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C3.ai, Inc.（AI）与SPS COMMERCE INC（SPSC）财务数据对比。点击上方公司名可切换其他公司
SPS COMMERCE INC的季度营收约是C3.ai, Inc.的2.6倍（$192.7M vs $75.1M），SPS COMMERCE INC净利率更高（13.4% vs -139.3%，领先152.7%），SPS COMMERCE INC同比增速更快（12.7% vs -20.3%），SPS COMMERCE INC自由现金流更多（$38.2M vs $-46.9M），过去两年SPS COMMERCE INC的营收复合增速更高（13.5% vs -2.1%）
C3.ai是全球领先的企业级人工智能软件供应商，主要开发销售可扩展的AI应用、平台工具及垂直行业定制解决方案，服务覆盖制造、能源、金融、医疗、公共部门等领域，助力客户优化运营、降本增效、管控风险，实现数据驱动的业务决策。
SPS Commerce是美国的应用软件科技企业，主打云端供应链管理软件解决方案，总部位于明尼苏达州明尼阿波利斯。除新泽西的美国本土办公室外，公司还在阿姆斯特丹、北京、香港、墨尔本、悉尼、多伦多等全球多地设有分支机构。
AI vs SPSC — 直观对比
营收规模更大
SPSC
是对方的2.6倍
$75.1M
营收增速更快
SPSC
高出33.1%
-20.3%
净利率更高
SPSC
高出152.7%
-139.3%
自由现金流更多
SPSC
多$85.1M
$-46.9M
两年增速更快
SPSC
近两年复合增速
-2.1%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $75.1M | $192.7M |
| 净利润 | $-104.7M | $25.8M |
| 毛利率 | 40.4% | 70.4% |
| 营业利润率 | -149.2% | 18.0% |
| 净利率 | -139.3% | 13.4% |
| 营收同比 | -20.3% | 12.7% |
| 净利润同比 | -58.7% | 47.2% |
| 每股收益（稀释后） | $-0.75 | $0.69 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AISPSC
| Q4 25 | $75.1M | $192.7M | ||
| Q3 25 | $70.3M | $189.9M | ||
| Q2 25 | $108.7M | $187.4M | ||
| Q1 25 | $98.8M | $181.5M | ||
| Q4 24 | $94.3M | $170.9M | ||
| Q3 24 | $87.2M | $163.7M | ||
| Q2 24 | $86.6M | $153.6M | ||
| Q1 24 | $78.4M | $149.6M |
净利润AISPSC
| Q4 25 | $-104.7M | $25.8M | ||
| Q3 25 | $-116.8M | $25.6M | ||
| Q2 25 | $-79.7M | $19.7M | ||
| Q1 25 | $-80.2M | $22.2M | ||
| Q4 24 | $-66.0M | $17.6M | ||
| Q3 24 | $-62.8M | $23.5M | ||
| Q2 24 | $-72.9M | $18.0M | ||
| Q1 24 | $-72.6M | $18.0M |
毛利率AISPSC
| Q4 25 | 40.4% | 70.4% | ||
| Q3 25 | 37.6% | 69.5% | ||
| Q2 25 | 62.1% | 68.1% | ||
| Q1 25 | 59.1% | 68.7% | ||
| Q4 24 | 61.3% | 67.5% | ||
| Q3 24 | 59.8% | 68.5% | ||
| Q2 24 | 59.6% | 66.1% | ||
| Q1 24 | 57.8% | 65.6% |
营业利润率AISPSC
| Q4 25 | -149.2% | 18.0% | ||
| Q3 25 | -177.7% | 16.4% | ||
| Q2 25 | -81.8% | 14.1% | ||
| Q1 25 | -88.7% | 14.3% | ||
| Q4 24 | -79.8% | 14.5% | ||
| Q3 24 | -83.2% | 15.6% | ||
| Q2 24 | -95.1% | 15.1% | ||
| Q1 24 | -105.3% | 10.3% |
净利率AISPSC
| Q4 25 | -139.3% | 13.4% | ||
| Q3 25 | -166.2% | 13.5% | ||
| Q2 25 | -73.3% | 10.5% | ||
| Q1 25 | -81.2% | 12.2% | ||
| Q4 24 | -69.9% | 10.3% | ||
| Q3 24 | -72.0% | 14.3% | ||
| Q2 24 | -84.2% | 11.7% | ||
| Q1 24 | -92.6% | 12.0% |
每股收益（稀释后）AISPSC
| Q4 25 | $-0.75 | $0.69 | ||
| Q3 25 | $-0.86 | $0.67 | ||
| Q2 25 | $-0.60 | $0.52 | ||
