SPS Commerce, Inc.

SPSC

NASDAQ · Infrastructure Software

$81.29

At close - Sep 23, 4:00 PM EDT - USD

Market Cap$2.98B

P/E33.0x

52W High$114.87

Volume311.16K

VCP Research Verdict2026Q2

Decelerating Revenue Growth Masks Cash Generation Strength

SPS Commerce's fundamental outlook is mixed: revenue growth has decelerated sharply to 5.6% year-over-year in 2026Q2, and operating margins have compressed to 4.3% from 18.0% in 2025Q4, indicating potential competitive or market saturation pressures. However, ...

GrowthDecelerating

ProfitabilityStrained

ValuationAttractive

TechnicalsHealthy

Explore valuation models

MARKET ACTION

SPSC price & volume

Price trend, volume and key moving averages

Launch Terminal

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Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

SPSC-7.53%

S&P 500 (^GSPC)+12.39%

1-Year Return

SPSC-24.28%

S&P 500 (^GSPC)+15.77%

3-Year Return

SPSC-52.47%

S&P 500 (^GSPC)+76.65%

5-Year Return

SPSC-50.65%

S&P 500 (^GSPC)+70.45%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y Low

33.0x

Forward P/EExpansion

16.6x

EV/EBITDA0th %ile

16.1x

FCF YieldCash Flow

5.1%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

33.0x

90.2x

0th· Low

EV/EBITDA

16.1x

51.4x

0th· Low

Price/FCF

19.6x

56.4x

0th· Low

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$46.39-42.9%

Base (Fair)$68.27-14.4%

Bull$95.55+17.5%

$46.39 Bear$68.27 Base$95.55 Bull

Current Market Price: $81.29

Trades at a 19.1% premium to Base DCF ($68.27)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue

$752M+17.8% YoY

Net income

$93M+21.1% YoY

Free cash flow

$152M+10.9% YoY

Operating margin

15.7%+1.8 pts YoY

ROIC (TTM)12.2%

Avg ROIC 5Y-

ROE (TTM)10.2%

Piotroski Score6 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate12/12 (100%)

Revenue Beat Rate8/12 (67%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q3 2026Latest Jul 30, 2026	$1.27+16.5% vs $1.09	$198M+1.2% vs $195M
Q2 2026 Apr 30, 2026	$1.10+7.8% vs $1.02	$192M-0.2% vs $192M
Q1 2026 Feb 12, 2026	$1.14+14.0% vs $1.00	$193M-0.5% vs $194M
Q4 2025 Oct 30, 2025	$1.13+14.1% vs $0.99	$190M-1.9% vs $194M

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

5 Stories

Business Wire·Sep 15, 2026

SPS Commerce Brings Network Intelligence to AI, Enabling Supply Chain Leaders to Turn Investment into Insight

MINNEAPOLIS--(BUSINESS WIRE)--SPS Commerce (NASDAQ: SPSC), the leading intelligent supply chain network, today announced a new wave of product innovation that combines agentic AI with the intelligence of a network trained on more real trading partner activity than any other, giving brands and retailers the data foundation to move from reactive supply chain management to proactive operations. Spanning fulfillment, onboarding, analytics, and supply chain visibility, the new suite of capabilities.

Zacks Investment Research·Sep 14, 2026

SPS Commerce (SPSC) Surges 7.1%: Is This an Indication of Further Gains?

SPS Commerce (SPSC) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn't suggest further strength down the road.

The Motley Fool·Sep 11, 2026

Why SPS Commerce Rallied on Friday

Bloomberg reported that SPS was in advanced talks with a large private equity firm. SPS had said it was exploring a sale back in June.

Seeking Alpha·Sep 9, 2026

SPS Commerce, Inc. (SPSC) Presents at Citi's 2026 Global TMT Conference Transcript

Filtered for SPS Commerce, Inc.More Headlines

Compare before deciding

Benchmark SPSC against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for SPS Commerce, Inc. (SPSC)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
SPSCSPS Commerce, Inc.Current	$81.29	$2.98B	33.04	17.83%	12.42%	10.21%	—
GDDYGoDaddy Inc.	$96.38	$12.76B	15.47	8.26%	17.83%	660.95%	—
CWANClearwater Analytics Holdings, Inc.	$24.56	$7.3B	-175.43	61.88%	-5.82%	-2.38%	—
ALKTAlkami Technology, Inc.	$14.60	$1.56B	-31.74	32.89%	-9.21%	-12.48%	—
APPFAppFolio Inc.	$210.01	$7.5B	54.13	19.72%	15.13%	30.92%	—
PCTYPaylocity Holding Corporation	$143.58	$7.69B	29.18	11.04%	15.23%	23.44%	—

Compare SPSC vs Peers

SPS Commerce, Inc. (SPSC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GDDY

Most directly comparable listed peer for SPSC.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare SPSC against a more recognizable public peer.

Peer Set

Compare Top 5

vs GDDY, CWAN, ALKT, APPF

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

SPSC SEC Filings & Documents

SPS Commerce, Inc. (SPSC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Jul 30, 2026·SEC

Material company update

May 28, 2026·SEC

Material company update

May 21, 2026·SEC

10-K Annual Reports

FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 19, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

FY 2026

Jul 30, 2026·SEC

FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 30, 2025·SEC

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SPSC Frequently Asked Questions

SPS Commerce, Inc. (SPSC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is SPS Commerce, Inc.'s revenue?

SPS Commerce, Inc. (SPSC) reported $772.5M in revenue for fiscal year 2025. This represents a 2966% increase from $25.2M in 2007.

How fast is SPS Commerce, Inc. growing?

SPS Commerce, Inc. (SPSC) grew revenue by 17.8% over the past year. This is strong growth.

Is SPSC profitable?

Yes, SPS Commerce, Inc. (SPSC) is profitable, generating $78.0M in net income for fiscal year 2025 (12.4% net margin).

Dividend & Returns

What is SPSC's return on equity?

SPS Commerce, Inc. (SPSC) has a return on equity (ROE) of 10.2%. This is reasonable for most industries.

What is SPS Commerce, Inc.'s free cash flow?

SPS Commerce, Inc. (SPSC) generated $198.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in SPSC back in 2007?

Total return calculator · dividends reinvested · 19+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q3 2026Latest

Jul 30, 2026

$1.27+16.5%

vs $1.09

$198M+1.2%

vs $195M

Q2 2026

Apr 30, 2026

$1.10+7.8%

vs $1.02

$192M-0.2%

vs $192M

Q1 2026

Feb 12, 2026

$1.14+14.0%

vs $1.00

$193M-0.5%

vs $194M

Q4 2025

Oct 30, 2025

$1.13+14.1%

vs $0.99

$190M-1.9%

vs $194M

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

SPSCSPS Commerce, Inc.Current

$81.29

$2.98B

33.04

17.83%

12.42%

10.21%

—

GDDYGoDaddy Inc.

$96.38

$12.76B

15.47

8.26%

17.83%

660.95%

—

CWANClearwater Analytics Holdings, Inc.

$24.56

$7.3B

-175.43

61.88%

-5.82%

-2.38%

—

ALKTAlkami Technology, Inc.

$14.60

$1.56B

-31.74

32.89%

-9.21%

-12.48%

—

APPFAppFolio Inc.

$210.01

$7.5B

54.13

19.72%

15.13%

30.92%

—

PCTYPaylocity Holding Corporation

$143.58

$7.69B

29.18

11.04%

15.23%

23.44%

—