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Side-by-side financial comparison of Purple Innovation, Inc. (PRPL) 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 $140.7M, roughly 1.4× Purple Innovation, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -2.3%, a 15.7% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 9.1%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-7.8M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 8.3%).
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
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.
PRPL vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.7M | $192.7M |
| Net Profit | $-3.2M | $25.8M |
| Gross Margin | 41.9% | 70.4% |
| Operating Margin | -1.6% | 18.0% |
| Net Margin | -2.3% | 13.4% |
| Revenue YoY | 9.1% | 12.7% |
| Net Profit YoY | 62.1% | 47.2% |
| EPS (diluted) | $0.03 | $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 | $140.7M | $192.7M | ||
| Q3 25 | $118.8M | $189.9M | ||
| Q2 25 | $105.1M | $187.4M | ||
| Q1 25 | $104.2M | $181.5M | ||
| Q4 24 | $129.0M | $170.9M | ||
| Q3 24 | $118.6M | $163.7M | ||
| Q2 24 | $120.3M | $153.6M | ||
| Q1 24 | $120.0M | $149.6M |
| Q4 25 | $-3.2M | $25.8M | ||
| Q3 25 | $-11.7M | $25.6M | ||
| Q2 25 | $-17.3M | $19.7M | ||
| Q1 25 | $-19.1M | $22.2M | ||
| Q4 24 | $-8.5M | $17.6M | ||
| Q3 24 | $-39.2M | $23.5M | ||
| Q2 24 | $27.0K | $18.0M | ||
| Q1 24 | $-50.2M | $18.0M |
| Q4 25 | 41.9% | 70.4% | ||
| Q3 25 | 42.8% | 69.5% | ||
| Q2 25 | 35.9% | 68.1% | ||
| Q1 25 | 39.4% | 68.7% | ||
| Q4 24 | 42.9% | 67.5% | ||
| Q3 24 | 29.7% | 68.5% | ||
| Q2 24 | 40.7% | 66.1% | ||
| Q1 24 | 34.8% | 65.6% |
| Q4 25 | -1.6% | 18.0% | ||
| Q3 25 | -10.2% | 16.4% | ||
| Q2 25 | -13.5% | 14.1% | ||
| Q1 25 | -13.9% | 14.3% | ||
| Q4 24 | -6.0% | 14.5% | ||
| Q3 24 | -39.5% | 15.6% | ||
| Q2 24 | -12.1% | 15.1% | ||
| Q1 24 | -19.3% | 10.3% |
| Q4 25 | -2.3% | 13.4% | ||
| Q3 25 | -9.9% | 13.5% | ||
| Q2 25 | -16.5% | 10.5% | ||
| Q1 25 | -18.4% | 12.2% | ||
| Q4 24 | -6.6% | 10.3% | ||
| Q3 24 | -33.1% | 14.3% | ||
| Q2 24 | 0.0% | 11.7% | ||
| Q1 24 | -41.8% | 12.0% |
| Q4 25 | $0.03 | $0.69 | ||
| Q3 25 | $0.11 | $0.67 | ||
| Q2 25 | $0.16 | $0.52 | ||
| Q1 25 | $0.18 | $0.58 | ||
| Q4 24 | $0.08 | $0.46 | ||
| Q3 24 | $0.36 | $0.62 | ||
| Q2 24 | $0.00 | $0.48 | ||
| Q1 24 | $0.47 | $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 | $24.3M | $151.4M |
| Total DebtLower is stronger | $126.7M | — |
| Stockholders' EquityBook value | $-29.7M | $973.9M |
| Total Assets | $296.3M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.3M | $151.4M | ||
| Q3 25 | $32.4M | $133.7M | ||
| Q2 25 | $34.2M | $107.6M | ||
| Q1 25 | $21.6M | $94.9M | ||
| Q4 24 | $29.0M | $241.0M | ||
| Q3 24 | $23.4M | $205.8M | ||
| Q2 24 | $23.4M | $271.8M | ||
| Q1 24 | $34.5M | $290.8M |
| Q4 25 | $126.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $70.7M | — | ||
| Q3 24 | $50.8M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-29.7M | $973.9M | ||
| Q3 25 | $-26.9M | $958.9M | ||
| Q2 25 | $-15.6M | $949.8M | ||
| Q1 25 | $1.3M | $920.9M | ||
| Q4 24 | $20.2M | $854.7M | ||
| Q3 24 | $28.0M | $829.4M | ||
| Q2 24 | $66.4M | $703.4M | ||
| Q1 24 | $65.5M | $683.0M |
| Q4 25 | $296.3M | $1.2B | ||
| Q3 25 | $302.1M | $1.2B | ||
| Q2 25 | $303.8M | $1.1B | ||
| Q1 25 | $293.8M | $1.1B | ||
| Q4 24 | $307.8M | $1.0B | ||
| Q3 24 | $309.3M | $1.0B | ||
| Q2 24 | $362.1M | $854.5M | ||
| Q1 24 | $382.1M | $839.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.50× | — | ||
| Q3 24 | 1.82× | — | ||
| 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 | $-7.8M | $38.2M |
| FCF MarginFCF / Revenue | -5.5% | 19.8% |
| Capex IntensityCapex / Revenue | 1.4% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-41.9M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-5.8M | $45.9M | ||
| Q3 25 | $-968.0K | $60.6M | ||
| Q2 25 | $-4.0M | $32.3M | ||
| Q1 25 | $-23.1M | $40.0M | ||
| Q4 24 | $6.8M | $40.6M | ||
| Q3 24 | $1.1M | $53.3M | ||
| Q2 24 | $-8.9M | $29.4M | ||
| Q1 24 | $-16.8M | $34.1M |
| Q4 25 | $-7.8M | $38.2M | ||
| Q3 25 | $-1.8M | $54.6M | ||
| Q2 25 | $-7.0M | $25.7M | ||
| Q1 25 | $-25.3M | $33.8M | ||
| Q4 24 | $5.7M | $34.3M | ||
| Q3 24 | $101.0K | $48.1M | ||
| Q2 24 | $-11.0M | $24.4M | ||
| Q1 24 | $-19.9M | $30.5M |
| Q4 25 | -5.5% | 19.8% | ||
| Q3 25 | -1.5% | 28.7% | ||
| Q2 25 | -6.6% | 13.7% | ||
| Q1 25 | -24.3% | 18.6% | ||
| Q4 24 | 4.4% | 20.1% | ||
| Q3 24 | 0.1% | 29.4% | ||
| Q2 24 | -9.2% | 15.9% | ||
| Q1 24 | -16.5% | 20.4% |
| Q4 25 | 1.4% | 4.0% | ||
| Q3 25 | 0.7% | 3.2% | ||
| Q2 25 | 2.8% | 3.6% | ||
| Q1 25 | 2.2% | 3.4% | ||
| Q4 24 | 0.8% | 3.6% | ||
| Q3 24 | 0.9% | 3.2% | ||
| Q2 24 | 1.7% | 3.3% | ||
| Q1 24 | 2.5% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | -330.22× | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
