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Commerce.com, Inc.（CMRC）与弗雷斯特研究公司（FORR）财务数据对比。点击上方公司名可切换其他公司
弗雷斯特研究公司的季度营收约是Commerce.com, Inc.的1.1倍（$101.1M vs $89.5M），Commerce.com, Inc.净利率更高（-9.3% vs -33.5%，领先24.2%），Commerce.com, Inc.同比增速更快（2.9% vs -6.5%），Commerce.com, Inc.自由现金流更多（$-2.2M vs $-4.3M），过去两年Commerce.com, Inc.的营收复合增速更高（5.5% vs 0.5%）
SPS Commerce是一家总部位于美国明尼苏达州明尼阿波利斯市的科技企业，核心业务是为客户提供基于云端的供应链管理软件解决方案。公司除在美国本土设有分支机构外，还在阿姆斯特丹、北京、香港、多伦多、悉尼等全球多个城市布局了办公网点。
福雷斯特研究公司是一家全球领先的研究咨询机构，主营业务涵盖行业研究、管理咨询与行业峰会举办，客户群体包括全球大型企业、科技公司与消费领域领军企业，公司总部位于美国马萨诸塞州剑桥市。
CMRC vs FORR — 直观对比
营收规模更大
FORR
是对方的1.1倍
$89.5M
营收增速更快
CMRC
高出9.3%
-6.5%
净利率更高
CMRC
高出24.2%
-33.5%
自由现金流更多
CMRC
多$2.1M
$-4.3M
两年增速更快
CMRC
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $89.5M | $101.1M |
| 净利润 | $-8.4M | $-33.9M |
| 毛利率 | 78.3% | 56.7% |
| 营业利润率 | -7.4% | -36.6% |
| 净利率 | -9.3% | -33.5% |
| 营收同比 | 2.9% | -6.5% |
| 净利润同比 | -250.0% | -7941.4% |
| 每股收益（稀释后） | $-0.11 | $-1.75 |
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CMRCFORR
| Q4 25 | $89.5M | $101.1M | ||
| Q3 25 | $86.0M | $94.3M | ||
| Q2 25 | $84.4M | $111.7M | ||
| Q1 25 | $82.4M | $89.9M | ||
| Q4 24 | $87.0M | $108.0M | ||
| Q3 24 | $83.7M | $102.5M | ||
| Q2 24 | $81.8M | $121.8M | ||
| Q1 24 | $80.4M | $100.1M |
净利润CMRCFORR
| Q4 25 | $-8.4M | $-33.9M | ||
| Q3 25 | $-2.2M | $-2.1M | ||
| Q2 25 | $-8.4M | $3.9M | ||
| Q1 25 | $-353.0K | $-87.3M | ||
| Q4 24 | $-2.4M | $432.0K | ||
| Q3 24 | $-7.0M | $-5.8M | ||
| Q2 24 | $-11.3M | $6.3M | ||
| Q1 24 | $-6.4M | $-6.7M |
毛利率CMRCFORR
| Q4 25 | 78.3% | 56.7% | ||
| Q3 25 | 78.4% | 60.0% | ||
| Q2 25 | 79.0% | 55.5% | ||
| Q1 25 | 79.4% | 55.9% | ||
| Q4 24 | 77.6% | 58.8% | ||
| Q3 24 | 76.3% | 60.5% | ||
| Q2 24 | 75.8% | 57.3% | ||
| Q1 24 | 77.1% | 54.9% |
营业利润率CMRCFORR
| Q4 25 | -7.4% | -36.6% | ||
| Q3 25 | -0.5% | 4.7% | ||
| Q2 25 | -8.0% | 6.2% | ||
| Q1 25 | -2.9% | -97.5% | ||
| Q4 24 | -0.9% | -0.5% | ||
| Q3 24 | -23.0% | -0.7% | ||
| Q2 24 | -16.5% | 9.3% | ||
| Q1 24 | -10.2% | -9.3% |
净利率CMRCFORR
| Q4 25 | -9.3% | -33.5% | ||
| Q3 25 | -2.6% | -2.3% | ||
| Q2 25 | -9.9% | 3.5% | ||
| Q1 25 | -0.4% | -97.1% | ||
| Q4 24 | -2.7% | 0.4% | ||
| Q3 24 | -8.4% | -5.7% | ||
| Q2 24 | -13.8% | 5.2% | ||
| Q1 24 | -8.0% | -6.7% |
每股收益（稀释后）CMRCFORR
| Q4 25 | $-0.11 | $-1.75 | ||
| Q3 25 | $-0.03 | $-0.11 | ||
| Q2 25 | $-0.10 | $0.20 | ||
| Q1 25 | $0.00 | $-4.62 | ||
| Q4 24 | $-0.03 | $0.02 | ||
| Q3 24 | $-0.09 | $-0.30 | ||
| Q2 24 | $-0.15 | $0.33 | ||
| Q1 24 | $-0.08 | $-0.35 |
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 | $141.1M | $63.3M |
| 总债务越低越好 | $157.0M | — |
| 股东权益账面价值 | $39.4M | $126.5M |
| 总资产 | $308.8M | $404.0M |
| 负债/权益比越低杠杆越低 | 3.99× | — |
