Tearsheet

SPS Commerce (SPSC)

Market Price (12/4/2025): $82.98 | Market Cap: $3.1 Bil
Sector: Information Technology | Industry: Application Software

SPS Commerce (SPSC)

Market Price (12/4/2025): $82.98
Market Cap: $3.1 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%	Weak multi-year price returns 2Y Excs Rtn is -102%, 3Y Excs Rtn is -110%	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28%
2	Low stock price volatility Vol 12M is 47%
3	Megatrend and thematic drivers Megatrends include Cloud Computing, and E-commerce & DTC Adoption. Themes include Software as a Service (SaaS), and Supply Chain Digitization.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28%
2	Low stock price volatility Vol 12M is 47%
3	Megatrend and thematic drivers Megatrends include Cloud Computing, and E-commerce & DTC Adoption. Themes include Software as a Service (SaaS), and Supply Chain Digitization.
4	Weak multi-year price returns 2Y Excs Rtn is -102%, 3Y Excs Rtn is -110%
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$82.98	$183.99	$193.84	$128.43	$142.35
Market Cap CYE ($ Bil)	3.1	6.9	7.1	4.6	5.1
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.1	0.2	0.3	0.2	0.3
Enterprise Value ($ Bil)	3.0	6.9	7.1	4.6	5.1
Valuation Ratios
P/S TTM	5.4	10.8	13.2	10.3	13.3
P/EBIT TTM	36.2	77.2	92.0	65.2	92.8
P/E TTM	46.1	89.1	107.9	84.1	114.7
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6	4.7
P/EBIT TTM (Sector)	0.4	-0.0	-0.1	-0.7	3.1
P/E TTM (Sector)	-0.5	-0.3	-0.4	-0.8	0.1

	12/4/25	2024	2023
Share Price CYE	$82.98	$183.99	$193.84
Market Cap CYE ($ Bil)	3.1	6.9	7.1
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.1	0.2	0.3
Enterprise Value ($ Bil)	3.0	6.9	7.1
Valuation Ratios
P/S TTM	5.4	10.8	13.2
P/EBIT TTM	36.2	77.2	92.0
P/E TTM	46.1	89.1	107.9
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	0.4	-0.0	-0.1
P/E TTM (Sector)	-0.5	-0.3	-0.4

	SPSC	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.7
Rev Chg Q	16.0%	7.1%
Rev Chg LTM	19.3%	6.1%
Rev Chg 3Y Avg	19.1%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	14.8%	18.8%
CFO/Rev LTM	23.8%	20.5%
Net Inc Mgn	11.7%	13.1%
VALUATION	VERY HIGH
P/S	5.4	3.2
P/CFO	22.6	15.8
P/FCF	26.4	20.5
P/E	46.1	23.5
STABILITY	VERY GOOD
Debt/Equity	0.00	0.20
Cash/Assets	0.12	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Recurring Revenue Customers	54150	3312025	Link
Wallet Share (Average Recurring Revenue per Recurring Revenue Customer)	13850	3312025	Link
Total Customers	120000	12312023	Link
Recurring Revenue Percentage	94%	12312023	Link
Consecutive Quarters of Revenue Growth	97	3312025	Link
Total Addressable Market (TAM)	11100000000	4242025	Link

Upcoming
2/09/2026	Earnings Release	Rev: - EPS: -

SPSC Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points for the movement of SPS Commerce (SPSC) stock: 1. SPS Commerce's Q3 2025 Revenue Missed Analyst Estimates. The company's third-quarter 2025 earnings report revealed revenue of $189.9 million, which was below analysts' consensus estimate of $192.67 million, despite adjusted earnings per share exceeding expectations.

2. The Company Issued Weak Guidance for Q4 2025 and Full-Year 2025. SPS Commerce provided a financial outlook for the fourth quarter of 2025 and the entire year that significantly underperformed Wall Street's projections for both adjusted earnings per share and revenue.

Stock Movement Drivers

Fundamental Drivers

The -22.7% change in SPSC stock from 9/3/2025 to 12/3/2025 was primarily driven by a -24.7% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	108.01	83.50	-22.69%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	703.54	729.76	3.73%
Net Income Margin (%)	11.79%	11.66%	-1.14%
P/E Multiple	49.44	37.20	-24.75%
Shares Outstanding (Mil)	37.97	37.90	0.18%
Cumulative Contribution			-22.69%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
SPSC	-22.7%
Market (SPY)	6.2%	17.7%
Sector (XLK)	11.0%	13.5%

