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Side-by-side financial comparison of Nutex Health, Inc. (NUTX) 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 $151.7M, roughly 1.3× Nutex Health, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs 7.8%, a 5.6% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -41.1%). Nutex Health, Inc. produced more free cash flow last quarter ($69.0M vs $38.2M). Over the past eight quarters, Nutex Health, Inc.'s revenue compounded faster (50.0% CAGR vs 13.5%).
Nutex Health Inc. is an American for-profit health care company and operator of healthcare facilities headquartered in Houston, Texas.
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.
NUTX vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $151.7M | $192.7M |
| Net Profit | $11.8M | $25.8M |
| Gross Margin | 30.4% | 70.4% |
| Operating Margin | 20.4% | 18.0% |
| Net Margin | 7.8% | 13.4% |
| Revenue YoY | -41.1% | 12.7% |
| Net Profit YoY | -80.8% | 47.2% |
| EPS (diluted) | $2.34 | $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 | $151.7M | $192.7M | ||
| Q3 25 | $267.8M | $189.9M | ||
| Q2 25 | $244.0M | $187.4M | ||
| Q1 25 | $211.8M | $181.5M | ||
| Q4 24 | $257.6M | $170.9M | ||
| Q3 24 | $78.8M | $163.7M | ||
| Q2 24 | $76.1M | $153.6M | ||
| Q1 24 | $67.5M | $149.6M |
| Q4 25 | $11.8M | $25.8M | ||
| Q3 25 | $55.4M | $25.6M | ||
| Q2 25 | $-17.7M | $19.7M | ||
| Q1 25 | $21.2M | $22.2M | ||
| Q4 24 | $61.6M | $17.6M | ||
| Q3 24 | $-8.8M | $23.5M | ||
| Q2 24 | $-364.0K | $18.0M | ||
| Q1 24 | $-364.0K | $18.0M |
| Q4 25 | 30.4% | 70.4% | ||
| Q3 25 | 57.8% | 69.5% | ||
| Q2 25 | 51.2% | 68.1% | ||
| Q1 25 | 55.9% | 68.7% | ||
| Q4 24 | 55.0% | 67.5% | ||
| Q3 24 | 27.8% | 68.5% | ||
| Q2 24 | 29.7% | 66.1% | ||
| Q1 24 | 15.1% | 65.6% |
| Q4 25 | 20.4% | 18.0% | ||
| Q3 25 | 48.7% | 16.4% | ||
| Q2 25 | 13.8% | 14.1% | ||
| Q1 25 | 38.1% | 14.3% | ||
| Q4 24 | 44.4% | 14.5% | ||
| Q3 24 | 12.3% | 15.6% | ||
| Q2 24 | 7.0% | 15.1% | ||
| Q1 24 | 2.1% | 10.3% |
| Q4 25 | 7.8% | 13.4% | ||
| Q3 25 | 20.7% | 13.5% | ||
| Q2 25 | -7.3% | 10.5% | ||
| Q1 25 | 10.0% | 12.2% | ||
| Q4 24 | 23.9% | 10.3% | ||
| Q3 24 | -11.2% | 14.3% | ||
| Q2 24 | -0.5% | 11.7% | ||
| Q1 24 | -0.5% | 12.0% |
| Q4 25 | $2.34 | $0.69 | ||
| Q3 25 | $7.76 | $0.67 | ||
| Q2 25 | $-2.95 | $0.52 | ||
| Q1 25 | $3.33 | $0.58 | ||
| Q4 24 | $11.56 | $0.46 | ||
| Q3 24 | $-1.72 | $0.62 | ||
| Q2 24 | $-0.07 | $0.48 | ||
| Q1 24 | $-0.08 | $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 | $185.6M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $329.4M | $973.9M |
| Total Assets | $918.5M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $185.6M | $151.4M | ||
| Q3 25 | $166.0M | $133.7M | ||
| Q2 25 | $96.7M | $107.6M | ||
| Q1 25 | $84.7M | $94.9M | ||
| Q4 24 | $40.6M | $241.0M | ||
| Q3 24 | $46.9M | $205.8M | ||
| Q2 24 | $40.8M | $271.8M | ||
| Q1 24 | $30.0M | $290.8M |
| Q4 25 | $329.4M | $973.9M | ||
| Q3 25 | $317.2M | $958.9M | ||
| Q2 25 | $235.3M | $949.8M | ||
| Q1 25 | $176.9M | $920.9M | ||
| Q4 24 | $132.4M | $854.7M | ||
| Q3 24 | $60.4M | $829.4M | ||
| Q2 24 | $62.7M | $703.4M | ||
| Q1 24 | $63.0M | $683.0M |
| Q4 25 | $918.5M | $1.2B | ||
| Q3 25 | $964.5M | $1.2B | ||
| Q2 25 | $841.0M | $1.1B | ||
| Q1 25 | $761.9M | $1.1B | ||
| Q4 24 | $655.3M | $1.0B | ||
| Q3 24 | $438.5M | $1.0B | ||
| Q2 24 | $422.4M | $854.5M | ||
| Q1 24 | $404.3M | $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 | $70.4M | $45.9M |
| Free Cash FlowOCF − Capex | $69.0M | $38.2M |
| FCF MarginFCF / Revenue | 45.5% | 19.8% |
| Capex IntensityCapex / Revenue | 0.9% | 4.0% |
| Cash ConversionOCF / Net Profit | 5.95× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $245.6M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.4M | $45.9M | ||
| Q3 25 | $99.5M | $60.6M | ||
| Q2 25 | $27.3M | $32.3M | ||
| Q1 25 | $51.0M | $40.0M | ||
| Q4 24 | $54.0K | $40.6M | ||
| Q3 24 | $6.8M | $53.3M | ||
| Q2 24 | $13.3M | $29.4M | ||
| Q1 24 | $3.1M | $34.1M |
| Q4 25 | $69.0M | $38.2M | ||
| Q3 25 | $99.2M | $54.6M | ||
| Q2 25 | $26.5M | $25.7M | ||
| Q1 25 | $50.9M | $33.8M | ||
| Q4 24 | $-341.0K | $34.3M | ||
| Q3 24 | $6.2M | $48.1M | ||
| Q2 24 | $12.7M | $24.4M | ||
| Q1 24 | $2.3M | $30.5M |
| Q4 25 | 45.5% | 19.8% | ||
| Q3 25 | 37.0% | 28.7% | ||
| Q2 25 | 10.9% | 13.7% | ||
| Q1 25 | 24.0% | 18.6% | ||
| Q4 24 | -0.1% | 20.1% | ||
| Q3 24 | 7.8% | 29.4% | ||
| Q2 24 | 16.7% | 15.9% | ||
| Q1 24 | 3.4% | 20.4% |
| Q4 25 | 0.9% | 4.0% | ||
| Q3 25 | 0.1% | 3.2% | ||
| Q2 25 | 0.3% | 3.6% | ||
| Q1 25 | 0.0% | 3.4% | ||
| Q4 24 | 0.2% | 3.6% | ||
| Q3 24 | 0.8% | 3.2% | ||
| Q2 24 | 0.7% | 3.3% | ||
| Q1 24 | 1.1% | 2.4% |
| Q4 25 | 5.95× | 1.78× | ||
| Q3 25 | 1.80× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | 2.40× | 1.80× | ||
| Q4 24 | 0.00× | 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
NUTX
| Hospital Division | $143.7M | 95% |
| Population Health Management Division | $8.0M | 5% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
