Is SPS Commerce (SPSC) overvalued or fairly valued?

MarketChacha shows SPS Commerce's valuation in context — a trailing P/E of about 46.1, a forward P/E of about 16.5, a price-to-book of about 3.4 — 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 $87.99 (+3.0% on the day), as of 10/20/2026 — a delayed quote shown for education, not investment advice.

SPS Commerce

SPSC · NYSE · Technology · United States

Snapshot

TickerSPSC

ExchangeNYSE

SectorTechnology

IndustrySoftware - Application

CountryUnited States

Employees2,948

HeadquartersMinneapolis, United States

Websitewww.spscommerce.com

Filings tracked15

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.

Who owns it

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

451 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.16.48%
Vanguard Portfolio Management LLC8.10%
Disciplined Growth Investors, Inc.5.90%
Neuberger Berman Group, LLC4.95%
Vanguard Capital Management LLC4.44%
State Street Corporation4.29%
Geode Capital Management, LLC3.52%
Goldman Sachs Group Inc3.08%

Largest institutional holders — last updated 6/30/2026.

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 $203.4M · EPS 1.31

Est. earnings growth +15.3%

Next fiscal year

Rev $840.1M · EPS 5.33

Est. earnings growth +8.6%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

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

Ask MarketChacha about SPSC

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

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
2026Q2	$197.8M	$6.9M	0.19	3.5%
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 — Results of operations, Exhibits
SEC7/30/2026material
10-Q filing
SEC7/30/2026
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
10-K filing
SEC2/19/2026
8-K — Results of operations, Executive/director change, Reg FD disclosure, Other events, Exhibits
SEC2/12/2026material
8-K — Material agreement, Executive/director change, Reg FD disclosure, Exhibits
SEC2/12/2026material

2025

8-K — Results of operations, Executive/director change, Other events, Exhibits
SEC10/30/2025material
10-Q filing
SEC10/30/2025
8-K — Executive/director change
SEC8/20/2025material
8-K — Results of operations, Exhibits
SEC7/30/2025material
10-Q filing
SEC7/30/2025

In the news

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