SPS COMMERCE INC SPSC
SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations. Our network enables companies to connect once and immediately transact with thousands of trading partners without negotiating standards, building integrations, or maintaining compliance logic.
Our network powers our portfolio of solutions that orchestrate the critical processes, protocols, and data exchanges needed to get the right product, in the right place, at the right time, every time. We have embedded deep expertise, proven processes, and compliance logic built from over 20 years of commerce intelligence into every connection, delivering a full-service experience that empowers partners to move forward faster, together.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $751.5M | $637.8M | $536.9M | $450.9M | $385.3M | $312.6M | $279.1M | $248.2M | $220.1M | $193.2M |
| Cost of revenue | $231.6M | $210.7M | $182.1M | $153.1M | $131.7M | $99.8M | $92.2M | $81.7M | $73.6M | $64.3M |
| Gross profit | $519.9M | $427.1M | $354.8M | $297.8M | $253.6M | $212.8M | $186.9M | $166.5M | $146.5M | $128.8M |
| R&D | $68.7M | $62.8M | $53.7M | $45.7M | $39.0M | $31.0M | $28.3M | $22.1M | $23.2M | $22.0M |
| SG&A | $126.6M | $102.9M | $84.9M | $67.3M | $61.3M | $50.1M | $44.7M | $41.9M | $37.5M | $28.8M |
| Total operating expenses | $401.6M | $338.2M | $277.6M | $226.6M | $198.5M | $162.6M | $148.5M | $139.8M | $136.5M | $122.4M |
| Operating income | $118.3M | $88.9M | $77.2M | $71.2M | $55.1M | $50.2M | $38.4M | $26.7M | $10.0M | $6.4M |
| Interest expense | — | — | — | — | — | $1.1M | $2.9M | $2.3M | $1.0M | $601.0K |
| Pre-tax income | $123.8M | $99.5M | $85.6M | $71.3M | $53.5M | $52.7M | $42.1M | $28.3M | $10.7M | $7.7M |
| Income tax | $30.5M | $22.4M | $19.7M | $16.2M | $8.9M | $7.1M | $8.4M | $4.5M | $10.3M | $2.8M |
| Net income | $93.3M | $77.1M | $65.8M | $55.1M | $44.6M | $45.6M | $33.7M | $23.9M | $351.0K | $5.0M |
| EPS, basic | 2.46 | 2.07 | 1.80 | 1.53 | 1.24 | 1.29 | 0.96 | 0.69 | 0.01 | 0.29 |
| EPS, diluted | 2.46 | 2.04 | 1.76 | 1.49 | 1.21 | 1.26 | 0.94 | 0.68 | 0.01 | 0.29 |
| Shares, diluted (wtd. avg.) | $38.0M | $37.9M | $37.5M | $37.0M | $37.0M | $36.3M | $36.0M | $35.2M | $34.7M | $17.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $151.4M | $241.0M | $219.1M | $162.9M | $207.6M | $149.7M | $179.3M | $133.9M | $123.1M | $115.9M |
| Short-term investments | — | $0 | $56.4M | $51.4M | $49.8M | $37.8M | $34.3M | $44.5M | $40.2M | $23.1M |
| Receivables | $68.2M | $52.0M | $46.8M | $39.4M | $34.6M | $33.6M | $31.5M | $27.5M | $24.9M | $20.7M |
| Total current assets | $335.3M | $381.9M | $401.4M | $322.8M | $352.4M | $271.4M | $291.6M | $249.6M | $224.3M | $185.9M |
| Property, plant and equipment | $43.1M | $37.5M | $36.0M | $35.5M | $31.9M | $26.4M | $23.8M | $21.0M | $16.9M | $15.3M |
| Goodwill | $541.7M | $399.2M | $249.2M | $197.3M | $143.7M | $134.9M | $76.8M | $69.7M | $51.6M | $49.8M |
| Other intangibles | $215.8M | $181.3M | $107.3M | $88.4M | $58.6M | $60.2M | $22.7M | $22.7M | $16.5M | $19.8M |
| Total assets | $1.17B | $1.03B | $823.8M | $672.9M | $615.8M | $526.5M | $447.4M | $386.1M | $339.7M | $298.4M |
| Accounts payable | $13.8M | $8.6M | $7.4M | $11.3M | $8.3M | $5.4M | $4.3M | $4.4M | $4.5M | $2.3M |
| Total current liabilities | $154.4M | $146.7M | $130.7M | $110.6M | $102.9M | $80.1M | $68.0M | $56.5M | $43.9M | $32.2M |
| Total liabilities | $196.0M | $176.5M | $156.4M | $135.8M | $131.6M | $105.7M | $92.6M | $67.1M | $51.6M | $49.1M |
| Retained earnings | $429.4M | $336.1M | $259.0M | $193.2M | $138.1M | $93.5M | $49.0M | $15.3M | -$8.6M | -$33.7M |
| Total equity | $973.9M | $854.7M | $667.5M | $537.1M | $484.3M | $420.7M | $354.9M | $319.0M | $288.1M | $257.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $178.8M | $157.4M | $132.3M | $100.1M | $112.9M | $88.6M | $71.8M | $55.0M | $31.1M | $18.8M |
| Depreciation and amortisation | $21.1M | $18.7M | $18.6M | $16.4M | $14.8M | $13.1M | $11.1M | $8.6M | $7.2M | $6.6M |
| Stock-based compensation | $53.7M | $54.6M | $45.5M | $33.4M | $27.6M | $18.9M | $14.7M | $12.5M | $12.7M | $8.0M |
| Capital expenditure | $26.5M | $20.0M | $19.8M | $19.9M | $19.6M | $16.5M | $13.6M | $13.8M | $7.3M | $8.0M |
| Investing cash flow | -$169.2M | -$110.5M | -$92.6M | -$112.8M | -$46.7M | -$120.5M | -$14.3M | -$40.5M | -$22.6M | -$34.2M |
| Financing cash flow | -$100.8M | -$23.0M | $16.0M | -$31.6M | -$8.4M | $2.3M | -$12.1M | -$3.8M | -$2.5M | $10.1M |
| Buybacks | $114.3M | $37.6M | $0 | $43.2M | $20.4M | $18.9M | $20.6M | $19.9M | $5.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001092699-26-000029.
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