SPS Commerce, Inc. (SPSC) Financial Ratios
19 years of historical data (2007–2025) · Technology · Software - Infrastructure
EV/EBITDA
↓
11.30
↓-77% vs avg
5yr avg: 48.50
30Y Low18.4·High92.5
P/FCF
↓
14.04
↓-72% vs avg
5yr avg: 50.62
30Y Low22.2·High174.0
P/B Ratio
↓
2.23
↓-74% vs avg
5yr avg: 8.44
30Y Low3.0·High10.9
ROE
↑
10.2%
-2% vs avg
5yr avg: 10.4%
30Y Low-1%·High27%
Debt/EBITDA
↓
0.06
↓-60% vs avg
5yr avg: 0.14
30Y Low0.0·High8.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
SPSC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
SPS Commerce, Inc. trades at 23.2x earnings, 74% below its 5-year average of 88.1x, sitting at the 0th percentile of its historical range. Compared to the Technology sector median P/E of 27.7x, the stock trades at a discount of 16%. On a free-cash-flow basis, the stock trades at 14.0x P/FCF, 72% below the 5-year average of 50.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $3.4B | $7.0B | $7.3B | $4.7B | $5.3B | $3.9B | $2.0B | $1.5B | $844M | $1.2B |
| Enterprise Value | $2.0B | $3.2B | $6.7B | $7.1B | $4.6B | $5.1B | $3.8B | $1.8B | $1.3B | $720M | $1.1B |
| P/E Ratio → | 23.24 | 36.23 | 90.19 | 110.14 | 86.19 | 117.64 | 86.18 | 58.96 | 60.57 | — | 205.59 |
| P/S Ratio | 2.84 | 4.51 | 10.92 | 13.53 | 10.53 | 13.66 | 12.60 | 7.15 | 5.84 | 3.82 | 6.23 |
| P/B Ratio | 2.23 | 3.48 | 8.15 | 10.88 | 8.84 | 10.87 | 9.37 | 5.62 | 4.55 | 3.05 | 4.83 |
| P/FCF | 14.04 | 22.24 | 50.71 | 64.55 | 59.20 | 56.39 | 54.65 | 34.28 | 35.15 | 35.47 | 112.03 |
| P/OCF | 11.95 | 18.94 | 44.25 | 54.91 | 47.43 | 46.61 | 44.49 | 27.79 | 26.36 | 27.17 | 64.22 |
P/E links to full P/E history page with 30-year chart
SPSC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
SPS Commerce, Inc.'s enterprise value stands at 11.3x EBITDA, 77% below its 5-year average of 48.5x. The Technology sector median is 17.5x, placing the stock at a 35% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.32 | 10.56 | 13.15 | 10.20 | 13.17 | 12.20 | 6.59 | 5.30 | 3.27 | 5.64 |
| EV / EBITDA | 11.30 | 18.38 | 51.38 | 63.03 | 46.29 | 63.43 | 55.43 | 33.55 | 33.40 | 35.64 | 57.78 |
| EV / EBIT | 16.87 | 26.20 | 75.79 | 91.38 | 64.50 | 94.78 | 76.06 | 47.91 | 46.45 | 72.17 | 170.60 |
| EV / FCF | — | 21.31 | 49.05 | 62.73 | 57.38 | 54.39 | 52.91 | 31.61 | 31.90 | 30.29 | 101.26 |
SPSC Profitability
Margins and return-on-capital ratios measuring operating efficiency
SPS Commerce, Inc. earns an operating margin of 15.7%. Operating margins have expanded from 14.4% to 15.7% over the past 3 years, signaling improving operational efficiency. ROE of 10.2% is modest. ROIC of 12.2% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.2% | 64.2% | 67.0% | 66.1% | 66.1% | 65.8% | 68.1% | 67.0% | 67.1% | 66.6% | 66.7% |
| Operating Margin | 15.7% | 15.7% | 13.9% | 14.4% | 15.8% | 14.3% | 16.0% | 13.8% | 10.8% | 3.8% | 3.9% |
| Net Profit Margin | 12.4% | 12.4% | 12.1% | 12.3% | 12.2% | 11.6% | 14.6% | 12.1% | 9.6% | -1.1% | 3.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 10.2% | 10.1% | 10.9% | 10.8% | 9.9% | 11.8% | 10.0% | 8.0% | -0.9% | 2.4% |
| ROA | 8.5% | 8.5% | 8.3% | 8.8% | 8.6% | 7.8% | 9.4% | 8.1% | 6.6% | -0.8% | 2.0% |
| ROIC | 12.2% | 12.2% | 12.2% | 13.6% | 15.5% | 13.9% | 15.2% | 15.0% | 11.8% | 4.4% | 4.8% |
| ROCE | 12.5% | 12.5% | 11.3% | 12.3% | 13.2% | 11.5% | 12.1% | 10.8% | 8.6% | 3.0% | 3.0% |
SPSC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
SPS Commerce, Inc. carries a Debt/EBITDA ratio of 0.1x, which is very conservative (98% below the sector average of 2.9x). The company holds a net cash position — cash of $151M exceeds total debt of $10M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.04 | 0.06 | 0.07 | — | — | — |
| Debt / EBITDA | 0.06 | 0.06 | 0.10 | 0.13 | 0.17 | 0.26 | 0.35 | 0.44 | — | — | — |
