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Commerce.com, Inc.（CMRC）与Repay Holdings Corp（RPAY）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Repay Holdings Corp的1.1倍（$89.5M vs $78.6M），Commerce.com, Inc.净利率更高（-9.3% vs -178.3%，领先169.0%），Commerce.com, Inc.同比增速更快（2.9% vs 0.4%），Repay Holdings Corp自由现金流更多（$23.2M vs $-2.2M），过去两年Commerce.com, Inc.的营收复合增速更高（5.5% vs -1.3%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
CMRC vs RPAY — 直观对比
营收规模更大
CMRC
是对方的1.1倍
$78.6M
营收增速更快
CMRC
高出2.5%
0.4%
净利率更高
CMRC
高出169.0%
-178.3%
自由现金流更多
RPAY
多$25.4M
$-2.2M
两年增速更快
CMRC
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $89.5M | $78.6M |
| 净利润 | $-8.4M | $-140.1M |
| 毛利率 | 78.3% | 74.2% |
| 营业利润率 | -7.4% | -182.2% |
| 净利率 | -9.3% | -178.3% |
| 营收同比 | 2.9% | 0.4% |
| 净利润同比 | -250.0% | -3304.1% |
| 每股收益（稀释后） | $-0.11 | $-1.68 |
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CMRCRPAY
| Q4 25 | $89.5M | $78.6M | ||
| Q3 25 | $86.0M | $77.7M | ||
| Q2 25 | $84.4M | $75.6M | ||
| Q1 25 | $82.4M | $77.3M | ||
| Q4 24 | $87.0M | $78.3M | ||
| Q3 24 | $83.7M | $79.1M | ||
| Q2 24 | $81.8M | $74.9M | ||
| Q1 24 | $80.4M | $80.7M |
净利润CMRCRPAY
| Q4 25 | $-8.4M | $-140.1M | ||
| Q3 25 | $-2.2M | $-6.4M | ||
| Q2 25 | $-8.4M | $-102.3M | ||
| Q1 25 | $-353.0K | $-7.9M | ||
| Q4 24 | $-2.4M | $-4.1M | ||
| Q3 24 | $-7.0M | $3.2M | ||
| Q2 24 | $-11.3M | $-4.1M | ||
| Q1 24 | $-6.4M | $-5.2M |
毛利率CMRCRPAY
| Q4 25 | 78.3% | 74.2% | ||
| Q3 25 | 78.4% | 74.4% | ||
| Q2 25 | 79.0% | 75.7% | ||
| Q1 25 | 79.4% | 75.9% | ||
| Q4 24 | 77.6% | 76.3% | ||
| Q3 24 | 76.3% | 77.8% | ||
| Q2 24 | 75.8% | 78.2% | ||
| Q1 24 | 77.1% | 76.2% |
营业利润率CMRCRPAY
| Q4 25 | -7.4% | -182.2% | ||
| Q3 25 | -0.5% | -3.9% | ||
| Q2 25 | -8.0% | -138.7% | ||
| Q1 25 | -2.9% | -4.7% | ||
| Q4 24 | -0.9% | -1.5% | ||
| Q3 24 | -23.0% | -0.9% | ||
| Q2 24 | -16.5% | -4.6% | ||
| Q1 24 | -10.2% | -3.1% |
净利率CMRCRPAY
| Q4 25 | -9.3% | -178.3% | ||
| Q3 25 | -2.6% | -8.3% | ||
| Q2 25 | -9.9% | -135.2% | ||
| Q1 25 | -0.4% | -10.3% | ||
| Q4 24 | -2.7% | -5.3% | ||
| Q3 24 | -8.4% | 4.1% | ||
| Q2 24 | -13.8% | -5.4% | ||
| Q1 24 | -8.0% | -6.5% |
每股收益（稀释后）CMRCRPAY
| Q4 25 | $-0.11 | $-1.68 | ||
| Q3 25 | $-0.03 | $-0.08 | ||
| Q2 25 | $-0.10 | $-1.15 | ||
| Q1 25 | $0.00 | $-0.09 | ||
| Q4 24 | $-0.03 | $-0.04 | ||
| Q3 24 | $-0.09 | $0.03 | ||
| Q2 24 | $-0.15 | $-0.04 | ||
| Q1 24 | $-0.08 | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | $157.0M | $280.1M |
| 股东权益账面价值 | $39.4M | $484.4M |
| 总资产 | $308.8M | $1.2B |
| 负债/权益比越低杠杆越低 | 3.99× | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资CMRCRPAY
