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UPDATED: Nov 12, 2025

Stock Analysis

SPSC Logo
SPS Commerce
NASDAQ:SPSC
$81.69
$0.04 |0.05%
Day Range:
$80.06 - $82.68
Market Cap:
3.08B
P/E Ratio:
36.4688
Avg Value:
$137.06
Year Range:
$73.05 - $201.06
1
General Information
SPS Commerce Inc is a provider of cloud-based supply chain management services for retailers, grocers, distributors, suppliers, and logistics firms to increase supply chain performance, optimize inventory levels and sell-through, reduce operational costs, improve order visibility, and satisfy consumer demands for a seamless omnichannel experience.

Its solutions are delivered through the SPS Commerce platform and provide integrations and retail performance analytics to its customers. Its products are; Fulfillment, Analytics, and Other products like Assortment and Community also it provides one-time services such as professional services and testing and certification. The group derives revenue from subscription-based recurring revenue services.

2
SPS Commerce (SPSC) Stock Graph
3
How We Grade SPS Commerce (SPSC)

We grade stocks based on past performance, their future growth potential, intrinsic value, dividend history, and overall financial health.

The chart below shows how we grade SPS Commerce (SPSC) across the board compared to its closest peers.

4
Benzinga Edge Rankings

Benzinga Edge stock rankings give you four critical scores to help you identify the strongest and weakest stocks to buy and sell.

51.99

Growth measures a stock's combined historical expansion in earnings and revenue across multiple time periods, with emphasis on both long-term trends and recent performance.

23.35

Value is a percentile-ranked composite metric that evaluates a stock's relative worth by comparing its market price to fundamental measures of the company's assets, earnings, sales, and operating performance.

Momentum measures a stock's relative strength based on its price movement patterns and volatility over multiple timeframes, ranked as a percentile against other stocks.

31.43

Quality is a composite ranking that evaluates a company's operational efficiency and financial health by analyzing historical profitability metrics and fundamental strength indicators on a percentile basis relative to peers.

Stock Score Locked: Want to See it?
Benzinga Rankings give you vital metrics on any stock – anytime.
5
Peer Ratings

See how SPS Commerce compares to its peers in these key performance metrics from Benzinga Rankings.

Top Peers
Value
Quality
Growth
Momentum
Short
Medium
Long
ASANAsana
0
0
36.42
17.82
NCNONcino
0
0
9.09
19.87
VERXVertex
0
0
6.97
4.64
BRZEBraze
0
0
26.2
15.35
Short: price trend over the last couple of months
Medium: price trend over the last couple of quarters
Long: price trend over the past year
Stock Score Locked: Want to See it?
Benzinga Rankings give you vital metrics on any stock – anytime.
6
Future Growth
Our estimate of future price growth is based on an aggregation of 10 analyst ratings over the past 3 months and their 12-month price targets.

Below, you can see that analysts are estimating a 12-month price target range of $80.00 - $160.00 with an average of $112.00

37.10%
Expected movement for SPS Commerce (SPSC) over the next 12 months
Based on these rankings

Recent Ratings for SPS Commerce (SPSC)

Morgan Stanley
Date:
Nov 11, 2025
Action:
Downgrades
Prev. Target:
$140.00
New Target:
$100.00
Citigroup
Date:
Oct 31, 2025
Action:
Maintains
Prev. Target:
$145.00
New Target:
$110.00
DA Davidson
Date:
Oct 31, 2025
Action:
Maintains
Prev. Target:
$125.00
New Target:
$80.00
Cantor Fitzgerald
Date:
Oct 31, 2025
Action:
Downgrades
Prev. Target:
$135.00
New Target:
$80.00
Stifel
Date:
Oct 31, 2025
Action:
Downgrades
Prev. Target:
$150.00
New Target:
$80.00
Needham
Date:
Oct 31, 2025
Action:
Maintains
Prev. Target:
$160.00
New Target:
$110.00
Morgan Stanley
Date:
Oct 14, 2025
Action:
Maintains
Prev. Target:
$170.00
New Target:
$140.00
DA Davidson
Date:
Sep 25, 2025
Action:
Maintains
Prev. Target:
$125.00
New Target:
$125.00
Cantor Fitzgerald
Date:
Sep 24, 2025
Action:
Maintains
Prev. Target:
$170.00
New Target:
$135.00
7
Valuation

Earnings History (3 years)

It is important to look at a companies earnings history to see not only if they are profitable, but if their earnings are growing.
As you can see from the chart above, SPSC's earnings have increased for the past three years, this is a positive sign for the stock.
8
Financial Health
What is the current state of the company's financial situation?

