Valuation dashboard for SPS Commerce, Inc. (SPSC) with P/E 37.81, P/B 3.27, EV/EBITDA 14.4 and dividend yield 0.00%. DCF, Graham Number, EPS growth, peer multiples and dividend discount models plus sector comparison against other Technology companies.
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.
What would it be worth at its usual multiples?
Versus its usual multiples: cheap · Current P/E 37.8× · Multiples range: $70.88 · $207.45.
At the decade median (92.2×) $207 (+144 %); at its sector median (31.5×) $71 (-17 %). 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.
Analysis Summary
SPS Commerce, Inc. reported revenue of $751.5M in the most recent fiscal year, growing at a 5-year CAGR of 19.2%. Net income reached $93.3M, with a 15.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 70.2%, operating margin 16.8%, net margin 10.7%.
At $85.08 (closing price, November 2, 2026), SPSC trades at a P/E of 37.81 and an ROE of 8.73%. Market capitalisation stands at $3.0B.
Balance sheet quality for SPSC: debt-to-equity ratio of 0.01, current ratio of 2.25 over the last 12 months. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Valuation Ratios
| P/E Ratio | 37.81 |
| Price / Book | 3.27 |
| EV / EBITDA | 14.4 |
| Dividend Yield | 0.00% |
Peer Comparison
| Symbol | Company | Market Cap | P/E | P/B | ROE |
|---|---|---|---|---|---|
| SPSC | SPS Commerce, Inc. | $3.0B | 37.81 | 3.27 | 8.7% |
| SHOP | Shopify Inc. | $202.7B | 104.85 | 15.95 | 15.1% |
| MANH | Manhattan Associates, Inc. | $14.8B | 70.93 | 73.42 | 97.0% |
| SHOP.TO | Shopify Inc. | CAD 282.4B | 104.39 | 15.88 | 15.1% |
| SAP | SAP SE | $272.2B | 29.62 | 5.26 | 17.8% |
| 0VHA.L | Shopify Inc. | $219.9B | 113.21 | 17.22 | 15.1% |
| CRM | Salesforce, Inc. | $186.1B | 20.64 | 4.83 | 20.2% |
| 0L5N.L | ServiceNow, Inc. | $157.1B | 98.73 | 13.12 | 13.8% |
Price
| Price | $85.08 (closing price, November 2, 2026) |
| Market Cap | $3.0B |
| Exchange | NASDAQ |
| Country | US |
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% |
Related companies: SHOP · MANH · SHOP.TO · SAP · 0VHA.L · CRM · 0L5N.L · UBER
Explore sector: Technology · Software - Application
More sections of SPSC: Overview · Financials · Statistics · Estimates · Technical · Ownership · News · Events
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