SPS Commerce, Inc. (SPSC) Key Metrics
SPSC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.07B
- Enterprise value
- $2.76B
- P/E (TTM)
- 41.2 10-yr median 86.4
- Forward P/E
- 68.0
- PEG ratio
- 4.71
- Price / sales
- 4.0 10-yr median 8.8
- Price / book
- 3.1 10-yr median 6.9
- EV / EBITDA
- 15.1 10-yr median 46.7
- Dividend yield
- —
- Beta
- 0.62
SPSC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSPSC valuation Price multiples at each fiscal year-end price.
SPSC returns How much profit the business earns on the capital it uses.
SPSC per-share figures Results divided by the shares outstanding at year-end.
SPSC financial health Debt, liquidity and how easily interest is covered.
SPSC efficiency & capital use Working capital cycle and where the cash goes.
SPSC valuation history
SPSC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SPSC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SPSC cash returned to shareholders
SPSC price vs earnings per share
SPSC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.39B | $6.97B | $7.26B | $4.75B | $5.26B | $3.94B | $2.00B | $1.45B | $843.3M | $1.20B |
| Enterprise value | $3.24B | $6.74B | $7.00B | $4.55B | $5.02B | $3.78B | $1.81B | $1.27B | $680.0M | $1.07B |
| P/E ratio | 36.3 | 90.4 | 110.4 | 86.1 | 118.0 | 86.4 | 59.2 | 60.8 | — | 211.0 |
| Price / sales | 4.5 | 10.9 | 13.5 | 10.5 | 13.7 | 12.6 | 7.1 | 5.8 | 3.8 | 6.2 |
| Price / book | 3.5 | 8.1 | 10.9 | 8.8 | 10.9 | 9.4 | 5.6 | 4.5 | 3.0 | 4.8 |
| Price / free cash flow | 22.2 | 50.7 | 64.5 | 59.2 | 56.4 | 54.7 | 34.3 | 35.1 | 35.5 | 112.0 |
| Price / operating cash flow | 18.9 | 44.3 | 54.9 | 47.4 | 46.6 | 44.5 | 27.8 | 26.4 | 27.2 | 64.2 |
| EV / sales | 4.3 | 10.6 | 13.0 | 10.1 | 13.0 | 12.1 | 6.5 | 5.1 | 3.1 | 5.5 |
| EV / EBITDA | 18.4 | 47.5 | 63.3 | 45.8 | 64.0 | 54.9 | 32.9 | 32.3 | 31.2 | 56.5 |
| EV / free cash flow | 21.3 | 49.0 | 62.2 | 56.7 | 53.9 | 52.4 | 31.0 | 30.8 | 28.6 | 99.1 |
| Earnings yield | 2.8% | 1.1% | 0.9% | 1.2% | 0.8% | 1.2% | 1.7% | 1.6% | −0.3% | 0.5% |
| Free cash flow yield | 4.5% | 2.0% | 1.5% | 1.7% | 1.8% | 1.8% | 2.9% | 2.8% | 2.8% | 0.9% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 3.4% | 0.5% | 0.0% | 0.9% | 0.4% | 0.5% | 1.0% | 1.4% | 0.7% | 0.0% |
| Share price at fiscal year-end | $89.13 | $183.99 | $193.84 | $128.43 | $142.35 | $108.59 | $55.42 | $41.19 | $24.30 | $34.95 |
| Per share | ||||||||||
| Revenue per share | $19.78 | $16.85 | $14.33 | $12.20 | $10.42 | $8.62 | $7.75 | $7.05 | $6.35 | $5.61 |
| Earnings per share | $2.46 | $2.04 | $1.76 | $1.49 | $1.21 | $1.26 | $0.94 | $0.68 | −$0.07 | $0.17 |
| Operating cash flow per share | $4.71 | $4.16 | $3.53 | $2.71 | $3.05 | $2.44 | $1.99 | $1.56 | $0.89 | $0.54 |
| Free cash flow per share | $4.01 | $3.63 | $3.00 | $2.17 | $2.52 | $1.99 | $1.62 | $1.17 | $0.69 | $0.31 |
| Cash per share | $3.98 | $6.37 | $7.35 | $5.80 | $6.96 | $5.17 | $5.93 | $5.07 | $4.70 | $4.03 |
| Book value per share | $25.63 | $22.58 | $17.81 | $14.53 | $13.10 | $11.59 | $9.86 | $9.06 | $7.97 | $7.23 |
| Tangible book value per share | $5.69 | $7.24 | $8.30 | $6.80 | $7.63 | $6.22 | $7.09 | $6.43 | $6.01 | $5.21 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.70 | $0.53 | $0.53 | $0.54 | $0.53 | $0.45 | $0.38 | $0.39 | $0.21 | $0.23 |
| Debt per share | $0.19 | $0.33 | $0.37 | $0.47 | $0.56 | $0.67 | $0.66 | — | $0.00 | $0.00 |