| Q4 25 | $141.1M | $115.7M | ||
| Q3 25 | $142.0M | $95.7M | ||
| Q2 25 | $134.5M | $162.6M | ||
| Q1 25 | $120.7M | $165.5M | ||
| Q4 24 | $178.2M | $189.5M | ||
| Q3 24 | $168.4M | $168.7M | ||
| Q2 24 | $275.8M | $147.1M | ||
| Q1 24 | $265.2M | $128.3M |
总债务CMRCRPAY
| Q4 25 | $157.0M | $280.1M | ||
| Q3 25 | $157.3M | $279.5M | ||
| Q2 25 | $157.5M | $279.0M | ||
| Q1 25 | $157.8M | $497.6M | ||
| Q4 24 | $216.5M | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | $340.9M | $435.6M | ||
| Q1 24 | $340.5M | $434.9M |
股东权益CMRCRPAY
| Q4 25 | $39.4M | $484.4M | ||
| Q3 25 | $42.8M | $616.9M | ||
| Q2 25 | $38.8M | $633.7M | ||
| Q1 25 | $38.1M | $755.7M | ||
| Q4 24 | $33.4M | $761.3M | ||
| Q3 24 | $29.0M | $754.7M | ||
| Q2 24 | $26.1M | $815.4M | ||
| Q1 24 | $26.9M | $813.8M |
总资产CMRCRPAY
| Q4 25 | $308.8M | $1.2B | ||
| Q3 25 | $309.5M | $1.3B | ||
| Q2 25 | $302.5M | $1.4B | ||
| Q1 25 | $286.3M | $1.5B | ||
| Q4 24 | $340.3M | $1.6B | ||
| Q3 24 | $335.1M | $1.6B | ||
| Q2 24 | $452.5M | $1.5B | ||
| Q1 24 | $442.5M | $1.5B |
负债/权益比CMRCRPAY
| Q4 25 | 3.99× | 0.58× | ||
| Q3 25 | 3.67× | 0.45× | ||
| Q2 25 | 4.06× | 0.44× | ||
| Q1 25 | 4.14× | 0.66× | ||
| Q4 24 | 6.49× | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | 13.06× | 0.53× | ||
| Q1 24 | 12.65× | 0.53× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $-2.2M | $23.2M |
| 自由现金流率自由现金流/营收 | -2.4% | 29.6% |
| 资本支出强度资本支出/营收 | 3.5% | 0.1% |
| 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 | $90.7M |
8季度趋势，按日历期对齐
经营现金流CMRCRPAY
| Q4 25 | $980.0K | $23.3M | ||
| Q3 25 | $10.6M | $32.2M | ||
| Q2 25 | $13.6M | $33.1M | ||
| Q1 25 | $401.0K | $2.5M | ||
| Q4 24 | $12.4M | $34.3M | ||
| Q3 24 | $5.6M | $60.1M | ||
| Q2 24 | $11.7M | $31.0M | ||
| Q1 24 | $-3.4M | $24.8M |
自由现金流CMRCRPAY
| Q4 25 | $-2.2M | $23.2M | ||
| Q3 25 | $7.6M | $32.1M | ||
| Q2 25 | $11.9M | $33.0M | ||
| Q1 25 | $-424.0K | $2.4M | ||
| Q4 24 | $11.6M | $34.0M | ||
| Q3 24 | $4.5M | $59.8M | ||
| Q2 24 | $10.7M | $30.5M | ||
| Q1 24 | $-4.2M | $24.7M |
自由现金流率CMRCRPAY
| Q4 25 | -2.4% | 29.6% | ||
| Q3 25 | 8.8% | 41.3% | ||
| Q2 25 | 14.1% | 43.6% | ||
| Q1 25 | -0.5% | 3.0% | ||
| Q4 24 | 13.3% | 43.5% | ||
| Q3 24 | 5.4% | 75.6% | ||
| Q2 24 | 13.0% | 40.7% | ||
| Q1 24 | -5.3% | 30.6% |
资本支出强度CMRCRPAY
| Q4 25 | 3.5% | 0.1% | ||
| Q3 25 | 3.4% | 0.2% | ||
| Q2 25 | 2.0% | 0.1% | ||
| Q1 25 | 1.0% | 0.2% | ||
| Q4 24 | 0.9% | 0.3% | ||
| Q3 24 | 1.3% | 0.3% | ||
| Q2 24 | 1.3% | 0.6% | ||
| Q1 24 | 1.0% | 0.1% |
现金转化率CMRCRPAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| Q2 24 | — | — | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
