SPSC
SPS Commerce, Inc.
SPSC's fundamentals are mixed, but it looks cheap: trading at 36x earnings, less than half its usual 88x. Analysts expect strong earnings growth, though they disagree widely on how much.
SPSC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
SPSC's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
SPSC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 15x | $82.25 | — |
| Current | 36x | $82.25 | — |
| Cheap | 49x | $110 | +33% |
| Fair | 87x | $196 | +138% |
| Expensive | 104x | $235 | +186% |
Historical ranges are pointers, not guarantees.
SPSC's PE is in its cheap range at 36x. If earnings grow as analysts expect, today's price would be 15x next year's earnings.
SPSC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for SPSC, with profitability improving. However, they disagree widely on these estimates.
SPSC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.36 | +137% |
| Q3 2026 | $2.26 | +1.3% |
| Q2 2026 | $2.08 | -4.6% |
| Q1 2026 | $2.41 | +13% |
| Q4 2025 | $2.46 | +21% |
| Q3 2025 | $2.23 | +6.7% |
| Q2 2025 | $2.18 | +14% |
| Q1 2025 | $2.14 | +17% |
| Q4 2024 | $2.04 | +16% |
SPSC earned $2.26 per share over the past year, up 1.3% from the year before.
SPSC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $197.6M | +4.1% |
| Q2 2026 | $197.8M | +5.6% |
| Q1 2026 | $192.1M | +5.8% |
| Q4 2025 | $192.7M | +13% |
| Q3 2025 | $189.9M | +16% |
| Q2 2025 | $187.4M | +22% |
| Q1 2025 | $181.5M | +21% |
| Q4 2024 | $170.9M | +18% |
SPSC's revenue has grown year over year every quarter since late 2020: $198M last quarter, up 4.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +3.8 points |
| Q2 2026 | 4.3% | -9.9 points |
| Q1 2026 | 13% | -1.5 points |
| Q4 2025 | 18% | +3.5 points |
| Q3 2025 | 16% | +0.8 points |
| Q2 2025 | 14% | -1 points |
| Q1 2025 | 14% | +4 points |
| Q4 2024 | 14% | -1.3 points |
SPSC's operating margin was 20% last quarter, up 3.8 points from the same quarter a year ago, near the top of its range since 2019.
SPSC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $58.5M | +7.2% |
| Q2 2026 | $57.4M | +124% |
| Q1 2026 | $48.5M | +43% |
| Q4 2025 | $38.2M | +11% |
| Q3 2025 | $54.6M | +13% |
| Q2 2025 | $25.7M | +5.2% |
| Q1 2025 | $33.8M | +11% |
| Q4 2024 | $34.3M | +21% |
SPSC generated $203M in free cash flow over the past year, up 37% from the year before.
SPSC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -368K shares |
| 1 year | -4.7% | -1.8M shares |
| 3 years | -3.7% | -1.4M shares |
| 5 years | -2.2% | -806K shares |
| Available history | +0.6% | +207K shares |
SPSC has 36M diluted shares, down 4.7% from a year ago, with $172M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $48.8M |
| Q2 2026 | $51.2M |
| Q1 2026 | $47.1M |
| Q4 2025 | $24.7M |
| Q3 2025 | $30M |
| Q2 2025 | $19.6M |
| Q1 2025 | $40M |
| Q4 2024 | — |
SPSC spent $172M buying back its own shares over the past year, up 92% from the year before.
SPSC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -1.4x | Net Cash |
| Q1 2026 | -1.1x | Net Cash |
| Q4 2025 | -1.1x | Net Cash |
| Q3 2025 | -1.0x | Net Cash |
| Q2 2025 | -0.9x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -2.2x | Net Cash |
SPSC has more cash than debt.
SPSC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.9 | Neutral |
| Stochastic | 55.5 | Neutral |
SPSC's weekly RSI is 56 (neutral) and its Stochastic is 56 (neutral).
SPSC PE vs Technology Sector
| Metric | SPSC | Sector median | Relative |
|---|---|---|---|
| PE | 36x | 28x | 31% above |
| PE % | 8 | 35 | 27 pts below |
SPSC is trading at 36x earnings, a 31% premium to the Technology sector's median of 28x.
SPSC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $84.2 | 2.3% below |
| 20 week MA | $77.9 | 5.6% above |
| 50 week MA | $71.5 | 15% above |
| 100 week MA | $101.7 | 19% below |
| 200 week MA | $139.3 | 41% below |
SPSC's trend is mixed: it's above two of its five weekly moving averages, and 41% below its 200-week average.
SPSC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $56.1 | $110.3 | +97% |
| 2021 | $110.3 | $143.8 | +30% |
| 2022 | $143.8 | $127.3 | -11% |
| 2023 | $127.3 | $193.8 | +52% |
| 2024 | $193.8 | $185.5 | -4.3% |
| 2025 | $185.5 | $91.9 | -50% |
| 2026 YTD | $91.9 | $82.3 | -11% |
SPSC has finished lower in three of the last six years. It's down 11% so far in 2026.