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Commerce.com, Inc.（CMRC）与READING INTERNATIONAL INC（RDI）财务数据对比。点击上方公司名可切换其他公司
Commerce.com, Inc.的季度营收约是READING INTERNATIONAL INC的1.8倍（$89.5M vs $50.3M），READING INTERNATIONAL INC净利率更高（-5.1% vs -9.3%，领先4.2%），Commerce.com, Inc.同比增速更快（2.9% vs -14.2%），READING INTERNATIONAL INC自由现金流更多（$4.1M vs $-2.2M），过去两年READING INTERNATIONAL INC的营收复合增速更高（5.6% vs 5.5%）
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。
雷丁公司是总部位于美国费城的铁路企业，1924年起在宾夕法尼亚州东部及周边各州提供客运与货运运输服务，直至1976年被联合铁路公司收购。
CMRC vs RDI — 直观对比
营收规模更大
CMRC
是对方的1.8倍
$50.3M
营收增速更快
CMRC
高出17.0%
-14.2%
净利率更高
RDI
高出4.2%
-9.3%
自由现金流更多
RDI
多$6.3M
$-2.2M
两年增速更快
RDI
近两年复合增速
5.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $89.5M | $50.3M |
| 净利润 | $-8.4M | $-2.6M |
| 毛利率 | 78.3% | — |
| 营业利润率 | -7.4% | -1.9% |
| 净利率 | -9.3% | -5.1% |
| 营收同比 | 2.9% | -14.2% |
| 净利润同比 | -250.0% | -14.5% |
| 每股收益（稀释后） | $-0.11 | $-0.11 |
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CMRCRDI
| Q4 25 | $89.5M | $50.3M | ||
| Q3 25 | $86.0M | $52.2M | ||
| Q2 25 | $84.4M | $60.4M | ||
| Q1 25 | $82.4M | $40.2M | ||
| Q4 24 | $87.0M | $58.6M | ||
| Q3 24 | $83.7M | $60.1M | ||
| Q2 24 | $81.8M | $46.8M | ||
| Q1 24 | $80.4M | $45.1M |
净利润CMRCRDI
| Q4 25 | $-8.4M | $-2.6M | ||
| Q3 25 | $-2.2M | $-4.2M | ||
| Q2 25 | $-8.4M | $-2.7M | ||
| Q1 25 | $-353.0K | $-4.8M | ||
| Q4 24 | $-2.4M | $-2.2M | ||
| Q3 24 | $-7.0M | $-7.0M | ||
| Q2 24 | $-11.3M | $-12.8M | ||
| Q1 24 | $-6.4M | $-13.2M |
毛利率CMRCRDI
| Q4 25 | 78.3% | — | ||
| Q3 25 | 78.4% | — | ||
| Q2 25 | 79.0% | — | ||
| Q1 25 | 79.4% | — | ||
| Q4 24 | 77.6% | — | ||
| Q3 24 | 76.3% | — | ||
| Q2 24 | 75.8% | — | ||
| Q1 24 | 77.1% | — |
营业利润率CMRCRDI
| Q4 25 | -7.4% | -1.9% | ||
| Q3 25 | -0.5% | -0.6% | ||
| Q2 25 | -8.0% | 4.8% | ||
| Q1 25 | -2.9% | -17.2% | ||
| Q4 24 | -0.9% | 2.6% | ||
| Q3 24 | -23.0% | -0.6% | ||
| Q2 24 | -16.5% | -16.4% | ||
| Q1 24 | -10.2% | -16.7% |
净利率CMRCRDI
| Q4 25 | -9.3% | -5.1% | ||
| Q3 25 | -2.6% | -8.0% | ||
| Q2 25 | -9.9% | -4.4% | ||
| Q1 25 | -0.4% | -11.8% | ||
| Q4 24 | -2.7% | -3.8% | ||
| Q3 24 | -8.4% | -11.7% | ||
| Q2 24 | -13.8% | -27.4% | ||
| Q1 24 | -8.0% | -29.4% |
每股收益（稀释后）CMRCRDI
| Q4 25 | $-0.11 | $-0.11 | ||
| Q3 25 | $-0.03 | $-0.18 | ||
| Q2 25 | $-0.10 | $-0.12 | ||
| Q1 25 | $0.00 | $-0.21 | ||
| Q4 24 | $-0.03 | $-0.11 | ||
| Q3 24 | $-0.09 | $-0.31 | ||
| Q2 24 | $-0.15 | $-0.57 | ||
| Q1 24 | $-0.08 | $-0.59 |
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 | $10.5M |
| 总债务越低越好 | $157.0M | $185.1M |