| Shares outstanding | 38.0M | 37.9M | 37.5M | 37.0M | 37.0M | 36.3M | 36.0M | 35.2M | 34.7M | 34.5M |
| Change in shares outstanding | +0.4% | +1.0% | +1.4% | −0.0% | +1.9% | +0.8% | +2.2% | +1.4% | +0.7% | +1.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.2% | 10.1% | 10.9% | 10.8% | 9.9% | 11.8% | 10.0% | 8.0% | −0.9% | 2.4% |
| Return on invested capital (ROIC) | 12.2% | 13.3% | 15.9% | 18.7% | 18.2% | 20.5% | 20.1% | 17.7% | 3.8% | 4.8% |
| Return on assets (ROA) | 8.5% | 8.3% | 8.8% | 8.6% | 7.8% | 9.4% | 8.1% | 6.6% | −0.8% | 2.0% |
| Return on tangible assets | 22.6% | 17.1% | 14.1% | 14.2% | 10.8% | 13.8% | 9.7% | 8.1% | −0.9% | 2.5% |
| Free cash flow margin | 20.3% | 21.5% | 21.0% | 17.8% | 24.2% | 23.1% | 20.9% | 16.6% | 10.8% | 5.6% |
| Income quality (OCF / net income) | 1.92 | 2.04 | 2.01 | 1.81 | 2.53 | 1.94 | 2.13 | 2.30 | — | 3.29 |
| Financial health | ||||||||||
| Total debt | $7.2M | $12.5M | $14.0M | $17.3M | $20.5M | $24.4M | $23.9M | — | $0 | $0 |
| Cash & short-term investments | $151.4M | $241.0M | $275.4M | $214.3M | $257.3M | $187.5M | $213.5M | $178.4M | $163.3M | $139.0M |
| Net debt | −$144.2M | −$228.5M | −$261.4M | −$197.0M | −$236.8M | −$163.1M | −$189.7M | −$178.4M | −$163.3M | −$139.0M |
| Debt / equity | 0.01 | 0.01 | 0.02 | 0.03 | 0.04 | 0.06 | 0.07 | — | 0.00 | 0.00 |
| Debt / assets | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 | 0.05 | 0.05 | — | 0.00 | 0.00 |
| Net debt / EBITDA | −0.82 | −1.61 | −2.36 | −1.98 | −3.02 | −2.37 | −3.46 | −4.53 | −7.50 | −7.37 |
| Current ratio | 2.17 | 2.60 | 3.07 | 2.92 | 3.43 | 2.91 | 4.29 | 4.42 | 5.09 | 5.78 |
| Quick ratio | 2.17 | 2.60 | 3.07 | 2.44 | 2.99 | 2.44 | 3.77 | 3.81 | 4.50 | 5.18 |
| Interest coverage | — | — | — | 501.3 | 35.7 | 19.2 | 9.3 | — | — | — |
| Working capital | $181.0M | $235.2M | $270.8M | $212.2M | $249.6M | $153.2M | $223.6M | $193.1M | $176.3M | $153.8M |
| Invested capital | $829.7M | $626.1M | $406.1M | $340.1M | $247.5M | $257.6M | $165.2M | $140.6M | $113.5M | $110.3M |
| Tangible asset value | $216.4M | $274.2M | $311.0M | $251.4M | $282.0M | $225.6M | $255.4M | $226.6M | $208.7M | $179.7M |
| Net current asset value | $139.3M | $205.4M | $245.1M | $187.0M | $220.9M | $127.6M | $199.1M | $182.5M | $160.8M | $136.8M |
| Graham number | $37.64 | $32.16 | $26.53 | $22.09 | $18.86 | $18.10 | $14.41 | $11.75 | — | $5.19 |
| Graham net-net per share | $0.17 | $2.73 | $4.11 | $3.64 | $4.71 | $3.50 | $4.51 | $4.23 | $3.91 | $3.34 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $114.3M | $37.6M | $515,000 | $43.2M | $20.4M | $18.9M | $20.6M | $19.9M | $5.8M | $0 |
| Dividend payout ratio | — | — | — | — | — | — | — | — | — | 0.0% |
| Dividends + buybacks / free cash flow | 75.1% | 27.4% | 0.5% | 53.9% | 21.9% | 26.3% | 35.4% | 48.1% | 24.5% | 0.0% |
| Capex / revenue | 3.5% | 3.1% | 3.7% | 4.4% | 5.1% | 5.3% | 4.9% | 5.5% | 3.3% | 4.1% |
| Capex / operating cash flow | 14.8% | 12.7% | 14.9% | 19.9% | 17.4% | 18.6% | 18.9% | 25.0% | 23.4% | 42.7% |
| Capex / depreciation | 0.46 | 0.47 | 0.57 | 0.71 | 0.79 | 0.88 | 0.83 | 1.08 | 0.62 | 0.71 |
| Stock-based compensation / revenue | 7.1% | 8.6% | 8.5% | 7.4% | 7.2% | 6.1% | 5.3% | 5.0% | 5.8% | 4.2% |
| R&D / revenue | 9.1% | 9.8% | 10.0% | 10.1% | 10.1% | 9.9% | 10.1% | 8.9% | 10.5% | 11.4% |
| SG&A / revenue | 39.4% | 39.5% | 38.7% | 37.5% | 38.8% | 40.3% | 41.1% | 45.8% | 50.2% | 49.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 29.2 | 28.3 | 29.3 | 30.0 | 33.2 | 39.1 | 38.6 | 38.5 | 37.8 | 36.2 |
