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SPS Commerce Inc (SPSC) stock

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NASDAQ: SPSC Nasdaq Application Software Next results ~February 11, 2027

B Fundamentals grade

SPS Commerce Inc is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$89

Cash-flow model

Base case. Range ~$68–$120 across our lower- and higher-growth cases (5.9%–15.9% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 5% below our base value.

Price used: $85.08, November 2, 2026

SPS Commerce Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 14 sales by directors and officers, last 12 monthsInsider trades
  • Funds171 adding, 175 cuttingOf 52 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter SPS Commerce files

10-Q filed October 29: SPS Commerce

SPS Commerce reported revenue of $780m for the twelve months to September 2026, a rise of 6.9% on the prior year. That pace marks a slowdown from the 9.8% growth recorded a quarter earlier. Margins told a better story, though: free-cash-flow margin climbed to 26.0%, up from 20.3% a year earlier. Meanwhile, the diluted share count fell 2.9% year-on-year, meaning the benefits of that cash generation are now spread across fewer shares. Taken together, the figures point to a business growing more slowly on the top line but converting revenue into cash more efficiently, with buybacks or reduced dilution concentrating that improvement for remaining shareholders.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where SPS Commerce stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $772m, up 9.8% on a year earlier, slower than the 13.8% growth a quarter earlier. Free-cash-flow margin rose to 25.7% from 20.2% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

SPS Commerce Inc's trailing-twelve-month revenue grew 6.9% year on year, with a free-cash-flow margin of 26.0%.

Our discounted-cash-flow model values the business at ~$89 per share in the base case (~$68–$120 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 36.6% while net income fell 2.3%: a 39pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 26.0% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 2.9% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.2bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Growth easing. The growth rate is 2.9 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -2.9pp ranks 145 of 184 application software companies we cover (median +0.2pp).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.39 against an average estimate of $1.23: beat by 13.0%
Revenue
$198m, up 4.1% on a year earlier
Share reaction
-3.0% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $1.31

SPS Commerce's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.5%
  • 1 week-6.1%
  • 1 month+3.3%
  • This year-4.5%
  • 1 year+3.5%
  • 5 years-41.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$780M
Operating margin
13.8%
Net margin
10.7%
EPS (TTM, diluted)
$2.25

Growth

Revenue growth
+6.9%
Change in growth rate
−2.9 pts
Share count change
−2.9%

Cash

Free cash flow (TTM)
$203M
FCF margin
26.0%
Stock pay % of revenue
8.1%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

SPS Commerce Inc valuation models and calculator

What the price is pricing in

The share price implies about 9.0% a year of cash-flow growth for five years.That is slower than the 15.2% a year revenue growth SPS Commerce has delivered.

  • Priced in9.0%
  • Last 12 months6.9%
  • 3 years a year14.9%
  • 5 years a year15.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($85.02, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$89
Price used
$85.02close November 3, 2026
Implied change
▲ +5%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of SPS Commerce Inc's free cash flow after stock-based pay with after-tax interest added back ($115M, FY2026 Q3 TTM), growing 7.6% and 9.3% in the next two years (forecasts, guidance and its record), then back to 10.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$68–~$120 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of SPS Commerce Inc's free cash flow after stock-based pay ( $115M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value SPS Commerce Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$89 ~$68–$120 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$74 ~$61–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$28 ~$19–$41 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$28 ~$24–$32 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$61 ~$28–$89 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare SPS Commerce Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +26%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $52$68$91$120$157$207
8.5% $41$53$69$90$117$151
10% $34$44$56$72$92$119

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$35.10$34.95$24.30$41.19$55.42$108.59$142.35$128.43$193.84$183.99$89.13$85.08
Market value$1.2bn$1.2bn$843m$1.5bn$2.0bn$3.9bn$5.3bn$4.7bn$7.3bn$7.0bn$3.4bn$3.1bn
+ Net debt (− = net cash)−$122m−$116m−$123m−$134m−$179m−$150m−$208m−$163m−$219m−$241m−$151m−$154m
Enterprise value$1.1bn$1.1bn$720m$1.3bn$1.8bn$3.8bn$5.1bn$4.6bn$7.0bn$6.7bn$3.2bn$3.0bn
Multiples
Price / sales 7.5x6.2x3.8x5.8x7.1x12.6x13.7x10.5x13.5x10.9x4.5x4.0x
Price / earnings n/mn/mn/m60.8x59.2x86.4x118.0x86.1x110.4x90.4x36.3x37.9x
Price / free cash flow n/m112.0x35.5x35.1x34.3x54.7x56.4x59.2x64.5x50.7x22.2x15.5x
EV / EBITDA 80.8x83.9x41.9x37.3x36.7x59.9x72.3x52.3x73.5x62.5x23.2x22.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard SPS Commerce's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 18.1% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 66.7%, moving by 1.3 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 14.3%; its worst year was 5.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 0.4% over five years; stock-based pay has been a median 7.2% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (80 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.90 +15% $791m +5%
Next $5.33 +9% $840m +6%

