SPS Commerce vs Vertex
SPS Commerce and Vertex are similar in size: $752m and $748m of revenue in their latest fiscal years. SPS Commerce grew faster (17.8% against 12.2%). SPS Commerce kept more of each dollar of sales as profit: a net margin of 12.4% against 1.0%.
| Latest fiscal year | SPS CommerceSPSC, 2025 | VertexVERX, 2025 |
|---|---|---|
| Revenue | $752m | $748m |
| Revenue growth | 17.8% | 12.2% |
| Net income | $93.3m | $7.2m |
| Operating margin | — | — |
| Net margin | 12.4% | 1.0% |
| Return on equity | 10.2% | 3.3% |
| Free cash flow | $152m | $166m |
| Cash | $151m | $314m |
| Total debt | $0 | $345m |
| Debt to equity | — | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $114m | $10.1m |
| Employees | — | 2,100 |
| Market value | $3.07bn | $1.22bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 64 (Moderate) | 56 (Moderate) |
| Insider trades, 12 months | 0 buys, 14 sales | 5 buys, 1 sales |