| Days of inventory on hand | — | — | 52.9 | 116.0 | 113.7 | 133.0 | 138.1 | 133.0 | 109.8 | 97.3 |
| Days payables outstanding | 17.6 | 13.9 | 18.7 | 23.4 | 19.0 | 17.6 | 17.2 | 19.9 | 16.8 | 12.7 |
| Cash conversion cycle (days) | 11.6 | 14.4 | 63.5 | 122.6 | 127.9 | 154.6 | 159.4 | 151.7 | 130.8 | 120.9 |
| Receivables turnover | 12.50 | 12.90 | 12.45 | 12.19 | 11.00 | 9.33 | 9.46 | 9.48 | 9.66 | 10.08 |
| Payables turnover | 20.74 | 26.34 | 19.50 | 15.63 | 19.25 | 20.74 | 21.17 | 18.36 | 21.77 | 28.82 |
| Inventory turnover | — | — | 6.90 | 3.15 | 3.21 | 2.74 | 2.64 | 2.74 | 3.32 | 3.75 |
| Asset turnover | 0.68 | 0.69 | 0.72 | 0.70 | 0.67 | 0.64 | 0.67 | 0.69 | 0.70 | 0.69 |
| Average receivables | $60.1M | $49.4M | $43.1M | $37.0M | $35.0M | $33.5M | $29.5M | $26.2M | $22.8M | $19.2M |
| Average payables | $11.2M | $8.0M | $9.3M | $9.8M | $6.8M | $4.8M | $4.4M | $4.5M | $3.4M | $2.2M |
| Average inventory | — | — | $26.4M | $48.6M | $41.0M | $36.4M | $34.9M | $29.8M | $22.2M | $17.2M |
| Intangibles / total assets | 64.8% | 56.3% | 43.3% | 42.4% | 32.8% | 37.1% | 22.2% | 23.9% | 20.3% | 23.3% |
Computed from SPSC's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SPSC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), SPS Commerce traded at 36.3 times earnings, against a 10-year median of 86.4. Based on the latest twelve months, the trailing P/E is 41.2 and the forward P/E is 68.0. SPS Commerce earned a return on equity of 10.2% and a return on invested capital of 12.2% in fiscal 2025. It ended the year with $7.2 million of debt and $151.4 million in cash and short-term investments, a net cash position of $144.2 million. It returned $114.3 million to shareholders: $0 in dividends and $114.3 million in share buybacks, 75% of free cash flow. The share count rose 10.2% from 34.5M to 38.0M over 9 years.
See the SPSC income statement, the SPSC chart for price history, or the SPSC stock overview for the latest quote and news.
SPSC key metrics FAQ
What is SPS Commerce's P/E ratio?
SPS Commerce's trailing P/E ratio is 41.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 68.0. At the end of fiscal 2025 it was 36.3, compared with a 10-year median of 86.4.
What is SPS Commerce's EV/EBITDA?
SPS Commerce's enterprise value was 18.4 times EBITDA at the end of fiscal 2025 (enterprise value $3.2 billion, EBITDA $176.6 million); the current EV/EBITDA is 15.1.
What is SPS Commerce's return on equity?
SPS Commerce's return on equity (ROE) was 10.2% in fiscal 2025: net income of $93.3 million on average shareholders' equity of $914.3 million.
What is SPS Commerce's ROIC?
SPS Commerce's return on invested capital was 12.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does SPS Commerce have?
SPS Commerce had total debt of $7.2 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
Does SPS Commerce buy back its shares?
Yes. SPS Commerce spent $114.3 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.4% over the year, to 38.0M..
What is SPS Commerce's free cash flow yield?
SPS Commerce generated $152.3 million of free cash flow in fiscal 2025, a free cash flow yield of 4.5% on its market value at year-end ($3.4 billion).
What is SPS Commerce's current ratio?
SPS Commerce's current ratio was 2.17 at the end of fiscal 2025: current assets were 2.17 times current liabilities.