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Side-by-side financial comparison of POWER SOLUTIONS INTERNATIONAL, INC. (PSIX) 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 $191.2M, roughly 1.0× POWER SOLUTIONS INTERNATIONAL, INC.). SPS COMMERCE INC runs the higher net margin — 13.4% vs 8.4%, a 5.0% gap on every dollar of revenue. On growth, POWER SOLUTIONS INTERNATIONAL, INC. posted the faster year-over-year revenue change (32.5% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-7.6M). Over the past eight quarters, POWER SOLUTIONS INTERNATIONAL, INC.'s revenue compounded faster (41.7% CAGR vs 13.5%).
Adani Energy Solutions Ltd, formerly known as Adani Transmission Ltd, is an electric power transmission and distribution company headquartered in Ahmedabad. As of April 2025, the company operates a cumulative transmission network of 26,696 circuit kilometers and is one of the largest private sector power transmission companies operating in India.
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.
PSIX vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $191.2M | $192.7M |
| Net Profit | $16.1M | $25.8M |
| Gross Margin | 21.9% | 70.4% |
| Operating Margin | 12.7% | 18.0% |
| Net Margin | 8.4% | 13.4% |
| Revenue YoY | 32.5% | 12.7% |
| Net Profit YoY | -31.0% | 47.2% |
| EPS (diluted) | $0.69 | $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 | $191.2M | $192.7M | ||
| Q3 25 | $203.8M | $189.9M | ||
| Q2 25 | $191.9M | $187.4M | ||
| Q1 25 | $135.4M | $181.5M | ||
| Q4 24 | $144.3M | $170.9M | ||
| Q3 24 | $125.8M | $163.7M | ||
| Q2 24 | $110.6M | $153.6M | ||
| Q1 24 | $95.2M | $149.6M |
| Q4 25 | $16.1M | $25.8M | ||
| Q3 25 | $27.6M | $25.6M | ||
| Q2 25 | $51.2M | $19.7M | ||
| Q1 25 | $19.1M | $22.2M | ||
| Q4 24 | $23.3M | $17.6M | ||
| Q3 24 | $17.3M | $23.5M | ||
| Q2 24 | $21.5M | $18.0M | ||
| Q1 24 | $7.1M | $18.0M |
| Q4 25 | 21.9% | 70.4% | ||
| Q3 25 | 23.9% | 69.5% | ||
| Q2 25 | 28.2% | 68.1% | ||
| Q1 25 | 29.7% | 68.7% | ||
| Q4 24 | 29.9% | 67.5% | ||
| Q3 24 | 28.9% | 68.5% | ||
| Q2 24 | 31.8% | 66.1% | ||
| Q1 24 | 27.0% | 65.6% |
| Q4 25 | 12.7% | 18.0% | ||
| Q3 25 | 13.9% | 16.4% | ||
| Q2 25 | 16.9% | 14.1% | ||
| Q1 25 | 18.2% | 14.3% | ||
| Q4 24 | 17.5% | 14.5% | ||
| Q3 24 | 16.3% | 15.6% | ||
| Q2 24 | 22.9% | 15.1% | ||
| Q1 24 | 11.2% | 10.3% |
| Q4 25 | 8.4% | 13.4% | ||
| Q3 25 | 13.5% | 13.5% | ||
| Q2 25 | 26.7% | 10.5% | ||
| Q1 25 | 14.1% | 12.2% | ||
| Q4 24 | 16.1% | 10.3% | ||
| Q3 24 | 13.8% | 14.3% | ||
| Q2 24 | 19.5% | 11.7% | ||
| Q1 24 | 7.5% | 12.0% |
| Q4 25 | $0.69 | $0.69 | ||
| Q3 25 | $1.20 | $0.67 | ||
| Q2 25 | $2.22 | $0.52 | ||
| Q1 25 | $0.83 | $0.58 | ||
| Q4 24 | $1.01 | $0.46 | ||
| Q3 24 | $0.75 | $0.62 | ||
| Q2 24 | $0.94 | $0.48 | ||
| Q1 24 | $0.31 | $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 | $41.3M | $151.4M |
| Total DebtLower is stronger | $96.6M | — |
| Stockholders' EquityBook value | $178.6M | $973.9M |
| Total Assets | $424.7M | $1.2B |
