# SPS Commerce, Inc. (SPSC)

> Source: Nexqual · https://nexqual.com/SPSC · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, SPS Commerce, Inc. (SPSC), nexqual.com/SPSC" · informational, not investment advice.

**Price:** USD 85.78 (+0.22% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 85.59 · day 82.11–85.92 · 52w 49.04–106.5 · market cap $3.09B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $772M, net income $78.0M (10.1% margin), free cash flow $199M (SEC filings).
- Valuation: P/E 39.6x (avg 79.0x at the last 3 fiscal year-ends).
- Analysts: Hold (mean 2.75 on a 1–5 scale) (12 analysts), mean target USD 81.55 (range 65–103).
- Total return with dividends: 1Y -17.6% vs S&P 500 +14.8%; 5Y -43.8% vs S&P 500 +79.1%.
- Next earnings: 2026-10-29, EPS estimate USD 1.23, revenue estimate $198M. All companies reporting that day: https://nexqual.com/earnings/2026-10-29
- Dividend: SPSC paid no cash dividend in the last five years.
- Short interest: 9.45% of float (as of 2026-10-15), 5.9 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $385M | $451M | $537M | $638M | $752M | $772M |
| Gross profit | $254M | $298M | $355M | $427M | $520M | — |
| Operating income | $55.1M | $71.2M | $77.2M | $88.9M | $118M | $98.8M |
| Net income | $44.6M | $55.1M | $65.8M | $77.1M | $93.3M | $78.0M |
| EPS (diluted) | $1.21 | $1.49 | $1.76 | $2.04 | $2.46 | — |
| Free cash flow | $93.3M | $80.2M | $113M | $137M | $152M | $199M |
| Gross margin | 65.8% | 66.1% | 66.1% | 67.0% | 69.2% | — |
| Operating margin | 14.3% | 15.8% | 14.4% | 13.9% | 15.7% | 12.8% |
| Net margin | 11.6% | 12.2% | 12.3% | 12.1% | 12.4% | 10.1% |
| Revenue growth | +23.2% | +17.0% | +19.1% | +18.8% | +17.8% | — |
| Cash + short-term investments | $257M | $214M | $275M | $241M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 39.6x · P/S 4.0x · P/FCF 15.5x · P/B 3.3x · FCF yield 6.43% · Earnings yield 2.53% · Buyback yield (TTM) 4.96%
P/E at fiscal year-ends: Dec 2025 36.3x, Dec 2024 90.4x, Dec 2023 110.4x.

## Analysts
Consensus Hold (mean 2.75 on a 1–5 scale), 12 analysts; mean target USD 81.55 (low 65, high 103).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Citigroup | Target raised | Buy | $82 → $99 |
| 2026-10-14 | Stifel | Target raised | Hold | $70 → $85 |
| 2026-08-19 | Needham | Target raised | Buy | $75 → $100 |
| 2026-07-31 | Morgan Stanley | Target raised | Underweight | $57 → $59 |
| 2026-07-31 | Cantor Fitzgerald | Target raised | Neutral | $60 → $70 |
| 2026-07-31 | Stifel | Target raised | Hold | $60 → $70 |
| 2026-07-21 | Citigroup | Target raised | Buy | $76 → $82 |
| 2026-07-21 | Morgan Stanley | Downgrade | Equal-Weight → Underweight | $70 → $57 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -17.6% | -43.8% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -17.7% | -10.9% |
| Volatility (annualized) | 47.7% | 42.7% |
| Max drawdown | -52.0% (Oct 2025→May 2026) | -75.8% (Feb 2024→May 2026) |

## Dividends
SPSC paid no cash dividend in the last five years.

## Short interest
2,860,268 shares sold short, 9.45% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 3,246,091 shares (-11.9%). Days to cover: 5.9 (short shares ÷ average daily volume).

## Peers (Software - Application)
RNG (Ringcentral, Inc.) USD 83.7 -2.90% · APPF (AppFolio, Inc.) USD 207.05 +1.00% · TTAN (ServiceTitan, Inc.) USD 80.73 -0.16% · DSGX (The Descartes Systems Group Inc) USD 92.03 -0.36% · IDCC (InterDigital, Inc.) USD 334.27 +4.28% · YMM (Full Truck Alliance Co. Ltd.) USD 8.09 +0.12%

## More
Full page: https://nexqual.com/SPSC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.23 | $1.24 | -1.0% | $197.5M | 11 |
| Next quarter (ends 2026-12-31) | $1.31 | $1.31 | +0.2% | $203.4M | 11 |
| Current fiscal year (ends 2026-12-31) | $4.90 | $4.74 | +3.5% | $790.6M | 12 |
| Next fiscal year (ends 2027-12-31) | $5.33 | $5.21 | +2.2% | $840.1M | 12 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $1.27 | $1.09 | Beat +16.5% | — |
| — | Quarter ended Mar 31, 2026 | $1.10 | $0.98 | Beat +12.2% | — |
| — | Quarter ended Dec 31, 2025 | $1.14 | $1.01 | Beat +12.9% | — |
| — | Quarter ended Sep 30, 2025 | $1.13 | $1.00 | Beat +13.0% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).