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Side-by-side financial comparison of Seadrill Ltd (SDRL) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
Seadrill Ltd is the larger business by last-quarter revenue ($273.0M vs $192.7M, roughly 1.4× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -3.7%, a 17.1% gap on every dollar of revenue. Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -8.9%).
Seadrill is an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Its primary business is the ownership and operation of drillships, semi-submersible rigs, and jack-up rigs for operations in shallow to ultra-deep water in both benign and harsh environments. It provides a contract-based service and primarily serves the oil super-majors, integrated oil and gas, state-owned national oil, and independent oil and gas companies.
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.
SDRL vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $273.0M | $192.7M |
| Net Profit | $-10.0M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -1.1% | 18.0% |
| Net Margin | -3.7% | 13.4% |
| Revenue YoY | — | 12.7% |
| Net Profit YoY | — | 47.2% |
| EPS (diluted) | — | $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 | $273.0M | $192.7M | ||
| Q3 25 | $280.0M | $189.9M | ||
| Q2 25 | $288.0M | $187.4M | ||
| Q1 25 | $248.0M | $181.5M | ||
| Q4 24 | — | $170.9M | ||
| Q3 24 | $263.0M | $163.7M | ||
| Q2 24 | $267.0M | $153.6M | ||
| Q1 24 | $275.0M | $149.6M |
| Q4 25 | $-10.0M | $25.8M | ||
| Q3 25 | $-11.0M | $25.6M | ||
| Q2 25 | $-42.0M | $19.7M | ||
| Q1 25 | $-14.0M | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | $32.0M | $23.5M | ||
| Q2 24 | $253.0M | $18.0M | ||
| Q1 24 | $60.0M | $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 | -1.1% | 18.0% | ||
| Q3 25 | 9.3% | 16.4% | ||
| Q2 25 | 2.1% | 14.1% | ||
| Q1 25 | 7.3% | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 17.9% | 15.6% | ||
| Q2 24 | — | 15.1% | ||
| Q1 24 | 29.1% | 10.3% |
| Q4 25 | -3.7% | 13.4% | ||
| Q3 25 | -3.9% | 13.5% | ||
| Q2 25 | -14.6% | 10.5% | ||
| Q1 25 | -5.6% | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 12.2% | 14.3% | ||
| Q2 24 | 94.8% | 11.7% | ||
| Q1 24 | 21.8% | 12.0% |
| Q4 25 | — | $0.69 | ||
| Q3 25 | $-0.17 | $0.67 | ||
| Q2 25 | $-0.68 | $0.52 | ||
| Q1 25 | $-0.23 | $0.58 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | $0.49 | $0.62 | ||
| Q2 24 | $3.49 | $0.48 | ||
| Q1 24 | $0.81 | $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 | $339.0M | $151.4M |
| Total DebtLower is stronger | $613.0M | — |
| Stockholders' EquityBook value | $2.9B | $973.9M |
| Total Assets | $3.9B | $1.2B |
| Debt / EquityLower = less leverage | 0.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $339.0M | $151.4M | ||
| Q3 25 | $402.0M | $133.7M | ||
| Q2 25 | $393.0M | $107.6M | ||
| Q1 25 | $404.0M | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | — | $205.8M | ||
| Q2 24 | $835.0M | $271.8M | ||
| Q1 24 | — | $290.8M |
| Q4 25 | $613.0M | — | ||
| Q3 25 | $612.0M | — | ||
| Q2 25 | $612.0M | — | ||
| Q1 25 | $611.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $609.0M | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.9B | $973.9M | ||
| Q3 25 | $2.9B | $958.9M | ||
| Q2 25 | $2.9B | $949.8M | ||
| Q1 25 | $2.9B | $920.9M | ||
| Q4 24 | — | $854.7M | ||
| Q3 24 | $2.9B | $829.4M | ||
| Q2 24 | $3.1B | $703.4M | ||
| Q1 24 | $2.9B | $683.0M |
| Q4 25 | $3.9B | $1.2B | ||
| Q3 25 | $4.1B | $1.2B | ||
| Q2 25 | $4.1B | $1.1B | ||
| Q1 25 | $4.1B | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | $4.3B | $854.5M | ||
| Q1 24 | — | $839.8M |
| Q4 25 | 0.21× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.21× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.20× | — | ||
| Q1 24 | — | — |
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 | $-40.0M | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-40.0M | $45.9M | ||
| Q3 25 | $28.0M | $60.6M | ||
| Q2 25 | $11.0M | $32.3M | ||
| Q1 25 | $-27.0M | $40.0M | ||
| Q4 24 | — | $40.6M | ||
| Q3 24 | $-27.0M | $53.3M | ||
| Q2 24 | $79.0M | $29.4M | ||
| Q1 24 | $29.0M | $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 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | -0.84× | 2.27× | ||
| Q2 24 | 0.31× | 1.63× | ||
| Q1 24 | 0.48× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SDRL
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
