SPS Commerce Inc
Research SPS Commerce Inc (SPSC) on Bullrun: valuation model: 14.4% overvalued, market cap USD 3.06B, P/E 40.8. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerSPSC
- ExchangeNASDAQ
- CountryUnited States
- SectorTechnology
- IndustrySoftware-Application
- CurrencyUSD
- Valuation signal14.4% overvalued
- Market capUSD 3.06B
- P/E40.8
- Financial periodQ2 2026
- RevenueUSD 197.82M
- Net incomeUSD 6.86M
- Free cash flowUSD 57.43M
- Gross margin70.2%
Valuation Snapshot
Bullrun's latest valuation model marks SPS Commerce Inc as 14.4% overvalued; latest market cap is USD 3.06B; P/E is 40.8.
Peer valuation comparison
Latest P/E is 40.83x versus a Technology sector median of 28.7x (42.3% above).
Latest P/E is 40.83x versus a United States median of 23.75x (72.0% above).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 751.51M | USD 93.34M | USD 152.27M | 69.2% | 2.46 | USD 151.36M | USD 7.19M | USD 973.89M |
| FY2024 | USD 637.77M | USD 77.05M | USD 137.35M | 67.0% | 2.04 | USD 241.02M | USD 12.47M | USD 854.69M |
| FY2023 | USD 536.91M | USD 65.82M | USD 112.54M | 66.1% | 1.76 | USD 219.08M | USD 14.03M | USD 667.48M |
| FY2022 | USD 450.88M | USD 55.13M | USD 80.17M | 66.1% | 1.49 | USD 162.89M | USD 17.29M | USD 537.07M |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-12 | USD 3.06B | 40.8 | n/a | n/a |
| 2025 | 2025-12-31 | USD 3.34B | 36.2 | n/a | n/a |
| 2024 | 2024-12-31 | USD 6.93B | 90.6 | n/a | n/a |
| 2023 | 2023-12-29 | USD 7.11B | 115.4 | n/a | n/a |
| 2022 | 2022-12-30 | USD 4.63B | 91.1 | n/a | n/a |
| 2021 | 2021-12-31 | USD 5.13B | 117.6 | n/a | n/a |
About SPS Commerce Inc
SPS Commerce, Inc. provides cloud-based supply chain management solutions in the United States. It offers solutions through SPS Commerce, a cloud-based platform that connects retailers, brands, distributors, manufacturers, and logistics providers, handling the complexity of modern commerce operations.
ETFs that hold SPS Commerce Inc
SPS Commerce Inc is one of the ten largest holdings of one ETF that investors in Europe can buy:
| ETF | Weight | TER |
|---|---|---|
| L&G Ecommerce Logistics UCITS ETF | 2.81% | 0.49% |
Related stock research
Other Technology stocks
Frequently asked questions
Is SPS Commerce Inc overvalued or undervalued?
Bullrun's valuation model currently marks SPS Commerce Inc as 14.4% overvalued.
What is SPS Commerce Inc's market cap?
SPS Commerce Inc's market capitalization is USD 3.06B.
What is SPS Commerce Inc's P/E ratio?
SPS Commerce Inc's price-to-earnings (P/E) ratio is 40.8.
What does SPS Commerce Inc do?
SPS Commerce, Inc. provides cloud-based supply chain management solutions in the United States. It offers solutions through SPS Commerce, a cloud-based platform that connects retailers, brands, distributors, manufacturers, and logistics providers, handling the complexity of modern commerce operations.