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Friday 6 November 2026
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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%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
36.23 | 88.46 | 102.39 | 83.67 | 114.80 | 84.18 | 57.43 | 59.27 | 0.00 | 237.78 |
Piotroski F-Score |
6 | 5 | 8 | 7 | 6 | 6 | 5 | 6 | 5 | 5 |
P/S ratio |
4.49 | 10.76 | 12.58 | 10.25 | 13.27 | 12.24 | 6.95 | 5.71 | 3.81 | 6.10 |
Altman Z-Score |
12.01 | 24.96 | 29.05 | 22.29 | 25.04 | 23.30 | 14.24 | 14.18 | 11.05 | 15.65 |
P/FCF ratio |
22.17 | 49.97 | 60.01 | 57.67 | 54.81 | 53.06 | 33.35 | 34.33 | 35.22 | 109.46 |
Altman Z″-Score (non-manufacturers) |
8.11 | 8.22 | 8.29 | 7.87 | 7.85 | 7.78 | 8.24 | 8.86 | 9.46 | 8.49 |
P/Operating CF |
73.61 | 169.22 | 206.00 | 196.16 | 163.27 | 166.07 | 93.17 | 81.10 | 92.26 | 139.98 |
Beneish M-Score |
(2.50) | (2.61) | (2.69) | (2.56) | (3.01) | (2.62) | (2.76) | (2.77) | (2.83) | (2.55) |
P/B ratio |
3.47 | 8.03 | 10.12 | 8.61 | 10.56 | 9.09 | 5.47 | 4.44 | 2.91 | 4.72 |
Price to Tangible BV |
15.61 | 25.03 | 21.72 | 18.39 | 18.14 | 16.95 | 7.60 | 6.25 | 3.81 | 6.55 |
EV/Sales |
4.29 | 10.38 | 12.07 | 9.78 | 12.61 | 11.64 | 6.19 | 4.99 | 3.06 | 5.38 |
EV/EBITDA |
18.27 | 50.51 | 57.85 | 44.37 | 60.71 | 52.86 | 31.50 | 31.41 | 30.98 | 58.60 |
EV/Operating CF |
18.04 | 42.08 | 48.97 | 44.07 | 43.02 | 41.08 | 24.06 | 22.51 | 21.71 | 55.34 |
EV/FCF |
21.18 | 48.22 | 57.57 | 54.99 | 52.06 | 50.46 | 29.68 | 30.01 | 28.35 | 96.54 |
Quick Ratio |
1.42 | 2.00 | 2.47 | 2.29 | 2.84 | 2.76 | 3.60 | 3.64 | 4.28 | 4.97 |
Current Ratio |
2.17 | 2.60 | 3.07 | 2.92 | 3.43 | 3.39 | 4.29 | 4.42 | 5.10 | 5.78 |
Net Debt/EBITDA |
(0.86) | (1.84) | (2.46) | (2.16) | (3.22) | (2.72) | (3.89) | (4.53) | (7.50) | (7.84) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.68 | 0.69 | 0.72 | 0.70 | 0.67 | 0.64 | 0.67 | 0.68 | 0.69 | 0.69 |
Operating CF/Net income |
1.92 | 2.04 | 2.01 | 1.81 | 2.53 | 1.94 | 2.13 | 2.30 | 88.46 | 3.78 |
Capex/Depreciation |
(0.46) | (0.47) | (0.57) | (0.71) | (0.79) | (0.88) | (0.83) | (1.08) | (0.62) | (0.71) |
| 10.21% | 10.12% | 10.93% | 10.80% | 9.86% | 11.76% | 10.01% | 7.86% | 0.13% | 2.11% | |
| 8.48% | 8.31% | 8.80% | 8.56% | 7.81% | 9.36% | 8.09% | 6.58% | 0.11% | 1.77% | |
ROIC |
8.99% | 9.05% | 12.32% | 13.78% | 15.17% | 13.44% | 16.98% | 11.88% | 5.00% | 3.62% |
Return on Tangible Assets |
41.66% | 28.25% | 21.45% | 22.26% | 15.84% | 20.94% | 13.63% | 11.15% | 0.18% | 2.94% |
Average Days of Receivables |
33.11 | 29.78 | 31.84 | 31.92 | 32.74 | 39.20 | 41.23 | 40.42 | 41.29 | 39.20 |
Research and Development Expense of Revenue |
9.14% | 9.85% | 9.99% | 10.15% | 10.13% | 9.92% | 10.14% | 8.90% | 10.53% | 11.38% |
Selling, General and Administrative Expense of Revenue |
39.35% | 39.49% | 38.71% | 37.51% | 38.76% | 40.33% | 41.15% | 45.75% | 49.40% | 49.55% |
Intangible Assets out of Total Assets |
0.65 | 0.56 | 0.43 | 0.42 | 0.33 | 0.37 | 0.22 | 0.24 | 0.20 | 0.23 |
