Estados financieros detallados de SPS Commerce, Inc. (SPSC): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
SPS Commerce, Inc. registró ingresos de $751.5M en el último ejercicio fiscal, con un CAGR de 5 años del 19.2%. El beneficio neto alcanzó $93.3M, con un CAGR a 5 años del 15.4%.
Márgenes de los últimos 12 meses: margen bruto 69.8%, margen operativo 15.8%, margen neto 10.1%. El flujo de caja libre creció a un CAGR del 16.1% en 5 años.
Al precio actual de $80.68, SPSC cotiza a un P/E de 41.16 y un ROE del 8.14%. La capitalización bursátil es de $2.9B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $193.3M | $220.6M | $248.2M | $279.1M | $312.6M | $385.3M | $450.9M | $536.9M | $637.8M | $751.5M |
| Coste de Ventas | $64.3M | $73.6M | $81.7M | $92.2M | $99.8M | $131.7M | $153.1M | $182.1M | $210.7M | $231.6M |
| Beneficio Bruto | $128.9M | $146.9M | $166.5M | $186.9M | $212.8M | $253.6M | $297.8M | $354.8M | $427.1M | $519.9M |
| I+D | $22.0M | $23.2M | $22.1M | $28.3M | $31.0M | $39.0M | $45.7M | $53.7M | $62.8M | $68.7M |
| Generales y Administrativos | $94.7M | $110.8M | $113.6M | $114.9M | $126.1M | $149.3M | $169.1M | $207.8M | $251.8M | $295.7M |
| Gastos Operativos | $121.4M | $138.5M | $139.8M | $148.5M | $162.6M | $198.5M | $226.6M | $277.6M | $338.2M | $401.6M |
| Beneficio Operativo | $7.5M | $8.4M | $26.7M | $38.4M | $50.2M | $55.1M | $71.2M | $77.2M | $88.9M | $118.3M |
| EBITDA | $18.9M | $21.8M | $39.4M | $54.8M | $68.8M | $78.5M | $99.4M | $120.3M | $141.7M | $176.6M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | $8.8M | $9.1M | $28.3M | $42.1M | $52.7M | $53.5M | $71.3M | $85.6M | $99.5M | $123.8M |
| Impuestos | $3.1M | $11.6M | $4.5M | $8.4M | $7.1M | $8.9M | $16.2M | $19.7M | $22.4M | $30.5M |
| Beneficio Neto | $5.7M | -$2.4M | $23.9M | $33.7M | $45.6M | $44.6M | $55.1M | $65.8M | $77.1M | $93.3M |
| BPA | $0.17 | $-0.07 | $0.69 | $0.96 | $1.29 | $1.24 | $1.53 | $1.80 | $2.07 | $2.46 |
| BPA Diluido | $0.17 | $-0.07 | $0.68 | $0.94 | $1.26 | $1.21 | $1.49 | $1.76 | $2.04 | $2.46 |
| Acciones en Circulación (Diluidas) | $34.5M | $34.7M | $35.2M | $36.0M | $36.3M | $37.0M | $37.0M | $37.5M | $37.9M | $38.0M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $115.9M | $123.1M | $133.9M | $179.3M | $149.7M | $207.6M | $162.9M | $219.1M | $241.0M | $151.4M |
| Inversiones a Corto | $23.1M | $40.2M | $44.5M | $34.3M | $37.8M | $49.8M | $51.4M | $56.4M | 0 | 0 |
| Cuentas por Cobrar | $20.7M | $24.9M | $27.5M | $31.5M | $35.5M | $34.6M | $39.4M | $46.8M | $52.0M | $68.2M |
| Inventario | $19.2M | $25.1M | $34.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $185.9M | $219.5M | $249.6M | $291.6M | $233.4M | $352.4M | $322.8M | $401.4M | $381.9M | $335.3M |
| Inmovilizado Material | $15.3M | $16.9M | $21.0M | $39.5M | $42.0M | $42.8M | $44.6M | $43.9M | $45.7M | $48.1M |
| Fondo de Comercio | $49.8M | $51.6M | $69.7M | $76.8M | $134.9M | $143.7M | $197.3M | $249.2M | $399.2M | $541.7M |
| Activos Intangibles | $19.8M | $16.5M | $22.7M | $22.7M | $60.2M | $58.6M | $88.4M | $107.3M | $181.3M | $215.8M |
| Activos Totales | $298.4M | $335.5M | $386.1M | $447.4M | $526.5M | $615.8M | $672.9M | $823.8M | $1.03B | $1.17B |
| Cuentas por Pagar | $2.3M | $4.5M | $4.4M | $4.3M | $5.4M | $8.3M | $11.3M | $7.4M | $8.6M | $13.8M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $4.7M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $32.2M | $43.1M | $56.5M | $68.0M | $80.1M | $102.9M | $110.6M | $130.7M | $146.7M | $154.4M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $49.1M | $58.7M | $67.1M | $92.6M | $105.7M | $131.6M | $135.8M | $156.4M | $176.5M | $196.0M |
| Reservas | -$33.7M | -$19.9M | $15.3M | $49.0M | $93.5M | $138.1M | $193.2M | $259.0M | $336.1M | $429.4M |
| Patrimonio Neto | $249.3M | $276.8M | $319.0M | $354.9M | $420.7M | $484.3M | $537.1M | $667.5M | $854.7M | $973.9M |