Fundamental Drivers

The -42.4% change in SPSC stock from 6/4/2025 to 12/3/2025 was primarily driven by a -45.1% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	145.01	83.50	-42.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	669.74	729.76	8.96%
Net Income Margin (%)	12.13%	11.66%	-3.92%
P/E Multiple	67.80	37.20	-45.13%
Shares Outstanding (Mil)	37.99	37.90	0.25%
Cumulative Contribution			-42.42%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
SPSC	-42.4%
Market (SPY)	15.1%	27.3%
Sector (XLK)	22.7%	21.8%

Fundamental Drivers

The -56.4% change in SPSC stock from 12/3/2024 to 12/3/2025 was primarily driven by a -59.3% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	191.67	83.50	-56.44%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	611.82	729.76	19.28%
Net Income Margin (%)	12.83%	11.66%	-9.17%
P/E Multiple	91.43	37.20	-59.31%
Shares Outstanding (Mil)	37.45	37.90	-1.20%
Cumulative Contribution			-56.44%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
SPSC	-56.4%
Market (SPY)	14.3%	42.6%
Sector (XLK)	23.1%	39.2%

Fundamental Drivers

The -42.5% change in SPSC stock from 12/4/2022 to 12/3/2025 was primarily driven by a -63.1% change in the company's P/E Multiple.

	12042022	12032025	Change
Stock Price ($)	145.16	83.50	-42.48%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	431.61	729.76	69.08%
Net Income Margin (%)	12.04%	11.66%	-3.23%
P/E Multiple	100.79	37.20	-63.09%
Shares Outstanding (Mil)	36.09	37.90	-4.99%
Cumulative Contribution			-42.62%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
SPSC	-55.0%
Market (SPY)	53.2%	47.0%
Sector (XLK)	60.2%	42.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SPSC Return	96%	31%	-10%	51%	-5%	-55%	48%
Peers Return	27%	-1%	-26%	33%	57%	861%	1751%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
SPSC Win Rate	75%	58%	67%	67%	42%	30%
Peers Win Rate	25%	42%	21%	56%	53%	40%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
SPSC Max Drawdown	-42%	-15%	-31%	-5%	-17%	-58%
Peers Max Drawdown	-13%	-12%	-32%	-20%	-12%	-31%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: GWRE, INFA, TENB, BMR, BTTC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	SPSC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-43.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	77.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	390 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-47.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	90.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	63 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-37.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	58.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	189 days	120 days

Compare to GWRE, INFA, TENB, BMR, BTTC

In The Past

SPS Commerce's stock fell -43.6% during the 2022 Inflation Shock from a high on 10/28/2021. A -43.6% loss requires a 77.2% gain to breakeven.

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About SPS Commerce (SPSC)

SPS Commerce, Inc. provides cloud-based supply chain management solutions worldwide. It offers solutions through the SPS Commerce, a cloud-based platform that enhances the way retailers, suppliers, grocers, distributors, and logistics firms manage and fulfill omnichannel orders, optimize sell-through performance, and automate new trading relationships. The company also provides Fulfillment solution that provides fulfillment automation and replaces or augments an organization's existing staff and trading partner electronic communication infrastructure by enabling easy compliance with retailers' rulebooks, automatic, and digital exchange of information among numerous trading partners through various protocols, and greater visibility into the journey of an order; and Analytics solution, which consists of data analytics applications that enables customers to enhance their visibility across supply chains through greater analytics capabilities. In addition, it offers various complimentary products, such as assortment product, which enables accurate order management and rapid fulfillment; and community product that accelerates vendor onboarding and ensures trading partner adoption of new supply chain requirements. The company was formerly known as St. Paul Software, Inc. and changed its name to SPS Commerce, Inc. in May 2001. SPS Commerce, Inc. was incorporated in 1987 and is headquartered in Minneapolis, Minnesota.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies to describe SPS Commerce:

SPS Commerce is like the PayPal or Stripe for business-to-business (B2B) supply chain data, standardizing and simplifying the exchange of critical documents like purchase orders and invoices between companies.
It's the digital equivalent of FedEx or UPS for supply chain documents, ensuring that vital information flows quickly and accurately between retailers, brands, and their suppliers.
Think of it as the Rosetta Stone for businesses in the supply chain, translating and standardizing diverse data formats so that different company systems can seamlessly communicate and transact.

AI Generated Analysis | Feedback

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EDI Integration Services: These services enable businesses to electronically exchange critical business documents like purchase orders and invoices with their trading partners.
Supply Chain Analytics: This service provides data-driven insights and reporting to optimize inventory, sales, and overall supply chain performance.
Fulfillment Automation Services: These services streamline order processing, shipping, and inventory management for efficient order fulfillment.
Assortment Management: A service that helps manage and distribute accurate product information and digital assets to retailers across various channels.
Retail Network Platform: This platform connects retailers, suppliers, and logistics providers to facilitate collaboration and improve supply chain efficiency.

