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Side-by-side financial comparison of PAMT CORP (PAMT) 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 $141.3M, roughly 1.4× PAMT CORP). SPS COMMERCE INC runs the higher net margin — 13.4% vs -20.7%, a 34.1% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -15.1%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-25.0M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -12.0%).
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.
PAMT vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.3M | $192.7M |
| Net Profit | $-29.3M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -27.0% | 18.0% |
| Net Margin | -20.7% | 13.4% |
| Revenue YoY | -15.1% | 12.7% |
| Net Profit YoY | 7.4% | 47.2% |
| EPS (diluted) | $-1.38 | $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 | $141.3M | $192.7M | ||
| Q3 25 | $150.3M | $189.9M | ||
| Q2 25 | $151.1M | $187.4M | ||
| Q1 25 | $155.3M | $181.5M | ||
| Q4 24 | $166.5M | $170.9M | ||
| Q3 24 | $182.6M | $163.7M | ||
| Q2 24 | $182.9M | $153.6M | ||
| Q1 24 | $182.6M | $149.6M |
| Q4 25 | $-29.3M | $25.8M | ||
| Q3 25 | $-5.6M | $25.6M | ||
| Q2 25 | $-9.6M | $19.7M | ||
| Q1 25 | $-8.1M | $22.2M | ||
| Q4 24 | $-31.6M | $17.6M | ||
| Q3 24 | $2.4M | $23.5M | ||
| Q2 24 | $-2.9M | $18.0M | ||
| Q1 24 | $281.0K | $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 | -27.0% | 18.0% | ||
| Q3 25 | -3.8% | 16.4% | ||
| Q2 25 | -7.3% | 14.1% | ||
| Q1 25 | -5.9% | 14.3% | ||
| Q4 24 | -22.6% | 14.5% | ||
| Q3 24 | 1.3% | 15.6% | ||
| Q2 24 | -0.4% | 15.1% | ||
| Q1 24 | -0.4% | 10.3% |
| Q4 25 | -20.7% | 13.4% | ||
| Q3 25 | -3.7% | 13.5% | ||
| Q2 25 | -6.4% | 10.5% | ||
| Q1 25 | -5.2% | 12.2% | ||
| Q4 24 | -19.0% | 10.3% | ||
| Q3 24 | 1.3% | 14.3% | ||
| Q2 24 | -1.6% | 11.7% | ||
| Q1 24 | 0.2% | 12.0% |
| Q4 25 | $-1.38 | $0.69 | ||
| Q3 25 | $-0.27 | $0.67 | ||
| Q2 25 | $-0.46 | $0.52 | ||
| Q1 25 | $-0.37 | $0.58 | ||
| Q4 24 | $-1.44 | $0.46 | ||
| Q3 24 | $0.11 | $0.62 | ||
| Q2 24 | $-0.13 | $0.48 | ||
| Q1 24 | $0.01 | $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 | $83.7M | $151.4M |
| Total DebtLower is stronger | $333.9M | — |
| Stockholders' EquityBook value | $210.5M | $973.9M |
| Total Assets | $697.9M | $1.2B |
| Debt / EquityLower = less leverage | 1.59× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $83.7M | $151.4M | ||
| Q3 25 | $115.6M | $133.7M | ||
| Q2 25 | $117.3M | $107.6M | ||
| Q1 25 | $102.7M | $94.9M | ||
| Q4 24 | $110.7M | $241.0M | ||
| Q3 24 | $92.3M | $205.8M | ||
| Q2 24 | $114.0M | $271.8M | ||
| Q1 24 | $125.8M | $290.8M |
| Q4 25 | $333.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $325.6M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $210.5M | $973.9M | ||
| Q3 25 | $239.5M | $958.9M | ||
| Q2 25 | $244.9M | $949.8M | ||
| Q1 25 | $269.6M | $920.9M | ||
| Q4 24 | $277.5M | $854.7M | ||
| Q3 24 | $308.9M | $829.4M | ||
| Q2 24 | $306.7M | $703.4M | ||
| Q1 24 | $314.6M | $683.0M |
| Q4 25 | $697.9M | $1.2B | ||
| Q3 25 | $715.2M | $1.2B | ||
| Q2 25 | $707.9M | $1.1B | ||
| Q1 25 | $712.6M | $1.1B | ||
| Q4 24 | $741.7M | $1.0B | ||
| Q3 24 | $756.7M | $1.0B | ||
| Q2 24 | $733.5M | $854.5M | ||
| Q1 24 | $746.4M | $839.8M |
| Q4 25 | 1.59× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.17× | — | ||
| 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 | $-5.8M | $45.9M |
| Free Cash FlowOCF − Capex | $-25.0M | $38.2M |
| FCF MarginFCF / Revenue | -17.7% | 19.8% |
| Capex IntensityCapex / Revenue | 13.6% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-23.4M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-5.8M | $45.9M | ||
| Q3 25 | $5.9M | $60.6M | ||
| Q2 25 | $12.2M | $32.3M | ||
| Q1 25 | $5.0M | $40.0M | ||
| Q4 24 | $15.2M | $40.6M | ||
| Q3 24 | $15.5M | $53.3M | ||
| Q2 24 | $18.7M | $29.4M | ||
| Q1 24 | $9.6M | $34.1M |
| Q4 25 | $-25.0M | $38.2M | ||
| Q3 25 | $2.5M | $54.6M | ||
| Q2 25 | $5.9M | $25.7M | ||
| Q1 25 | $-6.8M | $33.8M | ||
| Q4 24 | $-39.9M | $34.3M | ||
| Q3 24 | $-33.6M | $48.1M | ||
| Q2 24 | $4.1M | $24.4M | ||
| Q1 24 | $-12.2M | $30.5M |
| Q4 25 | -17.7% | 19.8% | ||
| Q3 25 | 1.7% | 28.7% | ||
| Q2 25 | 3.9% | 13.7% | ||
| Q1 25 | -4.4% | 18.6% | ||
| Q4 24 | -24.0% | 20.1% | ||
| Q3 24 | -18.4% | 29.4% | ||
| Q2 24 | 2.2% | 15.9% | ||
| Q1 24 | -6.7% | 20.4% |
| Q4 25 | 13.6% | 4.0% | ||
| Q3 25 | 2.3% | 3.2% | ||
| Q2 25 | 4.2% | 3.6% | ||
| Q1 25 | 7.6% | 3.4% | ||
| Q4 24 | 33.1% | 3.6% | ||
| Q3 24 | 26.9% | 3.2% | ||
| Q2 24 | 8.0% | 3.3% | ||
| Q1 24 | 12.0% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 6.44× | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | 34.11× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PAMT
| Freight Transportation Service | $123.1M | 87% |
| Fuel Surcharge | $18.2M | 13% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
