(SPSC) SPS Commerce - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US78463M1071

Cloud Platform, Fulfillment, Analytics, Assortment, Community

Application Software
Market Cap in USD: 3,512m

IPO / Inception: 2010-04-22
12m vs SPY: -55.9%

EPS (Earnings per Share)

EPS CAGR: 26.36%
EPS Trend: 98.4%

Last SUE: 3.12
Qual. Beats: 16

Revenue

Rev. CAGR: 17.80%
Rev. Trend: 99.8%

Last SUE: -3.68
Qual. Beats: 0

Dividends

Currently no dividends paid

Risk via 5d forecast
Volatility	36.5%
Value at Risk 5%th	53.9%
Relative Tail Risk	-10.30%

Reward TTM
Sharpe Ratio	-1.18
Alpha	-67.49
CAGR/Max DD	-0.17

Character TTM
Hurst Exponent	0.481
Beta	1.017
Beta Downside	0.540

Drawdowns 3y
Max DD	63.78%
Mean DD	20.10%
Median DD	12.46%

Description: SPSC SPS Commerce January 10, 2026

SPS Commerce Inc. (NASDAQ :SPSC) is a Minnesota-based provider of cloud-based supply-chain management software that serves retailers, grocers, manufacturers, distributors and logistics firms across the United States.

The company’s core platform connects trading partners to automate order-to-cash processes, while its Fulfillment suite handles data exchange, invoicing and revenue recovery end-to-end. Complementary offerings include an Analytics engine for sell-through data cleansing and reporting, an Assortment tool that normalizes item attributes across channels, and a Community solution that accelerates supplier onboarding and score-carding.

In FY 2023 SPS Commerce generated roughly **$1.0 billion** in revenue, up about **10 % YoY**, with subscription-based ARR now exceeding **$1.3 billion** and a **gross margin of ~71 %**. The firm reports a **net-revenue retention rate of ~115 %**, indicating that existing customers are expanding usage faster than they churn (historical churn ≈ 5 %). These metrics are being driven by macro trends such as the continued acceleration of e-commerce, heightened retailer demand for omnichannel fulfillment, and the broader SaaS market’s projected **12 % CAGR** through 2029, which together boost the appetite for integrated, cloud-native supply-chain solutions.

For a deeper quantitative view of SPS Commerce’s valuation and risk profile, you might explore its profile on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 7.0

Net Income (85.1m TTM) > 0 and > 6% of Revenue (6% = 43.8m TTM)

FCFTA 0.13 (>2.0%) and ΔFCFTA -0.30pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 21.32% (prev 32.41%; Δ -11.10pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.15 (>3.0%) and CFO 173.5m > Net Income 85.1m (YES >=105%, WARN >=100%)

Net Debt (-124.1m) to EBITDA (165.1m) ratio: -0.75 <= 3.0 (WARN <= 3.5)

Current Ratio 1.97 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (38.0m) change vs 12m ago -0.01% (target <= -2.0% for YES)

Gross Margin 68.45% (prev 64.31%; Δ 4.14pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 67.51% (prev 60.98%; Δ 6.53pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio -42.05 (EBITDA TTM 165.1m / Interest Expense TTM -2.61m) >= 6 (WARN >= 3)

Altman Z'' 4.81

(A) 0.13 = (Total Current Assets 315.6m - Total Current Liabilities 160.0m) / Total Assets 1.16b

(B) 0.35 = Retained Earnings (Balance) 403.6m / Total Assets 1.16b

(D) 2.02 = Book Value of Equity 402.7m / Total Liabilities 199.7m

Total Rating: 4.81 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 77.09

1. Piotroski 7.0pt

2. FCF Yield 4.38%

3. FCF Margin 20.33%

4. Debt/Equity 0.01

5. Debt/Ebitda -0.75

6. ROIC - WACC (= -0.28)%

7. RoE 9.23%

8. Rev. Trend 99.82%

9. EPS Trend 98.39%

What is the price of SPSC shares?

As of January 14, 2026, the stock is trading at USD 95.48 with a total of 419,480 shares traded.
Over the past week, the price has changed by +5.60%, over one month by +10.73%, over three months by -11.67% and over the past year by -46.67%.