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AI Generated Analysis | Feedback

SPS Commerce (SPSC) Major Customers

SPS Commerce primarily sells its solutions and services to other companies (B2B - business-to-business). Its core business revolves around facilitating data exchange and collaboration within the retail supply chain network. Due to the nature of its network-based business model, SPS Commerce serves thousands of companies rather than having a few individually named "major customers." Its customer base consists of various types of organizations that participate in the retail ecosystem. The main categories of customers include: * **Suppliers:** This is a broad category encompassing manufacturers, brands, distributors, and wholesalers of various products. These companies use SPS Commerce's solutions (e.g., EDI, analytics, assortment) to connect with retailers, manage orders, shipments, and inventory, and optimize their supply chain operations. * **Retailers:** Companies that sell products directly to consumers, ranging from small specialty stores to large big-box retailers and e-commerce giants. Retailers leverage SPS Commerce to streamline their interactions with suppliers, manage product data, and ensure efficient inventory flow. * **Logistics Providers:** This category includes third-party logistics (3PL) providers, warehouses, carriers, and other companies that manage the movement and storage of goods within the supply chain. They use SPS Commerce's platform to integrate with their trading partners and automate logistics processes. Because SPS Commerce provides a network that connects these entities, its value proposition is often in enabling seamless data flow between numerous trading partners rather than being tied to a small number of specific, large enterprises as "major customers." They empower an extensive ecosystem of businesses within the retail industry.

AI Generated Analysis | Feedback

Amazon Web Services (parent company: Amazon.com, Inc. - AMZN)
Microsoft Azure (parent company: Microsoft Corporation - MSFT)

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Chad Collins
Chief Executive Officer

Chad Collins has served as the Chief Executive Officer and Director of SPS Commerce since October 2023. Prior to joining SPS Commerce, he was the Global Chief Executive Officer of Körber Supply Chain Software from 2020 to 2023. Before that, he held various leadership roles at HighJump Software, including President from 2015 to 2017 and Chief Executive Officer from 2017 to 2020. HighJump was a global supply chain software company that was acquired by Körber in 2017. He started his career as a supply chain consultant with Cap Gemini Ernst & Young.

Kimberly K. Nelson
Executive Vice President & Chief Financial Officer

Kimberly K. Nelson has been the Chief Financial Officer and an Executive Vice President of SPS Commerce since 2007. Under her financial leadership, SPS Commerce held its initial public offering on April 21, 2010. Before joining SPS Commerce, she led Amazon's investor relations department and held other financial leadership positions in financial planning, analysis, and forecasting for Amazon.com from 2000 to 2007. Earlier in her career, she held financial management positions at Pillsbury (now General Mills) and Nestle.

James J. Frome
Executive Vice President & Chief Operating Officer

James J. Frome, also known as Jim, has been Executive Vice President and Chief Operating Officer of SPS Commerce since March 2001. He joined SPS Commerce in 2000 and is responsible for overseeing global strategy, sales, marketing, and operations. Mr. Frome possesses over 24 years of experience in technology marketing and management, including previous roles as a divisional vice president of marketing at Sterling Software and director of product management at Information Advantage.

Jamie Thingelstad
Executive Vice President & Chief Technology Officer

Jamie Thingelstad has served as the Chief Technology Officer of SPS Commerce since August 2013. With a background in software engineering, he has led product, development, and corporate strategy for prominent technology companies in the e-commerce, retail, and supply chain sectors for more than two decades. His previous roles include Chief Operating Officer and Chief Technology Officer at 8thBridge Inc., and Co-Founder and Vice President of Technology at WebSpan Inc.

Dan Juckniess
Executive Vice President & Chief Revenue Officer

Dan Juckniess has served as Executive Vice President and Chief Revenue Officer of SPS Commerce since June 2024, having previously been Senior Vice President. He brings over 20 years of experience in executive and leadership roles across enterprise cloud services, educational technology, and business information solutions. Mr. Juckniess has a proven track record of achieving substantial revenue growth and leading transformative sales, customer service, and marketing organizations for market leaders such as Edmentum and Thomson Reuters.

AI Generated Analysis | Feedback

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AI Generated Analysis | Feedback

SPS Commerce (symbol: SPSC) operates in the cloud-based supply chain management sector, offering a suite of products and services primarily centered around its retail network and B2B integration capabilities. These offerings include Fulfillment, Analytics, Assortment, Community, Electronic Data Interchange (EDI), Product Data Management, Omnichannel Integration, Retail Analytics, Vendor Onboarding, and Automated Inventory Management.

The total addressable market (TAM) for SPS Commerce's main products and services is estimated to be $11.1 billion globally. A significant portion of this market, approximately $6.5 billion, is attributed to the U.S. market.

