Is SPS Commerce (SPSC) overvalued or fairly valued?

MarketChacha shows SPS Commerce's valuation in context — a trailing P/E of about 25.8, a forward P/E of about 11.4, a price-to-book of about 2.3 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does SPS Commerce's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.98×) from reported figures — education, not a rating.

What is SPS Commerce's revenue?

SPS Commerce reported revenue of $751.5M for FY2025, with net profit of $93.3M, per official filings.

What is the share price of SPS Commerce (SPSC)?

SPS Commerce last traded at $59.25 (-4.5% on the day), as of 7/22/2026 — a delayed quote shown for education, not investment advice.

SPS Commerce

SPSC · NYSE · Technology · United States

$59.25-4.5%

Delayed · as reported by Yahoo Finance · as of Jul 22, 2026, 7:31 PM

Snapshot

TickerSPSC

ExchangeNYSE

SectorTechnology

IndustrySoftware - Application

CountryUnited States

Employees2,948

HeadquartersMinneapolis, United States

Market cap$2.2B

P/E (TTM)25.8

P/B2.3

Volume394.57K

Websitewww.spscommerce.com

Filings tracked5

About SPS Commerce

SPS Commerce, Inc. provides cloud-based supply chain management solutions in the United States. 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.

Profile as reported by Yahoo Finance.

Who owns it

Insiders1.0%
Institutions99.0%
Public & other0.0%

467 institutional holders

As reported by Yahoo Finance.

Top holders

Blackrock Inc.15.88%
Vanguard Portfolio Management LLC8.06%
Neuberger Berman Group, LLC4.88%
Vanguard Capital Management LLC4.63%
State Street Corporation4.09%
Goldman Sachs Group Inc2.91%
Geode Capital Management, LLC2.72%
Bank of America Corporation2.72%

Largest institutional holders, as reported by Yahoo Finance (as of 3/31/2026).

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Cash conversion1.98×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend12.3% → 12.4%

Margin has held broadly steady over the period — stable profitability.

Growth qualityrev 18% · PAT 19%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $202.5M · EPS 1.25

Est. earnings growth +10.2%

Next fiscal year

Rev $852.5M · EPS 5.22

Est. earnings growth +10.0%

Analyst consensus estimates — not the company's own guidance. As reported by Yahoo Finance.

$49.0452-wk range$141.98

Delayed · as reported by Yahoo Finance

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Market cap

$2.2B

Day change

-4.5%

P/E (TTM)

25.8

Fwd P/E

11.4

P/B

2.3

Beta

0.56

Revenue (FY2025)

$751.5M

Net margin

12.4%

ROE

9.6%

Revenue CAGR (2y)

+18.3%

Profit CAGR (2y)

+19.1%

EPS (FY2025)

2.46

Net profit (FY2025)

$93.3M

Market figures: Delayed · as reported by Yahoo Finance. Financials as reported in company filings.

Ask MarketChacha about SPSC

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Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$751.5M	$93.3M	2.46	12.4%	9.6%
FY2024	$637.8M	$77.1M	2.04	12.1%	9.0%
FY2023	$536.9M	$65.8M	1.76	12.3%	9.9%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q1	$192.1M	$19.7M	0.53	10.3%
2025Q3	$189.9M	$25.6M	0.67	13.5%
2025Q2	$187.4M	$19.7M	0.52	10.5%
2025Q1	$181.5M	$22.2M	0.58	12.2%
2024Q3	$163.7M	$23.5M	0.62	14.3%
2024Q2	$153.6M	$18.0M	0.48	11.7%
2024Q1	$149.6M	$18.0M	0.48	12.0%
2023Q3	$135.7M	$16.8M	0.45	12.4%
2023Q2	$130.4M	$14.7M	0.39	11.3%
2023Q1	$125.9M	$15.3M	0.41	12.1%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Shareholder vote results, Exhibits
SEC5/28/2026material
8-K — Executive/director change
SEC5/21/2026material
8-K — Results of operations, Exhibits
SEC4/30/2026material
10-Q filing
SEC4/30/2026
8-K — Executive/director change, Exhibits
SEC4/14/2026material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed · as reported by yahoo finance) are delayed and shown for reference only. Verify with the linked sources before acting.