SPS COMMERCE INC (SPSC) Stock Fundamental Analysis

USA • Nasdaq • NASDAQ:SPSC • US78463M1071

82.6 USD
+0.57 (+0.69%)
At close: Feb 4, 2026
82.6 USD
0 (0%)
After Hours: 2/4/2026, 8:00:03 PM
Fundamental Rating

6

Taking everything into account, SPSC scores 6 out of 10 in our fundamental rating. SPSC was compared to 278 industry peers in the Software industry. While SPSC has a great health rating, its profitability is only average at the moment. SPSC is growing strongly while it is still valued neutral. This is a good combination! These ratings would make SPSC suitable for growth investing!


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • SPSC had positive earnings in the past year.
  • In the past year SPSC had a positive cash flow from operations.
  • In the past 5 years SPSC has always been profitable.
  • SPSC had a positive operating cash flow in each of the past 5 years.
SPSC Yearly Net Income VS EBIT VS OCF VS FCFSPSC Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M

1.2 Ratios

  • With a decent Return On Assets value of 7.34%, SPSC is doing good in the industry, outperforming 77.70% of the companies in the same industry.
  • SPSC has a Return On Equity of 8.87%. This is in the better half of the industry: SPSC outperforms 71.94% of its industry peers.
  • SPSC has a better Return On Invested Capital (8.38%) than 79.86% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for SPSC is below the industry average of 10.78%.
Industry RankSector Rank
ROA 7.34%
ROE 8.87%
ROIC 8.38%
ROA(3y)7.88%
ROA(5y)7.91%
ROE(3y)9.71%
ROE(5y)9.84%
ROIC(3y)8.71%
ROIC(5y)8.62%
SPSC Yearly ROA, ROE, ROICSPSC Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

  • SPSC's Profit Margin of 11.66% is fine compared to the rest of the industry. SPSC outperforms 71.94% of its industry peers.
  • SPSC's Profit Margin has been stable in the last couple of years.
  • Looking at the Operating Margin, with a value of 14.85%, SPSC belongs to the top of the industry, outperforming 80.94% of the companies in the same industry.
  • SPSC's Operating Margin has been stable in the last couple of years.
  • SPSC has a Gross Margin (68.45%) which is comparable to the rest of the industry.
  • SPSC's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 14.85%
PM (TTM) 11.66%
GM 68.45%
OM growth 3Y-0.86%
OM growth 5Y0.26%
PM growth 3Y1.44%
PM growth 5Y0.01%
GM growth 3Y0.57%
GM growth 5Y0%
SPSC Yearly Profit, Operating, Gross MarginsSPSC Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60

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ROAROEROICOperating and Profit MarginShow most profitable peers

7

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so SPSC is destroying value.
  • SPSC has more shares outstanding than it did 1 year ago.
  • SPSC has more shares outstanding than it did 5 years ago.
  • SPSC has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
SPSC Yearly Shares OutstandingSPSC Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M
SPSC Yearly Total Debt VS Total AssetsSPSC Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.2 Solvency

  • An Altman-Z score of 10.94 indicates that SPSC is not in any danger for bankruptcy at the moment.
  • With an excellent Altman-Z score value of 10.94, SPSC belongs to the best of the industry, outperforming 92.81% of the companies in the same industry.
  • SPSC has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
Industry RankSector Rank
Debt/Equity 0
Debt/FCF 0
Altman-Z 10.94
ROIC/WACC0.75
WACC11.13%
SPSC Yearly LT Debt VS Equity VS FCFSPSC Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

2.3 Liquidity

  • A Current Ratio of 1.97 indicates that SPSC should not have too much problems paying its short term obligations.
  • SPSC has a Current ratio (1.97) which is comparable to the rest of the industry.
  • A Quick Ratio of 1.97 indicates that SPSC should not have too much problems paying its short term obligations.
  • SPSC has a Quick ratio (1.97) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 1.97
Quick Ratio 1.97
SPSC Yearly Current Assets VS Current LiabilitesSPSC Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

