Overview Dividends

(SPSC) SPS Commerce - Ratings and Ratios

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

Cloud Platform, Fulfillment, Analytics, Assortment, Community

SPSC EPS (Earnings per Share)

EPS Growth (3Y CAGR): 23.67%
EPS Trend (3Y Correlation): 97.8%

SPSC Revenue

Revenue Growth (3Y CAGR): 17.45%
Revenue Trend (3Y Correlation): 99.7%

Description: SPSC SPS Commerce November 07, 2025

SPS Commerce Inc. (NASDAQ:SPSC) delivers a cloud-based supply-chain management platform that connects retailers, grocers, manufacturers, distributors and logistics providers, enabling them to automate order-to-cash processes, manage omnichannel fulfillment, and extract analytics from partner-provided sell-through data.

Key product pillars include Fulfillment (which automates order receipt, invoicing and revenue recovery), Analytics (which cleanses and normalizes partner data for reporting), an Assortment tool that translates item attributes across sales channels, and a Community solution that streamlines supplier onboarding, change-management and score-carding.

From a financial perspective, SPS Commerce reported FY 2023 revenue of roughly $1.1 billion, representing a ≈ 15 % year-over-year increase driven largely by higher subscription ARR and strong net-retention (> 120 %). The business benefits from macro trends such as accelerated e-commerce adoption, persistent labor shortages in logistics, and the broader push toward digitizing supply-chain networks-factors that historically boost SaaS demand in the Application-Software sub-industry.

Analysts should watch the company’s churn rate, the scalability of its partner ecosystem, and the impact of any macro-economic slowdown on discretionary retail spend, as these variables materially affect future cash-flow generation.

For a deeper, data-driven dive into SPS Commerce’s valuation metrics and scenario analysis, consider exploring the detailed research hub on ValueRay.

SPSC Stock Overview

Market Cap in USD	3,058m
Sub-Industry	Application Software
IPO / Inception	2010-04-22

SPSC Stock Ratings

Growth Rating	-51.5%
Fundamental	75.9%
Dividend Rating	-
Return 12m vs S&P 500	-61.2%
Analyst Rating	4.33 of 5

SPSC Dividends

Currently no dividends paid

SPSC Growth Ratios

Growth Correlation 3m	-56.8%
Growth Correlation 12m	-84.9%
Growth Correlation 5y	52.4%
CAGR 5y	-15.03%
CAGR/Max DD 3y (Calmar Ratio)	-0.24
CAGR/Mean DD 3y (Pain Ratio)	-0.87
Sharpe Ratio 12m	-1.09
Alpha	-64.32
Beta	0.593
Volatility	35.29%
Current Volume	702.5k
Average Volume 20d	323.1k
Stop Loss	78.8 (-3.9%)
Signal	-0.77

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 (149.0m) ratio: -0.83 <= 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 -2.20 (EBITDA TTM 149.0m / Interest Expense TTM -35.1m) >= 6 (WARN >= 3)

Altman Z'' 4.61

(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: 4.61 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 75.86

1. Piotroski 7.0pt = 2.0

2. FCF Yield 5.06% = 2.53

3. FCF Margin 20.33% = 5.08

4. Debt/Equity 0.01 = 2.50

5. Debt/Ebitda -0.83 = 2.50

6. ROIC - WACC (= -1.51)% = -1.89

7. RoE 9.23% = 0.77

8. Rev. Trend 99.68% = 7.48

9. EPS Trend 97.84% = 4.89

What is the price of SPSC shares?

As of November 08, 2025, the stock is trading at USD 82.04 with a total of 702,516 shares traded.
Over the past week, the price has changed by -0.24%, over one month by -21.56%, over three months by -24.69% and over the past year by -55.72%.

Is SPS Commerce a good stock to buy?

Partly, yes. Based on ValueRay´s Fundamental Analyses, SPS Commerce (NASDAQ:SPSC) is currently (November 2025) ok to buy, but has to be watched. It has a ValueRay Fundamental Rating of 75.86 and therefor a somewhat positive outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of SPSC is around 55.33 USD . This means that SPSC is currently overvalued and has a potential downside of -32.56%.

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	101.6	23.9%
Analysts Target Price	101.6	23.9%
ValueRay Target Price	61.5	-25%

SPSC Fundamental Data Overview November 06, 2025

Market Cap USD = 3.06b (3.06b USD * 1.0 USD.USD)
P/E Trailing = 36.8636
P/E Forward = 67.1141
P/S = 4.1907
P/B = 4.1713
P/EG = 4.7094
Beta = 0.593
Revenue TTM = 729.8m USD
EBIT TTM = 77.2m USD
EBITDA TTM = 149.0m USD
Long Term Debt = 12.5m USD (from capitalLeaseObligations, last fiscal year)
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 = 2.93b USD (3.06b + Debt 9.64m - CCE 133.7m)
Interest Coverage Ratio = -2.20 (Ebit TTM 77.2m / Interest Expense TTM -35.1m)
FCF Yield = 5.06% (FCF TTM 148.4m / Enterprise Value 2.93b)
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 = 2.53 (Enterprise Value 2.93b / Total Assets 1.16b)
Interest Expense / Debt = 13.23% (Interest Expense 1.28m / Debt 9.64m)
Taxrate = 21.21% (6.88m / 32.5m)
NOPAT = 60.8m (EBIT 77.2m * (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 = -0.83 (Net Debt -124.1m / EBITDA 149.0m)
Debt / FCF = -0.84 (Net Debt -124.1m / FCF TTM 148.4m)
Total Stockholder Equity = 921.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.34% (Net Income 85.1m / Total Assets 1.16b)
RoE = 9.23% (Net Income TTM 85.1m / Total Stockholder Equity 921.1m)
RoCE = 8.27% (EBIT 77.2m / Capital Employed (Equity 921.1m + L.T.Debt 12.5m))
RoIC = 6.69% (NOPAT 60.8m / Invested Capital 908.5m)
WACC = 8.21% (E(3.06b)/V(3.07b) * Re(8.20%) + D(9.64m)/V(3.07b) * Rd(13.23%) * (1-Tc(0.21)))
Discount Rate = 8.20% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.47%
[DCF Debug] Terminal Value 80.77% ; FCFE base≈141.6m ; Y1≈172.6m ; Y5≈286.3m
Fair Price DCF = 125.6 (DCF Value 4.73b / Shares Outstanding 37.7m; 5y FCF grow 23.37% → 3.0% )
EPS Correlation: 97.84 | EPS CAGR: 23.67% | SUE: 3.12 | # QB: 17
Revenue Correlation: 99.68 | Revenue CAGR: 17.45% | SUE: -3.68 | # QB: 0

Additional Sources for SPSC Stock

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