Next year's EPS estimate has moved +2.2% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.5% on 90 days ago. In the last 30 days, 12 analysts raised SPS Commerce Inc's forecast and 0 cut it.

Consensus EPS forecast SPS Commerce Inc, last 90 days
$4.60 $4.80 $5.00 $5.20 $5.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.74 Current fiscal year, 60 days ago: $4.90 Current fiscal year, 30 days ago: $4.90 Current fiscal year, 7 days ago: $4.90 Current fiscal year, Now: $4.90 $4.90 Next fiscal year, 90 days ago: $5.21 Next fiscal year, 60 days ago: $5.33 Next fiscal year, 30 days ago: $5.33 Next fiscal year, 7 days ago: $5.33 Next fiscal year, Now: $5.33 $5.33

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.74$5.21
60 days ago $4.90$5.33
30 days ago $4.90$5.33
7 days ago $4.90$5.33
Now $4.90$5.33

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.23 $1.39 +13.0%
Jun 2026 $1.09 $1.27 +16.0%
Mar 2026 $0.98 $1.10 +12.5%
Dec 2025 $1.01 $1.14 +13.1%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows SPS Commerce Inc's revenue by +7.6% next year and +9.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.1%, weight 68%) and the company's own record (+10.9%, weight 32%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy325%
Hold867%
Sell18%

Monthly trend

  1. Oct 2026128112
  2. Sep 2026128112
  3. Aug 2026128112
  4. Jul 2026128112

Counts of recommendations published by analysts covering SPS Commerce Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.4%
of tradable shares
Days to cover
5.89
at average volume
Short interest, 1 month
−12%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.4%
of shares
Employees
2,948
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +3.5%

$82.24 on October 31, 2025 to $85.08

ThenNowEffect
Revenue (last 12 months) $704m $772m +9.8%
Net margin 11.8% 10.1% −14.4%
P/E multiple 37.8x 40.8x +8.1%
Share count 38m 37m +1.7%

Biggest factor: net margin.

Last 3 years −48.9%

$166.62 on November 3, 2023 to $85.08

ThenNowEffect
Revenue (last 12 months) $493m $772m +56.8%
Net margin 12.5% 10.1% −19.4%
P/E multiple 100.2x 40.8x −59.3%
Share count 37m 37m −0.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SPSC+31%−10%+51%−5%−52%−5%
Industry peers (median)−8%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SPSC58%67%67%42%42%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SPSC−23%−31%−21%−23%−61%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 77% from July 31, 2024 to May 13, 2026. Getting back needed a 332% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$49.91 – $95.48
From 52-week high
−10.9%
vs 50-day average
+1.9%
vs 200-day average
+25.0%
Volatility (1 year)
41%
Beta vs S&P 500
0.41

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±10.0%
After a week
6 up, 5 down
typical move ±11.1%
After a month
5 up, 6 down
typical move ±13.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −3.0% −2.1% — —
July 30, 2026 +5.7% +2.4% +3.7% +22.4%
April 30, 2026 +6.8% +1.3% +3.6% +8.1%
February 12, 2026 −9.7% −1.5% −15.5% −13.3%
October 30, 2025 −21.8% −0.8% −23.5% −23.3%
July 30, 2025 −22.3% −0.5% −21.2% −20.8%
April 24, 2025 +4.0% +2.8% +7.2% +7.8%
February 10, 2025 −14.4% +0.8% −18.0% −29.1%
October 24, 2024 −10.2% +0.2% −13.0% −0.3%
July 25, 2024 +1.8% +0.6% +1.8% −3.4%
April 25, 2024 +4.6% +0.6% +6.4% +13.3%
February 8, 2024 +15.6% +0.6% +7.7% +0.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How SPS Commerce Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