| Deuda Total | 0 | 0 | 0 | $23.9M | $24.4M | $20.5M | $17.3M | $14.0M | $12.5M | $7.2M |
| Deuda Neta | -$139.0M | -$163.3M | -$178.4M | -$189.7M | -$163.1M | -$236.8M | -$197.0M | -$261.4M | -$228.5M | -$144.2M |
| Capital Circulante | $153.8M | $176.3M | $193.1M | $223.6M | $153.2M | $249.6M | $212.2M | $270.8M | $235.2M | $181.0M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | $5.7M | -$2.4M | $23.9M | $33.7M | $45.6M | $44.6M | $55.1M | $65.8M | $77.1M | $93.3M |
| Amortizaciones | $11.3M | $11.8M | $12.7M | $16.4M | $18.7M | $24.9M | $28.2M | $34.7M | $42.2M | $58.3M |
| Compensación en Acciones | $8.0M | $12.7M | $12.5M | $14.7M | $18.9M | $27.6M | $33.4M | $45.5M | $54.6M | $53.7M |
| Cambio en Capital Circulante | -$4.9M | -$3.6M | $827000 | -$3.1M | -$4.4M | $6.9M | -$16.5M | -$11.8M | -$14.9M | -$54.3M |
| Flujo de Caja Operativo | $18.8M | $31.1M | $55.0M | $71.8M | $88.6M | $112.9M | $100.1M | $132.3M | $157.4M | $178.8M |
| Inversiones (CapEx) | -$8.0M | -$7.3M | -$13.8M | -$13.6M | -$16.5M | -$19.6M | -$19.9M | -$19.8M | -$20.0M | -$26.5M |
| Adquisiciones | -$18.0M | -$500000 | -$27.3M | -$11.5M | -$98.7M | -$17.1M | -$91.4M | -$70.2M | -$147.9M | -$142.6M |
| Recompra de Acciones | 0 | -$5.8M | -$19.9M | -$20.6M | -$18.9M | -$20.4M | -$43.2M | 0 | -$37.6M | -$114.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $10.8M | $23.8M | $41.3M | $58.2M | $72.1M | $93.3M | $80.2M | $112.5M | $137.4M | $152.3M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +14.1% | +12.5% | +12.4% | +12.0% | +23.2% | +17.0% | +19.1% | +18.8% | +17.8% | |
| Crecimiento Beneficio Neto (anual) | -142.7% | +1078.4% | +41.2% | +35.2% | -2.2% | +23.6% | +19.4% | +17.1% | +21.1% | |
| Crecimiento BPA (anual) | -141.8% | +1071.8% | +39.1% | +34.4% | -3.9% | +23.4% | +17.6% | +15.0% | +18.8% | |
| Cambio en Acciones (anual) | +0.7% | +1.4% | +2.2% | +0.8% | +1.9% | -0.0% | +1.4% | +1.0% | +0.4% | |
| Crecimiento FCF (anual) | +121.1% | +73.5% | +41.1% | +23.9% | +29.4% | -14.1% | +40.4% | +22.1% | +10.9% | |
| Margen Bruto | 66.7% | 66.6% | 67.1% | 67.0% | 68.1% | 65.8% | 66.1% | 66.1% | 67.0% | 69.2% |
| Margen Operativo | 3.9% | 3.8% | 10.8% | 13.8% | 16.0% | 14.3% | 15.8% | 14.4% | 13.9% | 15.7% |
| Margen EBITDA | 9.8% | 9.9% | 15.9% | 19.6% | 22.0% | 20.4% | 22.0% | 22.4% | 22.2% | 23.5% |
| Margen Neto | 3.0% | -1.1% | 9.6% | 12.1% | 14.6% | 11.6% | 12.2% | 12.3% | 12.1% | 12.4% |
| Margen FCF | 5.6% | 10.8% | 16.6% | 20.9% | 23.1% | 24.2% | 17.8% | 21.0% | 21.5% | 20.3% |
| Tasa Impositiva Efectiva | 35.5% | 126.7% | 15.8% | 19.9% | 13.5% | 16.7% | 22.7% | 23.1% | 22.5% | 24.6% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $0.31 | $0.69 | $1.17 | $1.62 | $1.99 | $2.52 | $2.17 | $3.00 | $3.63 | $4.01 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $33.9M | $34.4M | $34.4M | $35.0M | $35.2M | $35.9M | $36.1M | $36.6M | $37.3M | $37.9M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 8.14% |
| Rentabilidad sobre capital invertido | 9.28% |
| Rentabilidad sobre activos | 6.93% |
| Margen bruto | 69.82% |
| Margen operativo | 15.83% |
| Margen neto | 10.10% |
Salud financiera
| Deuda / Patrimonio | 0.01 |
| Ratio corriente | 2.26 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 205.59 | -342.25 | 59.70 | 57.73 | 84.18 | 114.80 | 83.94 | 107.69 | 88.88 | 36.23 |
| P/VC | 4.75 | 3.02 | 4.44 | 5.47 | 9.09 | 10.56 | 8.64 | 10.64 | 8.03 | 3.47 |
| P/V | 6.13 | 3.79 | 5.71 | 6.95 | 12.24 | 13.27 | 10.29 | 13.23 | 10.76 | 4.49 |
| Margen Bruto | 66.7% | 66.6% | 67.1% | 67.0% | 68.1% | 65.8% | 66.1% | 66.1% | 67.0% | 69.2% |
| Margen Operativo | 3.9% | 3.8% | 10.8% | 13.8% | 16.0% | 14.3% | 15.8% | 14.4% | 13.9% | 15.7% |
| Margen Neto | 3.0% | -1.1% | 9.6% | 12.1% | 14.6% | 11.6% | 12.2% | 12.3% | 12.1% | 12.4% |
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Explorar sector: Technology · Software - Application
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