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SPS Commerce, Inc. SPSC

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87.07 USD +1.82 (+2.13%)

Nov 4, 2026, 2:00 PM EST

86.26 Day range 88.61
49.04 52-week range 96.54
YTD
-2.31%
1 year
+7.36%

Financial health

Altman Z-Score

11.25 Safe zone

Bankruptcy-risk model: below 1.81 distress, above 2.99 safe.

Piotroski F-Score

8 / 9 Strong

Nine pass/fail tests of profitability, leverage and efficiency.

FMP rating

A4 / 5 overall

  • DCF 5
  • Return on Equity 3
  • Return on Assets 4
  • Debt / Equity 5
  • P/E 2
  • P/B 3

Valuation

P/E 36.2×
FY 2016: 206×FY 2017: -342×FY 2018: 59.7×FY 2019: 57.7×FY 2020: 84.2×FY 2021: 115×FY 2022: 83.9×FY 2023: 108×FY 2024: 88.9×FY 2025: 36.2×
FY 2016 5y median 88.9× FY 2025
P/S 4.5×
FY 2016: 6.1×FY 2017: 3.8×FY 2018: 5.7×FY 2019: 7.0×FY 2020: 12.2×FY 2021: 13.3×FY 2022: 10.3×FY 2023: 13.2×FY 2024: 10.8×FY 2025: 4.5×
FY 2016 5y median 10.8× FY 2025
P/B 3.5×
FY 2016: 4.8×FY 2017: 3.0×FY 2018: 4.4×FY 2019: 5.5×FY 2020: 9.1×FY 2021: 10.6×FY 2022: 8.6×FY 2023: 10.6×FY 2024: 8.0×FY 2025: 3.5×
FY 2016 5y median 8.6× FY 2025
P/FCF 22.2×
FY 2016: 110×FY 2017: 35.1×FY 2018: 34.3×FY 2019: 33.3×FY 2020: 53.1×FY 2021: 54.8×FY 2022: 57.9×FY 2023: 63.1×FY 2024: 50.0×FY 2025: 22.2×
FY 2016 5y median 54.8× FY 2025
EV/EBITDA 18.3×
FY 2016: 56.7×FY 2017: 32.7×FY 2018: 32.5×FY 2019: 32.6×FY 2020: 53.8×FY 2021: 62.8×FY 2022: 45.2×FY 2023: 57.3×FY 2024: 46.8×FY 2025: 18.3×
FY 2016 5y median 46.8× FY 2025
EV/Sales 4.3×
FY 2016: 5.5×FY 2017: 3.2×FY 2018: 5.2×FY 2019: 6.4×FY 2020: 11.8×FY 2021: 12.8×FY 2022: 10.0×FY 2023: 12.8×FY 2024: 10.4×FY 2025: 4.3×
FY 2016 5y median 10.4× FY 2025
FCF Yield 4.5%
FY 2016: 0.9%FY 2017: 2.8%FY 2018: 2.9%FY 2019: 3.0%FY 2020: 1.9%FY 2021: 1.8%FY 2022: 1.7%FY 2023: 1.6%FY 2024: 2.0%FY 2025: 4.5%
FY 2016 5y median 1.8% FY 2025

Profitability

Gross Margin 69.2%
FY 2016: 66.7%FY 2017: 66.6%FY 2018: 67.1%FY 2019: 67.0%FY 2020: 68.1%FY 2021: 65.8%FY 2022: 66.1%FY 2023: 66.1%FY 2024: 67.0%FY 2025: 69.2%
FY 2016 5y median 66.1% FY 2025
Operating Margin 15.7%
FY 2016: 3.9%FY 2017: 3.8%FY 2018: 10.8%FY 2019: 13.8%FY 2020: 16.0%FY 2021: 14.3%FY 2022: 15.8%FY 2023: 14.4%FY 2024: 13.9%FY 2025: 15.7%
FY 2016 5y median 14.4% FY 2025
Net Margin 12.4%
FY 2016: 3.0%FY 2017: -1.1%FY 2018: 9.6%FY 2019: 12.1%FY 2020: 14.6%FY 2021: 11.6%FY 2022: 12.2%FY 2023: 12.3%FY 2024: 12.1%FY 2025: 12.4%
FY 2016 5y median 12.2% FY 2025
ROE 9.6%
FY 2016: 2.3%FY 2017: -0.9%FY 2018: 7.5%FY 2019: 9.5%FY 2020: 10.8%FY 2021: 9.2%FY 2022: 10.3%FY 2023: 9.9%FY 2024: 9.0%FY 2025: 9.6%
FY 2016 5y median 9.6% FY 2025
ROIC 8.7%
FY 2016: 1.8%FY 2017: -0.8%FY 2018: 6.8%FY 2019: 8.0%FY 2020: 9.6%FY 2021: 8.9%FY 2022: 9.7%FY 2023: 8.5%FY 2024: 7.7%FY 2025: 8.7%
FY 2016 5y median 8.7% FY 2025
ROA 8.0%
FY 2016: 1.9%FY 2017: -0.7%FY 2018: 6.2%FY 2019: 7.5%FY 2020: 8.7%FY 2021: 7.2%FY 2022: 8.2%FY 2023: 8.0%FY 2024: 7.5%FY 2025: 8.0%
FY 2016 5y median 8.0% FY 2025

