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Side-by-side financial comparison of SPS COMMERCE INC (SPSC) and Walker & Dunlop, Inc. (WD). Click either name above to swap in a different company.
Walker & Dunlop, Inc. is the larger business by last-quarter revenue ($340.0M vs $192.7M, roughly 1.8× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs -12.9%, a 26.3% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -0.4%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 13.5%).
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.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
SPSC vs WD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $192.7M | $340.0M |
| Net Profit | $25.8M | $-13.9M |
| Gross Margin | 70.4% | — |
| Operating Margin | 18.0% | -17.2% |
| Net Margin | 13.4% | -12.9% |
| Revenue YoY | 12.7% | -0.4% |
| Net Profit YoY | 47.2% | -131.0% |
| EPS (diluted) | $0.69 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $189.9M | $337.7M | ||
| Q2 25 | $187.4M | $319.2M | ||
| Q1 25 | $181.5M | $237.4M | ||
| Q4 24 | $170.9M | $341.5M | ||
| Q3 24 | $163.7M | $292.3M | ||
| Q2 24 | $153.6M | $270.7M | ||
| Q1 24 | $149.6M | $228.1M |
| Q4 25 | $25.8M | $-13.9M | ||
| Q3 25 | $25.6M | $33.5M | ||
| Q2 25 | $19.7M | $34.0M | ||
| Q1 25 | $22.2M | $2.8M | ||
| Q4 24 | $17.6M | $44.8M | ||
| Q3 24 | $23.5M | $28.8M | ||
| Q2 24 | $18.0M | $22.7M | ||
| Q1 24 | $18.0M | $11.9M |
| 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% | -17.2% | ||
| Q3 25 | 16.4% | 13.6% | ||
| Q2 25 | 14.1% | 14.5% | ||
| Q1 25 | 14.3% | 2.2% | ||
| Q4 24 | 14.5% | 15.3% | ||
| Q3 24 | 15.6% | 12.8% | ||
| Q2 24 | 15.1% | 10.4% | ||
| Q1 24 | 10.3% | 6.0% |
| Q4 25 | 13.4% | -12.9% | ||
| Q3 25 | 13.5% | 9.9% | ||
| Q2 25 | 10.5% | 10.6% | ||
| Q1 25 | 12.2% | 1.2% | ||
| Q4 24 | 10.3% | 13.1% | ||
| Q3 24 | 14.3% | 9.9% | ||
| Q2 24 | 11.7% | 8.4% | ||
| Q1 24 | 12.0% | 5.2% |
| Q4 25 | $0.69 | $-0.41 | ||
| Q3 25 | $0.67 | $0.98 | ||
| Q2 25 | $0.52 | $0.99 | ||
| Q1 25 | $0.58 | $0.08 | ||
| Q4 24 | $0.46 | $1.32 | ||
| Q3 24 | $0.62 | $0.85 | ||
| Q2 24 | $0.48 | $0.67 | ||
| Q1 24 | $0.48 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $973.9M | $1.7B |
| Total Assets | $1.2B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $151.4M | $299.3M | ||
| Q3 25 | $133.7M | $274.8M | ||
| Q2 25 | $107.6M | $233.7M | ||
| Q1 25 | $94.9M | $181.0M | ||
| Q4 24 | $241.0M | $279.3M | ||
| Q3 24 | $205.8M | $179.8M | ||
| Q2 24 | $271.8M | $208.1M | ||
| Q1 24 | $290.8M | $216.5M |
| Q4 25 | $973.9M | $1.7B | ||
| Q3 25 | $958.9M | $1.8B | ||
| Q2 25 | $949.8M | $1.8B | ||
| Q1 25 | $920.9M | $1.7B | ||
| Q4 24 | $854.7M | $1.7B | ||
| Q3 24 | $829.4M | $1.7B | ||
| Q2 24 | $703.4M | $1.7B | ||
| Q1 24 | $683.0M | $1.7B |
| Q4 25 | $1.2B | $5.1B | ||
| Q3 25 | $1.2B | $5.8B | ||
| Q2 25 | $1.1B | $4.7B | ||
| Q1 25 | $1.1B | $4.5B | ||
| Q4 24 | $1.0B | $4.4B | ||
| Q3 24 | $1.0B | $4.6B | ||
| Q2 24 | $854.5M | $4.2B | ||
| Q1 24 | $839.8M | $3.8B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | $38.2M | $-680.1M |
| FCF MarginFCF / Revenue | 19.8% | -200.0% |
| Capex IntensityCapex / Revenue | 4.0% | 4.6% |
| Cash ConversionOCF / Net Profit | 1.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | $152.3M | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.9M | $-664.3M | ||
| Q3 25 | $60.6M | $-948.1M | ||
| Q2 25 | $32.3M | $-238.5M | ||
| Q1 25 | $40.0M | $-281.1M | ||
| Q4 24 | $40.6M | $129.4M | ||
| Q3 24 | $53.3M | $-202.0M | ||
| Q2 24 | $29.4M | $-237.8M | ||
| Q1 24 | $34.1M | $38.4M |
| Q4 25 | $38.2M | $-680.1M | ||
| Q3 25 | $54.6M | $-950.4M | ||
| Q2 25 | $25.7M | $-241.0M | ||
| Q1 25 | $33.8M | $-284.7M | ||
| Q4 24 | $34.3M | $116.4M | ||
| Q3 24 | $48.1M | $-204.0M | ||
| Q2 24 | $24.4M | $-241.7M | ||
| Q1 24 | $30.5M | $35.2M |
| Q4 25 | 19.8% | -200.0% | ||
| Q3 25 | 28.7% | -281.5% | ||
| Q2 25 | 13.7% | -75.5% | ||
| Q1 25 | 18.6% | -120.0% | ||
| Q4 24 | 20.1% | 34.1% | ||
| Q3 24 | 29.4% | -69.8% | ||
| Q2 24 | 15.9% | -89.3% | ||
| Q1 24 | 20.4% | 15.4% |
| Q4 25 | 4.0% | 4.6% | ||
| Q3 25 | 3.2% | 0.7% | ||
| Q2 25 | 3.6% | 0.8% | ||
| Q1 25 | 3.4% | 1.5% | ||
| Q4 24 | 3.6% | 3.8% | ||
| Q3 24 | 3.2% | 0.7% | ||
| Q2 24 | 3.3% | 1.4% | ||
| Q1 24 | 2.4% | 1.4% |
| Q4 25 | 1.78× | — | ||
| Q3 25 | 2.37× | -28.34× | ||
| Q2 25 | 1.64× | -7.02× | ||
| Q1 25 | 1.80× | -102.07× | ||
| Q4 24 | 2.31× | 2.89× | ||
| Q3 24 | 2.27× | -7.01× | ||
| Q2 24 | 1.63× | -10.49× | ||
| Q1 24 | 1.89× | 3.24× |
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% |
WD
Segment breakdown not available.