| Debt / EquityLower = less leverage | 0.54× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $41.3M | $151.4M | ||
| Q3 25 | $49.0M | $133.7M | ||
| Q2 25 | $49.5M | $107.6M | ||
| Q1 25 | $50.0M | $94.9M | ||
| Q4 24 | $55.3M | $241.0M | ||
| Q3 24 | $40.5M | $205.8M | ||
| Q2 24 | $28.8M | $271.8M | ||
| Q1 24 | $33.1M | $290.8M |
| Q4 25 | $96.6M | — | ||
| Q3 25 | $96.7M | — | ||
| Q2 25 | $1.8M | — | ||
| Q1 25 | $1.0M | — | ||
| Q4 24 | $184.0K | — | ||
| Q3 24 | $238.0K | — | ||
| Q2 24 | $292.0K | — | ||
| Q1 24 | $345.0K | — |
| Q4 25 | $178.6M | $973.9M | ||
| Q3 25 | $162.5M | $958.9M | ||
| Q2 25 | $135.7M | $949.8M | ||
| Q1 25 | $84.3M | $920.9M | ||
| Q4 24 | $65.3M | $854.7M | ||
| Q3 24 | $42.1M | $829.4M | ||
| Q2 24 | $24.8M | $703.4M | ||
| Q1 24 | $3.2M | $683.0M |
| Q4 25 | $424.7M | $1.2B | ||
| Q3 25 | $458.9M | $1.2B | ||
| Q2 25 | $437.7M | $1.1B | ||
| Q1 25 | $372.7M | $1.1B | ||
| Q4 24 | $328.2M | $1.0B | ||
| Q3 24 | $339.1M | $1.0B | ||
| Q2 24 | $307.6M | $854.5M | ||
| Q1 24 | $286.8M | $839.8M |
| Q4 25 | 0.54× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.01× | — | ||
| Q1 25 | 0.01× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.01× | — | ||
| Q2 24 | 0.01× | — | ||
| Q1 24 | 0.11× | — |
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 | $-4.6M | $45.9M |
| Free Cash FlowOCF − Capex | $-7.6M | $38.2M |
| FCF MarginFCF / Revenue | -4.0% | 19.8% |
| Capex IntensityCapex / Revenue | 1.6% | 4.0% |
| Cash ConversionOCF / Net Profit | -0.29× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $14.1M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.6M | $45.9M | ||
| Q3 25 | $3.3M | $60.6M | ||
| Q2 25 | $16.7M | $32.3M | ||
| Q1 25 | $8.8M | $40.0M | ||
| Q4 24 | $32.7M | $40.6M | ||
| Q3 24 | $12.6M | $53.3M | ||
| Q2 24 | $1.5M | $29.4M | ||
| Q1 24 | $15.6M | $34.1M |
| Q4 25 | $-7.6M | $38.2M | ||
| Q3 25 | $1.7M | $54.6M | ||
| Q2 25 | $14.6M | $25.7M | ||
| Q1 25 | $5.4M | $33.8M | ||
| Q4 24 | $30.0M | $34.3M | ||
| Q3 24 | $12.1M | $48.1M | ||
| Q2 24 | $822.0K | $24.4M | ||
| Q1 24 | $14.8M | $30.5M |
| Q4 25 | -4.0% | 19.8% | ||
| Q3 25 | 0.8% | 28.7% | ||
| Q2 25 | 7.6% | 13.7% | ||
| Q1 25 | 4.0% | 18.6% | ||
| Q4 24 | 20.8% | 20.1% | ||
| Q3 24 | 9.7% | 29.4% | ||
| Q2 24 | 0.7% | 15.9% | ||
| Q1 24 | 15.6% | 20.4% |
| Q4 25 | 1.6% | 4.0% | ||
| Q3 25 | 0.8% | 3.2% | ||
| Q2 25 | 1.1% | 3.6% | ||
| Q1 25 | 2.5% | 3.4% | ||
| Q4 24 | 1.8% | 3.6% | ||
| Q3 24 | 0.3% | 3.2% | ||
| Q2 24 | 0.6% | 3.3% | ||
| Q1 24 | 0.9% | 2.4% |
| Q4 25 | -0.29× | 1.78× | ||
| Q3 25 | 0.12× | 2.37× | ||
| Q2 25 | 0.33× | 1.64× | ||
| Q1 25 | 0.46× | 1.80× | ||
| Q4 24 | 1.40× | 2.31× | ||
| Q3 24 | 0.73× | 2.27× | ||
| Q2 24 | 0.07× | 1.63× | ||
| Q1 24 | 2.20× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PSIX
| Energy End Market | $153.4M | 80% |
| Industrial End Market | $33.3M | 17% |
| Transportation End Market | $4.6M | 2% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