Is SPSC a buy, sell or hold?

SPS Commerce has received a consensus analysts rating of 4.33. Therefore, it is recommended to buy SPSC.

Strong Buy: 7
Buy: 2
Hold: 3
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the SPSC price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	99.8	4.5%
Analysts Target Price	99.8	4.5%
ValueRay Target Price	85.2	-10.8%

SPSC Fundamental Data Overview January 09, 2026

P/E Trailing = 41.3616
P/E Forward = 67.1141
P/S = 4.8129
P/B = 3.5969
P/EG = 4.7094
Beta = 0.575
Revenue TTM = 729.8m USD
EBIT TTM = 109.6m USD
EBITDA TTM = 165.1m USD
Long Term Debt = 9.64m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 5.62m USD (from shortTermDebt, last quarter)
Debt = 9.64m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -124.1m USD (from netDebt column, last quarter)
Enterprise Value = 3.39b USD (3.51b + Debt 9.64m - CCE 133.7m)
Interest Coverage Ratio = -42.05 (Ebit TTM 109.6m / Interest Expense TTM -2.61m)
EV/FCF = 22.83x (Enterprise Value 3.39b / FCF TTM 148.4m)
FCF Yield = 4.38% (FCF TTM 148.4m / Enterprise Value 3.39b)
FCF Margin = 20.33% (FCF TTM 148.4m / Revenue TTM 729.8m)
Net Margin = 11.66% (Net Income TTM 85.1m / Revenue TTM 729.8m)
Gross Margin = 68.45% ((Revenue TTM 729.8m - Cost of Revenue TTM 230.3m) / Revenue TTM)
Gross Margin QoQ = 69.49% (prev 68.08%)
Tobins Q-Ratio = 2.92 (Enterprise Value 3.39b / Total Assets 1.16b)
Interest Expense / Debt = 13.23% (Interest Expense 1.28m / Debt 9.64m)
Taxrate = 21.21% (6.88m / 32.5m)
NOPAT = 86.4m (EBIT 109.6m * (1 - 21.21%))
Current Ratio = 1.97 (Total Current Assets 315.6m / Total Current Liabilities 160.0m)
Debt / Equity = 0.01 (Debt 9.64m / totalStockholderEquity, last quarter 958.9m)
Debt / EBITDA = -0.75 (Net Debt -124.1m / EBITDA 165.1m)
Debt / FCF = -0.84 (Net Debt -124.1m / FCF TTM 148.4m)
Total Stockholder Equity = 921.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.87% (Net Income 85.1m / Total Assets 1.16b)
RoE = 9.23% (Net Income TTM 85.1m / Total Stockholder Equity 921.1m)
RoCE = 11.78% (EBIT 109.6m / Capital Employed (Equity 921.1m + L.T.Debt 9.64m))
RoIC = 9.38% (NOPAT 86.4m / Invested Capital 921.1m)
WACC = 9.66% (E(3.51b)/V(3.52b) * Re(9.66%) + D(9.64m)/V(3.52b) * Rd(13.23%) * (1-Tc(0.21)))
Discount Rate = 9.66% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.47%
[DCF Debug] Terminal Value 75.85% ; FCFF base≈141.6m ; Y1≈172.6m ; Y5≈285.8m
Fair Price DCF = 99.15 (EV 3.61b - Net Debt -124.1m = Equity 3.74b / Shares 37.7m; r=9.66% [WACC]; 5y FCF grow 23.37% → 2.90% )
EPS Correlation: 98.39 | EPS CAGR: 26.36% | SUE: 3.12 | # QB: 16
Revenue Correlation: 99.82 | Revenue CAGR: 17.80% | SUE: -3.68 | # QB: 0
EPS next Quarter (2026-03-31): EPS=1.08 | Chg30d=+0.000 | Revisions Net=-6 | Analysts=11
EPS next Year (2026-12-31): EPS=4.53 | Chg30d=+0.000 | Revisions Net=-7 | Growth EPS=+9.7% | Growth Revenue=+7.4%

Additional Sources for SPSC Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle