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Commerce.com, Inc.（CMRC）与null（SWIM）财务数据对比。点击上方公司名可切换其他公司
null的季度营收约是Commerce.com, Inc.的1.1倍（$100.0M vs $89.5M），null净利率更高（-7.0% vs -9.3%，领先2.3%），null同比增速更快（14.5% vs 2.9%），null自由现金流更多（$14.1M vs $-2.2M），过去两年Commerce.com, Inc.的营收复合增速更高（5.5% vs -4.9%）
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。
该企业是一家源自美国的跨国律师事务所，1934年创立于加利福尼亚州洛杉矶，在诉讼业务、公司法务以及监管合规法律领域拥有深厚的行业积累与知名度，是全球颇具影响力的综合性律所之一。
CMRC vs SWIM — 直观对比
营收规模更大
SWIM
是对方的1.1倍
$89.5M
营收增速更快
SWIM
高出11.7%
2.9%
净利率更高
SWIM
高出2.3%
-9.3%
自由现金流更多
SWIM
多$16.3M
$-2.2M
两年增速更快
CMRC
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $89.5M | $100.0M |
| 净利润 | $-8.4M | $-7.0M |
| 毛利率 | 78.3% | 28.0% |
| 营业利润率 | -7.4% | -10.7% |
| 净利率 | -9.3% | -7.0% |
| 营收同比 | 2.9% | 14.5% |
| 净利润同比 | -250.0% | 76.0% |
| 每股收益（稀释后） | $-0.11 | $-0.06 |
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CMRCSWIM
| Q4 25 | $89.5M | $100.0M | ||
| Q3 25 | $86.0M | $161.9M | ||
| Q2 25 | $84.4M | $172.6M | ||
| Q1 25 | $82.4M | $111.4M | ||
| Q4 24 | $87.0M | $87.3M | ||
| Q3 24 | $83.7M | $150.5M | ||
| Q2 24 | $81.8M | $160.1M | ||
| Q1 24 | $80.4M | $110.6M |
净利润CMRCSWIM
| Q4 25 | $-8.4M | $-7.0M | ||
| Q3 25 | $-2.2M | $8.1M | ||
| Q2 25 | $-8.4M | $16.0M | ||
| Q1 25 | $-353.0K | $-6.0M | ||
| Q4 24 | $-2.4M | $-29.2M | ||
| Q3 24 | $-7.0M | $5.9M | ||
| Q2 24 | $-11.3M | $13.3M | ||
| Q1 24 | $-6.4M | $-7.9M |
毛利率CMRCSWIM
| Q4 25 | 78.3% | 28.0% | ||
| Q3 25 | 78.4% | 35.4% | ||
| Q2 25 | 79.0% | 37.1% | ||
| Q1 25 | 79.4% | 29.5% | ||
| Q4 24 | 77.6% | 24.6% | ||
| Q3 24 | 76.3% | 32.4% | ||
| Q2 24 | 75.8% | 33.1% | ||
| Q1 24 | 77.1% | 27.7% |
营业利润率CMRCSWIM
| Q4 25 | -7.4% | -10.7% | ||
| Q3 25 | -0.5% | 13.3% | ||
| Q2 25 | -8.0% | 14.3% | ||
| Q1 25 | -2.9% | -4.4% | ||
| Q4 24 | -0.9% | -14.9% | ||
| Q3 24 | -23.0% | 8.9% | ||
| Q2 24 | -16.5% | 12.5% | ||
| Q1 24 | -10.2% | -1.9% |
净利率CMRCSWIM
| Q4 25 | -9.3% | -7.0% | ||
| Q3 25 | -2.6% | 5.0% | ||
| Q2 25 | -9.9% | 9.3% | ||
| Q1 25 | -0.4% | -5.4% | ||
| Q4 24 | -2.7% | -33.4% | ||
| Q3 24 | -8.4% | 3.9% | ||
| Q2 24 | -13.8% | 8.3% | ||
| Q1 24 | -8.0% | -7.1% |
每股收益（稀释后）CMRCSWIM
| Q4 25 | $-0.11 | $-0.06 | ||
| Q3 25 | $-0.03 | $0.07 | ||
| Q2 25 | $-0.10 | $0.13 | ||
| Q1 25 | $0.00 | $-0.05 | ||
| Q4 24 | $-0.03 | $-0.24 | ||
| Q3 24 | $-0.09 | $0.05 | ||
| Q2 24 | $-0.15 | $0.11 | ||
| Q1 24 | $-0.08 | $-0.07 |
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 | — |
| 总债务越低越好 | $157.0M | $279.8M |
| 股东权益账面价值 | $39.4M | $405.9M |
| 总资产 | $308.8M | $823.2M |
