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Side-by-side financial comparison of DOUGLAS DYNAMICS, INC (PLOW) 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 $184.5M, roughly 1.0× DOUGLAS DYNAMICS, INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 7.0%, a 6.5% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 12.7%). DOUGLAS DYNAMICS, INC produced more free cash flow last quarter ($92.8M vs $38.2M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% CAGR vs 13.5%).
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S. federal government...
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.
PLOW vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.5M | $192.7M |
| Net Profit | $12.8M | $25.8M |
| Gross Margin | 26.1% | 70.4% |
| Operating Margin | 10.5% | 18.0% |
| Net Margin | 7.0% | 13.4% |
| Revenue YoY | 28.6% | 12.7% |
| Net Profit YoY | 62.3% | 47.2% |
| EPS (diluted) | $0.54 | $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 | $184.5M | $192.7M | ||
| Q3 25 | $162.1M | $189.9M | ||
| Q2 25 | $194.3M | $187.4M | ||
| Q1 25 | $115.1M | $181.5M | ||
| Q4 24 | $143.5M | $170.9M | ||
| Q3 24 | $129.4M | $163.7M | ||
| Q2 24 | $199.9M | $153.6M | ||
| Q1 24 | $95.7M | $149.6M |
| Q4 25 | $12.8M | $25.8M | ||
| Q3 25 | $8.0M | $25.6M | ||
| Q2 25 | $26.0M | $19.7M | ||
| Q1 25 | $148.0K | $22.2M | ||
| Q4 24 | $7.9M | $17.6M | ||
| Q3 24 | $32.3M | $23.5M | ||
| Q2 24 | $24.3M | $18.0M | ||
| Q1 24 | $-8.4M | $18.0M |
| Q4 25 | 26.1% | 70.4% | ||
| Q3 25 | 23.5% | 69.5% | ||
| Q2 25 | 31.0% | 68.1% | ||
| Q1 25 | 24.5% | 68.7% | ||
| Q4 24 | 24.9% | 67.5% | ||
| Q3 24 | 23.9% | 68.5% | ||
| Q2 24 | 30.7% | 66.1% | ||
| Q1 24 | 19.8% | 65.6% |
| Q4 25 | 10.5% | 18.0% | ||
| Q3 25 | 8.7% | 16.4% | ||
| Q2 25 | 19.0% | 14.1% | ||
| Q1 25 | 2.8% | 14.3% | ||
| Q4 24 | 9.0% | 14.5% | ||
| Q3 24 | 35.4% | 15.6% | ||
| Q2 24 | 18.2% | 15.1% | ||
| Q1 24 | -6.7% | 10.3% |
| Q4 25 | 7.0% | 13.4% | ||
| Q3 25 | 4.9% | 13.5% | ||
| Q2 25 | 13.4% | 10.5% | ||
| Q1 25 | 0.1% | 12.2% | ||
| Q4 24 | 5.5% | 10.3% | ||
| Q3 24 | 24.9% | 14.3% | ||
| Q2 24 | 12.2% | 11.7% | ||
| Q1 24 | -8.7% | 12.0% |
| Q4 25 | $0.54 | $0.69 | ||
| Q3 25 | $0.33 | $0.67 | ||
| Q2 25 | $1.09 | $0.52 | ||
| Q1 25 | $0.00 | $0.58 | ||
| Q4 24 | $0.35 | $0.46 | ||
| Q3 24 | $1.36 | $0.62 | ||
| Q2 24 | $1.02 | $0.48 | ||
| Q1 24 | $-0.37 | $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 | $144.0M | — |
| Stockholders' EquityBook value | $281.4M | $973.9M |
| Total Assets | $626.7M | $1.2B |
| Debt / EquityLower = less leverage | 0.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | — | $133.7M | ||
| Q2 25 | — | $107.6M | ||
| Q1 25 | — | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | — | $205.8M | ||
| Q2 24 | — | $271.8M | ||
| Q1 24 | — | $290.8M |
| Q4 25 | $144.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $147.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $281.4M | $973.9M | ||
| Q3 25 | $275.3M | $958.9M | ||
| Q2 25 | $273.3M | $949.8M | ||
| Q1 25 | $258.9M | $920.9M | ||
| Q4 24 | $264.2M | $854.7M | ||
| Q3 24 | $260.8M | $829.4M | ||
| Q2 24 | $236.7M | $703.4M | ||
| Q1 24 | $217.2M | $683.0M |
| Q4 25 | $626.7M | $1.2B | ||
| Q3 25 | $694.9M | $1.2B | ||
| Q2 25 | $671.5M | $1.1B | ||
| Q1 25 | $621.0M | $1.1B | ||
| Q4 24 | $590.0M | $1.0B | ||
| Q3 24 | $665.6M | $1.0B | ||
| Q2 24 | $617.0M | $854.5M | ||
| Q1 24 | $577.1M | $839.8M |
| Q4 25 | 0.51× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.56× | — | ||
| 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 | $95.9M | $45.9M |
| Free Cash FlowOCF − Capex | $92.8M | $38.2M |
| FCF MarginFCF / Revenue | 50.3% | 19.8% |
| Capex IntensityCapex / Revenue | 1.7% | 4.0% |
| Cash ConversionOCF / Net Profit | 7.47× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $63.6M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.9M | $45.9M | ||
| Q3 25 | $-8.5M | $60.6M | ||
| Q2 25 | $-11.4M | $32.3M | ||
| Q1 25 | $-1.3M | $40.0M | ||
| Q4 24 | $74.4M | $40.6M | ||
| Q3 24 | $-14.2M | $53.3M | ||
| Q2 24 | $2.5M | $29.4M | ||
| Q1 24 | $-21.6M | $34.1M |
| Q4 25 | $92.8M | $38.2M | ||
| Q3 25 | $-11.4M | $54.6M | ||
| Q2 25 | $-14.3M | $25.7M | ||
| Q1 25 | $-3.5M | $33.8M | ||
| Q4 24 | $70.2M | $34.3M | ||
| Q3 24 | $-15.2M | $48.1M | ||
| Q2 24 | $836.0K | $24.4M | ||
| Q1 24 | $-22.4M | $30.5M |
| Q4 25 | 50.3% | 19.8% | ||
| Q3 25 | -7.1% | 28.7% | ||
| Q2 25 | -7.4% | 13.7% | ||
| Q1 25 | -3.0% | 18.6% | ||
| Q4 24 | 48.9% | 20.1% | ||
| Q3 24 | -11.8% | 29.4% | ||
| Q2 24 | 0.4% | 15.9% | ||
| Q1 24 | -23.4% | 20.4% |
| Q4 25 | 1.7% | 4.0% | ||
| Q3 25 | 1.8% | 3.2% | ||
| Q2 25 | 1.5% | 3.6% | ||
| Q1 25 | 1.9% | 3.4% | ||
| Q4 24 | 2.9% | 3.6% | ||
| Q3 24 | 0.8% | 3.2% | ||
| Q2 24 | 0.8% | 3.3% | ||
| Q1 24 | 0.8% | 2.4% |
| Q4 25 | 7.47× | 1.78× | ||
| Q3 25 | -1.07× | 2.37× | ||
| Q2 25 | -0.44× | 1.64× | ||
| Q1 25 | -9.03× | 1.80× | ||
| Q4 24 | 9.41× | 2.31× | ||
| Q3 24 | -0.44× | 2.27× | ||
| Q2 24 | 0.10× | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
