(SPSC) SPS Commerce - Overview
Sector: Technology | Industry: Software - Application | Exchange: NASDAQ (USA) | Market Cap: 1.963m USD | Total Return: -63.2% in 12m
Avg Turnover: 26.6M
EPS Trend: 99.9%
Qual. Beats: 0
Rev. Trend: 99.7%
Qual. Beats: 0
Warnings
Earnings expected to drop: P/E 22.2 → Forward 68.0
Below Avwap Earnings
Tailwinds
No distinct edge detected
SPS Commerce Inc. (SPSC) operates a cloud-based supply chain management platform that facilitates electronic data interchange (EDI) and integration services for retailers, manufacturers, and logistics providers. Its core offerings include Fulfillment for automated order processing, Analytics for sell-through data management, and Assortment for item data synchronization across sales channels.
The company utilizes a Software-as-a-Service (SaaS) business model, benefiting from high recurring revenue and a network effect where the platform’s value increases as more trading partners join. Operating within the application software sector, SPS Commerce addresses the growing complexity of omnichannel retail, where businesses must synchronize inventory and orders across physical stores and multiple e-commerce marketplaces simultaneously.
For a detailed analysis of the companys valuation and historical performance, consider reviewing the data on ValueRay.
- Expansion of retail network connections drives recurring subscription revenue growth
- Increased adoption of automated fulfillment solutions improves long-term operating margins
- Strategic acquisitions of supply chain software providers accelerate market share capture
- Shift toward omnichannel retail models increases demand for standardized data analytics
- Macroeconomic slowdown in consumer spending reduces transaction volume and onboarding activity
| Net Income: 90.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.14 > 0.02 and ΔFCF/TA 1.69 > 1.0 |
| NWC/Revenue: 22.80% < 20% (prev 14.69%; Δ 8.11% < -1%) |
| CFO/TA 0.17 > 3% & CFO 194.4m > Net Income 90.9m |
| Net Debt (-147.7m) to EBITDA (179.3m): -0.82 < 3 |
| Current Ratio: 2.12 > 1.5 & < 3 |
| Outstanding Shares: last quarter (37.4m) vs 12m ago -1.89% < -2% |
| Gross Margin: 66.82% > 18% (prev 0.67%; Δ 6.62k% > 0.5%) |
| Asset Turnover: 67.14% > 50% (prev 60.39%; Δ 6.75% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBITDA TTM and Interest Expense TTM) |
| A: 0.15 (Total Current Assets 328.7m - Total Current Liabilities 154.9m) / Total Assets 1.16b |
| B: 0.39 (Retained Earnings 449.2m / Total Assets 1.16b) |
| C: 0.11 (EBIT TTM 119.5m / Avg Total Assets 1.14b) |
| D: 2.25 (Book Value of Equity 447.5m / Total Liabilities 199.0m) |
| Altman-Z'' = 5.31 = AAA |
| DSRI: 1.00 (Receivables 72.0m/63.4m, Revenue 762.1m/669.7m) |
| GMI: 1.00 (GM 66.82% / 67.00%) |
| AQI: 0.92 (AQ_t 0.67 / AQ_t-1 0.73) |
| SGI: 1.14 (Revenue 762.1m / 669.7m) |
| TATA: -0.09 (NI 90.9m - CFO 194.4m) / TA 1.16b) |
| Beneish M = -3.06 (Cap -4..+1) = AA |
As of May 26, 2026, the stock is trading at USD 53.72 with a total of 517,200 shares traded.
Over the past week, the price has changed by +4.98%,
over one month by -2.11%,
over three months by -0.78% and
over the past year by -63.17%.
SPS Commerce has received a consensus analysts rating of 4.33. Therefore, it is recommended to buy SPSC.