| 股东权益账面价值 | $39.4M | $-18.2M |
| 总资产 | $308.8M | $434.9M |
| 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CMRCRDI
| Q4 25 | $141.1M | $10.5M | ||
| Q3 25 | $142.0M | $8.1M | ||
| Q2 25 | $134.5M | $9.1M | ||
| Q1 25 | $120.7M | $5.9M | ||
| Q4 24 | $178.2M | $12.4M | ||
| Q3 24 | $168.4M | $10.1M | ||
| Q2 24 | $275.8M | $9.3M | ||
| Q1 24 | $265.2M | $7.5M |
总债务CMRCRDI
| Q4 25 | $157.0M | $185.1M | ||
| Q3 25 | $157.3M | — | ||
| Q2 25 | $157.5M | — | ||
| Q1 25 | $157.8M | — | ||
| Q4 24 | $216.5M | $202.7M | ||
| Q3 24 | — | — | ||
| Q2 24 | $340.9M | — | ||
| Q1 24 | $340.5M | — |
股东权益CMRCRDI
| Q4 25 | $39.4M | $-18.2M | ||
| Q3 25 | $42.8M | $-12.1M | ||
| Q2 25 | $38.8M | $-7.7M | ||
| Q1 25 | $38.1M | $-8.1M | ||
| Q4 24 | $33.4M | $-4.4M | ||
| Q3 24 | $29.0M | $1.6M | ||
| Q2 24 | $26.1M | $6.5M | ||
| Q1 24 | $26.9M | $18.0M |
总资产CMRCRDI
| Q4 25 | $308.8M | $434.9M | ||
| Q3 25 | $309.5M | $435.2M | ||
| Q2 25 | $302.5M | $438.1M | ||
| Q1 25 | $286.3M | $441.0M | ||
| Q4 24 | $340.3M | $471.0M | ||
| Q3 24 | $335.1M | $495.7M | ||
| Q2 24 | $452.5M | $494.9M | ||
| Q1 24 | $442.5M | $494.9M |
负债/权益比CMRCRDI
| 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 | $4.3M |
| 自由现金流经营现金流 - 资本支出 | $-2.2M | $4.1M |
| 自由现金流率自由现金流/营收 | -2.4% | 8.2% |
| 资本支出强度资本支出/营收 | 3.5% | 0.3% |
| 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 | $-2.9M |
8季度趋势，按日历期对齐
经营现金流CMRCRDI
| Q4 25 | $980.0K | $4.3M | ||
| Q3 25 | $10.6M | $295.0K | ||
| Q2 25 | $13.6M | $1.6M | ||
| Q1 25 | $401.0K | $-7.7M | ||
| Q4 24 | $12.4M | $8.0M | ||
| Q3 24 | $5.6M | $1.3M | ||
| Q2 24 | $11.7M | $-10.4M | ||
| Q1 24 | $-3.4M | $-2.8M |
自由现金流CMRCRDI
| Q4 25 | $-2.2M | $4.1M | ||
| Q3 25 | $7.6M | $-246.0K | ||
| Q2 25 | $11.9M | $1.2M | ||
| Q1 25 | $-424.0K | $-8.0M | ||
| Q4 24 | $11.6M | $7.0M | ||
| Q3 24 | $4.5M | $-1.1M | ||
| Q2 24 | $10.7M | $-10.6M | ||
| Q1 24 | $-4.2M | $-4.7M |
自由现金流率CMRCRDI
| Q4 25 | -2.4% | 8.2% | ||
| Q3 25 | 8.8% | -0.5% | ||
| Q2 25 | 14.1% | 1.9% | ||
| Q1 25 | -0.5% | -19.8% | ||
| Q4 24 | 13.3% | 12.0% | ||
| Q3 24 | 5.4% | -1.8% | ||
| Q2 24 | 13.0% | -22.7% | ||
| Q1 24 | -5.3% | -10.4% |
资本支出强度CMRCRDI
| Q4 25 | 3.5% | 0.3% | ||
| Q3 25 | 3.4% | 1.0% | ||
| Q2 25 | 2.0% | 0.6% | ||
| Q1 25 | 1.0% | 0.6% | ||
| Q4 24 | 0.9% | 1.7% | ||
| Q3 24 | 1.3% | 4.0% | ||
| Q2 24 | 1.3% | 0.5% | ||
| Q1 24 | 1.0% | 4.3% |
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% |
RDI
| Cinema Exhibition Segment | $46.9M | 93% |
| Real Estate Revenue | $3.4M | 7% |
