Last 48 quarters of trend data · Technology · Software - Infrastructure
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
SPS Commerce, Inc.'s quarterly P/E stands at 26.3x, down 54.1% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 37.5% YoY to 19.7x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 23.24 | 26.26 | 32.77 | 38.86 | 65.43 | 57.21 | 99.99 | 78.29 | 98.00 | 96.30 | 95.02 | 94.78 | 123.12 |
| — | -54.1% | -67.2% | -50.4% | -33.2% | -40.6% | +5.2% | -17.4% | -20.4% | +3.7% | +27.3% | +31.2% | +26.3% | |
| P/S Ratio | 2.84 | 2.71 | 4.37 | 5.21 | 6.92 | 6.98 | 10.19 | 11.27 | 11.54 | 11.65 | 12.58 | 11.82 | 13.78 |
| — | -61.1% | -57.1% | -53.8% | -40.1% | -40.1% | -19.0% | -4.6% | -16.2% | +3.6% | +29.3% | +18.0% | +44.4% | |
| P/B Ratio | 2.23 | 2.17 | 3.46 | 4.13 | 5.46 | 5.50 | 8.15 | 8.90 | 10.08 | 10.20 | 10.93 | 10.23 | 11.96 |
| — | -60.6% | -57.6% | -53.6% | -45.8% | -46.1% | -25.4% | -13.0% | -15.7% | +2.0% | +23.6% | +13.2% | +42.7% | |
| P/FCF | 14.04 | 10.75 | 22.02 | 18.13 | 50.52 | 37.43 | 50.70 | 38.35 | 72.70 | 57.06 | 64.02 | 42.03 | 60.85 |
| — | -71.3% | -56.6% | -52.7% | -30.5% | -34.4% | -20.8% | -8.7% | +19.5% | -34.0% | -5.2% | +24.6% | +67.1% | |
| EV / EBITDA | 11.30 | 19.72 | 16.11 | 20.83 | 31.05 | 31.54 | 45.13 | 49.03 | 52.49 | 69.02 | 54.46 | 53.75 | 69.45 |
| — | -37.5% | -64.3% | -57.5% | -40.8% | -54.3% | -17.1% | -8.8% | -24.4% | +26.7% | +29.1% | +30.7% | +56.5% | |
| EV / EBIT | 16.87 | — | 22.41 | 29.56 | 48.06 | 47.99 | 68.06 | 70.31 | 74.06 | 109.50 | 77.46 | 75.84 | 102.65 |
| — | — | -67.1% | -58.0% | -35.1% | -56.2% | -12.1% | -7.3% | -27.9% | +33.4% | +28.0% | +35.2% | +65.0% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
SPS Commerce, Inc.'s operating margin was 12.8% in Q1 2026, down 5.2 pp QoQ and down 1.5 pp YoY. The trailing four-quarter average of 15.3% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.2% | 69.2% | 65.5% | 69.5% | 68.1% | 68.7% | 67.5% | 68.5% | 63.0% | 62.7% | 62.7% | 66.4% | 65.8% |
| — | +0.8% | -3.0% | +1.5% | +8.1% | +9.5% | +7.6% | +3.0% | -4.3% | -4.8% | -4.9% | +0.2% | +0.3% | |
| Operating Margin | 15.7% | 12.8% | 18.0% | 16.4% | 14.1% | 14.3% | 14.5% | 15.6% | 15.1% | 10.3% | 15.8% | 15.2% | 13.1% |
| — | -10.6% | +24.4% | +5.1% | -6.3% | +38.8% | -8.3% | +2.9% | +15.5% | -22.5% | +1.3% | -11.7% | -10.7% | |
| Net Margin | 12.4% | 10.3% | 13.4% | 13.5% | 10.5% | 12.2% | 10.3% | 14.3% | 11.7% | 12.0% | 13.1% | 12.4% | 11.3% |
| — | -16.0% | +30.6% | -6.1% | -10.3% | +1.6% | -21.7% | +15.4% | +4.3% | -0.9% | +0.5% | -10.4% | +14.3% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 2.0% | 2.7% | 2.7% | 2.1% | 2.5% | 2.1% | 3.1% | 2.6% | 2.7% | 2.9% | 2.7% | 2.5% |
| — | -18.5% | +28.2% | -12.5% | -18.9% | -6.2% | -29.0% | +11.6% | +3.4% | -3.8% | -3.6% | -13.1% | +15.7% | |
| ROA | 8.5% | 1.7% | 2.2% | 2.2% | 1.8% | 2.1% | 1.7% | 2.5% | 2.1% | 2.2% | 2.4% | 2.2% | 2.0% |
| — | -18.4% | +28.6% | -11.2% | -16.9% | -4.2% | -26.9% | +14.2% | +3.8% | -3.0% | -2.9% | -12.2% | +17.8% | |
| ROIC | 12.2% | 2.2% | 3.1% | 2.8% | 2.3% | 2.7% | 2.9% | 3.4% | 3.7% | 2.5% | 3.7% | 3.6% | 3.2% |
| — | -15.9% | +6.5% | -19.3% | -36.7% | +6.3% | -21.2% | -3.5% | +17.1% | -21.1% | -4.9% | -22.7% | -19.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
SPS Commerce, Inc.'s Debt/EBITDA ratio is 0.3x, up from 0.2x last quarter — comfortably within a safe range. The current ratio has improved 29.3% YoY to 2.12x, strengthening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 |
| — | -48.3% | -29.4% | -10.3% | -35.2% | -29.5% | -30.6% | -33.7% | -30.3% | -33.7% | -34.7% | -33.6% | -32.7% | |
| Debt / EBITDA | 0.06 | 0.27 | 0.20 | 0.30 | 0.26 | 0.31 | 0.33 | 0.36 | 0.38 | 0.53 | 0.43 | 0.52 | 0.60 |
| — | -13.2% | -40.0% | -17.3% | -30.2% | -41.2% | -22.5% | -30.5% | -37.2% | -17.4% | -32.0% | -24.2% | -27.6% | |
| Current Ratio | 1.74 | 2.12 | 1.74 | 1.97 | 1.82 | 1.64 | 2.60 | 2.36 | 3.17 | 3.13 | 3.07 | 2.71 | 3.44 |
| — | +29.3% | -33.2% | -16.3% | -42.5% | -47.6% | -15.3% | -13.0% | -7.9% | -3.3% | +5.3% | -15.8% | -4.8% | |
| Quick Ratio | 1.74 | 2.12 | 1.74 | 1.97 | 1.82 | 1.64 | 2.60 | 2.36 | 3.17 | 3.13 | 3.07 | 2.71 | 3.44 |
| — | +29.3% | -33.2% | -16.3% | -42.5% | -47.6% | -15.3% | -13.0% | -7.9% | -3.3% | +5.3% | -15.8% | -4.8% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | 17.93 | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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SPS Commerce, Inc.'s current P/E is 23.2x. The average P/E over the last 4 quarters is 40.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
SPS Commerce, Inc.'s current operating margin is 15.7%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking SPS Commerce, Inc.'s business trajectory between earnings reports.