- StrongBuy: 7
- Buy: 2
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 68.1 | 26.7% |
P/E Trailing = 22.1909
P/E Forward = 68.0272
P/S = 2.5764
P/B = 2.0505
P/EG = 4.7094
Revenue TTM = 762.1m USD
EBIT TTM = 119.5m USD
EBITDA TTM = 179.3m USD
Long Term Debt = 4.70m USD (estimated: total debt 6.62m - short term 1.92m)
Short Term Debt = 1.92m USD (from shortTermDebt, last quarter)
Debt = 6.62m USD (from shortLongTermDebtTotal, last quarter) (leases 6.62m already included)
Net Debt = -147.7m USD (calculated: Debt 6.62m - CCE 154.3m)
Enterprise Value = 1.82b USD (1.96b + Debt 6.62m - CCE 154.3m)
Interest Coverage Ratio = unknown (Ebit TTM 119.5m / Interest Expense TTM 0.0)
EV/FCF = 10.88x (Enterprise Value 1.82b / FCF TTM 166.9m)
FCF Yield = 9.19% (FCF TTM 166.9m / Enterprise Value 1.82b)
FCF Margin = 21.90% (FCF TTM 166.9m / Revenue TTM 762.1m)
Net Margin = 11.92% (Net Income TTM 90.9m / Revenue TTM 762.1m)
Gross Margin = 66.82% ((Revenue TTM 762.1m - Cost of Revenue TTM 252.8m) / Revenue TTM)
Gross Margin QoQ = 64.33% (prev 65.46%)
Tobins Q-Ratio = 1.56 (Enterprise Value 1.82b / Total Assets 1.16b)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 6.62m)
Taxrate = 24.01% (6.24m / 26.0m)
NOPAT = 90.8m (EBIT 119.5m * (1 - 24.01%))
Current Ratio = 2.12 (Total Current Assets 328.7m / Total Current Liabilities 154.9m)
Debt / Equity = 0.01 (Debt 6.62m / totalStockholderEquity, last quarter 962.2m)
Debt / EBITDA = -0.82 (Net Debt -147.7m / EBITDA 179.3m)
Debt / FCF = -0.88 (Net Debt -147.7m / FCF TTM 166.9m)
Total Stockholder Equity = 961.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 8.01% (Net Income 90.9m / Total Assets 1.16b)
RoE = 9.45% (Net Income TTM 90.9m / Total Stockholder Equity 961.2m)
RoCE = 12.37% (EBIT 119.5m / Capital Employed (Equity 961.2m + L.T.Debt 4.70m))
RoIC = 9.00% (NOPAT 90.8m / Invested Capital 1.01b)
WACC = 9.85% (E(1.96b)/V(1.97b) * Re(9.88%) + D(6.62m)/V(1.97b) * Rd(0.0%) * (1-Tc(0.24)))
Discount Rate = 9.88% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 11.11 | Cagr: -0.23%
[DCF] Terminal Value 73.28% ; FCFF base≈156.4m ; Y1≈179.3m ; Y5≈263.9m
[DCF] Fair Price = 89.59 (EV 3.14b - Net Debt -147.7m = Equity 3.29b / Shares 36.7m; r=9.85% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 99.90 | EPS CAGR: 20.88% | SUE: 0.42 | # QB: 0
Revenue Correlation: 99.72 | Revenue CAGR: 18.19% | SUE: -0.28 | # QB: 0
EPS current Quarter (2026-06-30): EPS=1.08 | Chg30d=-1.40% | Revisions=-43% | Analysts=11
EPS next Quarter (2026-09-30): EPS=1.25 | Chg30d=+6.20% | Revisions=+73% | Analysts=11
EPS current Year (2026-12-31): EPS=4.73 | Chg30d=+5.40% | Revisions=+75% | GrowthEPS=+10.9% | GrowthRev=+6.2%
EPS next Year (2027-12-31): EPS=5.22 | Chg30d=+3.06% | Revisions=+54% | GrowthEPS=+10.3% | GrowthRev=+7.0%
[Analyst] Revisions Ratio: +75%