7

3. Growth

3.1 Past

  • SPSC shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 20.72%, which is quite impressive.
  • SPSC shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 22.07% yearly.
  • The Revenue has grown by 19.28% in the past year. This is quite good.
  • Measured over the past years, SPSC shows a quite strong growth in Revenue. The Revenue has been growing by 17.97% on average per year.
EPS 1Y (TTM)20.72%
EPS 3Y23.77%
EPS 5Y22.07%
EPS Q2Q%22.83%
Revenue 1Y (TTM)19.28%
Revenue growth 3Y18.29%
Revenue growth 5Y17.97%
Sales Q2Q%16.02%

3.2 Future

  • SPSC is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 14.87% yearly.
  • The Revenue is expected to grow by 10.83% on average over the next years. This is quite good.
EPS Next Y21.39%
EPS Next 2Y15.38%
EPS Next 3Y14.87%
EPS Next 5YN/A
Revenue Next Year18.26%
Revenue Next 2Y12.67%
Revenue Next 3Y10.83%
Revenue Next 5YN/A

3.3 Evolution

  • The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
  • The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
SPSC Yearly Revenue VS EstimatesSPSC Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M 800M
SPSC Yearly EPS VS EstimatesSPSC Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3 4 5

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Find the best growth stocksShow best growing peers

5

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 20.55, the valuation of SPSC can be described as rather expensive.
  • Compared to the rest of the industry, the Price/Earnings ratio of SPSC indicates a somewhat cheap valuation: SPSC is cheaper than 69.42% of the companies listed in the same industry.
  • SPSC is valuated rather cheaply when we compare the Price/Earnings ratio to 28.25, which is the current average of the S&P500 Index.
  • The Price/Forward Earnings ratio is 17.88, which indicates a rather expensive current valuation of SPSC.
  • SPSC's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. SPSC is cheaper than 71.58% of the companies in the same industry.
  • SPSC is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 27.50, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 20.55
Fwd PE 17.88
SPSC Price Earnings VS Forward Price EarningsSPSC Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of SPSC indicates a somewhat cheap valuation: SPSC is cheaper than 75.18% of the companies listed in the same industry.
  • 74.46% of the companies in the same industry are more expensive than SPSC, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 20.99
EV/EBITDA 18.2
SPSC Per share dataSPSC EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

  • SPSC's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • SPSC has a very decent profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as SPSC's earnings are expected to grow with 14.87% in the coming years.
PEG (NY)0.96
PEG (5Y)0.93
EPS Next 2Y15.38%
EPS Next 3Y14.87%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. Dividend

5.1 Amount

  • No dividends for SPSC!.
Industry RankSector Rank
Dividend Yield 0%

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Find the best dividend stocksShow peers with best dividend

SPS COMMERCE INC

NASDAQ:SPSC (2/4/2026, 8:00:03 PM)

After market: 82.6 0 (0%)

