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SPS Commerce, Inc.

SPSC Technology Software Application

SPS Commerce, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $751.5 million, up 17.8% from fiscal 2024.

Revenue
+4.08%
EPS
+27.6%
Free cash flow
+7.23%

Quarter to September 2026, against a year earlier

82.46 2.78 −3.26%
Market cap
$3.0B
P/E
36.4×
Fwd P/E
35.4×
Dividend yield
—
F-score
6/9
Altman Z
12.01
Beneish M
−2.50
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.70
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 4 1 1 1 — — — — — —
Insider Ownership 3.57%

Capital & Financial Ratios $m

Size
Market Cap 3,020.00
Revenue ttm 780.24
Net income ttm 83.12
Free cash flow ttm 202.64
Net debt Q (183.50)
Valuation
P/E 36.41 (above 35: high)
Forward P/E 35.40 (above 35: high)
Price / sales 3.79
Forward P/S Powerpack
Price / FCF 14.61
Price / book 3.17
Financial health
Current ratio Q 2.25 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 0.00
Growth
Revenue growth Q +4.08% (above 0%: growing)
Operating income growth Q +28.01% (above 0%: growing)
EPS, this year +19.22% (at or above 15%: strong)
EPS, next year A +7.43%
Revenue, next year A +4.99%
EPS, past 5 yrs +14.32%
EPS, next 5 yrs A +13.09%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.6×, against a ten-year median of 6.5×; over the ten years it ranged from 2.5× in 2026 to 15.2× in 2021.
P/E against its own 10 years 5.81%
10-year low 10-year high
P/S against its own 10 years 5.39%
10-year low 10-year high
P/B against its own 10 years 9.86%
10-year low 10-year high
EV/Sales against its own 10 years 8.80%
10-year low 10-year high
EV/FCF against its own 10 years 4.44%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 275 241 151 184
Receivables 47 52 68 66
Inventory — — — —
Other 17 24 49 33
401 382 335 347
2023 2024 2025 Q'26
Payables 7 9 14 10
ST’ Debt — — — —
Other — — — —
131 147 154 154

Compound Annual Growth %

10y 5y 3y
Sales 16.84% 19.17% 18.57%
Cash Flow 28.62% 15.09% 21.35%
Earnings 35.01% 15.41% 19.18%
Book Value 15.93% 18.28% 21.94%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.22 Actual 1.39

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.00 1.14 Beat by 0.14
Q1 FY26 0.97 1.10 Beat by 0.13
Q2 FY26 1.08 1.27 Beat by 0.19
Q3 FY26 1.22 1.39 Beat by 0.17
Q4 FY26 1.31 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.53 0.19 0.85 — —
’25 0.58 0.52 0.67 0.68 2.46
’24 0.48 0.48 0.62 0.46 2.04
’23 0.41 0.39 0.45 0.51 1.76
’22 0.34 0.29 0.43 0.43 1.49
’21 0.28 0.28 0.31 0.34 1.21
’20 0.26 0.31 0.31 0.37 1.26
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 192 198 198 — —
’25 182 187 190 193 752
’24 150 154 164 171 638
’23 126 130 136 145 537
’22 105 109 114 122 451
’21 90 95 98 103 385
’20 74 76 80 83 313
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 56 66 64 — —
’25 40 32 61 46 179
’24 34 29 53 41 157
’23 22 34 44 33 132
’22 4 32 40 24 100
’21 22 33 27 31 113
’20 15 22 29 23 89
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 48 57 58 — —
’25 34 26 55 38 152
’24 31 24 48 34 137
’23 16 30 38 28 113
’22 0 29 34 18 80
’21 18 28 20 27 93
’20 11 18 25 18 72
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 193 220 248 279 313 385 451 537 638 752 780 +16.3% 789 835 893 +5.9%
Gross margin, % 66.69 66.55 67.07 66.95 68.07 65.82 66.05 66.09 66.96 69.18 70.23 +2.5 pt
EBT 8 11 28 42 53 54 71 86 99 124 114 +36.1%
EBT margin, % 4.00 4.86 11.42 15.07 16.85 13.90 15.82 15.94 15.60 16.48 14.57 +12.5 pt
Net income 5 0 24 34 46 45 55 66 77 93 83 +38.5%
Per share, $
Per share, $ Revenue 5.70 6.40 7.22 7.97 8.88 10.72 12.48 14.65 17.10 19.84 21.73 +14.9%
Earnings 0.17 0.01 0.70 0.96 1.29 1.24 1.53 1.80 2.07 2.46 2.26 +34.6%
Cash flow 0.55 0.90 1.60 2.05 2.51 3.14 2.77 3.61 4.22 4.72 6.45 +26.9%
Capex (0.24) (0.21) (0.40) (0.39) (0.47) (0.55) (0.55) (0.54) (0.54) (0.70) (0.80) +12.8%
Free cash flow 0.32 0.69 1.20 1.66 2.05 2.60 2.22 3.07 3.68 4.02 5.64 +32.6%
Book value 7.35 8.38 9.27 10.13 11.94 13.48 14.87 18.21 22.91 25.71 25.99 +14.9%
Shares, m 34 34 34 35 35 36 36 37 37 38 37 +1.2%
Valuation, ×
Valuation, × P/E 237.78 0.00 59.27 57.43 84.18 114.80 83.67 102.39 88.46 36.23 36.41 86.4
P/S 6.10 3.81 5.71 6.95 12.24 13.27 10.25 12.58 10.76 4.49 3.79 8.6
P/B 4.72 2.91 4.44 5.47 9.09 10.56 8.61 10.12 8.03 3.47 3.17 6.7
EV/Sales 5.38 3.06 4.99 6.19 11.64 12.61 9.78 12.07 10.38 4.29 3.56 8.0
EV/FCF 96.54 28.35 30.01 29.68 50.46 52.06 54.99 57.57 48.22 21.18 13.70 46.9
Cash, $m
Cash, $m Operating cash flow 19 31 55 72 89 113 100 132 157 179 232 +28.5%
Capex (8) (7) (14) (14) (16) (20) (20) (20) (20) (27) (29) +14.2%
Free cash flow 11 24 41 58 72 93 80 113 137 152 203 +34.2%
Balance, $m
Balance, $m Working capital 154 180 193 224 191 250 212 271 235 181 193 +1.8%
Net debt (139) (163) (178) (214) (187) (257) (214) (275) (241) (151) (184) +1.0%
Shareholders’ equity 249 288 319 355 421 484 537 667 855 974 933 +16.3%
Returns, %
Returns, % ROA 1.77 0.11 6.58 8.09 9.36 7.81 8.56 8.80 8.31 8.48 7.26 +6.7 pt
ROIC 3.62 5.00 11.88 16.98 13.44 15.17 13.78 12.32 9.05 8.99 8.97 +5.4 pt
ROE 2.11 0.13 7.86 10.01 11.76 9.86 10.80 10.93 10.12 10.21 8.79 +8.1 pt
People
People Employees 1,217 1,336 1,231 1,363 1,572 1,901 2,215 2,489 2,783 2,948 — +10.3%
Revenue/emp, $m 0.16 0.16 0.20 0.20 0.20 0.20 0.20 0.22 0.23 0.25 — +5.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

