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Side-by-side financial comparison of SPS COMMERCE INC (SPSC) and Bristow Group Inc. (VTOL). Click either name above to swap in a different company.
Bristow Group Inc. is the larger business by last-quarter revenue ($377.3M vs $192.7M, roughly 2.0× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 4.9%, a 8.5% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 6.7%). Bristow Group Inc. produced more free cash flow last quarter ($47.8M vs $38.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 5.8%).
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.
Bristow Helicopters Limited is a British civil helicopter operator originally based at Aberdeen Airport, Scotland, which is currently a part of the U.S.-based Bristow Group which in turn has its corporate headquarters in Houston, Texas, U.S. In 2020, Bristow Group was merged with Era Helicopters, a large U.S.-based commercial helicopter operator that was previously a division of Era Aviation, with the two companies then continuing to use the Bristow name.
SPSC vs VTOL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $192.7M | $377.3M |
| Net Profit | $25.8M | $18.4M |
| Gross Margin | 70.4% | — |
| Operating Margin | 18.0% | 8.5% |
| Net Margin | 13.4% | 4.9% |
| Revenue YoY | 12.7% | 6.7% |
| Net Profit YoY | 47.2% | -42.1% |
| EPS (diluted) | $0.69 | $0.61 |
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 | $377.3M | ||
| Q3 25 | $189.9M | $386.3M | ||
| Q2 25 | $187.4M | $376.4M | ||
| Q1 25 | $181.5M | $350.5M | ||
| Q4 24 | $170.9M | $353.5M | ||
| Q3 24 | $163.7M | $365.1M | ||
| Q2 24 | $153.6M | $359.7M | ||
| Q1 24 | $149.6M | $337.1M |
| Q4 25 | $25.8M | $18.4M | ||
| Q3 25 | $25.6M | $51.5M | ||
| Q2 25 | $19.7M | $31.7M | ||
| Q1 25 | $22.2M | $27.4M | ||
| Q4 24 | $17.6M | $31.8M | ||
| Q3 24 | $23.5M | $28.2M | ||
| Q2 24 | $18.0M | $28.2M | ||
| Q1 24 | $18.0M | $6.6M |
| 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% | 8.5% | ||
| Q3 25 | 16.4% | 13.1% | ||
| Q2 25 | 14.1% | 11.3% | ||
| Q1 25 | 14.3% | 9.6% | ||
| Q4 24 | 14.5% | 9.0% | ||
| Q3 24 | 15.6% | 9.1% | ||
| Q2 24 | 15.1% | 12.4% | ||
| Q1 24 | 10.3% | 6.8% |
| Q4 25 | 13.4% | 4.9% | ||
| Q3 25 | 13.5% | 13.3% | ||
| Q2 25 | 10.5% | 8.4% | ||
| Q1 25 | 12.2% | 7.8% | ||
| Q4 24 | 10.3% | 9.0% | ||
| Q3 24 | 14.3% | 7.7% | ||
| Q2 24 | 11.7% | 7.8% | ||
| Q1 24 | 12.0% | 2.0% |
| Q4 25 | $0.69 | $0.61 | ||
| Q3 25 | $0.67 | $1.72 | ||
| Q2 25 | $0.52 | $1.07 | ||
| Q1 25 | $0.58 | $0.92 | ||
| Q4 24 | $0.46 | $1.07 | ||
| Q3 24 | $0.62 | $0.95 | ||
| Q2 24 | $0.48 | $0.96 | ||
| Q1 24 | $0.48 | $0.23 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $151.4M | $286.2M |
| Total DebtLower is stronger | — | $671.5M |
| Stockholders' EquityBook value | $973.9M | $1.1B |
