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SPS COMMERCE INC SPSC

Nasdaq · stock · Services-Prepackaged Software · website · IPO 2010-04-22 · LEI

SPS COMMERCE INC statistics & valuation

Market cap$2.2B
P / E23.2×
P / S2.9×
P / B2.2×
P / FCF14.2×
Net margin12.4%
Return on equity9.6%
FCF margin20.3%
Return on capital11.6%
Graham number -50.7%$37.67

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($37.67); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
2.60% 0.20% 9.60% 12.10% 14.60% 11.60% 12.20% 12.30% 12.10% 12.40% 2016201720182019202020212022202320242025
Gross margin (%)
66.60% 66.40% 67.10% 67.00% 68.10% 65.80% 66.10% 66.10% 67.00% 69.20% 2016201720182019202020212022202320242025
Operating margin (%)
3.30% 4.50% 10.80% 13.80% 16.00% 14.30% 15.80% 14.40% 13.90% 15.70% 2016201720182019202020212022202320242025
Return on equity (%)
1.90% 0.10% 7.50% 9.50% 10.80% 9.20% 10.30% 9.90% 9.00% 9.60% 2016201720182019202020212022202320242025
Shares outstanding
34.5M 34.7M 35.2M 36.0M 36.3M 37.0M 37.0M 37.5M 37.9M 38.0M 2016201720182019202020212022202320242025
Net debt ($)
2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.70% 0.10% 6.20% 7.50% 8.70% 7.20% 8.20% 8.00% 7.50% 8.00% 2016201720182019202020212022202320242025
Free cash flow margin (%)
5.60% 10.80% 16.60% 20.90% 23.10% 24.20% 17.80% 21.00% 21.50% 20.30% 2016201720182019202020212022202320242025
Debt / equity (×)
2016201720182019202020212022202320242025
EPS ($)
$0.14 $0.01 $0.68 $0.94 $1.26 $1.21 $1.49 $1.76 $2.04 $2.46 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

SPS COMMERCE INC trades at about 31.1× earnings — below its 10-year norm (10-year range 36.3×–2630×, median 91.3×).

31.1× 2630×

Shaded band = 10-year range (36.3×–2630×); dot = today's 31.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin69.2%67.0%66.1%66.1%65.8%68.1%67.0%67.1%66.4%66.6%
Operating margin15.7%13.9%14.4%15.8%14.3%16.0%13.8%10.8%4.5%3.3%
Net margin12.4%12.1%12.3%12.2%11.6%14.6%12.1%9.6%0.2%2.6%
FCF margin20.3%21.5%21.0%17.8%24.2%23.1%20.9%16.6%10.8%5.6%
Return on assets8.0%7.5%8.0%8.2%7.2%8.7%7.5%6.2%0.1%1.7%
Return on equity9.6%9.0%9.9%10.3%9.2%10.8%9.5%7.5%0.1%1.9%
Current ratio2.172.603.072.923.433.394.294.425.105.78

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.