Growth (YoY)

Revenue 17.8%
FY 2016: 21.9%FY 2017: 14.1%FY 2018: 12.5%FY 2019: 12.4%FY 2020: 12.0%FY 2021: 23.2%FY 2022: 17.0%FY 2023: 19.1%FY 2024: 18.8%FY 2025: 17.8%
FY 2016 FY 2025
Operating Income 33.1%
FY 2016: 7.0%FY 2017: 12.1%FY 2018: 217.2%FY 2019: 43.7%FY 2020: 30.6%FY 2021: 9.8%FY 2022: 29.2%FY 2023: 8.5%FY 2024: 15.1%FY 2025: 33.1%
FY 2016 FY 2025
EPS (diluted) 20.6%
FY 2016: 21.4%FY 2017: -141.4%FY 2018: 1067.3%FY 2019: 38.2%FY 2020: 34.0%FY 2021: -4.0%FY 2022: 23.1%FY 2023: 18.1%FY 2024: 15.9%FY 2025: 20.6%
FY 2016 FY 2025
Free Cash Flow 10.9%
FY 2016: 89.7%FY 2017: 121.1%FY 2018: 73.5%FY 2019: 41.1%FY 2020: 23.9%FY 2021: 29.4%FY 2022: -14.1%FY 2023: 40.4%FY 2024: 22.1%FY 2025: 10.9%
FY 2016 FY 2025

Financial Health

Current Ratio 2.2×
FY 2016: 5.8×FY 2017: 5.1×FY 2018: 4.4×FY 2019: 4.3×FY 2020: 2.9×FY 2021: 3.4×FY 2022: 2.9×FY 2023: 3.1×FY 2024: 2.6×FY 2025: 2.2×
FY 2016 5y median 2.9× FY 2025
Quick Ratio 2.2×
FY 2016: 5.2×FY 2017: 4.5×FY 2018: 3.8×FY 2019: 4.3×FY 2020: 2.9×FY 2021: 3.4×FY 2022: 2.9×FY 2023: 3.1×FY 2024: 2.6×FY 2025: 2.2×
FY 2016 5y median 2.9× FY 2025
Debt / Equity 0.0×
FY 2016: 0.0×FY 2017: 0.0×FY 2018: 0.0×FY 2019: 0.1×FY 2020: 0.1×FY 2021: 0.0×FY 2022: 0.0×FY 2023: 0.0×FY 2024: 0.0×FY 2025: 0.0×
FY 2016 5y median 0.0× FY 2025
Net Debt / EBITDA -0.8×
FY 2016: -6.1×FY 2017: -5.7×FY 2018: -3.4×FY 2019: -2.8×FY 2020: -1.8×FY 2021: -2.4×FY 2022: -1.5×FY 2023: -1.7×FY 2024: -1.6×FY 2025: -0.8×
FY 2016 5y median -1.6× FY 2025
Interest Coverage 0.0×
FY 2016: 0.0×FY 2017: 0.0×FY 2018: 0.0×FY 2019: 0.0×FY 2020: 0.0×FY 2021: 0.0×FY 2022: 0.0×FY 2023: 0.0×FY 2024: 0.0×FY 2025: 0.0×
FY 2016 5y median 0.0× FY 2025

Dividends

Dividend Yield 0.0%
FY 2016: 0.0%FY 2017: 0.0%FY 2018: 0.0%FY 2019: 0.0%FY 2020: 0.0%FY 2021: 0.0%FY 2022: 0.0%FY 2023: 0.0%FY 2024: 0.0%FY 2025: 0.0%
FY 2016 5y median 0.0% FY 2025
Payout Ratio 0.0%
FY 2016: 0.0%FY 2017: 0.0%FY 2018: 0.0%FY 2019: 0.0%FY 2020: 0.0%FY 2021: 0.0%FY 2022: 0.0%FY 2023: 0.0%FY 2024: 0.0%FY 2025: 0.0%
FY 2016 5y median 0.0% FY 2025

Annual · latest fiscal year ends 2025-12-31