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Side-by-side financial comparison of Pangaea Logistics Solutions Ltd. (PANL) 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 $183.9M, roughly 1.0× Pangaea Logistics Solutions Ltd.). SPS COMMERCE INC runs the higher net margin — 13.4% vs 6.5%, a 7.0% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 12.7%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% CAGR vs 13.5%).
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
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.
PANL vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.9M | $192.7M |
| Net Profit | $11.9M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 9.5% | 18.0% |
| Net Margin | 6.5% | 13.4% |
| Revenue YoY | 24.9% | 12.7% |
| Net Profit YoY | 40.9% | 47.2% |
| EPS (diluted) | $0.18 | $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 | $183.9M | $192.7M | ||
| Q3 25 | $168.7M | $189.9M | ||
| Q2 25 | $156.7M | $187.4M | ||
| Q1 25 | $122.8M | $181.5M | ||
| Q4 24 | $147.2M | $170.9M | ||
| Q3 24 | $153.1M | $163.7M | ||
| Q2 24 | $131.5M | $153.6M | ||
| Q1 24 | $104.7M | $149.6M |
| Q4 25 | $11.9M | $25.8M | ||
| Q3 25 | $12.2M | $25.6M | ||
| Q2 25 | $-2.7M | $19.7M | ||
| Q1 25 | $-2.0M | $22.2M | ||
| Q4 24 | $8.4M | $17.6M | ||
| Q3 24 | $5.1M | $23.5M | ||
| Q2 24 | $3.7M | $18.0M | ||
| Q1 24 | $11.7M | $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 | 9.5% | 18.0% | ||
| Q3 25 | 10.0% | 16.4% | ||
| Q2 25 | 2.3% | 14.1% | ||
| Q1 25 | 2.4% | 14.3% | ||
| Q4 24 | 10.1% | 14.5% | ||
| Q3 24 | 9.8% | 15.6% | ||
| Q2 24 | 5.8% | 15.1% | ||
| Q1 24 | 10.5% | 10.3% |
| Q4 25 | 6.5% | 13.4% | ||
| Q3 25 | 7.2% | 13.5% | ||
| Q2 25 | -1.8% | 10.5% | ||
| Q1 25 | -1.6% | 12.2% | ||
| Q4 24 | 5.7% | 10.3% | ||
| Q3 24 | 3.3% | 14.3% | ||
| Q2 24 | 2.8% | 11.7% | ||
| Q1 24 | 11.1% | 12.0% |
| Q4 25 | $0.18 | $0.69 | ||
| Q3 25 | $0.19 | $0.67 | ||
| Q2 25 | $-0.04 | $0.52 | ||
| Q1 25 | $-0.03 | $0.58 | ||
| Q4 24 | $0.19 | $0.46 | ||
| Q3 24 | $0.11 | $0.62 | ||
| Q2 24 | $0.08 | $0.48 | ||
| Q1 24 | $0.25 | $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 | $103.1M | $151.4M |
| Total DebtLower is stronger | $249.6M | — |
| Stockholders' EquityBook value | $429.3M | $973.9M |
| Total Assets | $928.1M | $1.2B |
| Debt / EquityLower = less leverage | 0.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.1M | $151.4M | ||
| Q3 25 | $94.0M | $133.7M | ||
| Q2 25 | $59.3M | $107.6M | ||
| Q1 25 | $63.9M | $94.9M | ||
| Q4 24 | $86.8M | $241.0M | ||
| Q3 24 | $93.1M | $205.8M | ||
| Q2 24 | $77.9M | $271.8M | ||
| Q1 24 | $95.9M | $290.8M |
| Q4 25 | $249.6M | — | ||
| Q3 25 | $256.2M | — | ||
| Q2 25 | $244.7M | — | ||
| Q1 25 | $251.0M | — | ||
| Q4 24 | $257.2M | — | ||
| Q3 24 | $133.6M | — | ||
| Q2 24 | $90.5M | — | ||
| Q1 24 | $95.9M | — |
| Q4 25 | $429.3M | $973.9M | ||
| Q3 25 | $420.3M | $958.9M | ||
| Q2 25 | $414.4M | $949.8M | ||
| Q1 25 | $420.8M | $920.9M | ||
| Q4 24 | $427.8M | $854.7M | ||
| Q3 24 | $332.6M | $829.4M | ||
| Q2 24 | $331.5M | $703.4M | ||
| Q1 24 | $332.0M | $683.0M |
| Q4 25 | $928.1M | $1.2B | ||
| Q3 25 | $932.1M | $1.2B | ||
| Q2 25 | $916.0M | $1.1B | ||
| Q1 25 | $918.0M | $1.1B | ||
| Q4 24 | $936.5M | $1.0B | ||
| Q3 24 | $749.2M | $1.0B | ||
| Q2 24 | $692.9M | $854.5M | ||
| Q1 24 | $703.3M | $839.8M |
| Q4 25 | 0.58× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.59× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | 0.29× | — |
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 | $15.1M | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | 1.27× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.1M | $45.9M | ||
| Q3 25 | $28.6M | $60.6M | ||
| Q2 25 | $14.4M | $32.3M | ||
| Q1 25 | $-4.4M | $40.0M | ||
| Q4 24 | $19.3M | $40.6M | ||
| Q3 24 | $28.5M | $53.3M | ||
| Q2 24 | $9.0M | $29.4M | ||
| Q1 24 | $9.0M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | 1.27× | 1.78× | ||
| Q3 25 | 2.34× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | 2.29× | 2.31× | ||
| Q3 24 | 5.57× | 2.27× | ||
| Q2 24 | 2.43× | 1.63× | ||
| Q1 24 | 0.77× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
