SPS Commerce, Inc.

SPSCUS

SPS Commerce, Inc. delivers comprehensive, cloud-based solutions for supply chain management across the globe. The company's central offering is its "SPS Commerce" platform, an advanced system that enhances operations for retailers, suppliers, grocers, distributors, and logistics firms. This platform allows these businesses to streamline the management and fulfillment of omnichannel orders, boost sell-through efficiency, and automate the creation of new trading partnerships. Key components include the Fulfillment solution, which automates order processing and can either replace or augment a client's existing staff and electronic communication systems. It simplifies adherence to retailer-specific rules, facilitates seamless digital data exchange with numerous trading partners using various protocols, and provides greater transparency into an order's journey. Additionally, the Analytics solution features data analysis applications that empower clients with deeper insights throughout their supply chains. SPS Commerce also offers complementary products like an assortment tool for accurate order management and rapid fulfillment, and a community product designed to expedite vendor onboarding and ensure trading partner compliance with evolving supply chain demands. The company, initially incorporated in 1987 as St. Paul Software, Inc., adopted its current name, SPS Commerce, Inc., in May 2001. It is headquartered in Minneapolis, Minnesota.

Founded1987IPO year2010As of2026-08-04
Market Cap
$2.67B
Enterprise Value
$2.51B
EV / LTM Revenue
3.3x
EV / NTM Revenue
3.1x
Trading multiples

Enterprise value over trailing (LTM) vs. forward (NTM) fundamentals. Click an LTM cell to chart it.

LTM
trailing
NTM
forward
Revenue
3.1x
Gross Profit
4.4x
EBITDA
13.8x
Classification
Sector
Application Software
Sub-sector
Vertical Applications
Listing
SPSC
Country
US
Historical valuation & fundamentals

EV / LTM Revenue

Annual financials & analyst forecasts

$MCY2021CY2022CY2023CY2024CY2025CY2026ECY2027E
Revenue YoY17%19%19%18%5%6%
Revenue$385M$451M$537M$638M$752M$790M$841M
Gross Profit$254M$298M$350M$418M$520M
Gross Profit Margin65.8%66.1%65.2%65.5%69.2%
EBITDA$79M$100M$122M$142M$177M$175M$186M
EBITDA Margin20.4%22.2%22.6%22.2%23.5%22.1%22.1%
EBIT$55M$71M$77M$89M$118M$122M$129M
Net Income$45M$55M$66M$77M$93M$186M$196M
Free Cash Flow$93M$80M$113M$137M$152M
FCF Margin24.2%17.8%21.0%21.5%20.3%
Short-Term Debt$0M$0M$0M$0M$0M
Long-Term Debt$0M$0M$0M$0M$0M
Cash & Cash Equivalents$208M$163M$219M$241M$151M
Net Debt($208M)($163M)($219M)($241M)($151M)
Net Debt / EBITDA-2.6x-1.6x-1.8x-1.7x-0.9x
Rule of 4034.8%40.0%40.3%38.1%
Figures in $M. True calendar years (Jan–Dec) built from quarterly data — income & cash-flow lines summed across the four quarters, balance sheet as of year-end. E columns are calendarized analyst consensus — gross profit, cash flow and balance-sheet lines are not estimated. Net debt = short-term debt + long-term debt − cash & cash equivalents; Rule of 40 = YoY revenue growth + FCF margin.