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Commerce.com, Inc.（CMRC）与RESOURCES CONNECTION, INC.（RGP）财务数据对比。点击上方公司名可切换其他公司
RESOURCES CONNECTION, INC.的季度营收约是Commerce.com, Inc.的1.3倍（$117.7M vs $89.5M），Commerce.com, Inc.净利率更高（-9.3% vs -10.8%，领先1.4%），Commerce.com, Inc.同比增速更快（2.9% vs -19.2%），RESOURCES CONNECTION, INC.自由现金流更多（$15.6M vs $-2.2M），过去两年Commerce.com, Inc.的营收复合增速更高（5.5% vs -11.8%）
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。
RGP原名 Resources Global Professionals，是 Resources Connection, Inc. 的核心运营主体，面向全球客户提供多领域专业咨询服务，覆盖财务会计、信息管理、治理风险合规、人力资本、法务监管、企业咨询与重组、战略传播以及供应链管理等板块。
CMRC vs RGP — 直观对比
营收规模更大
RGP
是对方的1.3倍
$89.5M
营收增速更快
CMRC
高出22.0%
-19.2%
净利率更高
CMRC
高出1.4%
-10.8%
自由现金流更多
RGP
多$17.7M
$-2.2M
两年增速更快
CMRC
近两年复合增速
-11.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $89.5M | $117.7M |
| 净利润 | $-8.4M | $-12.7M |
| 毛利率 | 78.3% | 37.1% |
| 营业利润率 | -7.4% | -10.3% |
| 净利率 | -9.3% | -10.8% |
| 营收同比 | 2.9% | -19.2% |
| 净利润同比 | -250.0% | 81.6% |
| 每股收益（稀释后） | $-0.11 | $-0.38 |
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CMRCRGP
| Q4 25 | $89.5M | $117.7M | ||
| Q3 25 | $86.0M | $120.2M | ||
| Q2 25 | $84.4M | $139.3M | ||
| Q1 25 | $82.4M | $129.4M | ||
| Q4 24 | $87.0M | $145.6M | ||
| Q3 24 | $83.7M | $136.9M | ||
| Q2 24 | $81.8M | $148.2M | ||
| Q1 24 | $80.4M | $151.3M |
净利润CMRCRGP
| Q4 25 | $-8.4M | $-12.7M | ||
| Q3 25 | $-2.2M | $-2.4M | ||
| Q2 25 | $-8.4M | $-73.3M | ||
| Q1 25 | $-353.0K | $-44.1M | ||
| Q4 24 | $-2.4M | $-68.7M | ||
| Q3 24 | $-7.0M | $-5.7M | ||
| Q2 24 | $-11.3M | $10.5M | ||
| Q1 24 | $-6.4M | $2.5M |
毛利率CMRCRGP
| Q4 25 | 78.3% | 37.1% | ||
| Q3 25 | 78.4% | 39.5% | ||
| Q2 25 | 79.0% | 40.2% | ||
| Q1 25 | 79.4% | 35.1% | ||
| Q4 24 | 77.6% | 38.5% | ||
| Q3 24 | 76.3% | 36.5% | ||
| Q2 24 | 75.8% | 40.2% | ||
| Q1 24 | 77.1% | 37.0% |
营业利润率CMRCRGP
| Q4 25 | -7.4% | -10.3% | ||
| Q3 25 | -0.5% | -1.7% | ||
| Q2 25 | -8.0% | -47.0% | ||
| Q1 25 | -2.9% | -38.4% | ||
| Q4 24 | -0.9% | -52.7% | ||
| Q3 24 | -23.0% | -3.5% | ||
| Q2 24 | -16.5% | 7.6% | ||
| Q1 24 | -10.2% | 2.8% |
净利率CMRCRGP
| Q4 25 | -9.3% | -10.8% | ||
| Q3 25 | -2.6% | -2.0% | ||
| Q2 25 | -9.9% | -52.6% | ||
| Q1 25 | -0.4% | -34.0% | ||
| Q4 24 | -2.7% | -47.2% | ||
| Q3 24 | -8.4% | -4.2% | ||
| Q2 24 | -13.8% | 7.1% | ||
| Q1 24 | -8.0% | 1.7% |
每股收益（稀释后）CMRCRGP
| Q4 25 | $-0.11 | $-0.38 | ||
| Q3 25 | $-0.03 | $-0.07 | ||
| Q2 25 | $-0.10 | $-2.21 | ||
| Q1 25 | $0.00 | $-1.34 | ||
| Q4 24 | $-0.03 | $-2.08 | ||
| Q3 24 | $-0.09 | $-0.17 | ||
| Q2 24 | $-0.15 | $0.31 | ||
