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Side-by-side financial comparison of BRC Group Holdings, Inc. (RILY) 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 $188.3M, roughly 1.0× BRC Group Holdings, Inc.). BRC Group Holdings, Inc. runs the higher net margin — 47.9% vs 13.4%, a 34.5% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -21.9%). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -15.4%).
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.
RILY vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $188.3M | $192.7M |
| Net Profit | $90.3M | $25.8M |
| Gross Margin | 79.5% | 70.4% |
| Operating Margin | 32.3% | 18.0% |
| Net Margin | 47.9% | 13.4% |
| Revenue YoY | -21.9% | 12.7% |
| Net Profit YoY | 1710.8% | 47.2% |
| EPS (diluted) | $2.78 | $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 | $188.3M | $192.7M | ||
| Q3 25 | $215.3M | $189.9M | ||
| Q2 25 | $188.2M | $187.4M | ||
| Q1 25 | $197.2M | $181.5M | ||
| Q4 24 | $241.0M | $170.9M | ||
| Q3 24 | $225.5M | $163.7M | ||
| Q2 24 | $256.0M | $153.6M | ||
| Q1 24 | $263.4M | $149.6M |
| Q4 25 | $90.3M | $25.8M | ||
| Q3 25 | $91.1M | $25.6M | ||
| Q2 25 | $139.5M | $19.7M | ||
| Q1 25 | $-10.0M | $22.2M | ||
| Q4 24 | $-5.6M | $17.6M | ||
| Q3 24 | $-284.4M | $23.5M | ||
| Q2 24 | $-433.6M | $18.0M | ||
| Q1 24 | $-49.2M | $18.0M |
| Q4 25 | 79.5% | 70.4% | ||
| Q3 25 | 83.7% | 69.5% | ||
| Q2 25 | 81.3% | 68.1% | ||
| Q1 25 | 81.4% | 68.7% | ||
| Q4 24 | 79.8% | 67.5% | ||
| Q3 24 | 82.1% | 68.5% | ||
| Q2 24 | 84.5% | 66.1% | ||
| Q1 24 | 85.3% | 65.6% |
| Q4 25 | 32.3% | 18.0% | ||
| Q3 25 | 30.4% | 16.4% | ||
| Q2 25 | 5.7% | 14.1% | ||
| Q1 25 | -31.2% | 14.3% | ||
| Q4 24 | -69.2% | 14.5% | ||
| Q3 24 | -36.4% | 15.6% | ||
| Q2 24 | -90.8% | 15.1% | ||
| Q1 24 | -6.1% | 10.3% |
| Q4 25 | 47.9% | 13.4% | ||
| Q3 25 | 42.3% | 13.5% | ||
| Q2 25 | 74.1% | 10.5% | ||
| Q1 25 | -5.1% | 12.2% | ||
| Q4 24 | -2.3% | 10.3% | ||
| Q3 24 | -126.1% | 14.3% | ||
| Q2 24 | -169.4% | 11.7% | ||
| Q1 24 | -18.7% | 12.0% |
| Q4 25 | $2.78 | $0.69 | ||
| Q3 25 | $2.91 | $0.67 | ||
| Q2 25 | $4.50 | $0.52 | ||
| Q1 25 | $-0.39 | $0.58 | ||
| Q4 24 | $-0.01 | $0.46 | ||
| Q3 24 | $-9.39 | $0.62 | ||
| Q2 24 | $-14.35 | $0.48 | ||
| Q1 24 | $-1.71 | $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 | $226.6M | $151.4M |
| Total DebtLower is stronger | $1.4B | — |
| Stockholders' EquityBook value | $-171.5M | $973.9M |
| Total Assets | $1.7B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $226.6M | $151.4M | ||
| Q3 25 | $184.2M | $133.7M | ||
| Q2 25 | $267.4M | $107.6M | ||
| Q1 25 | $138.3M | $94.9M | ||
| Q4 24 | $146.9M | $241.0M | ||
| Q3 24 | $159.2M | $205.8M | ||
| Q2 24 | $236.9M | $271.8M | ||
| Q1 24 | $190.7M | $290.8M |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-171.5M | $973.9M | ||
| Q3 25 | $-260.5M | $958.9M | ||
| Q2 25 | $-351.7M | $949.8M | ||
| Q1 25 | $-496.8M | $920.9M | ||
| Q4 24 | $-488.2M | $854.7M | ||
| Q3 24 | $-497.6M | $829.4M | ||
| Q2 24 | $-218.3M | $703.4M | ||
| Q1 24 | $228.4M | $683.0M |
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $1.5B | $1.1B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $2.2B | $1.0B | ||
| Q2 24 | $3.2B | $854.5M | ||
| Q1 24 | $5.0B | $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 | $26.2M | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | 0.29× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.2M | $45.9M | ||
| Q3 25 | $-60.6M | $60.6M | ||
| Q2 25 | $-25.6M | $32.3M | ||
| Q1 25 | $184.0K | $40.0M | ||
| Q4 24 | $-2.7M | $40.6M | ||
| Q3 24 | $19.5M | $53.3M | ||
| Q2 24 | $111.5M | $29.4M | ||
| Q1 24 | $135.4M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | 0.29× | 1.78× | ||
| Q3 25 | -0.66× | 2.37× | ||
| Q2 25 | -0.18× | 1.64× | ||
| Q1 25 | — | 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
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