SPS Commerce, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NATL NCR Atleos Corporation $3.5B 13.0× 9.3× −1.96% (below 0%: shrinking) +275.03% (above 0%: growing) +111.11% (above 0%: growing) 25.75% 16.65% Compare
AGYS Agilysys, Inc. $3.5B 75.8× 66.4× +17.73% (above 0%: growing) +11.48% (above 0%: growing) −1.19% (below 0%: shrinking) 64.60% 16.33% Compare
INTA Intapp, Inc. $3.5B — (loss-making) — (loss-making) +15.99% (above 0%: growing) n/m +138.52% (above 0%: growing) 77.89% (0.66%) Compare
FSLY Fastly, Inc. $3.4B — (loss-making) — (loss-making) +20.21% (above 0%: growing) n/m +120.03% (above 0%: growing) 63.31% (5.93%) Compare
ALRM Alarm.com Holdings, Inc. $3.3B 28.1× 30.7× +8.99% (above 0%: growing) −1.41% (below 0%: shrinking) +106.10% (above 0%: growing) 65.56% 11.70% Compare
VIA Via Transportation Inc. $3.2B — (loss-making) — (loss-making) +26.67% (above 0%: growing) n/m +28.02% (above 0%: growing) 40.98% (16.03%) Compare
SPSC SPS Commerce, Inc. $3.0B 36.4× 35.4× +4.08% (above 0%: growing) +27.57% (above 0%: growing) +7.23% (above 0%: growing) 71.11% 20.20%
BULL Webull Corporation $2.9B 48.5× — +51.21% (above 0%: growing) n/m −454,633.33% (below 0%: shrinking) 77.70% 22.86% Compare
ASAN Asana, Inc. $2.7B — (loss-making) — (loss-making) +9.90% (above 0%: growing) n/m +390.69% (above 0%: growing) 85.99% (19.05%) Compare
Median of peers $3.3B 38.3× 30.7× +16.86% +11.48% +108.61% 65.08% 5.52%

All 230 Software Application stocks →

Pay and ownership Proxy statement filed 14 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.41m (5.60m) 82.00
2024 14.41m 10.99m 169.00
2022 6.07m 4.50m 118.00
2021 6.69m 14.05m 131.00

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 15.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

SPS Commerce, Inc. (SPSC) Latest News

31 Oct

Impact 3 · · The Motley Fool

30 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

29 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Associated Press

23 Oct

Impact 3 · · Simply Wall St.

15 Sep

Impact 3 ·

11 Sep

Impact 3 · · The Motley Fool

19 Aug

Impact 3 · · The Motley Fool

4 Aug

Impact 3 · · The Motley Fool transcript

1 Aug

Impact 3 ·

31 Jul

Impact 4 · · The Motley Fool
Impact 4 · transcript
Impact 4 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 ·
Impact 3 ·

30 Jun

Impact 3 ·

23 Jun

Impact 4 · · Investing.com
Impact 4 · · Reuters
Impact 3 ·

1 May

Impact 4 · · MT Newswires
Impact 4 · · GuruFocus.com

30 Apr

Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 4 · · Zacks
Impact 4 · · The Motley Fool transcript
Impact 3 · · Simply Wall St.

SPSC metrics, ten years each

stockrow.com/SPSC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com