Cash FlowOCF − Capex | $-134.8M | $38.2M |
| FCF MarginFCF / Revenue | -41.3% | 19.8% |
| Capex IntensityCapex / Revenue | 18.0% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-76.2M | $45.9M | ||
| Q3 25 | $-171.0M | $60.6M | ||
| Q2 25 | $-329.0M | $32.3M | ||
| Q1 25 | $-7.2M | $40.0M | ||
| Q4 24 | $445.3M | $40.6M | ||
| Q3 24 | $-20.0M | $53.3M | ||
| Q2 24 | $113.9M | $29.4M | ||
| Q1 24 | $63.0M | $34.1M |
| Q4 25 | $-134.8M | $38.2M | ||
| Q3 25 | $-231.6M | $54.6M | ||
| Q2 25 | $-726.7M | $25.7M | ||
| Q1 25 | $-262.3M | $33.8M | ||
| Q4 24 | $-210.3M | $34.3M | ||
| Q3 24 | $-367.0M | $48.1M | ||
| Q2 24 | $-493.2M | $24.4M | ||
| Q1 24 | $-457.9M | $30.5M |
| Q4 25 | -41.3% | 19.8% | ||
| Q3 25 | -96.4% | 28.7% | ||
| Q2 25 | -318.6% | 13.7% | ||
| Q1 25 | -68.2% | 18.6% | ||
| Q4 24 | -60.0% | 20.1% | ||
| Q3 24 | -82.3% | 29.4% | ||
| Q2 24 | -169.3% | 15.9% | ||
| Q1 24 | -75.1% | 20.4% |
| Q4 25 | 18.0% | 4.0% | ||
| Q3 25 | 25.2% | 3.2% | ||
| Q2 25 | 174.4% | 3.6% | ||
| Q1 25 | 66.3% | 3.4% | ||
| Q4 24 | 187.0% | 3.6% | ||
| Q3 24 | 77.8% | 3.2% | ||
| Q2 24 | 208.4% | 3.3% | ||
| Q1 24 | 85.5% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | -2.15× | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | 1.16× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NFE
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