We measure the health of a company based on how profitable they are and their ability to cover both their short-term and long-term debts. The key indicators that we use are the Operating Margin, Quick Ratio, and Debt-to-Equity ratio relative to the companies peers

Operational Margin 0.1642

The operating margin measures how much profit a company makes after it spends money on wages, materials or other administrative expenses but before interest and taxes. It is a good representation of how efficiently a company is able to generate profit from its core operations.

Quick Ratio 1.2569

The quick ratio measures how much of a company's debt, that is due in less than 1 year, can be covered using its cash equivalents, marketable securities, and money that is currently owed to them (accounts receivables).

A company with a quick ratio of less than 1.00 does not, in many cases, have the capital on hand to meet its short-term obligations if they were all due at once, while a quick ratio greater than one indicates the company has the financial resources to remain solvent in the short term.

Debt-to-Equity 0.2083

Debt-to-equity is calculated by dividing a company's total liabilities by its shareholders equity. It is a measure of the degree to which a company is financing its operations through debt versus wholly owned funds. Generally speaking, a D/E ratio below 1.0 would be seen as relatively safe, whereas ratios of 2.0 or higher would be considered risky.

The chart above shows SPS Commerce (SPSC) operating margin, quick ratio, and debt-to-equity ratio compared to its peers. The black markers represent the peer averages for each ratio and the blue bars represent SPS Commerce (SPSC) ratio values.
9
Company Financials
INCOME STATEMENT
The income statement also known as the profit and loss statement, primarily focuses on the company's revenues and expenses during a particular period.

The main purpose of an income statement is to convey details of profitability and business activities. Below, is SPSC's income statement for the previous four years along with its trailing-twelve- month profit & loss.

FISCAL YEAR (BIL.)
2021 ($)
2022 ($)
2023 ($)
2024 ($)
TTM ($)
Total Revenue
0.39
0.45
0.54
0.64
0.73
Operating Revenue
0.39
0.45
0.54
0.64
0.73
Cost Of Revenue
0.13
0.15
0.18
0.21
0.23
Gross Profit
0.25
0.30
0.35
0.43
0.50
Operating Expense
0.20
0.23
0.28
0.34
0.39
Selling General And Administration
0.15
0.17
0.21
0.25
0.29
Research and Development
0.04
0.05
0.05
0.06
0.07
Operating Income
0.06
0.07
0.08
0.09
0.11
Net Non-Operating Interest Income Expense
0.00
0.00
0.00
0.00
0.00
Other Income Expense
0.00
0.00
0.01
0.01
0.00
Other Non-Operating Income Expenses
0.00
0.00
0.00
0.00
0.00
Pre-Tax Income
0.05
0.07
0.09
0.10
0.11
Tax Provision
0.01
0.02
0.02
0.02
0.03
Net Income
0.04
0.06
0.07
0.08
0.09
Net Income Common Stockholders
0.04
0.06
0.07
0.08
0.09
Total Operating Income As Reported
0.06
0.07
0.08
0.09
0.11
Total Expenses
0.33
0.38
0.46
0.55
0.62
Net Income From Continuing And Discontinued Operation
0.04
0.06
0.07
0.08
0.09
Normalized Income
0.05
0.05
0.06
0.07
0.08
Interest Income
0.00
0.00
0.00
0.00
0.00
Interest Expense
0.00
0.00
0.00
0.00
0.00
Net Interest Income
0.00
0.00
0.00
0.00
0.00
EBIT
0.06
0.07
0.08
0.09
0.11
EBITDA
0.08
0.10
0.11
0.13
0.16
Reconciled Cost Of Revenue
0.12
0.14
0.16
0.19
0.21
Reconciled Depreciation
0.02
0.03
0.03
0.04
0.06
Normalized EBITDA
0.08
0.10
0.10
0.12
0.16
Tax Rate For Calcs
0.00
0.00
0.00
0.00
0.21
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
0.00
BALANCE SHEET
The balance sheet is a snapshot of a companies financials during a particular period in time.

It breaks down what company owns (assets) and what a company owes (liabilities), in order to give investors an overview of its capital structure.