AI Generated Analysis | Feedback

SPS Commerce (SPSC) is expected to drive future revenue growth over the next two to three years through several key initiatives and market advantages:

Continued Customer Growth: SPS Commerce has consistently demonstrated its ability to add new customers, with a net increase of 450 customers in Q3 2025, exceeding expectations. This growth is largely fueled by strong retail relationship management programs. The company's focus on expanding its network of recurring revenue customers contributes significantly to its sustained financial performance.
Expansion of Product Portfolio and Market Reach through Strategic Acquisitions: The company is strategically positioned to capitalize on long-term growth by expanding its product portfolio and market reach, partly through strategic acquisitions. SPS Commerce completed its combined go-to-market strategy ahead of schedule, which is expected to unlock the full potential of its emerging product category. Recent strategic acquisitions, such as Cyber Power Systems and Petco, have enhanced its supply chain solutions for clients.
Increased Wallet Share and Cross-Sell Initiatives: SPS Commerce aims to increase revenue per user (ARPU) and drive customer lifecycle value through cross-sell initiatives. The appointment of a new Chief Commercial Officer is specifically intended to accelerate these efforts, focusing on deeper penetration within its existing customer base. This strategy reflects confidence in leveraging its established competitive position for ARPU expansion.
Capitalizing on a Large and Evolving Retail Ecosystem: SPS Commerce operates within an expansive and evolving retail ecosystem, addressing an estimated $11 billion total addressable market. The company's leadership remains confident in its ability to leverage growth opportunities across this large market, reinforcing its long-term growth trajectory.

AI Generated Analysis | Feedback

Share Repurchases

SPS Commerce authorized a new program to repurchase up to $100.0 million of common stock, effective December 1, 2025, and expiring on December 1, 2027.
The company repurchased $30.0 million in common stock during the third quarter of 2025.
SPS Commerce also repurchased $20.0 million of shares in the second quarter of 2025.

Share Issuance

In connection with the acquisition of Carbon6 Technologies, Inc. on February 4, 2025, SPS Commerce issued 378,100 shares of its common stock, valued at $67.7 million, from treasury shares.

Outbound Investments

SPS Commerce acquired Carbon6 Technologies, Inc., a provider of software tools for Amazon sellers, on February 4, 2025, for a total consideration of $210.2 million, which included $142.5 million in cash and $67.7 million in stock.
On July 31, 2024, the company acquired SupplyPike, an automated invoice deduction management and prevention solution business, for $206 million, paid through a combination of stock and cash.
The company has an ongoing focus on mergers and acquisitions to expand product offerings, geographic reach, and customer acquisition.

Capital Expenditures

SPS Commerce's capital expenditures were $16 million in 2020, $20 million in 2021, $20 million in 2022, $20 million in 2023, and $20 million in 2024.
For fiscal year 2025, depreciation expense is expected to be $21.1 million.

Better Bets than SPS Commerce (SPSC)

	SPSC	Better Performance than SPSC
Metric	Value	INDUSTRY: Application Software
Rev Chg LTM	19.3%	APP (86.4%), PLTR (47.2%), SHOP (30.2%), SNOW (28.4%), CDNS (19.7%)
Rev Chg 3Y Avg	19.1%	SNOW (36.3%), APP (36.0%), PLTR (29.3%), DDOG (28.0%), SHOP (26.8%)
Op Mgn LTM	14.8%	APP (52.5%), ORCL (31.6%), PLTR (21.8%), CRM (21.2%), SHOP (15.7%)
CFO/Rev LTM	23.8%	APP (50.6%), PLTR (46.6%), ORCL (36.5%), CRM (33.3%), INTU (33.0%)
FCF/Rev LTM	20.3%	APP (50.6%), PLTR (46.0%), ADBE (41.4%), INTU (32.3%), CRM (31.6%)
Total Yield	2.2%	ADBE (4.3%), CRM (3.0%), ORCL (2.8%), SNPS (2.4%), INTU (2.3%)
P/S	5.4	LYFT (1.4), OTEX (1.8), SSNC (3.5), ZM (5.0), DOCU (5.1)
P/Op Inc	36.4	ADBE (19.5), ZM (24.2), CRM (31.1), PTC (32.7), ORCL (33.1)