SPS Commerce Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) SPS Commerce Inc
$500M $600M $700M $800M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $536.9M Revenue (TTM), FY24 Q1: $560.6M Revenue (TTM), FY24 Q2: $583.8M Revenue (TTM), FY24 Q3: $611.8M Revenue (TTM), FY24 Q4: $637.8M Revenue (TTM), FY25 Q1: $669.7M Revenue (TTM), FY25 Q2: $703.5M Revenue (TTM), FY25 Q3: $729.8M Revenue (TTM), FY25 Q4: $751.5M Revenue (TTM), FY26 Q1: $762.1M Revenue (TTM), FY26 Q2: $772.5M Revenue (TTM), FY26 Q3: $780.2M $780.2M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $536.9M
FY24 Q1 $560.6M
FY24 Q2 $583.8M
FY24 Q3 $611.8M
FY24 Q4 $637.8M
FY25 Q1 $669.7M
FY25 Q2 $703.5M
FY25 Q3 $729.8M
FY25 Q4 $751.5M
FY26 Q1 $762.1M
FY26 Q2 $772.5M
FY26 Q3 $780.2M
Revenue growth, TTM YoY SPS Commerce Inc
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 19.1% Revenue growth, TTM YoY, FY24 Q1: 18.9% Revenue growth, TTM YoY, FY24 Q2: 18.5% Revenue growth, TTM YoY, FY24 Q3: 19.0% Revenue growth, TTM YoY, FY24 Q4: 18.8% Revenue growth, TTM YoY, FY25 Q1: 19.5% Revenue growth, TTM YoY, FY25 Q2: 20.5% Revenue growth, TTM YoY, FY25 Q3: 19.3% Revenue growth, TTM YoY, FY25 Q4: 17.8% Revenue growth, TTM YoY, FY26 Q1: 13.8% Revenue growth, TTM YoY, FY26 Q2: 9.8% Revenue growth, TTM YoY, FY26 Q3: 6.9% 6.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 19.1%
FY24 Q1 18.9%
FY24 Q2 18.5%
FY24 Q3 19.0%
FY24 Q4 18.8%
FY25 Q1 19.5%
FY25 Q2 20.5%
FY25 Q3 19.3%
FY25 Q4 17.8%
FY26 Q1 13.8%
FY26 Q2 9.8%
FY26 Q3 6.9%
Operating margin (TTM) SPS Commerce Inc
12% 13% 14% 15% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 14.4% Operating margin (TTM), FY24 Q1: 13.5% Operating margin (TTM), FY24 Q2: 14.1% Operating margin (TTM), FY24 Q3: 14.2% Operating margin (TTM), FY24 Q4: 13.9% Operating margin (TTM), FY25 Q1: 14.8% Operating margin (TTM), FY25 Q2: 14.6% Operating margin (TTM), FY25 Q3: 14.8% Operating margin (TTM), FY25 Q4: 15.7% Operating margin (TTM), FY26 Q1: 15.3% Operating margin (TTM), FY26 Q2: 12.8% Operating margin (TTM), FY26 Q3: 13.8% 13.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 14.4%
FY24 Q1 13.5%
FY24 Q2 14.1%
FY24 Q3 14.2%
FY24 Q4 13.9%
FY25 Q1 14.8%
FY25 Q2 14.6%
FY25 Q3 14.8%
FY25 Q4 15.7%
FY26 Q1 15.3%
FY26 Q2 12.8%
FY26 Q3 13.8%
FCF margin (TTM) SPS Commerce Inc
20% 22% 24% 26% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 21.0% FCF margin (TTM), FY24 Q1: 22.6% FCF margin (TTM), FY24 Q2: 20.8% FCF margin (TTM), FY24 Q3: 21.5% FCF margin (TTM), FY24 Q4: 21.5% FCF margin (TTM), FY25 Q1: 21.0% FCF margin (TTM), FY25 Q2: 20.2% FCF margin (TTM), FY25 Q3: 20.3% FCF margin (TTM), FY25 Q4: 20.3% FCF margin (TTM), FY26 Q1: 21.9% FCF margin (TTM), FY26 Q2: 25.7% FCF margin (TTM), FY26 Q3: 26.0% 26.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 21.0%
FY24 Q1 22.6%
FY24 Q2 20.8%
FY24 Q3 21.5%
FY24 Q4 21.5%
FY25 Q1 21.0%
FY25 Q2 20.2%
FY25 Q3 20.3%
FY25 Q4 20.3%
FY26 Q1 21.9%
FY26 Q2 25.7%
FY26 Q3 26.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar SPS Commerce took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $752M
  2. Other income $5.5M · 0.7%
  3. Cost of revenue $232M · 30.8%
  4. Gross profit $520M · 69.2%
  5. Research and development $68.7M · 9.1%
  6. Selling, general and admin $296M · 39.4%
  7. Other operating costs $37.2M · 4.9%
  8. Operating income $118M · 15.7%
  9. Income tax $30.5M · 4.1%
  10. Net income $93.3M · 12.4%