8季度趋势，按日历期对齐
现金及短期投资CMRCFORR
| Q4 25 | $141.1M | $63.3M | ||
| Q3 25 | $142.0M | $65.1M | ||
| Q2 25 | $134.5M | $67.8M | ||
| Q1 25 | $120.7M | $75.6M | ||
| Q4 24 | $178.2M | $56.1M | ||
| Q3 24 | $168.4M | $62.8M | ||
| Q2 24 | $275.8M | $58.9M | ||
| Q1 24 | $265.2M | $61.4M |
总债务CMRCFORR
| Q4 25 | $157.0M | — | ||
| Q3 25 | $157.3M | — | ||
| Q2 25 | $157.5M | — | ||
| Q1 25 | $157.8M | — | ||
| Q4 24 | $216.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $340.9M | — | ||
| Q1 24 | $340.5M | — |
股东权益CMRCFORR
| Q4 25 | $39.4M | $126.5M | ||
| Q3 25 | $42.8M | $157.7M | ||
| Q2 25 | $38.8M | $159.5M | ||
| Q1 25 | $38.1M | $147.4M | ||
| Q4 24 | $33.4M | $229.5M | ||
| Q3 24 | $29.0M | $234.3M | ||
| Q2 24 | $26.1M | $237.1M | ||
| Q1 24 | $26.9M | $230.9M |
总资产CMRCFORR
| Q4 25 | $308.8M | $404.0M | ||
| Q3 25 | $309.5M | $414.2M | ||
| Q2 25 | $302.5M | $436.0M | ||
| Q1 25 | $286.3M | $439.8M | ||
| Q4 24 | $340.3M | $503.9M | ||
| Q3 24 | $335.1M | $505.3M | ||
| Q2 24 | $452.5M | $524.2M | ||
| Q1 24 | $442.5M | $555.7M |
负债/权益比CMRCFORR
| Q4 25 | 3.99× | — | ||
| Q3 25 | 3.67× | — | ||
| Q2 25 | 4.06× | — | ||
| Q1 25 | 4.14× | — | ||
| Q4 24 | 6.49× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 13.06× | — | ||
| Q1 24 | 12.65× | — |
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 | $980.0K | $-3.2M |
| 自由现金流经营现金流 - 资本支出 | $-2.2M | $-4.3M |
| 自由现金流率自由现金流/营收 | -2.4% | -4.2% |
| 资本支出强度资本支出/营收 | 3.5% | 1.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $16.9M | $18.1M |
8季度趋势，按日历期对齐
经营现金流CMRCFORR
| Q4 25 | $980.0K | $-3.2M | ||
| Q3 25 | $10.6M | $1.2M | ||
| Q2 25 | $13.6M | $-3.6M | ||
| Q1 25 | $401.0K | $26.7M | ||
| Q4 24 | $12.4M | $-1.8M | ||
| Q3 24 | $5.6M | $264.0K | ||
| Q2 24 | $11.7M | $-2.9M | ||
| Q1 24 | $-3.4M | $611.0K |
自由现金流CMRCFORR
| Q4 25 | $-2.2M | $-4.3M | ||
| Q3 25 | $7.6M | $524.0K | ||
| Q2 25 | $11.9M | $-4.2M | ||
| Q1 25 | $-424.0K | $26.1M | ||
| Q4 24 | $11.6M | $-2.5M | ||
| Q3 24 | $4.5M | $-223.0K | ||
| Q2 24 | $10.7M | $-3.7M | ||
| Q1 24 | $-4.2M | $-815.0K |
自由现金流率CMRCFORR
| Q4 25 | -2.4% | -4.2% | ||
| Q3 25 | 8.8% | 0.6% | ||
| Q2 25 | 14.1% | -3.8% | ||
| Q1 25 | -0.5% | 29.0% | ||
| Q4 24 | 13.3% | -2.3% | ||
| Q3 24 | 5.4% | -0.2% | ||
| Q2 24 | 13.0% | -3.1% | ||
| Q1 24 | -5.3% | -0.8% |
资本支出强度CMRCFORR
| Q4 25 | 3.5% | 1.1% | ||
| Q3 25 | 3.4% | 0.7% | ||
| Q2 25 | 2.0% | 0.5% | ||
| Q1 25 | 1.0% | 0.7% | ||
| Q4 24 | 0.9% | 0.6% | ||
| Q3 24 | 1.3% | 0.5% | ||
| Q2 24 | 1.3% | 0.7% | ||
| Q1 24 | 1.0% | 1.4% |
现金转化率CMRCFORR
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| Q1 24 | — | — |
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
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
