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Side-by-side financial comparison of CPI Card Group Inc. (PMTS) 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 $153.1M, roughly 1.3× CPI Card Group Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs 4.8%, a 8.6% gap on every dollar of revenue. On growth, CPI Card Group Inc. posted the faster year-over-year revenue change (22.3% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $35.2M). Over the past eight quarters, CPI Card Group Inc.'s revenue compounded faster (16.9% CAGR vs 13.5%).
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
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.
PMTS vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $153.1M | $192.7M |
| Net Profit | $7.3M | $25.8M |
| Gross Margin | 31.5% | 70.4% |
| Operating Margin | 12.0% | 18.0% |
| Net Margin | 4.8% | 13.4% |
| Revenue YoY | 22.3% | 12.7% |
| Net Profit YoY | 8.5% | 47.2% |
| EPS (diluted) | $0.62 | $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 | $153.1M | $192.7M | ||
| Q3 25 | $138.0M | $189.9M | ||
| Q2 25 | $129.8M | $187.4M | ||
| Q1 25 | $122.8M | $181.5M | ||
| Q4 24 | $125.1M | $170.9M | ||
| Q3 24 | $124.8M | $163.7M | ||
| Q2 24 | $118.8M | $153.6M | ||
| Q1 24 | $111.9M | $149.6M |
| Q4 25 | $7.3M | $25.8M | ||
| Q3 25 | $2.3M | $25.6M | ||
| Q2 25 | $518.0K | $19.7M | ||
| Q1 25 | $4.8M | $22.2M | ||
| Q4 24 | $6.8M | $17.6M | ||
| Q3 24 | $1.3M | $23.5M | ||
| Q2 24 | $6.0M | $18.0M | ||
| Q1 24 | $5.5M | $18.0M |
| Q4 25 | 31.5% | 70.4% | ||
| Q3 25 | 29.7% | 69.5% | ||
| Q2 25 | 30.9% | 68.1% | ||
| Q1 25 | 33.2% | 68.7% | ||
| Q4 24 | 34.1% | 67.5% | ||
| Q3 24 | 35.8% | 68.5% | ||
| Q2 24 | 35.7% | 66.1% | ||
| Q1 24 | 37.1% | 65.6% |
| Q4 25 | 12.0% | 18.0% | ||
| Q3 25 | 9.4% | 16.4% | ||
| Q2 25 | 7.3% | 14.1% | ||
| Q1 25 | 11.5% | 14.3% | ||
| Q4 24 | 12.7% | 14.5% | ||
| Q3 24 | 14.3% | 15.6% | ||
| Q2 24 | 12.5% | 15.1% | ||
| Q1 24 | 12.6% | 10.3% |
| Q4 25 | 4.8% | 13.4% | ||
| Q3 25 | 1.7% | 13.5% | ||
| Q2 25 | 0.4% | 10.5% | ||
| Q1 25 | 3.9% | 12.2% | ||
| Q4 24 | 5.4% | 10.3% | ||
| Q3 24 | 1.0% | 14.3% | ||
| Q2 24 | 5.1% | 11.7% | ||
| Q1 24 | 4.9% | 12.0% |
| Q4 25 | $0.62 | $0.69 | ||
| Q3 25 | $0.19 | $0.67 | ||
| Q2 25 | $0.04 | $0.52 | ||
| Q1 25 | $0.40 | $0.58 | ||
| Q4 24 | $0.56 | $0.46 | ||
| Q3 24 | $0.11 | $0.62 | ||
| Q2 24 | $0.51 | $0.48 | ||
| Q1 24 | $0.46 | $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 | $21.7M | $151.4M |
| Total DebtLower is stronger | $286.7M | — |
| Stockholders' EquityBook value | $-17.3M | $973.9M |