	SPSC	Better Performance than SPSC
Metric	Value	SECTOR: Information Technology
Rev Chg LTM	19.3%	NVDA (71.6%), MU (48.9%), PLTR (47.2%), AMD (31.8%), AVGO (28.0%)
Rev Chg 3Y Avg	19.1%	NVDA (92.0%), APP (36.0%), PLTR (29.3%), AVGO (24.0%), MU (20.3%)
Op Mgn LTM	14.8%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), AAPL (31.9%), ORCL (31.6%)
CFO/Rev LTM	23.8%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), ORCL (36.5%), AAPL (26.6%)
FCF/Rev LTM	20.3%	PLTR (46.0%), NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%)
Total Yield	2.2%	CSCO (6.0%), MSFT (3.4%), AAPL (3.0%), ORCL (2.8%), NVDA (2.3%)
P/S	5.4	INTC (2.8), IBM (4.0), CSCO (4.9), MU (5.0), AMAT (5.1)
P/Op Inc	36.4	CSCO (22.0), IBM (22.8), MSFT (28.3), AAPL (29.1), ORCL (33.1)

	SPSC	Better Performance than SPSC
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	19.3%	LLY (36.8%), SCHW (22.3%), ISRG (22.2%), BSX (21.6%), META (21.3%)
Rev Chg 3Y Avg	19.1%	LLY (23.4%), WELL (20.9%), PGR (20.0%), BRK-B (19.8%), UBER (19.6%)
Op Mgn LTM	14.8%	MA (58.3%), META (43.2%), LLY (43.0%), GOOGL (32.2%), JNJ (26.2%)
CFO/Rev LTM	23.8%	V (57.6%), META (56.8%), MA (56.1%), GOOGL (39.3%), JNJ (26.3%)
FCF/Rev LTM	20.3%	V (53.9%), MA (52.5%), ABBV (33.0%), META (23.7%), NFLX (20.7%)
Total Yield	2.2%	BRK-B (6.2%), GOOGL (4.6%), META (3.5%), AMZN (3.0%), LLY (2.7%)
P/S	5.4	WMT (1.1), XOM (1.4), BRK-B (2.7), AMZN (3.5), JPM (4.9)
P/Op Inc	36.4	META (22.6), GOOGL (23.7), WMT (26.9), LLY (29.9), AMZN (30.7)

		Best Bets In Information Technology Sector
	SPSC
What You Pay
P/E	46.4
P/EBIT	36.4
What You Get
Rev Chg Q	16.0%
Rev Chg LTM	19.3%
Rev Chg 3Y Avg	19.1%
FCF/Rev 3Y Avg	20.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Is 27.7% Fall In SPS Commerce (SPSC) Stock A Buying Opportunity?	Actionable
2	Is 27.2% Fall In SPS Commerce (SPSC) Stock A Buying Opportunity?	Actionable
3	How Low Can SPS Commerce Stock Really Go?	Return
4	Is The 20.6% Decline In SPS Commerce (SPSC) Stock A Dip Buying Opportunity?	Actionable
5	SPSC Drops 21% in a Month, But Does LLY Offer Better Fundamentals?	Counter-Intuitive Comparisons
6	After SPSC's 21% Single Month Slide, ANET Looks Like the Stronger Long-Term Play	Counter-Intuitive Comparisons
7	Big Decline for SPSC, but Do YOU's Margins and Growth Give It the Edge?	Counter-Intuitive Comparisons
8	How Does SPS Commerce Stock Stack Up Against Its Peers?	Peer Comparison
9	Better Bet Than SPSC Stock: Pay Less Than SPS Commerce To Get More From LLY, VRT
10	Better Bet Than SPSC Stock: Pay Less Than SPS Commerce To Get More From RMBS, IDCC
11	ARTICLES
12	SPS Commerce Stock To $106?		November 25th, 2025
13	SPS Commerce Stock To $107?		November 1st, 2025
14	Should You Buy The Dip After SPSC Stock Plunged 21%?		August 26th, 2025
15	Should You Buy The Dip After SPSC Stock Plunged 20%?		August 15th, 2025
16	Better Bet Than Intuit Stock: Pay Less To Get More From SPSC, YOU		August 8th, 2025

	Title
0	DASHBOARDS
1	Is 27.7% Fall In SPS Commerce (SPSC) Stock A Buying Opportunity?
2	Is 27.2% Fall In SPS Commerce (SPSC) Stock A Buying Opportunity?
3	How Low Can SPS Commerce Stock Really Go?
4	Is The 20.6% Decline In SPS Commerce (SPSC) Stock A Dip Buying Opportunity?
5	SPSC Drops 21% in a Month, But Does LLY Offer Better Fundamentals?
6	After SPSC's 21% Single Month Slide, ANET Looks Like the Stronger Long-Term Play
7	Big Decline for SPSC, but Do YOU's Margins and Growth Give It the Edge?
8	How Does SPS Commerce Stock Stack Up Against Its Peers?
9	Better Bet Than SPSC Stock: Pay Less Than SPS Commerce To Get More From LLY, VRT
10	Better Bet Than SPSC Stock: Pay Less Than SPS Commerce To Get More From RMBS, IDCC
11	ARTICLES
12	SPS Commerce Stock To $106?
13	SPS Commerce Stock To $107?
14	Should You Buy The Dip After SPSC Stock Plunged 21%?
15	Should You Buy The Dip After SPSC Stock Plunged 20%?
16	Better Bet Than Intuit Stock: Pay Less To Get More From SPSC, YOU