Share Based Compensation of Revenue |
7.15% | 8.55% | 8.48% | 7.41% | 7.16% | 6.06% | 5.26% | 5.04% | 5.78% | 4.15% |
Graham Net Nets |
0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.10 | 0.13 | 0.21 | 0.12 |
Graham Number |
37.72 | 32.74 | 27.16 | 22.63 | 19.39 | 18.62 | 14.83 | 12.04 | 0.00 | 4.92 |
Earnings Yield |
2.76% | 1.13% | 0.98% | 1.20% | 0.87% | 1.19% | 1.74% | 1.69% | (0.01%) | 0.42% |
Free Cash Flow Yield |
4.51% | 2.00% | 1.67% | 1.73% | 1.82% | 1.88% | 3.00% | 2.91% | 2.84% | 0.91% |
Revenue per Share |
19.84 | 17.10 | 14.65 | 12.48 | 10.72 | 8.88 | 7.97 | 7.22 | 6.40 | 5.70 |
Operating CF per Share |
4.72 | 4.22 | 3.61 | 2.77 | 3.14 | 2.51 | 2.05 | 1.60 | 0.90 | 0.55 |
Capex per Share |
(0.70) | (0.54) | (0.54) | (0.55) | (0.55) | (0.47) | (0.39) | (0.40) | (0.21) | (0.24) |
Free Cash Flow per Share |
4.02 | 3.68 | 3.07 | 2.22 | 2.60 | 2.05 | 1.66 | 1.20 | 0.69 | 0.32 |
Cash per Share |
4.00 | 6.46 | 7.52 | 5.93 | 7.16 | 5.32 | 6.10 | 5.19 | 4.75 | 4.10 |
Shareholders Equity per Share |
25.71 | 22.91 | 18.21 | 14.87 | 13.48 | 11.94 | 10.13 | 9.27 | 8.38 | 7.35 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
25.71 | 22.91 | 18.21 | 14.87 | 13.48 | 11.94 | 10.13 | 9.27 | 8.38 | 7.35 |
Free Cash Flow |
152.27 | 137.35 | 112.54 | 80.17 | 93.31 | 72.10 | 58.21 | 41.27 | 23.78 | 10.76 |
Working Capital |
180.95 | 235.22 | 270.77 | 212.17 | 249.57 | 191.22 | 223.59 | 193.09 | 180.39 | 153.77 |
Capital Expenditures |
(26.52) | (20.05) | (19.76) | (19.88) | (19.59) | (16.47) | (13.58) | (13.75) | (7.27) | (8.01) |
Net Current Asset Value |
139.34 | 205.37 | 245.07 | 186.97 | 220.86 | 165.62 | 199.06 | 182.47 | 172.70 | 136.84 |
EV/EBIT |
27.26 | 74.51 | 83.87 | 61.94 | 88.17 | 72.53 | 44.98 | 46.32 | 67.55 | 162.65 |
Capex to Sales |
0.04 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.06 | 0.03 | 0.04 |
Price to Operating Income |
28.54 | 77.22 | 87.43 | 64.95 | 92.84 | 76.26 | 50.54 | 52.99 | 83.91 | 184.41 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
1.35 | 1.12 | 0.96 | 0.80 | 0.78 | 0.71 | 0.69 | 0.61 | 0.70 | 0.74 |
Cash ROIC |
13.53% | 12.54% | 11.94% | 10.67% | 12.58% | 11.85% | 10.24% | 8.30% | 5.27% | 2.77% |
Accounts Receivable Turnover |
12.50 | 12.90 | 12.45 | 12.19 | 11.31 | 9.60 | 9.46 | 9.48 | 9.64 | 10.07 |
Accounts Payable Turnover |
20.74 | 26.34 | 19.50 | 15.63 | 19.25 | 20.74 | 21.17 | 18.36 | 21.77 | 28.82 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
21.68 | 14.86 | 14.88 | 26.84 | 23.09 | 19.57 | 16.91 | 19.82 | 22.13 | 13.06 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
60.10 | 49.44 | 43.14 | 37.00 | 34.07 | 32.56 | 29.51 | 26.19 | 22.82 | 19.18 |
Average Payables |
11.17 | 8.00 | 9.34 | 9.79 | 6.84 | 4.81 | 4.36 | 4.45 | 3.38 | 2.23 |
Average Assets |
1,100.54 | 927.54 | 748.38 | 644.38 | 571.15 | 486.95 | 416.78 | 362.93 | 319.05 | 280.05 |
Average Common Equity |
914.29 | 761.08 | 602.27 | 510.67 | 452.49 | 387.80 | 336.93 | 303.54 | 268.69 | 235.73 |
Columns are period end dates · fundamentals updated 2 Nov 2026