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Side-by-side financial comparison of Origin Bancorp, Inc. (OBK) 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 $104.0M, roughly 1.9× Origin Bancorp, Inc.). Origin Bancorp, Inc. runs the higher net margin — 26.6% vs 13.4%, a 13.2% gap on every dollar of revenue. Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 3.9%).
Southern Bancorp is a community development financial institution headquartered in Arkadelphia, Arkansas. It was founded in 1986 as Southern Development Bancorporation, and is often referred to simply as "Southern".
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.
OBK vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.0M | $192.7M |
| Net Profit | $27.7M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | — | 18.0% |
| Net Margin | 26.6% | 13.4% |
| Revenue YoY | — | 12.7% |
| Net Profit YoY | — | 47.2% |
| EPS (diluted) | $0.89 | $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 | $104.0M | — | ||
| Q4 25 | $103.4M | $192.7M | ||
| Q3 25 | $109.8M | $189.9M | ||
| Q2 25 | $83.5M | $187.4M | ||
| Q1 25 | $94.1M | $181.5M | ||
| Q4 24 | $78.3M | $170.9M | ||
| Q3 24 | $90.8M | $163.7M | ||
| Q2 24 | $96.4M | $153.6M |
| Q1 26 | $27.7M | — | ||
| Q4 25 | $29.5M | $25.8M | ||
| Q3 25 | $8.6M | $25.6M | ||
| Q2 25 | $14.6M | $19.7M | ||
| Q1 25 | $22.4M | $22.2M | ||
| Q4 24 | $14.3M | $17.6M | ||
| Q3 24 | $18.6M | $23.5M | ||
| Q2 24 | $21.0M | $18.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 36.2% | 18.0% | ||
| Q3 25 | 10.0% | 16.4% | ||
| Q2 25 | 22.3% | 14.1% | ||
| Q1 25 | 30.4% | 14.3% | ||
| Q4 24 | 23.0% | 14.5% | ||
| Q3 24 | 26.1% | 15.6% | ||
| Q2 24 | 27.7% | 15.1% |
| Q1 26 | 26.6% | — | ||
| Q4 25 | 28.5% | 13.4% | ||
| Q3 25 | 7.9% | 13.5% | ||
| Q2 25 | 17.5% | 10.5% | ||
| Q1 25 | 23.8% | 12.2% | ||
| Q4 24 | 18.2% | 10.3% | ||
| Q3 24 | 20.5% | 14.3% | ||
| Q2 24 | 21.8% | 11.7% |
| Q1 26 | $0.89 | — | ||
| Q4 25 | $0.95 | $0.69 | ||
| Q3 25 | $0.27 | $0.67 | ||
| Q2 25 | $0.47 | $0.52 | ||
| Q1 25 | $0.71 | $0.58 | ||
| Q4 24 | $0.45 | $0.46 | ||
| Q3 24 | $0.60 | $0.62 | ||
| Q2 24 | $0.67 | $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 | $1.3B | $973.9M |
| Total Assets | $10.2B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $424.2M | $151.4M | ||
| Q3 25 | $626.9M | $133.7M | ||
| Q2 25 | $334.1M | $107.6M | ||
| Q1 25 | $486.2M | $94.9M | ||
| Q4 24 | $470.2M | $241.0M | ||
| Q3 24 | $321.2M | $205.8M | ||
| Q2 24 | $288.1M | $271.8M |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.2B | $973.9M | ||
| Q3 25 | $1.2B | $958.9M | ||
| Q2 25 | $1.2B | $949.8M | ||
| Q1 25 | $1.2B | $920.9M | ||
| Q4 24 | $1.1B | $854.7M | ||
| Q3 24 | $1.1B | $829.4M | ||
| Q2 24 | $1.1B | $703.4M |
| Q1 26 | $10.2B | — | ||
| Q4 25 | $9.7B | $1.2B | ||
| Q3 25 | $9.8B | $1.2B | ||
| Q2 25 | $9.7B | $1.1B | ||
| Q1 25 | $9.8B | $1.1B | ||
| Q4 24 | $9.7B | $1.0B | ||
| Q3 24 | $10.0B | $1.0B | ||
| Q2 24 | $9.9B | $854.5M |
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 | — | 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 | $158.9M | $45.9M | ||
| Q3 25 | $59.3M | $60.6M | ||
| Q2 25 | $20.6M | $32.3M | ||
| Q1 25 | $35.6M | $40.0M | ||
| Q4 24 | $108.5M | $40.6M | ||
| Q3 24 | $39.6M | $53.3M | ||
| Q2 24 | $11.9M | $29.4M |
| Q1 26 | — | — | ||
| Q4 25 | $151.1M | $38.2M | ||
| Q3 25 | $56.8M | $54.6M | ||
| Q2 25 | $19.6M | $25.7M | ||
| Q1 25 | $34.8M | $33.8M | ||
| Q4 24 | $86.4M | $34.3M | ||
| Q3 24 | $32.2M | $48.1M | ||
| Q2 24 | $6.5M | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | 146.0% | 19.8% | ||
| Q3 25 | 51.7% | 28.7% | ||
| Q2 25 | 23.5% | 13.7% | ||
| Q1 25 | 37.0% | 18.6% | ||
| Q4 24 | 110.3% | 20.1% | ||
| Q3 24 | 35.5% | 29.4% | ||
| Q2 24 | 6.8% | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | 4.0% | ||
| Q3 25 | 2.3% | 3.2% | ||
| Q2 25 | 1.2% | 3.6% | ||
| Q1 25 | 0.8% | 3.4% | ||
| Q4 24 | 28.1% | 3.6% | ||
| Q3 24 | 8.1% | 3.2% | ||
| Q2 24 | 5.6% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 5.38× | 1.78× | ||
| Q3 25 | 6.88× | 2.37× | ||
| Q2 25 | 1.41× | 1.64× | ||
| Q1 25 | 1.59× | 1.80× | ||
| Q4 24 | 7.60× | 2.31× | ||
| Q3 24 | 2.13× | 2.27× | ||
| Q2 24 | 0.57× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OBK
| Net Interest Income | $87.2M | 84% |
| Noninterest Income | $16.8M | 16% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