| Total Assets | $1.2B | $2.3B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $151.4M | $286.2M | ||
| Q3 25 | $133.7M | $245.5M | ||
| Q2 25 | $107.6M | $251.8M | ||
| Q1 25 | $94.9M | $191.1M | ||
| Q4 24 | $241.0M | $247.5M | ||
| Q3 24 | $205.8M | $200.3M | ||
| Q2 24 | $271.8M | $178.6M | ||
| Q1 24 | $290.8M | $140.6M |
| Q4 25 | — | $671.5M | ||
| Q3 25 | — | $675.0M | ||
| Q2 25 | — | $705.2M | ||
| Q1 25 | — | $701.9M | ||
| Q4 24 | — | $689.8M | ||
| Q3 24 | — | $629.1M | ||
| Q2 24 | — | $594.2M | ||
| Q1 24 | — | $544.1M |
| Q4 25 | $973.9M | $1.1B | ||
| Q3 25 | $958.9M | $1.0B | ||
| Q2 25 | $949.8M | $984.4M | ||
| Q1 25 | $920.9M | $931.7M | ||
| Q4 24 | $854.7M | $891.7M | ||
| Q3 24 | $829.4M | $899.2M | ||
| Q2 24 | $703.4M | $849.1M | ||
| Q1 24 | $683.0M | $820.7M |
| Q4 25 | $1.2B | $2.3B | ||
| Q3 25 | $1.2B | $2.3B | ||
| Q2 25 | $1.1B | $2.3B | ||
| Q1 25 | $1.1B | $2.2B | ||
| Q4 24 | $1.0B | $2.1B | ||
| Q3 24 | $1.0B | $2.1B | ||
| Q2 24 | $854.5M | $2.0B | ||
| Q1 24 | $839.8M | $1.9B |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.77× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.66× |
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 | $45.9M | $76.9M |
| Free Cash FlowOCF − Capex | $38.2M | $47.8M |
| FCF MarginFCF / Revenue | 19.8% | 12.7% |
| Capex IntensityCapex / Revenue | 4.0% | 7.7% |
| Cash ConversionOCF / Net Profit | 1.78× | 4.17× |
| TTM Free Cash FlowTrailing 4 quarters | $152.3M | $56.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.9M | $76.9M | ||
| Q3 25 | $60.6M | $23.1M | ||
| Q2 25 | $32.3M | $99.0M | ||
| Q1 25 | $40.0M | $-603.0K | ||
| Q4 24 | $40.6M | $51.1M | ||
| Q3 24 | $53.3M | $66.0M | ||
| Q2 24 | $29.4M | $33.7M | ||
| Q1 24 | $34.1M | $26.7M |
| Q4 25 | $38.2M | $47.8M | ||
| Q3 25 | $54.6M | $-6.2M | ||
| Q2 25 | $25.7M | $67.4M | ||
| Q1 25 | $33.8M | $-52.7M | ||
| Q4 24 | $34.3M | $-32.4M | ||
| Q3 24 | $48.1M | $9.0M | ||
| Q2 24 | $24.4M | $-16.7M | ||
| Q1 24 | $30.5M | $-37.9M |
| Q4 25 | 19.8% | 12.7% | ||
| Q3 25 | 28.7% | -1.6% | ||
| Q2 25 | 13.7% | 17.9% | ||
| Q1 25 | 18.6% | -15.0% | ||
| Q4 24 | 20.1% | -9.2% | ||
| Q3 24 | 29.4% | 2.5% | ||
| Q2 24 | 15.9% | -4.6% | ||
| Q1 24 | 20.4% | -11.2% |
| Q4 25 | 4.0% | 7.7% | ||
| Q3 25 | 3.2% | 7.6% | ||
| Q2 25 | 3.6% | 8.4% | ||
| Q1 25 | 3.4% | 14.9% | ||
| Q4 24 | 3.6% | 23.6% | ||
| Q3 24 | 3.2% | 15.6% | ||
| Q2 24 | 3.3% | 14.0% | ||
| Q1 24 | 2.4% | 19.2% |
| Q4 25 | 1.78× | 4.17× | ||
| Q3 25 | 2.37× | 0.45× | ||
| Q2 25 | 1.64× | 3.12× | ||
| Q1 25 | 1.80× | -0.02× | ||
| Q4 24 | 2.31× | 1.61× | ||
| Q3 24 | 2.27× | 2.34× | ||
| Q2 24 | 1.63× | 1.20× | ||
| Q1 24 | 1.89× | 4.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
VTOL
| Offshore Energy Services | $247.5M | 66% |
| Government Services | $100.1M | 27% |
| Other | $21.9M | 6% |
| Related Party | $7.8M | 2% |