| Q1 24 | $-0.08 | $0.08 |
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 | $89.8M |
| 总债务越低越好 | $157.0M | — |
| 股东权益账面价值 | $39.4M | $194.6M |
| 总资产 | $308.8M | $289.3M |
| 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CMRCRGP
| Q4 25 | $141.1M | $89.8M | ||
| Q3 25 | $142.0M | $77.5M | ||
| Q2 25 | $134.5M | $86.1M | ||
| Q1 25 | $120.7M | $72.5M | ||
| Q4 24 | $178.2M | $78.2M | ||
| Q3 24 | $168.4M | $89.6M | ||
| Q2 24 | $275.8M | $108.9M | ||
| Q1 24 | $265.2M | $113.8M |
总债务CMRCRGP
| 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CMRCRGP
| Q4 25 | $39.4M | $194.6M | ||
| Q3 25 | $42.8M | $206.4M | ||
| Q2 25 | $38.8M | $207.1M | ||
| Q1 25 | $38.1M | $277.8M | ||
| Q4 24 | $33.4M | $325.7M | ||
| Q3 24 | $29.0M | $407.2M | ||
| Q2 24 | $26.1M | $418.8M | ||
| Q1 24 | $26.9M | $414.9M |
总资产CMRCRGP
| Q4 25 | $308.8M | $289.3M | ||
| Q3 25 | $309.5M | $287.2M | ||
| Q2 25 | $302.5M | $304.7M | ||
| Q1 25 | $286.3M | $375.6M | ||
| Q4 24 | $340.3M | $424.9M | ||
| Q3 24 | $335.1M | $512.9M | ||
| Q2 24 | $452.5M | $510.9M | ||
| Q1 24 | $442.5M | $523.2M |
负债/权益比CMRCRGP
| 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 | $15.9M |
| 自由现金流经营现金流 - 资本支出 | $-2.2M | $15.6M |
| 自由现金流率自由现金流/营收 | -2.4% | 13.2% |
| 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 | $24.3M |
8季度趋势，按日历期对齐
经营现金流CMRCRGP
| Q4 25 | $980.0K | $15.9M | ||
| Q3 25 | $10.6M | $-7.8M | ||
| Q2 25 | $13.6M | $16.8M | ||
| Q1 25 | $401.0K | $659.0K | ||
| Q4 24 | $12.4M | $1.8M | ||
| Q3 24 | $5.6M | $-309.0K | ||
| Q2 24 | $11.7M | $3.2M | ||
| Q1 24 | $-3.4M | $20.5M |
自由现金流CMRCRGP
| Q4 25 | $-2.2M | $15.6M | ||
| Q3 25 | $7.6M | $-8.0M | ||
| Q2 25 | $11.9M | $16.5M | ||
| Q1 25 | $-424.0K | $238.0K | ||
| Q4 24 | $11.6M | $61.0K | ||
| Q3 24 | $4.5M | $-575.0K | ||
| Q2 24 | $10.7M | $3.0M | ||
| Q1 24 | $-4.2M | $20.4M |
自由现金流率CMRCRGP
| Q4 25 | -2.4% | 13.2% | ||
| Q3 25 | 8.8% | -6.6% | ||
| Q2 25 | 14.1% | 11.8% | ||
| Q1 25 | -0.5% | 0.2% | ||
| Q4 24 | 13.3% | 0.0% | ||
| Q3 24 | 5.4% | -0.4% | ||
| Q2 24 | 13.0% | 2.1% | ||
| Q1 24 | -5.3% | 13.5% |
资本支出强度CMRCRGP
| Q4 25 | 3.5% | 0.3% | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | 2.0% | 0.2% | ||
| Q1 25 | 1.0% | 0.3% | ||
| Q4 24 | 0.9% | 1.2% | ||
| Q3 24 | 1.3% | 0.2% | ||
| Q2 24 | 1.3% | 0.1% | ||
| Q1 24 | 1.0% | 0.1% |
现金转化率CMRCRGP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.30× | ||
| Q1 24 | — | 8.04× |
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% |
RGP
| US | $93.7M | 80% |
| Non Us | $24.0M | 20% |