Trade Ideas

Select past ideas related to SPSC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	1.9%	1.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.7%	3.7%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.1%	5.1%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.5%	5.5%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	8.0%	8.0%	0.0%
SPSC_10312021_Quality_Momentum_RoomToRun_10%	10312021	SPSC	SPS Commerce	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-21.7%	-17.2%	-36.1%
SPSC_1312021_Quality_Momentum_RoomToRun_10%	01312021	SPSC	SPS Commerce	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	10.2%	25.2%	-6.5%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	1.9%	1.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.7%	3.7%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.1%	5.1%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.5%	5.5%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	8.0%	8.0%	0.0%
SPSC_10312021_Quality_Momentum_RoomToRun_10%	10312021	SPSC	SPS Commerce	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-21.7%	-17.2%	-36.1%
SPSC_1312021_Quality_Momentum_RoomToRun_10%	01312021	SPSC	SPS Commerce	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	10.2%	25.2%	-6.5%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for SPS Commerce

Peers to compare with:

Financials

	SPSC	GWRE	INFA	TENB	BMR	BTTC	Median
Name	SPS Comm.	Guidewir.	Informat.	Tenable	Beamr Im.	Black Ti.
Mkt Price	83.50	215.76	-	26.81	2.22	3.42	26.81
Mkt Cap	3.2	18.2	-	3.2	-	-	3.2
Rev LTM	730	1,202	-	975	-	2	852
Op Inc LTM	108	41	-	-5	-	-0	21
FCF LTM	148	280	-	248	-	-	248
FCF 3Y Avg	127	160	-	181	-	-	160
CFO LTM	173	301	-	265	-	-	265
CFO 3Y Avg	149	178	-	194	-	-	178

Growth & Margins

	SPSC	GWRE	INFA	TENB	BMR	BTTC	Median
Name	SPS Comm.	Guidewir.	Informat.	Tenable	Beamr Im.	Black Ti.
Rev Chg LTM	19.3%	22.6%	-	11.1%	-	-	19.3%
Rev Chg 3Y Avg	19.1%	14.1%	-	14.6%	-	-	14.6%
Rev Chg Q	16.0%	22.3%	-	11.2%	-	-	16.0%
QoQ Delta Rev Chg LTM	3.7%	5.7%	-	2.7%	-	-	3.7%
Op Mgn LTM	14.8%	3.4%	-	-0.5%	-	-3.8%	1.4%
Op Mgn 3Y Avg	14.4%	-6.2%	-	-3.3%	-	-	-3.3%
QoQ Delta Op Mgn LTM	0.2%	1.5%	-	1.0%	-	-	1.0%
CFO/Rev LTM	23.8%	25.0%	-	27.2%	-	-	25.0%
CFO/Rev 3Y Avg	24.1%	16.4%	-	21.9%	-	-	21.9%
FCF/Rev LTM	20.3%	23.3%	-	25.4%	-	-	23.3%
FCF/Rev 3Y Avg	20.5%	14.6%	-	20.4%	-	-	20.4%

Valuation

	SPSC	GWRE	INFA	TENB	BMR	BTTC	Median
Name	SPS Comm.	Guidewir.	Informat.	Tenable	Beamr Im.	Black Ti.
Mkt Cap	3.2	18.2	-	3.2	-	-	3.2
P/S	5.4	16.5	-	3.6	-	-	5.4
P/EBIT	36.4	317.3	-	334.4	-	-	317.3
P/E	46.4	284.6	-	-104.8	-	-	46.4
P/CFO	22.7	66.0	-	13.3	-	-	22.7
Total Yield	2.2%	0.4%	-	-1.0%	-	-	0.4%
Dividend Yield	0.0%	0.0%	-	0.0%	-	-	0.0%
FCF Yield 3Y Avg	2.4%	1.1%	-	4.3%	-	-	2.4%
D/E	0.0	0.0	-	0.1	-	-	0.0
Net D/E	-0.0	-0.0	-	0.0	-	-	-0.0

