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Side-by-side financial comparison of Perella Weinberg Partners (PWP) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $192.7M, roughly 1.1× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 6.3%, a 7.1% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -2.9%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $30.5M). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs 13.5%).
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
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.
PWP vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.2M | $192.7M |
| Net Profit | $13.8M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | 8.5% | 18.0% |
| Net Margin | 6.3% | 13.4% |
| Revenue YoY | -2.9% | 12.7% |
| Net Profit YoY | — | 47.2% |
| EPS (diluted) | $0.11 | $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 | $219.2M | $192.7M | ||
| Q3 25 | $164.6M | $189.9M | ||
| Q2 25 | $155.3M | $187.4M | ||
| Q1 25 | $211.8M | $181.5M | ||
| Q4 24 | $225.7M | $170.9M | ||
| Q3 24 | $278.2M | $163.7M | ||
| Q2 24 | $272.0M | $153.6M | ||
| Q1 24 | $102.1M | $149.6M |
| Q4 25 | $13.8M | $25.8M | ||
| Q3 25 | $6.0M | $25.6M | ||
| Q2 25 | $2.7M | $19.7M | ||
| Q1 25 | $17.3M | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | $16.4M | $23.5M | ||
| Q2 24 | $-66.0M | $18.0M | ||
| Q1 24 | $-35.8M | $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 | 8.5% | 18.0% | ||
| Q3 25 | 5.4% | 16.4% | ||
| Q2 25 | 5.8% | 14.1% | ||
| Q1 25 | 5.5% | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 12.9% | 15.6% | ||
| Q2 24 | -30.2% | 15.1% | ||
| Q1 24 | -52.4% | 10.3% |
| Q4 25 | 6.3% | 13.4% | ||
| Q3 25 | 3.6% | 13.5% | ||
| Q2 25 | 1.8% | 10.5% | ||
| Q1 25 | 8.2% | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 5.9% | 14.3% | ||
| Q2 24 | -24.3% | 11.7% | ||
| Q1 24 | -35.1% | 12.0% |
| Q4 25 | $0.11 | $0.69 | ||
| Q3 25 | $0.08 | $0.67 | ||
| Q2 25 | $0.04 | $0.52 | ||
| Q1 25 | $0.24 | $0.58 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | $0.24 | $0.62 | ||
| Q2 24 | $-1.21 | $0.48 | ||
| Q1 24 | $-0.91 | $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 | $255.9M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-127.4M | $973.9M |
| Total Assets | $797.6M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $255.9M | $151.4M | ||
| Q3 25 | $185.5M | $133.7M | ||
| Q2 25 | $145.0M | $107.6M | ||
| Q1 25 | $111.2M | $94.9M | ||
| Q4 24 | $407.4M | $241.0M | ||
| Q3 24 | $335.1M | $205.8M | ||
| Q2 24 | $185.3M | $271.8M | ||
| Q1 24 | $156.7M | $290.8M |
| Q4 25 | $-127.4M | $973.9M | ||
| Q3 25 | $-302.4M | $958.9M | ||
| Q2 25 | $-318.4M | $949.8M | ||
| Q1 25 | $-323.1M | $920.9M | ||
| Q4 24 | $-421.4M | $854.7M | ||
| Q3 24 | $-360.8M | $829.4M | ||
| Q2 24 | $-283.0M | $703.4M | ||
| Q1 24 | $161.9M | $683.0M |
| Q4 25 | $797.6M | $1.2B | ||
| Q3 25 | $650.2M | $1.2B | ||
| Q2 25 | $606.7M | $1.1B | ||
| Q1 25 | $570.5M | $1.1B | ||
| Q4 24 | $876.8M | $1.0B | ||
| Q3 24 | $810.9M | $1.0B | ||
| Q2 24 | $645.5M | $854.5M | ||
| Q1 24 | $583.6M | $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 | $34.8M | $45.9M |
| Free Cash FlowOCF − Capex | $30.5M | $38.2M |
| FCF MarginFCF / Revenue | 13.9% | 19.8% |
| Capex IntensityCapex / Revenue | 2.0% | 4.0% |
| Cash ConversionOCF / Net Profit | 2.52× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.1M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.8M | $45.9M | ||
| Q3 25 | $59.2M | $60.6M | ||
| Q2 25 | $56.1M | $32.3M | ||
| Q1 25 | $-176.5M | $40.0M | ||
| Q4 24 | $223.4M | $40.6M | ||
| Q3 24 | $200.3M | $53.3M | ||
| Q2 24 | $90.0M | $29.4M | ||
| Q1 24 | $-206.3M | $34.1M |
| Q4 25 | $30.5M | $38.2M | ||
| Q3 25 | $57.6M | $54.6M | ||
| Q2 25 | $55.3M | $25.7M | ||
| Q1 25 | $-177.6M | $33.8M | ||
| Q4 24 | $207.0M | $34.3M | ||
| Q3 24 | $199.3M | $48.1M | ||
| Q2 24 | $83.7M | $24.4M | ||
| Q1 24 | $-214.8M | $30.5M |
| Q4 25 | 13.9% | 19.8% | ||
| Q3 25 | 35.0% | 28.7% | ||
| Q2 25 | 35.6% | 13.7% | ||
| Q1 25 | -83.8% | 18.6% | ||
| Q4 24 | 91.7% | 20.1% | ||
| Q3 24 | 71.6% | 29.4% | ||
| Q2 24 | 30.8% | 15.9% | ||
| Q1 24 | -210.3% | 20.4% |
| Q4 25 | 2.0% | 4.0% | ||
| Q3 25 | 0.9% | 3.2% | ||
| Q2 25 | 0.5% | 3.6% | ||
| Q1 25 | 0.5% | 3.4% | ||
| Q4 24 | 7.3% | 3.6% | ||
| Q3 24 | 0.4% | 3.2% | ||
| Q2 24 | 2.3% | 3.3% | ||
| Q1 24 | 8.3% | 2.4% |
| Q4 25 | 2.52× | 1.78× | ||
| Q3 25 | 9.85× | 2.37× | ||
| Q2 25 | 20.50× | 1.64× | ||
| Q1 25 | -10.18× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 12.23× | 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
PWP
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