FISCAL YEAR (BIL.)
2021 ($)
2022 ($)
2023 ($)
2024 ($)
TTM ($)
Total Assets
0.62
0.67
0.82
1.03
1.16
Current Assets
0.35
0.32
0.40
0.38
0.32
Total Non-Current Assets
0.26
0.35
0.42
0.65
0.84
Total Liabilities Net Minority Interest
0.13
0.14
0.16
0.18
0.20
Current Liabilities
0.10
0.11
0.13
0.15
0.16
Other Non-Current Liabilities
0.00
0.00
0.00
0.00
0.00
Total Equity Gross Minority Interest
0.48
0.54
0.67
0.85
0.96
Stockholders Equity
0.00
0.00
0.00
0.00
0.00
Total Capitalization
0.48
0.54
0.67
0.85
0.96
Common Stock Equity
0.48
0.54
0.67
0.85
0.96
Net Tangible Assets
0.28
0.25
0.31
0.27
0.19
Working Capital
0.25
0.21
0.27
0.24
0.16
Invested Capital
0.48
0.54
0.67
0.85
0.96
Tangible Book Value
0.28
0.25
0.31
0.27
0.19
Total Debt
0.02
0.02
0.01
0.01
0.01
Net Debt
0.00
0.00
0.00
0.00
0.00
Share Issued
0.04
0.04
0.04
0.04
0.04
Ordinary Shares Number
0.04
0.04
0.04
0.04
0.04
CASH FLOW STATEMENTS
A companies statement of cash flows gives an investor a break down of the cash inflows and outflows from a companies operations and investment activities.
FISCAL YEAR (BIL.)
2021 ($)
2022 ($)
2023 ($)
2024 ($)
TTM ($)
Cash Flow from Continuing Operating Activities
0.11
0.10
0.13
0.16
0.17
Net Income from Continuing Operations
0.04
0.06
0.07
0.08
0.09
Depreciation and Amortization
0.02
0.03
0.03
0.04
0.06
Deferred Tax
-0.01
-0.01
0.01
Deferred Income Tax
-0.01
-0.01
0.01
Stock-Based Compensation
0.03
0.03
0.05
0.05
0.06
Other Non-Cash Items
Change in Working Capital
0.01
-0.02
-0.01
-0.01
-0.04
Change in Receivables
-0.01
-0.01
-0.01
-0.01
Changes in Account Receivables
-0.01
-0.01
-0.01
-0.01
Change in Inventory
Change in Payables and Accrued Expense
0.01
-0.01
0.01
0.01
Change in Payable
Change in Account Payable
Change in Other Current Assets
-0.01
Change in Other Current Liabilities
Change in Other Working Capital
0.01
-0.01
-0.01
-0.04
Cash Flow from Continuing Investing Activities
-0.05
-0.11
-0.09
-0.11
-0.16
Net PPE Purchase and Sale
-0.02
-0.02
-0.02
-0.02
-0.03
Net Business Purchase and Sale
-0.14
Purchase of Business
-0.14
Net Investment Purchase and Sale
-0.01
0.06
0.01
Purchase of Investment
-0.12
-0.16
-0.13
-0.09
Sale of Investment
0.11
0.16
0.13
0.14
0.01
Net Other Investing Changes
Financing Cash Flow
-0.01
-0.03
0.02
-0.02
-0.08
Cash Flow from Continuing Financing Activities
-0.01
-0.03
0.02
-0.02
-0.08
Net Issuance Payments of Debt
Net Long-Term Debt Issuance
Long-Term Debt Issuance
Long-Term Debt Payments
Net Short-Term Debt Issuance
Net Common Stock Issuance
-0.02
-0.04
-0.04
-0.09
Common Stock Issuance
Common Stock Payments
-0.02
-0.04
-0.04
-0.09
Cash Dividends Paid
Net Other Financing Charges
End Cash Position
0.76
0.76
0.79
0.91
0.58
Changes in Cash
0.06
-0.04
0.06
0.02
-0.06
Beginning Cash Position
0.70
0.81
0.73
0.89
0.64
Capital Expenditure
-0.02
-0.02
-0.02
-0.02
-0.03
Issuance of Capital Stock
Issuance of Debt
Repayment of Debt
Repurchase of Capital Stock
-0.02
-0.04
-0.04
-0.09
Free Cash Flow
0.09
0.08
0.11
0.14
0.15