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Side-by-side financial comparison of Safehold Inc. (SAFE) 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 $97.9M, roughly 2.0× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 13.4%, a 15.1% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 6.5%). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 2.5%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
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.
SAFE vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $192.7M |
| Net Profit | $27.9M | $25.8M |
| Gross Margin | 98.6% | 70.4% |
| Operating Margin | 27.4% | 18.0% |
| Net Margin | 28.5% | 13.4% |
| Revenue YoY | 6.5% | 12.7% |
| Net Profit YoY | 7.1% | 47.2% |
| EPS (diluted) | $0.38 | $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 | $97.9M | $192.7M | ||
| Q3 25 | $96.2M | $189.9M | ||
| Q2 25 | $93.8M | $187.4M | ||
| Q1 25 | $97.7M | $181.5M | ||
| Q4 24 | $91.9M | $170.9M | ||
| Q3 24 | $90.7M | $163.7M | ||
| Q2 24 | $89.9M | $153.6M | ||
| Q1 24 | $93.2M | $149.6M |
| Q4 25 | $27.9M | $25.8M | ||
| Q3 25 | $29.3M | $25.6M | ||
| Q2 25 | $27.9M | $19.7M | ||
| Q1 25 | $29.4M | $22.2M | ||
| Q4 24 | $26.0M | $17.6M | ||
| Q3 24 | $19.3M | $23.5M | ||
| Q2 24 | $29.7M | $18.0M | ||
| Q1 24 | $30.7M | $18.0M |
| Q4 25 | 98.6% | 70.4% | ||
| Q3 25 | 98.5% | 69.5% | ||
| Q2 25 | 99.1% | 68.1% | ||
| Q1 25 | 98.8% | 68.7% | ||
| Q4 24 | 98.8% | 67.5% | ||
| Q3 24 | 98.8% | 68.5% | ||
| Q2 24 | 98.8% | 66.1% | ||
| Q1 24 | 98.8% | 65.6% |
| Q4 25 | 27.4% | 18.0% | ||
| Q3 25 | 25.9% | 16.4% | ||
| Q2 25 | 25.5% | 14.1% | ||
| Q1 25 | 25.9% | 14.3% | ||
| Q4 24 | 24.6% | 14.5% | ||
| Q3 24 | 17.5% | 15.6% | ||
| Q2 24 | 26.7% | 15.1% | ||
| Q1 24 | 26.4% | 10.3% |
| Q4 25 | 28.5% | 13.4% | ||
| Q3 25 | 30.5% | 13.5% | ||
| Q2 25 | 29.8% | 10.5% | ||
| Q1 25 | 30.1% | 12.2% | ||
| Q4 24 | 28.3% | 10.3% | ||
| Q3 24 | 21.3% | 14.3% | ||
| Q2 24 | 33.0% | 11.7% | ||
| Q1 24 | 33.0% | 12.0% |
| Q4 25 | $0.38 | $0.69 | ||
| Q3 25 | $0.41 | $0.67 | ||
| Q2 25 | $0.39 | $0.52 | ||
| Q1 25 | $0.41 | $0.58 | ||
| Q4 24 | $0.36 | $0.46 | ||
| Q3 24 | $0.27 | $0.62 | ||
| Q2 24 | $0.42 | $0.48 | ||
| Q1 24 | $0.43 | $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 | $21.7M | $151.4M |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $2.4B | $973.9M |
| Total Assets | $7.2B | $1.2B |
| Debt / EquityLower = less leverage | 1.90× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.7M | $151.4M | ||
| Q3 25 | $12.1M | $133.7M | ||
| Q2 25 | $13.9M | $107.6M | ||
| Q1 25 | $17.3M | $94.9M | ||
| Q4 24 | $8.3M | $241.0M | ||
| Q3 24 | $15.6M | $205.8M | ||
| Q2 24 | $13.4M | $271.8M | ||
| Q1 24 | $11.3M | $290.8M |
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.1B | — |
| Q4 25 | $2.4B | $973.9M | ||
| Q3 25 | $2.4B | $958.9M | ||
| Q2 25 | $2.4B | $949.8M | ||
| Q1 25 | $2.4B | $920.9M | ||
| Q4 24 | $2.3B | $854.7M | ||
| Q3 24 | $2.3B | $829.4M | ||
| Q2 24 | $2.3B | $703.4M | ||
| Q1 24 | $2.3B | $683.0M |
| Q4 25 | $7.2B | $1.2B | ||
| Q3 25 | $7.1B | $1.2B | ||
| Q2 25 | $7.1B | $1.1B | ||
| Q1 25 | $6.9B | $1.1B | ||
| Q4 24 | $6.9B | $1.0B | ||
| Q3 24 | $6.8B | $1.0B | ||
| Q2 24 | $6.8B | $854.5M | ||
| Q1 24 | $6.7B | $839.8M |
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.89× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | 1.85× | — | ||
| Q4 24 | 1.84× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.81× | — | ||
| Q1 24 | 1.81× | — |
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 | $47.8M | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | 1.72× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.8M | $45.9M | ||
| Q3 25 | $-1.4M | $60.6M | ||
| Q2 25 | $28.0M | $32.3M | ||
| Q1 25 | $8.9M | $40.0M | ||
| Q4 24 | $37.9M | $40.6M | ||
| Q3 24 | $8.3M | $53.3M | ||
| Q2 24 | $24.8M | $29.4M | ||
| Q1 24 | $-3.1M | $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 | 1.72× | 1.78× | ||
| Q3 25 | -0.05× | 2.37× | ||
| Q2 25 | 1.00× | 1.64× | ||
| Q1 25 | 0.30× | 1.80× | ||
| Q4 24 | 1.45× | 2.31× | ||
| Q3 24 | 0.43× | 2.27× | ||
| Q2 24 | 0.83× | 1.63× | ||
| Q1 24 | -0.10× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
