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Side-by-side financial comparison of PTC THERAPEUTICS, INC. (PTCT) 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 $164.7M, roughly 1.2× PTC THERAPEUTICS, INC.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -82.0%, a 95.4% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -22.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-36.6M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -11.5%).
PTC Therapeutics, Inc. is a US pharmaceutical company focused on the development of orally administered small molecule drugs and gene therapy which regulate gene expression by targeting post-transcriptional control (PTC) mechanisms in orphan diseases.
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.
PTCT vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.7M | $192.7M |
| Net Profit | $-135.0M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -43.3% | 18.0% |
| Net Margin | -82.0% | 13.4% |
| Revenue YoY | -22.7% | 12.7% |
| Net Profit YoY | -104.8% | 47.2% |
| EPS (diluted) | $-1.63 | $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 | $164.7M | $192.7M | ||
| Q3 25 | $211.0M | $189.9M | ||
| Q2 25 | $178.9M | $187.4M | ||
| Q1 25 | $1.2B | $181.5M | ||
| Q4 24 | $213.2M | $170.9M | ||
| Q3 24 | $196.8M | $163.7M | ||
| Q2 24 | $186.7M | $153.6M | ||
| Q1 24 | $210.1M | $149.6M |
| Q4 25 | $-135.0M | $25.8M | ||
| Q3 25 | $15.9M | $25.6M | ||
| Q2 25 | $-64.8M | $19.7M | ||
| Q1 25 | $866.6M | $22.2M | ||
| Q4 24 | $-65.9M | $17.6M | ||
| Q3 24 | $-106.7M | $23.5M | ||
| Q2 24 | $-99.2M | $18.0M | ||
| Q1 24 | $-91.6M | $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 | -43.3% | 18.0% | ||
| Q3 25 | 1.4% | 16.4% | ||
| Q2 25 | -19.5% | 14.1% | ||
| Q1 25 | 82.5% | 14.3% | ||
| Q4 24 | -76.2% | 14.5% | ||
| Q3 24 | -27.7% | 15.6% | ||
| Q2 24 | -21.5% | 15.1% | ||
| Q1 24 | -21.6% | 10.3% |
| Q4 25 | -82.0% | 13.4% | ||
| Q3 25 | 7.5% | 13.5% | ||
| Q2 25 | -36.3% | 10.5% | ||
| Q1 25 | 73.7% | 12.2% | ||
| Q4 24 | -30.9% | 10.3% | ||
| Q3 24 | -54.2% | 14.3% | ||
| Q2 24 | -53.1% | 11.7% | ||
| Q1 24 | -43.6% | 12.0% |
| Q4 25 | $-1.63 | $0.69 | ||
| Q3 25 | $0.20 | $0.67 | ||
| Q2 25 | $-0.83 | $0.52 | ||
| Q1 25 | $10.04 | $0.58 | ||
| Q4 24 | $-0.85 | $0.46 | ||
| Q3 24 | $-1.39 | $0.62 | ||
| Q2 24 | $-1.29 | $0.48 | ||
| Q1 24 | $-1.20 | $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 | $1.9B | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-205.3M | $973.9M |
| Total Assets | $2.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $151.4M | ||
| Q3 25 | $1.7B | $133.7M | ||
| Q2 25 | $2.0B | $107.6M | ||
| Q1 25 | $2.0B | $94.9M | ||
| Q4 24 | $1.1B | $241.0M | ||
| Q3 24 | $1.0B | $205.8M | ||
| Q2 24 | $1.1B | $271.8M | ||
| Q1 24 | $884.8M | $290.8M |
| Q4 25 | $-205.3M | $973.9M | ||
| Q3 25 | $-155.8M | $958.9M | ||
| Q2 25 | $-206.5M | $949.8M | ||
| Q1 25 | $-185.8M | $920.9M | ||
| Q4 24 | $-1.1B | $854.7M | ||
| Q3 24 | $-1.1B | $829.4M | ||
| Q2 24 | $-980.2M | $703.4M | ||
| Q1 24 | $-893.9M | $683.0M |
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | $2.6B | $1.2B | ||
| Q2 25 | $2.6B | $1.1B | ||
| Q1 25 | $2.7B | $1.1B | ||
| Q4 24 | $1.7B | $1.0B | ||
| Q3 24 | $1.8B | $1.0B | ||
| Q2 24 | $1.9B | $854.5M | ||
| Q1 24 | $1.8B | $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 | $-34.3M | $45.9M |
| Free Cash FlowOCF − Capex | $-36.6M | $38.2M |
| FCF MarginFCF / Revenue | -22.3% | 19.8% |
| Capex IntensityCapex / Revenue | 1.4% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $702.3M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-34.3M | $45.9M | ||
| Q3 25 | $-66.3M | $60.6M | ||
| Q2 25 | $-58.3M | $32.3M | ||
| Q1 25 | $870.1M | $40.0M | ||
| Q4 24 | $-30.0M | $40.6M | ||
| Q3 24 | $-77.0M | $53.3M | ||
| Q2 24 | $-71.5M | $29.4M | ||
| Q1 24 | $70.8M | $34.1M |
| Q4 25 | $-36.6M | $38.2M | ||
| Q3 25 | $-69.7M | $54.6M | ||
| Q2 25 | $-59.6M | $25.7M | ||
| Q1 25 | $868.4M | $33.8M | ||
| Q4 24 | $-33.8M | $34.3M | ||
| Q3 24 | $-77.5M | $48.1M | ||
| Q2 24 | $-78.8M | $24.4M | ||
| Q1 24 | $61.2M | $30.5M |
| Q4 25 | -22.3% | 19.8% | ||
| Q3 25 | -33.1% | 28.7% | ||
| Q2 25 | -33.3% | 13.7% | ||
| Q1 25 | 73.8% | 18.6% | ||
| Q4 24 | -15.8% | 20.1% | ||
| Q3 24 | -39.4% | 29.4% | ||
| Q2 24 | -42.2% | 15.9% | ||
| Q1 24 | 29.1% | 20.4% |
| Q4 25 | 1.4% | 4.0% | ||
| Q3 25 | 1.6% | 3.2% | ||
| Q2 25 | 0.7% | 3.6% | ||
| Q1 25 | 0.1% | 3.4% | ||
| Q4 24 | 1.8% | 3.6% | ||
| Q3 24 | 0.3% | 3.2% | ||
| Q2 24 | 4.0% | 3.3% | ||
| Q1 24 | 4.6% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | -4.17× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | 1.00× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PTCT
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