Shares of revenue. Source: SPS Commerce's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 38 45 58 77 104 128 159 193 221 248 279 313 385 451 537 638 752 780
Gross profit 26 32 43 55 73 88 108 129 146 166 187 213 254 298 355 427 520 548
EBITDA 3 5 3 5 7 10 13 13 17 35 50 63 70 88 96 108 139 131
Operating income 2 3 1 2 2 4 7 6 10 27 38 50 55 71 77 89 118 108
Net income 1 3 14 1 1 3 5 5 0 24 34 46 45 55 66 77 93 83
Diluted EPS $0.07 $0.13 $0.54 $0.04 $0.04 $0.08 $0.14 $0.14 $0.01 $0.68 $0.94 $1.26 $1.21 $1.49 $1.76 $2.04 $2.46 $2.25
Growth (year on year)
Revenue — +18.2% +30.0% +33.0% +35.4% +22.6% +23.9% +21.9% +14.1% +12.5% +12.4% +12.0% +23.2% +17.0% +19.1% +18.8% +17.8% +6.9%
EBITDA — +37.4% −31.3% +50.5% +41.1% +51.5% +31.6% −2.3% +32.4% +105.5% +40.2% +27.8% +10.4% +25.4% +9.4% +12.2% +29.5% +2.4%
Operating income — +61.4% −62.6% — +12.7% — +60.2% −9.1% +56.3% +167.8% +43.7% +30.6% +9.8% +29.2% +8.5% +15.1% +33.1% −0.7%
Net income — +148.2% +375.1% −91.1% — — +71.6% +7.0% −92.9% — +41.2% +35.2% −2.2% +23.6% +19.4% +17.1% +21.1% −2.3%
Diluted EPS — +92.3% +332.0% −91.7% — — +68.8% +7.4% −93.1% — +38.2% +34.0% −4.0% +23.1% +18.1% +15.9% +20.6% +0.6%
Margins
Gross margin 69.0% 71.7% 73.5% 71.4% 69.6% 68.7% 68.4% 66.6% 66.4% 67.1% 67.0% 68.1% 65.8% 66.1% 66.1% 67.0% 69.2% 70.2%
EBITDA margin 8.8% 10.2% 5.4% 6.1% 6.4% 7.9% 8.4% 6.7% 7.8% 14.2% 17.7% 20.2% 18.1% 19.4% 17.9% 16.9% 18.5% 16.8%
Operating margin 5.0% 6.8% 2.0% 2.0% 1.7% 3.4% 4.4% 3.3% 4.5% 10.8% 13.8% 16.0% 14.3% 15.8% 14.4% 13.9% 15.7% 13.8%
Net margin 3.1% 6.5% 23.6% 1.6% 1.0% 2.1% 2.9% 2.6% 0.2% 9.6% 12.1% 14.6% 11.6% 12.2% 12.3% 12.1% 12.4% 10.7%
Free-cash-flow margin 11.0% 7.1% 3.3% 1.1% 12.0% 7.2% 3.6% 5.6% 10.8% 16.6% 20.9% 23.1% 24.2% 17.8% 21.0% 21.5% 20.3% 26.0%
Cash flow
Cash from operations 5 5 4 7 18 17 14 19 31 55 72 89 113 100 132 157 179 232
Capital spending 1 2 3 6 6 8 9 8 7 14 14 16 20 20 20 20 27 29
Free cash flow 4 3 2 1 13 9 6 11 24 41 58 72 93 80 113 137 152 203
Stock-based pay 0 1 2 3 4 5 6 8 13 13 15 19 28 33 46 55 54 63
Free cash flow after stock pay 4 2 0 −2 8 4 −1 3 11 29 44 53 66 47 67 83 99 140
Balance sheet
Cash 6 40 32 66 131 131 122 116 123 134 179 150 208 163 219 241 151 154
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −6 −40 −32 −66 −131 −131 −122 −116 −123 −134 −179 −150 −208 −163 −219 −241 −151 −154
Diluted shares 19m 23m 25m 28m 32m 34m 34m 34m 35m 35m 36m 36m 37m 37m 37m 38m 38m 37m
Returned to shareholders
Buybacks 0 0 0 — — — — — 6 20 21 19 20 43 0 38 114 172
Total returned 0 0 0 — — — — — 6 20 21 19 20 43 0 38 114 172

