SPS Commerce, Inc. (SPSC) is a publicly traded company in the Technology — Software - Application industry listed on NASDAQ. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
SPS Commerce, Inc. delivers comprehensive, cloud-based solutions for supply chain management across the globe. The company's central offering is its "SPS Commerce" platform, an advanced system that enhances operations for retailers, suppliers, grocers, distributors, and logistics firms. This platform allows these businesses to streamline the management and fulfillment of omnichannel orders, boost sell-through efficiency, and automate the creation of new trading partnerships.
Is SPS Commerce, Inc. stock overvalued or undervalued in 2026?
SPS Commerce, Inc. (SPSC) trades at 36.9× earnings (P/E), above the median of the 317 technology companies over $2bn in Kaplio's universe. At the decade median (92.4×) $208 (+150 %); at its sector median (31.5×) $71 (-15 %).
Kaplio overview: SPS Commerce, Inc.
Market cap $3B · 52 weeks $50 – $104 (20 % below the high) · P/E 36.9× · 2027 est. P/E 15.4× · Dividend none · Next earnings February 11, 2027 · expected EPS $1.31 · Closing price, Oct 30 · accounts published Oct 29.
- Valuation: TTM P/E 36.9× (cheap).
- Business: ROIC 10 % (fair).
- Balance sheet: Net cash/EBITDA 0.8× (solid).
- Earnings: 8 of 8 (on track).
What would it be worth at its usual multiples?
At the decade median (92.4×) $208 (+150 %); at its sector median (31.5×) $71 (-15 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in technology: 6 of 8 pass
- ROIC 9.8 %, fails.
- Gross margin 69.2 %, borderline.
- 3y revenue growth 16.7 %, passes.
- Rule of 40 (SaaS only) 37, passes, near the threshold.
- FCF / Revenue 20.3 %, passes, near the threshold.
- SBC / Revenue 7.1 %, passes.
- Net debt / EBITDA −0.8×, passes.
- EV/EBITDA vs own 5y 14.4×, passes.
Against its peers (reference peers) — SPS Commerce, Inc.: P/E 36.9×; EV/EBITDA 14.4×; ROIC 9.8 %; $2.9B. Manhattan Associates, Inc. (P/E 69.6×; EV/EBITDA 48.7×; ROIC 76.3 %; $14.5B), Shopify Inc. (P/E 106×; EV/EBITDA 84.7×; ROIC 11.7 %; $204B), Alarm.com Holdings, Inc. (P/E 28.7×; EV/EBITDA 14.9×; ROIC 7.0 %; $3.2B).
Expensive or cheap against its last ten years?
P/E at each close: today 36.9× · median 92.4× · minimum 22.7× · maximum 257× · cheap below 74.8× · expensive above 111×. It has been cheaper than today only 8% of the time over its last ten years.
Profitability
| Return on Equity | 8.73% |
| Return on Invested Capital | 9.78% |
| Return on Assets | 7.34% |
| Gross Margin | 70.23% |
| Operating Margin | 16.80% |
| Net Margin | 10.65% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 2.25 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 12.01 |
Price Performance
| 1 month | +0.78% |
| 3 months | +11.77% |
| Year-to-date | -6.89% |
| 1 year | +0.91% |
| 3 years | -50.19% |
| 5 years | -42.59% |
| 10 years | +163.46% |
Related companies: SHOP · MANH · SHOP.TO · SAP · 0VHA.L · CRM · 0L5N.L · UBER
Explore sector: Technology · Software - Application
More sections of SPSC: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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