SPS Commerce Inc
Research SPS Commerce Inc (SPSC) on Bullrun: valuation model: 7.7% overvalued, market cap USD 2.92B, P/E 38.9. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerSPSC
- ExchangeNASDAQ
- CountryUnited States
- SectorTechnology
- IndustrySoftware-Application
- CurrencyUSD
- Valuation signal7.7% overvalued
- Market capUSD 2.92B
- P/E38.9
- 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 7.7% overvalued; latest market cap is USD 2.92B; P/E is 38.9.
Peer valuation comparison
Latest P/E is 38.88x versus a Technology sector median of 28.57x (36.1% above).
Latest P/E is 38.88x versus a United States median of 24.87x (56.4% 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 | 2026-08-25 | USD 2.92B | 38.9 | 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.
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Frequently asked questions
Is SPS Commerce Inc overvalued or undervalued?
Bullrun's valuation model currently marks SPS Commerce Inc as 7.7% overvalued.
What is SPS Commerce Inc's market cap?
SPS Commerce Inc's market capitalization is USD 2.92B.
What is SPS Commerce Inc's P/E ratio?
SPS Commerce Inc's price-to-earnings (P/E) ratio is 38.9.
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.