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $1.1bn
Short-term assets $347mLonger-term assets $786m
What it owes, and who funded it · $1.1bn
Short-term liabilities $154mLonger-term liabilities $46mShareholders' equity $933m
  • Short-term assets cover short-term liabilities $347m of assets due within a year against $154m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $347m short-term assets against $46m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From SPS Commerce Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$172M
Returned to shareholders
85%
of free cash flow
Buybacks, last 3 fiscal years
$152M
Diluted share count
−2.9%
year over year
Total shareholder yield
5.7%
dividends 0.0% + buybacks 5.7% of market value
R&D spending
8.7%
of revenue
Days sales outstanding
31 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated SPSC VERX APPN IDCC EGHT ASAN Median
Revenue, last 12 months $780m $787m $795m $817m $745m $828m $482m
Revenue growth, last 12 months 6.9% 10.8% 20.9% −12.0% 3.7% 9.5% 12.0%
Revenue growth, 3-year average 14.9% 14.1% 16.2% 13.4% 0.2% 10.9% 11.1%
Revenue growth, latest quarter 4.1% 10.5% 19.1% 17.5% 4.9% 9.9% 11.9%
Gross margin 70.2% 64.0% 71.1% — 63.3% 87.6% 69.2%
Operating margin 13.8% −1.7% 1.3% 45.1% 3.1% −19.4% 1.1%
Operating margin, 3-year average 14.3% −0.8% −5.5% 49.7% 0.5% −29.3% −0.8%
Net margin 10.7% 0.5% −1.3% 38.5% 0.6% −18.6% 2.1%
Cash from operations / revenue 29.7% 22.0% 10.2% 38.2% 8.2% 15.7% 18.2%
Free-cash-flow margin 26.0% 8.4% 9.6% 37.8% 7.6% 15.0% 15.0%
Free-cash-flow margin, 3-year average 22.6% 12.1% 1.1% 38.5% 8.2% 6.2% 16.2%
Stock pay / revenue 8.1% 7.2% 5.4% 7.4% 2.4% 23.8% 9.3%
Change in share count −2.9% — 0.8% 3.5% 9.4% 1.4% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 6.9% 12.0% 122 of 184
Change in growth rate Growth -2.9pp +0.2pp 145 of 184
Gross margin Profitability 70.2% 69.8% 79 of 160
Operating margin Profitability 13.8% 1.1% 43 of 181
Net margin Profitability 10.7% 2.1% 59 of 185
Free-cash-flow margin Cash generation 26.0% 15.2% 46 of 180
Stock pay as % of revenue Cash generation 8.1% 9.3% 77 of 177
Change in share count Balance sheet -2.9% 1.7% 35 of 163
Days sales outstanding Balance sheet 31 days 57 days 36 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$2.2B
Institutions reporting
316
Shares held vs prior quarter
▼ 0.7%
Positions opened / closed
56 / 64

