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SPS COMMERCE, INC.

SPSC

CIK 0001092699 · Quarterly mode · latest period FY2026 (Q1) (ending 2026-03-31) · sourced from SEC EDGAR

At a glance · FY2026 (Q1)

Revenue
$192M
↑+5.8% +$11Mvs FY2025 (Q1)
Operating Income
$25M
↓-5.4% -$1Mvs FY2025 (Q1)
Net Income
$20M
↓-11.1% -$2Mvs FY2025 (Q1)
Gross Profit
$133M
↑+6.6% +$8Mvs FY2025 (Q1)

Quality Score

Quality score

6-dimension fundamental snapshot · latest annual filed values · S&P 500 calibration

Weak
40/100
  • Profitability
    24ROIC 9.8% (10% = solid, 20%+ = moat)
  • Liquidity
    84Current Ratio 2.17 (above 1.5 = solid)
  • Leverage
    0Insufficient data
  • Efficiency
    37Asset Turnover 0.68x (1.0+ = capital-efficient)
  • Growth
    36Revenue YoY +5.8% (10% = solid, 25%+ = elite)
  • Margin Trend
    58Op Margin 12.8% · trend +0.5pts (4Q avg vs prior 4Q)

Calibrated to S&P 500 medians. Each sub-score is computed from a single CFA-grade ratio (Profitability = ROIC, Liquidity = Current Ratio, Leverage = D/E, Efficiency = Asset Turnover, Growth = Revenue YoY, Margin Trend = 4Q operating-margin avg vs prior 4Q). Overall = simple mean.

DCF intrinsic value

DCF intrinsic value

two-stage Gordon model

Project SPSC's free cash flow forward, discount back at your hurdle rate, divide by diluted shares. Edit the assumptions to see how sensitive the intrinsic value is.

24%

Trailing 3-yr CAGR was 23.8%

10%

10% is a common all-equity benchmark for US large-caps

2.5%

Should be ≤ long-run GDP growth (~2.5% nominal)

5

5-year explicit projection + perpetuity terminal

Intrinsic value per share
$128.82
Total enterprise IV
$4.89B
Diluted shares
0.04B
Terminal PV
$3.79B (77% of total)
Year-5 FCF
$446M
YearProjected FCFDiscounted PV
+1$189M$172M
+2$234M$193M
+3$290M$218M
+4$360M$246M
+5$446M$277M
Terminal$6.10B$3.79B

DCF outputs are HIGHLY sensitive to growth + WACC assumptions. A 1pp WACC change can shift IV by 20%+. Use this as a sanity-check vs market price, not a target — and always cross-check the underlying FCF source (EDGAR cashflow statement, latest annual). Margin of safety convention: 30-50% discount to IV before buying.

Capital allocation · trailing 4 quarters

how the company spent its cash
Capex (TTM)
$28M
investment in PP&E
Stock buybacks (TTM)
$121M
share count reduction
Stock-based comp (TTM)
$58M
non-cash dilution

Balance sheet · 2026-03-31

latest filed snapshot
Total assets
$1.16B
everything owned
Total liabilities
$199M
everything owed
Stockholders' equity
$962M
shareholder claim

Recent performance · 64 quarters

Revenue↑+5.8% +$11M
$192M
Net Income↓-11.1% -$2M
$20M
Free Cash Flow↑+43.3% +$15M
$48M
Operating Margin↓-1.5pts
12.8%

Drill down

SPSC Sankey

See SPS COMMERCE, INC.'s revenue flow into every line item of the income statement and balance sheet — every dollar accounted for, with prior-period comparison.

Open Sankey

SPSC Charts

64 quarters of historical line items — Income, Cash Flow, Balance Sheet, plus margins. Click any chart for the trend dialog.

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SPSC Key Metrics

EPS, BVPS, FCF/Share, ROE, ROA, ROIC, D/E, Current Ratio, Quick Ratio, Asset Turnover — 10 CFA-grade fundamentals derived from EDGAR data.

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