SPSCNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
SPS COMMERCE INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$85.42+0.17 (+0.20%)
Close on Oct 19, 2026
- Market cap
- $3.12B
- P/E (TTM)
- 41.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
69.2%+1.1 pts over 5 years
Operating margin
15.7%−0.3 pts over 5 years
Net margin
12.4%−2.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +17.8% | +18.6% | +19.2% | +16.8% | |
| Gross profit | +21.7% | +20.4% | +19.6% | +17.0% | |
| Operating income | +33.1% | +18.5% | +18.7% | +32.6% | |
| Net income | +21.1% | +19.2% | +15.4% | +35.0% | |
| EPS, diluted | +20.6% | +18.2% | +14.3% | +33.7% | |
| Free cash flow | +10.9% | +23.8% | +16.1% | +39.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 2.0% | 11.8% | 10.2% | |
| Return on assets | 1.8% | 9.4% | 8.5% | |
| Current ratio | 5.78 | 3.39 | 2.17 | |
| Capex to revenue | 4.1% | 5.3% | 3.5% | |
| Diluted shares | 34M | 36M | 38M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Sps Commerce generated $681.43M from operations and spent $321.29M on capital expenditure, dividends and share buybacks. 33% of that went back into the business.
Generated
$681.43M
Used
$321.29M
Capital expenditure$105.80M33%Dividends$00%Share buybacks$215.49M67%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.4%
×Asset turnover0.68×
×Equity multiplier1.20×
=Return on equity, FY202510.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.4% | 0.68× | 1.20× | 10.2% |
| FY2024 | 12.1% | 0.69× | 1.22× | 10.1% |
| FY2023 | 12.3% | 0.72× | 1.24× | 10.9% |
| FY2022 | 12.2% | 0.70× | 1.26× | 10.8% |
| FY2021 | 11.6% | 0.67× | 1.26× | 9.9% |
| FY2020 | 14.6% | 0.64× | 1.26× | 11.8% |
| FY2019 | 12.1% | 0.67× | 1.24× | 10.0% |
| FY2018 | 9.6% | 0.68× | 1.20× | 7.9% |
| FY2017 | 0.2% | 0.69× | 1.17× | 0.1% |
| FY2016 | 2.6% | 0.69× | 1.14× | 2.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$93.34M
- Cash generatingOperating cash flow above zero$178.79M
- Return on assets improvedROA up on the prior year9.4% → 9.1%
- Earnings backed by cashOperating cash flow above net income$178.79M vs $93.34M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.60 → 2.17
- No dilutionShare count did not rise38M → 38M
- Gross margin improvedGross margin up on the prior year66.96% → 69.18%
- More efficientAsset turnover rose0.77 → 0.73