82.6

+0.57 (+0.69%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)10-30
Earnings (Next)02-05
Inst Owners107.27%
Inst Owner Change-0.19%
Ins Owners0.88%
Ins Owner Change1.21%
Market Cap3.11B
Revenue(TTM)729.76M
Net Income(TTM)85.06M
Analysts74.74
Price Target105.08 (27.22%)
Short Float %5.42%
Short Ratio3.96
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)9.62%
Min EPS beat(2)8.18%
Max EPS beat(2)11.06%
EPS beat(4)4
Avg EPS beat(4)8.96%
Min EPS beat(4)0.86%
Max EPS beat(4)15.73%
EPS beat(8)8
Avg EPS beat(8)8.44%
EPS beat(12)12
Avg EPS beat(12)9.4%
EPS beat(16)16
Avg EPS beat(16)10%
Revenue beat(2)0
Avg Revenue beat(2)-2.03%
Min Revenue beat(2)-2.93%
Max Revenue beat(2)-1.13%
Revenue beat(4)0
Avg Revenue beat(4)-1.41%
Min Revenue beat(4)-2.93%
Max Revenue beat(4)-0.58%
Revenue beat(8)2
Avg Revenue beat(8)-0.88%
Revenue beat(12)2
Avg Revenue beat(12)-0.84%
Revenue beat(16)3
Avg Revenue beat(16)-0.9%
PT rev (1m)1.64%
PT rev (3m)-27.42%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-3.96%
EPS NY rev (1m)0%
EPS NY rev (3m)2.2%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-3.15%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.21%
Valuation
Industry RankSector Rank
PE 20.55
Fwd PE 17.88
P/S 4.27
P/FCF 20.99
P/OCF 17.95
P/B 3.25
P/tB 16.34
EV/EBITDA 18.2
EPS(TTM)4.02
EY4.87%
EPS(NY)4.62
Fwd EY5.59%
FCF(TTM)3.94
FCFY4.76%
OCF(TTM)4.6
OCFY5.57%
SpS19.35
BVpS25.43
TBVpS5.06
PEG (NY)0.96
PEG (5Y)0.93
Graham Number47.96
Profitability
Industry RankSector Rank
ROA 7.34%
ROE 8.87%
ROCE 10.85%
ROIC 8.38%
ROICexc 9.67%
ROICexgc 86.58%
OM 14.85%
PM (TTM) 11.66%
GM 68.45%
FCFM 20.33%
ROA(3y)7.88%
ROA(5y)7.91%
ROE(3y)9.71%
ROE(5y)9.84%
ROIC(3y)8.71%
ROIC(5y)8.62%
ROICexc(3y)13.58%
ROICexc(5y)14.47%
ROICexgc(3y)98.15%
ROICexgc(5y)87.03%
ROCE(3y)11.28%
ROCE(5y)11.17%
ROICexgc growth 3Y10.82%
ROICexgc growth 5Y19.47%
ROICexc growth 3Y-13.8%
ROICexc growth 5Y-9.82%
OM growth 3Y-0.86%
OM growth 5Y0.26%
PM growth 3Y1.44%
PM growth 5Y0.01%
GM growth 3Y0.57%
GM growth 5Y0%
F-Score7
Asset Turnover0.63
Health
Industry RankSector Rank
Debt/Equity 0
Debt/FCF 0
Debt/EBITDA 0
Cap/Depr 45.23%
Cap/Sales 3.44%
Interest Coverage 250
Cash Conversion 105.89%
Profit Quality 174.46%
Current Ratio 1.97
Quick Ratio 1.97
Altman-Z 10.94
F-Score7
WACC11.13%
ROIC/WACC0.75
Cap/Depr(3y)58.3%
Cap/Depr(5y)68.47%
Cap/Sales(3y)3.75%
Cap/Sales(5y)4.32%
Profit Quality(3y)164.93%
Profit Quality(5y)172.42%
High Growth Momentum
Growth
EPS 1Y (TTM)20.72%
EPS 3Y23.77%
EPS 5Y22.07%
EPS Q2Q%22.83%
EPS Next Y21.39%
EPS Next 2Y15.38%
EPS Next 3Y14.87%
EPS Next 5YN/A
Revenue 1Y (TTM)19.28%
Revenue growth 3Y18.29%
Revenue growth 5Y17.97%
Sales Q2Q%16.02%
Revenue Next Year18.26%
Revenue Next 2Y12.67%
Revenue Next 3Y10.83%
Revenue Next 5YN/A
EBIT growth 1Y24.52%
EBIT growth 3Y17.28%
EBIT growth 5Y18.28%
EBIT Next Year40.72%
EBIT Next 3Y22.83%
EBIT Next 5YN/A
FCF growth 1Y46.06%
FCF growth 3Y13.76%
FCF growth 5Y18.74%
OCF growth 1Y40.93%
OCF growth 3Y11.71%
OCF growth 5Y17%

SPS COMMERCE INC / SPSC FAQ

Can you provide the ChartMill fundamental rating for SPS COMMERCE INC?

ChartMill assigns a fundamental rating of 6 / 10 to SPSC.


What is the valuation status for SPSC stock?

ChartMill assigns a valuation rating of 5 / 10 to SPS COMMERCE INC (SPSC). This can be considered as Fairly Valued.


How profitable is SPS COMMERCE INC (SPSC) stock?

SPS COMMERCE INC (SPSC) has a profitability rating of 6 / 10.


What is the financial health of SPS COMMERCE INC (SPSC) stock?

The financial health rating of SPS COMMERCE INC (SPSC) is 7 / 10.


What is the earnings growth outlook for SPS COMMERCE INC?

The Earnings per Share (EPS) of SPS COMMERCE INC (SPSC) is expected to grow by 21.39% in the next year.