SPS Commerce, Inc.
Rank #98HypergrowthSPSC · Nasdaq · Technology
SPS Commerce, Inc. (SPSC) — Rank #98 by gross profitability (GP/assets 0.46) · ROE 9.9% · Piotroski F-Score 5 / 9.
As-of 2026-09-15 · CIK 0001092699 · all metrics point-in-time as of the filing date.
About
SPS Commerce, Inc. provides cloud-based supply chain management solutions in the United States.
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It offers solutions through SPS Commerce, a cloud-based platform that connects retailers, brands, distributors, manufacturers, and logistics providers, handling the complexity of modern commerce operations. The company also provides Fulfillment, a comprehensive solution designed to streamline supply chain operation that sends and receives order data, ensuring accurate execution of required processes from order to invoicing and revenue recovery through fully automated operations; and Analytics product that simplifies managing sell-through data from customers business partners that handle data acquisition, cleansing, normalization, and delivery. In addition, it offers various complimentary products, such as assortment product, which simplifies the communication of robust, accurate item data by automatically translating item attributes, and hierarchies through single connection across all sales channels; and relationship management product that allows organizations to accelerate digitization of their supply chain and improve collaboration with suppliers through change management, onboarding programs, and supplier score carding. 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.
- Industry
- Software - Application
- Sector
- Technology
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- spscommerce.com
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$2.99B
P/E (annual)
33.8
P/S (annual)
4.0
P/B
3.2
P/OCF (annual)
16.7
Shareholder Yield
-120.4%
Employees
2,948
Industry
Software - Application
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
8.2%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 120.4% — per-share value needs a total required return of 128.6% once share-count change is priced in.
vs. own 6-year median revenue growth: 23.2%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
3.9%
r = 10% (base)
8.2%
r = 12%
12.0%
Net debt / market cap: -5.5%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.46
Primary signal (Novy-Marx).
68th pctl of 38 SIC 7372 peers
Return on equity
9.9%
Gross margin
69.2%
43rd pctl of 38 SIC 7372 peers
Revenue growth (YoY)
288.8%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
—
Revenue CAGR (5Y)
—
Earnings CAGR (3Y)
19.2%
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.20
88th pctl of 33 SIC 7372 peers (best = lowest)
Current ratio
2.26×
65th pctl of 38 SIC 7372 peers
Quick ratio
1.62×
Net cash
$173.17M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$152.27M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
0.63
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
7.1%
Stock-based comp intensity.
Piotroski F-Score
F-Score
5 / 9
Fundamental-strength score (0-9).
Lifecycle Phase History
Lynch sell alert: Fast grower deceleration
Revenue growth decelerated to 14.1% after being classified hypergrowth as of 2016-12-31 -- Lynch's fast-grower rule: sell once growth slows below the pace that justified the label, not on price weakness.