Top buyers and sellers, Q2 2026: 171 institutions bought and 175 sold ; the biggest buyer was Disciplined Growth Investors Inc (+1.3M shares) and the biggest seller Van Berkom & Associates Inc (−726K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $339M 5.9M 15.2% ▲ 1.8%
Vanguard Portfolio Management LLC $167M 2.9M 7.5% ▼ 1.5%
Disciplined Growth Investors Inc $121M 2.1M 5.4% ▲ 161.9%
Neuberger Berman Group LLC $102M 1.8M 4.6% ▼ 0.5%
Vanguard Capital Management LLC $91.4M 1.6M 4.1% ▼ 5.9%
State Street Corp $88.4M 1.5M 4.0% ▲ 3.1%
Geode Capital Management, LLC $72.4M 1.3M 3.2% ▲ 26.9%
Goldman Sachs Group Inc $63.3M 1.1M 2.8% ▲ 3.6%
Morgan Stanley $57.1M 998K 2.6% ▲ 3.9%
Jupiter Topco LLC $56.3M 984K 2.5% —
Engine Capital Management, LP $52.4M 916K 2.3% New
Citadel Advisors LLC $52.2M 914K 2.3% ▲ 0.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not SPS Commerce Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.7M 14 trades by 4 insiders · 100% under pre-set plans
Net ▼ $1.7M net selling
Insider Date Trade Shares Price Value
Reaume Marty M Director May 7, 2026 Sell pre-set plan 1,000 $57.03 $57,030
Reaume Marty M Director April 7, 2026 Sell pre-set plan 1,000 $57.90 $57,900
Reaume Marty M Director March 9, 2026 Sell pre-set plan 1,000 $62.73 $62,730
Thingelstad Jamie EVP, Chief Technology Officer February 24, 2026 Sell pre-set plan 518 $55.47 $28,733
Thingelstad Jamie EVP, Chief Technology Officer February 24, 2026 Sell pre-set plan 1,900 $54.80 $104,120
Nelson Kimberly K. EVP & CFO February 20, 2026 Sell pre-set plan 3,700 $58.09 $214,933
Nelson Kimberly K. EVP & CFO February 20, 2026 Sell pre-set plan 1,200 $59.19 $71,028
Nelson Kimberly K. EVP & CFO February 20, 2026 Sell pre-set plan 1,400 $59.70 $83,580
Collins Chadwick Chief Executive Officer February 20, 2026 Sell pre-set plan 7,776 $58.09 $451,708
Collins Chadwick Chief Executive Officer February 20, 2026 Sell pre-set plan 2,806 $59.18 $166,059
Collins Chadwick Chief Executive Officer February 20, 2026 Sell pre-set plan 2,802 $59.72 $167,335
Reaume Marty M Director February 9, 2026 Sell pre-set plan 1,000 $79.92 $79,920

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in SPS Commerce Inc disclosed in the last 12 months; 4 earlier trades on record.

  • Peter Welch(D-VT):Sale (full), $1,001 - $15,000, traded May 19, 2020, filed June 8, 2020
  • Peter Welch(D-VT):Sale (partial), $1,001 - $15,000, traded May 8, 2020, filed June 8, 2020
  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 12, 2026
  • October 30, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on SPS Commerce Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

SPS Commerce Inc in brief

What does SPS Commerce Inc do?
SPS Commerce Inc is a US-listed company in the application software industry. Its financial year ends in December.
What is SPS Commerce Inc's stock ticker?
SPS Commerce Inc trades under the ticker SPSC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is SPS Commerce Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, SPS Commerce Inc reported revenue of $780M, 6.9% higher than a year earlier, according to its SEC filings.
What is SPS Commerce Inc's free cash flow?
SPS Commerce Inc's free-cash-flow margin is 26.0% of revenue over the trailing twelve months, ranking 46 of the 180 application software companies we cover.
What is SPS Commerce Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of SPS Commerce Inc's free cash flow after stock-based pay gives ~$89 per share in the base case, and ~$68–$120 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are SPS Commerce Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Disciplined Growth Investors Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is SPS Commerce Inc buying back stock, and does it pay a dividend?
SPS Commerce Inc spent $172M on share repurchases over the trailing twelve months, and its diluted share count fell 2.9% over the year.
What is SPS Commerce Inc's market cap?
On November 2, 2026, SPS Commerce Inc's market capitalisation was about $3.1B, with a price-to-earnings ratio of 37.9 and net debt of -$154M. Market figures come from third-party market data and may be delayed.
Who are SPS Commerce Inc's competitors?
In our Application Software peer group, the companies closest to SPS Commerce Inc are Vertex, Inc., Appian Corp, Interdigital, Inc., 8x8 Inc and Asana, Inc. The side-by-side comparison below sets their revenue, margins and growth against SPS Commerce Inc's.
Are insiders buying or selling SPS Commerce Inc stock?
Over the last 12 months, SPS Commerce Inc's directors and officers reported 0 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is SPS Commerce Inc's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — SPS Commerce Inc announces its own schedule.