Returns

	SPSC	GWRE	INFA	TENB	BMR	BTTC	Median
Name	SPS Comm.	Guidewir.	Informat.	Tenable	Beamr Im.	Black Ti.
1M Rtn	1.2%	-5.4%	-	-7.6%	-12.3%	-3.1%	-5.4%
3M Rtn	-22.7%	-1.6%	-	-12.8%	-20.1%	-14.5%	-14.5%
6M Rtn	-42.4%	-15.0%	-	-17.6%	-30.6%	-14.5%	-17.6%
12M Rtn	-56.4%	5.7%	-	-36.8%	-27.5%	4,785.7%	-27.5%
3Y Rtn	-42.5%	255.2%	-	-30.1%	-	3,320.0%	112.6%
1M Excs Rtn	1.2%	-5.3%	-	-7.6%	-12.2%	-3.1%	-5.3%
3M Excs Rtn	-29.0%	-5.9%	-	-17.1%	-23.1%	-19.8%	-19.8%
6M Excs Rtn	-57.1%	-29.8%	-	-32.4%	-45.3%	-29.2%	-32.4%
12M Excs Rtn	-70.3%	-7.2%	-	-49.7%	-45.7%	4,643.1%	-45.7%
3Y Excs Rtn	-110.0%	201.5%	-	-101.1%	-	3,299.3%	50.2%

Comparison Analyses

	Title
0	How Does SPS Commerce Stock Stack Up Against Its Peers?

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/19/2025	2/21/2024	2/21/2023	2/22/2022	2/23/2021	2/25/2020
Key Financials
Total Revenue	730	638	537	451	385	313	279
EBITDA	164	131	112	99	80	69	55
Operating Income	108	89	77	71	55	50	38
Net Income	85	77	66	55	45	46	34
EPS	2.24	2.07	1.80	1.53	1.24	1.29	0.96
Growth Rates
Total Revenue Growth	19.3%	18.8%	19.1%	17.0%	23.2%	12.0%	12.4%
EBITDA Growth	29.7%	17.1%	12.7%	24.2%	16.2%	25.5%	39.1%
Operating Income Growth	24.5%	15.1%	8.5%	29.2%	9.8%	30.6%	43.7%
Net Income Growth	8.3%	17.1%	19.4%	23.6%	-2.2%	35.2%	41.2%
Margins
EBITDA Margin	22.4%	20.6%	20.9%	22.0%	20.8%	22.0%	19.6%
Operating Income Margin	14.8%	13.9%	14.4%	15.8%	14.3%	16.0%	13.8%
Net Income Margin	11.7%	12.1%	12.3%	12.2%	11.6%	14.6%	12.1%
Cash & Debt
Total Cash	134	241	275	214	257	187	214
Total Debt	10	12	14	17	21	22	24
Net Debt / (Cash)	-124	-229	-261	-197	-237	-165	-190
Cash Flows
Net Cash from Operations	173	157	132	100	113	89	72
Free Cash from Operations	148	137	113	80	93	72	58
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	90	38	-0	43	20	19	21

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/30/2025	4/24/2025	2/19/2025	10/24/2024	7/25/2024	4/25/2024	2/21/2024	10/26/2023	7/27/2023	4/26/2023	2/21/2023
Key Financials Quarterly
Total Revenue	190	187	182	171	164	154	150	145	136	130	126	122
Ebitda	46	41	40	37	37	33	24	33	29	25	25	27
Operating Income	31	26	26	25	26	23	15	23	21	17	17	19
Net Income	26	20	22	18	23	18	18	19	17	15	15	16
EPS	0.67	0.52	0.58	0.47	0.63	0.49	0.49	0.52	0.46	0.40	0.42	0.44
Key Financials TTM
Total Revenue TTM	730	704	670	638	612	584	561	537	514	493	472	451
Ebitda TTM	164	154	146	131	126	119	111	112	107	105	102	99
Operating Income TTM	108	103	99	89	87	82	76	77	73	72	71	71
Net Income TTM	85	83	81	77	79	72	69	66	63	62	58	55
Growth Rates Quarterly
Total Revenue Growth	16.0%	22.0%	21.4%	17.9%	20.7%	17.8%	18.8%	18.8%	18.5%	19.5%	19.7%	18.7%
EBITDA Growth	25.5%	25.3%	61.7%	14.6%	26.2%	29.8%	-3.1%	19.3%	8.2%	12.5%	10.3%	26.5%
Operating Income Growth	22.0%	14.3%	68.5%	8.1%	24.1%	36.0%	-7.9%	20.4%	4.6%	6.7%	1.3%	23.7%
Net Income Growth	9.0%	9.4%	23.3%	-7.6%	39.3%	22.8%	17.8%	19.5%	6.2%	36.5%	21.3%	24.7%
Margins Quarterly
EBITDA Margin	24.2%	21.9%	21.8%	21.8%	22.4%	21.3%	16.3%	22.5%	21.4%	19.3%	20.0%	22.4%
Operating Income Margin	16.4%	14.1%	14.3%	14.5%	15.6%	15.1%	10.3%	15.8%	15.2%	13.1%	13.3%	15.6%
Net Income Margin	13.5%	10.5%	12.2%	10.3%	14.3%	11.7%	12.0%	13.1%	12.4%	11.3%	12.1%	13.0%
Cash & Debt
Total Cash	134	108	95	241	206	272	291	275	239	270	233	214
Total Debt	10	11	12	12	13	12	13	14	15	15	16	17
Net Debt / (Cash)	-124	-97	-83	-229	-193	-259	-278	-261	-224	-255	-217	-197
Cash Flows Quarterly
FCF from Operations	61	32	40	41	53	29	34	33	44	34	22	24
Cash Flows TTM
FCF from Operations TTM	173	166	163	157	150	140	145	132	123	119	117	100
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	30	20	40	-0	0	21	17	-0	-0	-0	-0	1
Return on Invested Capital (ROIC) Quarterly
ROIC	35.2%	21.7%	21.7%	37.5%	37.4%	-	-	364.5%	185.2%	-	509.5%	324.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	29.4%	22.1%	19.6%	36.2%	30.8%	-	-	327.8%	171.3%	-	511.3%	306.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Supply chain management solutions	537
Analytics		47	43	39	37
Fulfillment		364	307	251	219
One-time revenues		32	30	18	17
Other		8	5	5	6
Total	537	451	385	313	279

