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Side-by-side financial comparison of Soho House & Co Inc. (SHCO) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
Soho House & Co Inc. is the larger business by last-quarter revenue ($370.8M vs $192.7M, roughly 1.9× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -5.0%, a 18.5% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 11.2%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $3.5M). Over the past eight quarters, Soho House & Co Inc.'s revenue compounded faster (13.5% CAGR vs 13.5%).
Soho House is an international private members’ club with a focus on the media, arts and fashion industries.
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.
SHCO vs SPSC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $370.8M | $192.7M |
| Net Profit | $-18.7M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -1.6% | 18.0% |
| Net Margin | -5.0% | 13.4% |
| Revenue YoY | 11.2% | 12.7% |
| Net Profit YoY | -10790.3% | 47.2% |
| EPS (diluted) | $-0.10 | $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 | — | $192.7M | ||
| Q3 25 | $370.8M | $189.9M | ||
| Q2 25 | $329.8M | $187.4M | ||
| Q1 25 | $282.9M | $181.5M | ||
| Q4 24 | $305.6M | $170.9M | ||
| Q3 24 | $333.4M | $163.7M | ||
| Q2 24 | $302.9M | $153.6M | ||
| Q1 24 | $261.9M | $149.6M |
| Q4 25 | — | $25.8M | ||
| Q3 25 | $-18.7M | $25.6M | ||
| Q2 25 | $24.9M | $19.7M | ||
| Q1 25 | $8.2M | $22.2M | ||
| Q4 24 | $-91.7M | $17.6M | ||
| Q3 24 | $175.0K | $23.5M | ||
| Q2 24 | $-29.9M | $18.0M | ||
| Q1 24 | $-41.6M | $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 | — | 18.0% | ||
| Q3 25 | -1.6% | 16.4% | ||
| Q2 25 | 18.1% | 14.1% | ||
| Q1 25 | 12.3% | 14.3% | ||
| Q4 24 | -23.1% | 14.5% | ||
| Q3 24 | 11.4% | 15.6% | ||
| Q2 24 | -4.3% | 15.1% | ||
| Q1 24 | -9.3% | 10.3% |
| Q4 25 | — | 13.4% | ||
| Q3 25 | -5.0% | 13.5% | ||
| Q2 25 | 7.5% | 10.5% | ||
| Q1 25 | 2.9% | 12.2% | ||
| Q4 24 | -30.0% | 10.3% | ||
| Q3 24 | 0.1% | 14.3% | ||
| Q2 24 | -9.9% | 11.7% | ||
| Q1 24 | -15.9% | 12.0% |
| Q4 25 | — | $0.69 | ||
| Q3 25 | $-0.10 | $0.67 | ||
| Q2 25 | $0.13 | $0.52 | ||
| Q1 25 | $0.04 | $0.58 | ||
| Q4 24 | $-0.48 | $0.46 | ||
| Q3 24 | $0.00 | $0.62 | ||
| Q2 24 | $-0.15 | $0.48 | ||
| Q1 24 | $-0.21 | $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 | $142.5M | $151.4M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $-351.6M | $973.9M |
| Total Assets | $2.7B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | $142.5M | $133.7M | ||
| Q2 25 | $150.3M | $107.6M | ||
| Q1 25 | $150.1M | $94.9M | ||
| Q4 24 | $152.7M | $241.0M | ||
| Q3 24 | $142.8M | $205.8M | ||
| Q2 24 | $148.5M | $271.8M | ||
| Q1 24 | $139.8M | $290.8M |
| Q4 25 | — | — | ||
| Q3 25 | $735.8M | — | ||
| Q2 25 | $729.8M | — | ||
| Q1 25 | $705.1M | — | ||
| Q4 24 | $691.5M | — | ||
| Q3 24 | $694.8M | — | ||
| Q2 24 | $682.1M | — | ||
| Q1 24 | $671.7M | — |
| Q4 25 | — | $973.9M | ||
| Q3 25 | $-351.6M | $958.9M | ||
| Q2 25 | $-348.6M | $949.8M | ||
| Q1 25 | $-340.1M | $920.9M | ||
| Q4 24 | $-335.1M | $854.7M | ||
| Q3 24 | $-279.4M | $829.4M | ||
| Q2 24 | $-231.7M | $703.4M | ||
| Q1 24 | $-193.0M | $683.0M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.6B | $1.1B | ||
| Q1 25 | $2.5B | $1.1B | ||
| Q4 24 | $2.4B | $1.0B | ||
| Q3 24 | $2.6B | $1.0B | ||
| Q2 24 | $2.6B | $854.5M | ||
| Q1 24 | $2.5B | $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 | $34.9M | $45.9M |
| Free Cash FlowOCF − Capex | $3.5M | $38.2M |
| FCF MarginFCF / Revenue | 0.9% | 19.8% |
| Capex IntensityCapex / Revenue | 8.5% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.9M | ||
| Q3 25 | $34.9M | $60.6M | ||
| Q2 25 | $41.0M | $32.3M | ||
| Q1 25 | $22.8M | $40.0M | ||
| Q4 24 | $26.9M | $40.6M | ||
| Q3 24 | $20.6M | $53.3M | ||
| Q2 24 | $36.0M | $29.4M | ||
| Q1 24 | $6.2M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | $3.5M | $54.6M | ||
| Q2 25 | $12.4M | $25.7M | ||
| Q1 25 | $7.5M | $33.8M | ||
| Q4 24 | $18.5M | $34.3M | ||
| Q3 24 | $10.3M | $48.1M | ||
| Q2 24 | $10.2M | $24.4M | ||
| Q1 24 | $-13.5M | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | 0.9% | 28.7% | ||
| Q2 25 | 3.8% | 13.7% | ||
| Q1 25 | 2.7% | 18.6% | ||
| Q4 24 | 6.1% | 20.1% | ||
| Q3 24 | 3.1% | 29.4% | ||
| Q2 24 | 3.4% | 15.9% | ||
| Q1 24 | -5.2% | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | 8.5% | 3.2% | ||
| Q2 25 | 8.7% | 3.6% | ||
| Q1 25 | 5.4% | 3.4% | ||
| Q4 24 | 2.7% | 3.6% | ||
| Q3 24 | 3.1% | 3.2% | ||
| Q2 24 | 8.5% | 3.3% | ||
| Q1 24 | 7.5% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | 1.65× | 1.64× | ||
| Q1 25 | 2.79× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 117.70× | 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
SHCO
| Membership | $122.7M | 33% |
| Other | $122.0M | 33% |
| Membership Revenue | $58.5M | 16% |
| Other Revenue | $28.5M | 8% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $24.8M | 7% |
| Elimination Of Equity Accounted Revenue | $13.4M | 4% |
| Related Party | $2.0M | 1% |
| Soho House | $1.0M | 0% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
