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Side-by-side financial comparison of ONTO INNOVATION INC. (ONTO) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
ONTO INNOVATION INC. is the larger business by last-quarter revenue ($218.2M vs $192.7M, roughly 1.1× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 12.9%, a 0.5% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -13.5%). ONTO INNOVATION INC. produced more free cash flow last quarter ($82.0M vs $38.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 2.6%).
Onto Innovation Inc. is an American semiconductor company formed in 2019 from the merger of Rudolph Technologies, Inc. and Nanometrics Incorporated. It is a provider of process and process control equipment and software for microelectronic manufacturing industries.
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.
ONTO vs SPSC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $218.2M | $192.7M |
| Net Profit | $28.2M | $25.8M |
| Gross Margin | 50.7% | 70.4% |
| Operating Margin | 10.9% | 18.0% |
| Net Margin | 12.9% | 13.4% |
| Revenue YoY | -13.5% | 12.7% |
| Net Profit YoY | -46.8% | 47.2% |
| EPS (diluted) | $0.57 | $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 | — | $192.7M | ||
| Q3 25 | $218.2M | $189.9M | ||
| Q2 25 | $253.6M | $187.4M | ||
| Q1 25 | $266.6M | $181.5M | ||
| Q4 24 | $263.9M | $170.9M | ||
| Q3 24 | $252.2M | $163.7M | ||
| Q2 24 | $242.3M | $153.6M | ||
| Q1 24 | $228.8M | $149.6M |
| Q4 25 | — | $25.8M | ||
| Q3 25 | $28.2M | $25.6M | ||
| Q2 25 | $33.9M | $19.7M | ||
| Q1 25 | $64.1M | $22.2M | ||
| Q4 24 | $48.8M | $17.6M | ||
| Q3 24 | $53.1M | $23.5M | ||
| Q2 24 | $52.9M | $18.0M | ||
| Q1 24 | $46.9M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | 50.7% | 69.5% | ||
| Q2 25 | 48.2% | 68.1% | ||
| Q1 25 | 53.7% | 68.7% | ||
| Q4 24 | 50.2% | 67.5% | ||
| Q3 24 | 54.1% | 68.5% | ||
| Q2 24 | 52.9% | 66.1% | ||
| Q1 24 | 51.7% | 65.6% |
| Q4 25 | — | 18.0% | ||
| Q3 25 | 10.9% | 16.4% | ||
| Q2 25 | 12.7% | 14.1% | ||
| Q1 25 | 23.7% | 14.3% | ||
| Q4 24 | 16.1% | 14.5% | ||
| Q3 24 | 21.0% | 15.6% | ||
| Q2 24 | 20.2% | 15.1% | ||
| Q1 24 | 18.7% | 10.3% |
| Q4 25 | — | 13.4% | ||
| Q3 25 | 12.9% | 13.5% | ||
| Q2 25 | 13.4% | 10.5% | ||
| Q1 25 | 24.0% | 12.2% | ||
| Q4 24 | 18.5% | 10.3% | ||
| Q3 24 | 21.0% | 14.3% | ||
| Q2 24 | 21.9% | 11.7% | ||
| Q1 24 | 20.5% | 12.0% |
| Q4 25 | — | $0.69 | ||
| Q3 25 | $0.57 | $0.67 | ||
| Q2 25 | $0.69 | $0.52 | ||
| Q1 25 | $1.30 | $0.58 | ||
| Q4 24 | $0.98 | $0.46 | ||
| Q3 24 | $1.07 | $0.62 | ||
| Q2 24 | $1.07 | $0.48 | ||
| Q1 24 | $0.94 | $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 | $603.1M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.0B | $973.9M |
| Total Assets | $2.2B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | $603.1M | $133.7M | ||
| Q2 25 | $217.5M | $107.6M | ||
| Q1 25 | $203.7M | $94.9M | ||
| Q4 24 | $212.9M | $241.0M | ||
| Q3 24 | $188.7M | $205.8M | ||
| Q2 24 | $172.6M | $271.8M | ||
| Q1 24 | $190.9M | $290.8M |
| Q4 25 | — | $973.9M | ||
| Q3 25 | $2.0B | $958.9M | ||
| Q2 25 | $2.0B | $949.8M | ||
| Q1 25 | $1.9B | $920.9M | ||
| Q4 24 | $1.9B | $854.7M | ||
| Q3 24 | $1.9B | $829.4M | ||
| Q2 24 | $1.8B | $703.4M | ||
| Q1 24 | $1.8B | $683.0M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $2.1B | $1.0B | ||
| Q3 24 | $2.1B | $1.0B | ||
| Q2 24 | $2.0B | $854.5M | ||
| Q1 24 | $2.0B | $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 | $83.4M | $45.9M |
| Free Cash FlowOCF − Capex | $82.0M | $38.2M |
| FCF MarginFCF / Revenue | 37.6% | 19.8% |
| Capex IntensityCapex / Revenue | 0.6% | 4.0% |
| Cash ConversionOCF / Net Profit | 2.95× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $261.3M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.9M | ||
| Q3 25 | $83.4M | $60.6M | ||
| Q2 25 | $57.9M | $32.3M | ||
| Q1 25 | $92.0M | $40.0M | ||
| Q4 24 | $56.0M | $40.6M | ||
| Q3 24 | $67.2M | $53.3M | ||
| Q2 24 | $65.3M | $29.4M | ||
| Q1 24 | $57.1M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | $82.0M | $54.6M | ||
| Q2 25 | $44.2M | $25.7M | ||
| Q1 25 | $83.7M | $33.8M | ||
| Q4 24 | $51.4M | $34.3M | ||
| Q3 24 | $59.2M | $48.1M | ||
| Q2 24 | $53.0M | $24.4M | ||
| Q1 24 | $50.2M | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | 37.6% | 28.7% | ||
| Q2 25 | 17.4% | 13.7% | ||
| Q1 25 | 31.4% | 18.6% | ||
| Q4 24 | 19.5% | 20.1% | ||
| Q3 24 | 23.5% | 29.4% | ||
| Q2 24 | 21.9% | 15.9% | ||
| Q1 24 | 21.9% | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | 0.6% | 3.2% | ||
| Q2 25 | 5.4% | 3.6% | ||
| Q1 25 | 3.1% | 3.4% | ||
| Q4 24 | 1.8% | 3.6% | ||
| Q3 24 | 3.2% | 3.2% | ||
| Q2 24 | 5.1% | 3.3% | ||
| Q1 24 | 3.0% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | 2.95× | 2.37× | ||
| Q2 25 | 1.71× | 1.64× | ||
| Q1 25 | 1.44× | 1.80× | ||
| Q4 24 | 1.15× | 2.31× | ||
| Q3 24 | 1.27× | 2.27× | ||
| Q2 24 | 1.23× | 1.63× | ||
| Q1 24 | 1.22× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ONTO
| Systems And Software Revenue | $173.8M | 80% |
| Parts Revenue | $23.9M | 11% |
| Service Revenue | $20.5M | 9% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