Price Behavior

Price Behavior

Market Price	$83.50
Market Cap ($ Bil)	3.2
First Trading Date	04/22/2010
Distance from 52W High	-58.0%
	50 Days	200 Days
DMA Price	$95.62	$121.60
DMA Trend	down	down
Distance from DMA	-12.7%	-31.3%
	3M	1YR
Volatility	49.9%	47.3%
Downside Capture	149.17	156.93
Upside Capture	-12.06	54.16
Correlation (SPY)	17.4%	42.4%

SPSC Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.21	0.50	0.75	1.29	1.01	1.25
Up Beta	2.01	1.73	1.68	1.59	1.32	1.39
Down Beta	-0.88	0.39	0.15	0.63	0.51	0.88
Up Capture	-180%	-65%	-19%	38%	39%	129%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	22	33	59	113	373
Down Capture	87%	82%	143%	219%	127%	109%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	20	30	66	134	375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of SPSC With Other Asset Classes (Last 1Y)
	SPSC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-56.6%	25.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	47.1%	27.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-1.61	0.81	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		39.2%	42.6%	1.2%	5.0%	38.2%	22.8%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of SPSC With Other Asset Classes (Last 5Y)
	SPSC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-3.2%	19.9%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	38.7%	24.6%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.03	0.73	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		54.1%	55.1%	7.6%	9.3%	42.5%	25.8%

Based On 10-Year Data

		Comparison of SPSC With Other Asset Classes (Last 10Y)
	SPSC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.7%	22.2%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	37.5%	24.2%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.34	0.84	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		51.2%	52.3%	2.5%	16.2%	41.5%	17.1%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	2,048,975
Short Interest: % Change Since 10312025	-1.1%
Average Daily Volume	687,885
Days-to-Cover Short Interest	2.98
Basic Shares Quantity	37,895,000
Short % of Basic Shares	5.4%

Returns Analyses

	Title
0	How Low Can SPS Commerce Stock Really Go?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	7302025	10-Q 6/30/2025
3312025	4242025	10-Q 3/31/2025
12312024	2192025	10-K 12/31/2024
9302024	10242024	10-Q 9/30/2024
6302024	7252024	10-Q 6/30/2024
3312024	4252024	10-Q 3/31/2024
12312023	2212024	10-K 12/31/2023
9302023	10262023	10-Q 9/30/2023
6302023	7272023	10-Q 6/30/2023
3312023	4262023	10-Q 3/31/2023
12312022	2212023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	7272022	10-Q 6/30/2022
3312022	4292022	10-Q 3/31/2022
12312021	2222022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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SPS Commerce (SPSC)

Market Price (12/4/2025): $82.98 | Market Cap: $3.1 BilSector: Information Technology | Industry: Application Software

SPS Commerce (SPSC)

Market Price (12/4/2025): $82.98Market Cap: $3.1 BilSector: Information TechnologyIndustry: Application Software

Valuation, Metrics & Events

SPSC Stock

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Market Price (12/4/2025): $82.98 | Market Cap: $3.1 Bil
Sector: Information Technology | Industry: Application Software

Market Price (12/4/2025): $82.98
Market Cap: $3.1 Bil
Sector: Information Technology
Industry: Application Software