| Total Assets | $403.2M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.7M | $151.4M | ||
| Q3 25 | $16.0M | $133.7M | ||
| Q2 25 | $17.1M | $107.6M | ||
| Q1 25 | $31.5M | $94.9M | ||
| Q4 24 | $33.5M | $241.0M | ||
| Q3 24 | $14.7M | $205.8M | ||
| Q2 24 | $7.5M | $271.8M | ||
| Q1 24 | $17.1M | $290.8M |
| Q4 25 | $286.7M | — | ||
| Q3 25 | $308.4M | — | ||
| Q2 25 | $310.9M | — | ||
| Q1 25 | $280.7M | — | ||
| Q4 24 | $280.4M | — | ||
| Q3 24 | $280.2M | — | ||
| Q2 24 | $269.7M | — | ||
| Q1 24 | $265.3M | — |
| Q4 25 | $-17.3M | $973.9M | ||
| Q3 25 | $-25.7M | $958.9M | ||
| Q2 25 | $-29.0M | $949.8M | ||
| Q1 25 | $-29.7M | $920.9M | ||
| Q4 24 | $-35.6M | $854.7M | ||
| Q3 24 | $-42.8M | $829.4M | ||
| Q2 24 | $-44.6M | $703.4M | ||
| Q1 24 | $-48.5M | $683.0M |
| Q4 25 | $403.2M | $1.2B | ||
| Q3 25 | $407.1M | $1.2B | ||
| Q2 25 | $399.8M | $1.1B | ||
| Q1 25 | $351.9M | $1.1B | ||
| Q4 24 | $349.7M | $1.0B | ||
| Q3 24 | $342.3M | $1.0B | ||
| Q2 24 | $321.4M | $854.5M | ||
| Q1 24 | $319.8M | $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 | $39.6M | $45.9M |
| Free Cash FlowOCF − Capex | $35.2M | $38.2M |
| FCF MarginFCF / Revenue | 23.0% | 19.8% |
| Capex IntensityCapex / Revenue | 2.9% | 4.0% |
| Cash ConversionOCF / Net Profit | 5.39× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $41.3M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $39.6M | $45.9M | ||
| Q3 25 | $10.0M | $60.6M | ||
| Q2 25 | $4.3M | $32.3M | ||
| Q1 25 | $5.6M | $40.0M | ||
| Q4 24 | $26.7M | $40.6M | ||
| Q3 24 | $12.5M | $53.3M | ||
| Q2 24 | $-4.8M | $29.4M | ||
| Q1 24 | $8.9M | $34.1M |
| Q4 25 | $35.2M | $38.2M | ||
| Q3 25 | $5.3M | $54.6M | ||
| Q2 25 | $533.0K | $25.7M | ||
| Q1 25 | $292.0K | $33.8M | ||
| Q4 24 | $21.6M | $34.3M | ||
| Q3 24 | $11.1M | $48.1M | ||
| Q2 24 | $-6.0M | $24.4M | ||
| Q1 24 | $7.4M | $30.5M |
| Q4 25 | 23.0% | 19.8% | ||
| Q3 25 | 3.8% | 28.7% | ||
| Q2 25 | 0.4% | 13.7% | ||
| Q1 25 | 0.2% | 18.6% | ||
| Q4 24 | 17.3% | 20.1% | ||
| Q3 24 | 8.9% | 29.4% | ||
| Q2 24 | -5.0% | 15.9% | ||
| Q1 24 | 6.6% | 20.4% |
| Q4 25 | 2.9% | 4.0% | ||
| Q3 25 | 3.4% | 3.2% | ||
| Q2 25 | 2.9% | 3.6% | ||
| Q1 25 | 4.3% | 3.4% | ||
| Q4 24 | 4.0% | 3.6% | ||
| Q3 24 | 1.2% | 3.2% | ||
| Q2 24 | 1.0% | 3.3% | ||
| Q1 24 | 1.3% | 2.4% |
| Q4 25 | 5.39× | 1.78× | ||
| Q3 25 | 4.32× | 2.37× | ||
| Q2 25 | 8.39× | 1.64× | ||
| Q1 25 | 1.17× | 1.80× | ||
| Q4 24 | 3.94× | 2.31× | ||
| Q3 24 | 9.70× | 2.27× | ||
| Q2 24 | -0.79× | 1.63× | ||
| Q1 24 | 1.63× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
