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Side-by-side financial comparison of ONESPAWORLD HOLDINGS Ltd (OSW) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $192.7M, roughly 1.3× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 5.0%, a 8.4% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 11.5%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $14.9M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 7.1%).
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.
OSW vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $242.1M | $192.7M |
| Net Profit | $12.1M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 6.8% | 18.0% |
| Net Margin | 5.0% | 13.4% |
| Revenue YoY | 11.5% | 12.7% |
| Net Profit YoY | -16.2% | 47.2% |
| EPS (diluted) | $0.12 | $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 | $242.1M | $192.7M | ||
| Q3 25 | $258.5M | $189.9M | ||
| Q2 25 | $240.7M | $187.4M | ||
| Q1 25 | $219.6M | $181.5M | ||
| Q4 24 | $217.2M | $170.9M | ||
| Q3 24 | $241.7M | $163.7M | ||
| Q2 24 | $224.9M | $153.6M | ||
| Q1 24 | $211.2M | $149.6M |
| Q4 25 | $12.1M | $25.8M | ||
| Q3 25 | $24.3M | $25.6M | ||
| Q2 25 | $19.9M | $19.7M | ||
| Q1 25 | $15.3M | $22.2M | ||
| Q4 24 | $14.4M | $17.6M | ||
| Q3 24 | $21.6M | $23.5M | ||
| Q2 24 | $15.8M | $18.0M | ||
| Q1 24 | $21.2M | $18.0M |
| 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 24 | — | 65.6% |
| Q4 25 | 6.8% | 18.0% | ||
| Q3 25 | 10.2% | 16.4% | ||
| Q2 25 | 9.2% | 14.1% | ||
| Q1 25 | 7.7% | 14.3% | ||
| Q4 24 | 7.9% | 14.5% | ||
| Q3 24 | 10.3% | 15.6% | ||
| Q2 24 | 8.4% | 15.1% | ||
| Q1 24 | 8.0% | 10.3% |
| Q4 25 | 5.0% | 13.4% | ||
| Q3 25 | 9.4% | 13.5% | ||
| Q2 25 | 8.3% | 10.5% | ||
| Q1 25 | 7.0% | 12.2% | ||
| Q4 24 | 6.6% | 10.3% | ||
| Q3 24 | 8.9% | 14.3% | ||
| Q2 24 | 7.0% | 11.7% | ||
| Q1 24 | 10.0% | 12.0% |
| Q4 25 | $0.12 | $0.69 | ||
| Q3 25 | $0.23 | $0.67 | ||
| Q2 25 | $0.19 | $0.52 | ||
| Q1 25 | $0.15 | $0.58 | ||
| Q4 24 | $0.13 | $0.46 | ||
| Q3 24 | $0.20 | $0.62 | ||
| Q2 24 | $0.15 | $0.48 | ||
| Q1 24 | $0.21 | $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 | $16.3M | $151.4M |
| Total DebtLower is stronger | $84.0M | — |
| Stockholders' EquityBook value | $542.6M | $973.9M |
| Total Assets | $707.1M | $1.2B |
| Debt / EquityLower = less leverage | 0.15× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.3M | $151.4M | ||
| Q3 25 | $29.6M | $133.7M | ||
| Q2 25 | $35.0M | $107.6M | ||
| Q1 25 | $22.6M | $94.9M | ||
| Q4 24 | $57.4M | $241.0M | ||
| Q3 24 | $48.8M | $205.8M | ||
| Q2 24 | $62.5M | $271.8M | ||
| Q1 24 | $65.4M | $290.8M |
| Q4 25 | $84.0M | — | ||
| Q3 25 | $85.2M | — | ||
| Q2 25 | $96.2M | — | ||
| Q1 25 | $97.4M | — | ||
| Q4 24 | $98.6M | — | ||
| Q3 24 | $98.7M | — | ||
| Q2 24 | $123.8M | — | ||
| Q1 24 | $138.6M | — |
| Q4 25 | $542.6M | $973.9M | ||
| Q3 25 | $552.8M | $958.9M | ||
| Q2 25 | $548.3M | $949.8M | ||
| Q1 25 | $530.6M | $920.9M | ||
| Q4 24 | $554.5M | $854.7M | ||
| Q3 24 | $540.1M | $829.4M | ||
| Q2 24 | $532.7M | $703.4M | ||
| Q1 24 | $515.5M | $683.0M |
| Q4 25 | $707.1M | $1.2B | ||
| Q3 25 | $732.6M | $1.2B | ||
| Q2 25 | $731.8M | $1.1B | ||
| Q1 25 | $708.7M | $1.1B | ||
| Q4 24 | $746.4M | $1.0B | ||
| Q3 24 | $734.0M | $1.0B | ||
| Q2 24 | $756.8M | $854.5M | ||
| Q1 24 | $763.6M | $839.8M |
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | 0.18× | — | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.23× | — | ||
| Q1 24 | 0.27× | — |
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 | $20.0M | $45.9M |
| Free Cash FlowOCF − Capex | $14.9M | $38.2M |
| FCF MarginFCF / Revenue | 6.2% | 19.8% |
| Capex IntensityCapex / Revenue | 2.1% | 4.0% |
| Cash ConversionOCF / Net Profit | 1.65× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $68.4M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.0M | $45.9M | ||
| Q3 25 | $33.2M | $60.6M | ||
| Q2 25 | $20.3M | $32.3M | ||
| Q1 25 | $10.1M | $40.0M | ||
| Q4 24 | $16.6M | $40.6M | ||
| Q3 24 | $28.6M | $53.3M | ||
| Q2 24 | $18.7M | $29.4M | ||
| Q1 24 | $15.0M | $34.1M |
| Q4 25 | $14.9M | $38.2M | ||
| Q3 25 | $27.6M | $54.6M | ||
| Q2 25 | $17.6M | $25.7M | ||
| Q1 25 | $8.4M | $33.8M | ||
| Q4 24 | $13.2M | $34.3M | ||
| Q3 24 | $27.5M | $48.1M | ||
| Q2 24 | $17.6M | $24.4M | ||
| Q1 24 | $13.7M | $30.5M |
| Q4 25 | 6.2% | 19.8% | ||
| Q3 25 | 10.7% | 28.7% | ||
| Q2 25 | 7.3% | 13.7% | ||
| Q1 25 | 3.8% | 18.6% | ||
| Q4 24 | 6.1% | 20.1% | ||
| Q3 24 | 11.4% | 29.4% | ||
| Q2 24 | 7.8% | 15.9% | ||
| Q1 24 | 6.5% | 20.4% |
| Q4 25 | 2.1% | 4.0% | ||
| Q3 25 | 2.2% | 3.2% | ||
| Q2 25 | 1.1% | 3.6% | ||
| Q1 25 | 0.8% | 3.4% | ||
| Q4 24 | 1.5% | 3.6% | ||
| Q3 24 | 0.5% | 3.2% | ||
| Q2 24 | 0.5% | 3.3% | ||
| Q1 24 | 0.6% | 2.4% |
| Q4 25 | 1.65× | 1.78× | ||
| Q3 25 | 1.36× | 2.37× | ||
| Q2 25 | 1.02× | 1.64× | ||
| Q1 25 | 0.66× | 1.80× | ||
| Q4 24 | 1.15× | 2.31× | ||
| Q3 24 | 1.33× | 2.27× | ||
| Q2 24 | 1.19× | 1.63× | ||
| Q1 24 | 0.71× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