| Q1 25 | $-0.62 | $0.58 | ||
| Q4 24 | $-0.52 | $0.46 | ||
| Q3 24 | $-0.50 | $0.62 | ||
| Q2 24 | $-0.59 | $0.48 | ||
| Q1 24 | $-0.60 | $0.48 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $675.0M | $151.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $771.9M | $973.9M |
| 总资产 | $961.3M | $1.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AISPSC
| Q4 25 | $675.0M | $151.4M | ||
| Q3 25 | $711.9M | $133.7M | ||
| Q2 25 | $742.7M | $107.6M | ||
| Q1 25 | $724.3M | $94.9M | ||
| Q4 24 | $730.4M | $241.0M | ||
| Q3 24 | $762.5M | $205.8M | ||
| Q2 24 | $750.4M | $271.8M | ||
| Q1 24 | $723.3M | $290.8M |
股东权益AISPSC
| Q4 25 | $771.9M | $973.9M | ||
| Q3 25 | $798.8M | $958.9M | ||
| Q2 25 | $838.3M | $949.8M | ||
| Q1 25 | $860.2M | $920.9M | ||
| Q4 24 | $859.0M | $854.7M | ||
| Q3 24 | $874.9M | $829.4M | ||
| Q2 24 | $873.4M | $703.4M | ||
| Q1 24 | $898.0M | $683.0M |
总资产AISPSC
| Q4 25 | $961.3M | $1.2B | ||
| Q3 25 | $968.7M | $1.2B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $1.0B | $854.5M | ||
| Q1 24 | $1.1B | $839.8M |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-46.5M | $45.9M |
| 自由现金流经营现金流 - 资本支出 | $-46.9M | $38.2M |
| 自由现金流率自由现金流/营收 | -62.4% | 19.8% |
| 资本支出强度资本支出/营收 | 0.5% | 4.0% |
| 现金转化率经营现金流/净利润 | — | 1.78× |
| 过去12个月自由现金流最近4个季度 | $-93.2M | $152.3M |
8季度趋势，按日历期对齐
经营现金流AISPSC
| Q4 25 | $-46.5M | $45.9M | ||
| Q3 25 | $-33.5M | $60.6M | ||
| Q2 25 | $11.3M | $32.3M | ||
| Q1 25 | $-22.0M | $40.0M | ||
| Q4 24 | $-38.7M | $40.6M | ||
| Q3 24 | $8.0M | $53.3M | ||
| Q2 24 | $21.3M | $29.4M | ||
| Q1 24 | $-39.1M | $34.1M |
自由现金流AISPSC
| Q4 25 | $-46.9M | $38.2M | ||
| Q3 25 | $-34.3M | $54.6M | ||
| Q2 25 | $10.3M | $25.7M | ||
| Q1 25 | $-22.4M | $33.8M | ||
| Q4 24 | $-39.5M | $34.3M | ||
| Q3 24 | $7.1M | $48.1M | ||
| Q2 24 | $18.8M | $24.4M | ||
| Q1 24 | $-45.1M | $30.5M |
自由现金流率AISPSC
| Q4 25 | -62.4% | 19.8% | ||
| Q3 25 | -48.8% | 28.7% | ||
| Q2 25 | 9.5% | 13.7% | ||
| Q1 25 | -22.7% | 18.6% | ||
| Q4 24 | -41.9% | 20.1% | ||
| Q3 24 | 8.2% | 29.4% | ||
| Q2 24 | 21.7% | 15.9% | ||
| Q1 24 | -57.6% | 20.4% |
资本支出强度AISPSC
| Q4 25 | 0.5% | 4.0% | ||
| Q3 25 | 1.1% | 3.2% | ||
| Q2 25 | 0.9% | 3.6% | ||
| Q1 25 | 0.4% | 3.4% | ||
| Q4 24 | 0.9% | 3.6% | ||
| Q3 24 | 1.1% | 3.2% | ||
| Q2 24 | 2.9% | 3.3% | ||
| Q1 24 | 7.8% | 2.4% |
现金转化率AISPSC
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