| 负债/权益比越低杠杆越低 | 3.99× | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资CMRCSWIM
| Q4 25 | $141.1M | — | ||
| Q3 25 | $142.0M | — | ||
| Q2 25 | $134.5M | — | ||
| Q1 25 | $120.7M | — | ||
| Q4 24 | $178.2M | — | ||
| Q3 24 | $168.4M | — | ||
| Q2 24 | $275.8M | — | ||
| Q1 24 | $265.2M | — |
总债务CMRCSWIM
| Q4 25 | $157.0M | $279.8M | ||
| Q3 25 | $157.3M | $281.1M | ||
| Q2 25 | $157.5M | $281.5M | ||
| Q1 25 | $157.8M | $306.9M | ||
| Q4 24 | $216.5M | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | $340.9M | $282.4M | ||
| Q1 24 | $340.5M | $282.8M |
股东权益CMRCSWIM
| Q4 25 | $39.4M | $405.9M | ||
| Q3 25 | $42.8M | $408.4M | ||
| Q2 25 | $38.8M | $398.4M | ||
| Q1 25 | $38.1M | $381.1M | ||
| Q4 24 | $33.4M | $387.2M | ||
| Q3 24 | $29.0M | $416.6M | ||
| Q2 24 | $26.1M | $408.1M | ||
| Q1 24 | $26.9M | $391.8M |
总资产CMRCSWIM
| Q4 25 | $308.8M | $823.2M | ||
| Q3 25 | $309.5M | $844.4M | ||
| Q2 25 | $302.5M | $822.1M | ||
| Q1 25 | $286.3M | $824.6M | ||
| Q4 24 | $340.3M | $794.2M | ||
| Q3 24 | $335.1M | $853.4M | ||
| Q2 24 | $452.5M | $830.0M | ||
| Q1 24 | $442.5M | $808.6M |
负债/权益比CMRCSWIM
| Q4 25 | 3.99× | 0.69× | ||
| Q3 25 | 3.67× | 0.69× | ||
| Q2 25 | 4.06× | 0.71× | ||
| Q1 25 | 4.14× | 0.81× | ||
| Q4 24 | 6.49× | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | 13.06× | 0.69× | ||
| Q1 24 | 12.65× | 0.72× |
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 | $14.1M |
| 自由现金流率自由现金流/营收 | -2.4% | 14.1% |
| 资本支出强度资本支出/营收 | 3.5% | 9.2% |
| 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 | $38.0M |
8季度趋势，按日历期对齐
经营现金流CMRCSWIM
| Q4 25 | $980.0K | $23.3M | ||
| Q3 25 | $10.6M | $51.0M | ||
| Q2 25 | $13.6M | $36.0M | ||
| Q1 25 | $401.0K | $-46.9M | ||
| Q4 24 | $12.4M | $6.2M | ||
| Q3 24 | $5.6M | $37.2M | ||
| Q2 24 | $11.7M | $52.4M | ||
| Q1 24 | $-3.4M | $-34.5M |
自由现金流CMRCSWIM
| Q4 25 | $-2.2M | $14.1M | ||
| Q3 25 | $7.6M | $45.2M | ||
| Q2 25 | $11.9M | $29.1M | ||
| Q1 25 | $-424.0K | $-50.3M | ||
| Q4 24 | $11.6M | $-98.0K | ||
| Q3 24 | $4.5M | $33.2M | ||
| Q2 24 | $10.7M | $47.9M | ||
| Q1 24 | $-4.2M | $-39.9M |
自由现金流率CMRCSWIM
| Q4 25 | -2.4% | 14.1% | ||
| Q3 25 | 8.8% | 27.9% | ||
| Q2 25 | 14.1% | 16.8% | ||
| Q1 25 | -0.5% | -45.2% | ||
| Q4 24 | 13.3% | -0.1% | ||
| Q3 24 | 5.4% | 22.1% | ||
| Q2 24 | 13.0% | 29.9% | ||
| Q1 24 | -5.3% | -36.0% |
资本支出强度CMRCSWIM
| Q4 25 | 3.5% | 9.2% | ||
| Q3 25 | 3.4% | 3.6% | ||
| Q2 25 | 2.0% | 4.0% | ||
| Q1 25 | 1.0% | 3.1% | ||
| Q4 24 | 0.9% | 7.2% | ||
| Q3 24 | 1.3% | 2.7% | ||
| Q2 24 | 1.3% | 2.8% | ||
| Q1 24 | 1.0% | 4.8% |
现金转化率CMRCSWIM
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