| Net Debt / Equity | — | -0.15 | -0.27 | -0.31 | -0.27 | -0.39 | -0.30 | -0.44 | -0.42 | -0.44 | -0.46 |
| Net Debt / EBITDA | -0.80 | -0.80 | -1.74 | -1.83 | -1.47 | -2.34 | -1.82 | -2.83 | -3.40 | -6.09 | -6.15 |
| Debt / FCF | — | -0.93 | -1.66 | -1.82 | -1.82 | -2.00 | -1.74 | -2.67 | -3.24 | -5.18 | -10.77 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($151M) exceeds total debt ($10M)
SPSC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.74x means SPS Commerce, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 3.07x to 1.74x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.74 | 1.74 | 2.60 | 3.07 | 2.92 | 3.43 | 2.91 | 4.29 | 4.42 | 5.09 | 5.78 |
| Quick Ratio | 1.74 | 1.74 | 2.60 | 3.07 | 2.92 | 3.43 | 2.91 | 4.29 | 3.81 | 4.50 | 5.18 |
| Cash Ratio | 0.98 | 0.98 | 1.64 | 2.11 | 1.94 | 2.50 | 2.34 | 3.14 | 3.16 | 3.79 | 4.32 |
| Asset Turnover | — | 0.64 | 0.62 | 0.65 | 0.67 | 0.63 | 0.59 | 0.62 | 0.64 | 0.66 | 0.65 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 2.37 | 2.93 | 3.35 |
| Days Sales Outstanding | — | 33.11 | 29.78 | 31.84 | 31.92 | 32.74 | 41.42 | 41.23 | 40.42 | 41.20 | 39.17 |
SPSC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
SPS Commerce, Inc. returns 5.3% to shareholders annually primarily through share buybacks. The earnings yield of 4.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 2.8% | 1.1% | 0.9% | 1.2% | 0.9% | 1.2% | 1.7% | 1.7% | — | 0.5% |
| FCF Yield | 7.1% | 4.5% | 2.0% | 1.5% | 1.7% | 1.8% | 1.8% | 2.9% | 2.8% | 2.8% | 0.9% |
| Buyback Yield | 5.3% | 3.4% | 0.5% | 0.0% | 0.9% | 0.4% | 0.5% | 1.0% | 1.4% | 0.7% | 0.0% |
| Total Shareholder Yield | 5.3% | 3.4% | 0.5% | 0.0% | 0.9% | 0.4% | 0.5% | 1.0% | 1.4% | 0.7% | 0.0% |
| Shares Outstanding | — | $38M | $38M | $37M | $37M | $37M | $36M | $36M | $35M | $35M | $34M |
Peer Comparison
Compare SPSC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 SPSCYou | $2B | 23.2 | 11.3 | 14.0 | 64.2% | 15.7% | 10.2% | 12.2% | 0.1 |
 GDDY | $12B | 14.4 | 11.0 | 7.6 | 61.6% | 22.9% | 192.9% | 26.2% | 2.9 |
 CWAN | $7B | -173.5 | 70.4 | 43.9 | 67.3% | 3.8% | -2.5% | 1.1% | 7.8 |
 ALKT | $2B | -37.9 | — | 45.1 | 57.8% | -12.1% | -13.3% | -8.6% | — |
 APPF | $6B | 43.8 | 34.7 | 25.6 | 61.3% | 16.1% | 26.5% | 22.4% | 0.4 |
 PCTY | $6B | 27.1 | 14.3 | 17.3 | 68.8% | 19.1% | 20.0% | 26.2% | 0.5 |
 NCNO | $2B | -53.9 | 122.0 | 39.4 | 60.1% | -3.4% | -3.5% | -1.2% | 13.0 |
 ORCL | $559B | 44.8 | 27.4 | — | 70.5% | 30.8% | 82.4% | 12.8% | 4.4 |
 SAP | $204B | 24.9 | 15.6 | 21.9 | 73.8% | 26.7% | 15.5% | 16.0% | 0.7 |
 MANH | $9B | 39.9 | 28.7 | 22.7 | 55.7% | 26.1% | 71.7% | 236.8% | 0.4 |
 GTLB | $4B | -74.1 | — | 19.4 | 87.5% | -12.2% | -6.0% | -12.5% | — |
| Technology Median | — | 27.7 | 17.5 | 19.2 | 48.5% | -0.6% | 2.4% | 2.9% | 2.9 |
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Includes 30+ ratios · 19 years · Updated daily
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Start ComparisonSPSC — Frequently Asked Questions
Quick answers to the most common questions about buying SPSC stock.
What is SPS Commerce, Inc.'s P/E ratio?
SPS Commerce, Inc.'s current P/E ratio is 23.2x. The historical average is 73.6x.
What is SPS Commerce, Inc.'s EV/EBITDA?
SPS Commerce, Inc.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 53.7x.
What is SPS Commerce, Inc.'s ROE?
SPS Commerce, Inc.'s return on equity (ROE) is 10.2%. The historical average is 7.6%.
Is SPSC stock overvalued?
Based on historical data, SPS Commerce, Inc. is trading at a P/E of 23.2x. Compare with industry peers and growth rates for a complete picture.
What are SPS Commerce, Inc.'s profit margins?
SPS Commerce, Inc. has 64.2% gross margin and 15.7% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does SPS Commerce, Inc. have?
SPS Commerce, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.