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Runs a cloud network connecting retailers, suppliers and logistics partners for order/inventory data exchange (EDI).
Runs a cloud network connecting retailers, suppliers and logistics partners for order/inventory data exchange (EDI).
Suppliers, not retailers, pay: each subscribes and pays recurring fees that rise with the number of retail partners it connects to and the volume of orders it handles, so every new retailer on the network widens the base. Analytics and onboarding tools are sold as add-ons.
Moat: narrow (network effects, switching costs, scale). A large, established retailer-supplier network creates strong network effects and high switching costs.
Headquarters: Minneapolis, Minnesota, United States · Founded: 1987 · Employees: 2,948
Size SPS Commerce (SPSC) is a United States Information Technology company (Packaged Software) with a market value of $2.90B, the 1573rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $81.91 on 6 Nov 2026.
Performance Over six months the shares gained 45.0%, against -5.0% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 6.9% over the last twelve months (peer median +9.8%); the operating margin is 16.8% (peer median 4.7%).
Valuation It trades at 15.3× forward earnings against a peer median of 22.1× (6th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.5 points above its cost of capital (8.1% WACC).
Short interest Short interest is 8.0% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $780M | $752M | $638M | $537M | $451M |
| Revenue growth | — | +18% | +19% | +19% | — |
| Gross profit | $510M | $483M | $404M | $339M | $286M |
| EBITDA | $193M | $177M | $131M | $112M | $99.4M |
| Net income | $83.1M | $93.3M | $77.1M | $65.8M | $55.1M |
| Free cash flow | $203M | $152M | $137M | $113M | $80.2M |
| Capital expenditure | $28.9M | $26.5M | $20.0M | $19.8M | $19.9M |
| Total debt | $6.62M | $7.19M | $12.5M | $14.0M | $17.3M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SPS Commerce SPSC | $2.90B | +45% | +7% | 17% | 15.3× | 7.3% |
| Open Text OTEX.TO | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% |
| Descartes Systems DSG.TO | $8.10B | +32% | +12% | 33% | 37.9× | 4.4% |
| Wisetech Global WTC.AX | $10.3B | +15% | +71% | 31% | 32.6× | 30.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SPSC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.7% | +3.1% | 7th lowest of 21 |
| 6-month return | +45.0% | -5.0% | 2nd highest of 20 |
| Distance from 52-week high | -15.2% | -41.5% | 2nd highest of 21 |
| Revenue growth (TTM) | +6.9% | +9.8% | 10th lowest of 21 |
| Operating margin | 16.8% | 4.7% | 5th highest of 21 |
| Forward P/E | 15.3× | 22.1× | 6th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 7.3% | 13.9% | 5th least demanding of 15 |
| Growth delivered (Del g) | +19.2% | +15.0% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | -11.9 pp | -1.5 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +5.5 pp | -2.3 pp | 6th highest of 19 |
| EV / EBITDA | 14.1× | 17.7× | 5th cheapest of 10 |
| Net debt / EBITDA | -0.9× | 0.3× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SPS Commerce SPSC | United States | $2.90B | +45% | +7% | 17% | 15.3× | 7.3% | +19.2% |
| Beijing 51WORLD Digital Twin Technology 6651.HK | Hong Kong | $2.91B | -1% | +39% | -38% | n/a | n/a | n/a |
| Tata Technologies TATATECH.NS | India | $2.86B | +6% | +22% | 13% | 34.9× | 28.3% | +18.3% |
| Teradata TDC | United States | $2.96B | +1% | +1% | 8% | 11.6× | -5.4% | -2.0% |
| Intsig Information 688615.SS | China | $2.96B | -26% | +24% | 22% | 34.9× | 12.6% | +22.1% |
| Servyou Software 603171.SS | China | $2.84B | -16% | +6% | 5% | 72.7× | 40.3% | +5.9% |
| Beijing Shiji Information Technology 002153.SZ | China | $3.02B | -27% | -4% | -3% | 492.7× | n/a | n/a |
| DHC Software 002065.SZ | China | $3.04B | -23% | -4% | 3% | 39.5× | 14.8% | +7.1% |
| Vertex VERX | United States | $2.77B | +14% | +11% | 1% | 17.4× | 57.9% | +14.8% |
| XD, Inc. 2400.HK | Hong Kong | $2.77B | -28% | +6% | 26% | 11.9× | 3.0% | +14.3% |
| Shenzhen Infogem Technologies 300085.SZ | China | $3.06B | -23% | +2% | -11% | n/a | n/a | n/a |
| Liftoff Mobile LFTO | United States | $3.07B | n/a | +35% | 36% | 18.6× | -7.3% | +35.5% |
| Via Transportation VIA | United States | $3.07B | +118% | +29% | -17% | 259.2× | n/a | n/a |
| JWIPC Technology 001339.SZ | China | $2.72B | -19% | +41% | 21% | 21.9× | n/a | n/a |
| Cellebrite DI CLBT | United States | $3.13B | -2% | +18% | 11% | 38.0× | 22.8% | +19.5% |
| Tsinghua Tongfang 600100.SS | China | $3.15B | -22% | -11% | -2% | n/a | 30.2% | -10.3% |
| Freshworks FRSH | United States | $3.18B | +37% | +15% | 8% | 14.5× | 12.9% | +27.4% |
| Wix.com WIX | United States | $3.18B | -5% | +14% | -3% | 12.6× | -4.4% | +15.2% |
| Shijiazhuang Changshan Beiming Technology 000158.SZ | China | $2.64B | -35% | -14% | 2% | n/a | n/a | n/a |
| Sinch SINCH.ST | Sweden | $3.19B | +13% | -6% | 4% | 13.3× | 23.8% | +27.5% |
| Alarm.com ALRM | United States | $3.19B | +37% | +9% | 13% | 22.4× | 10.9% | +10.3% |