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Earnings transcript
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SPSC
SPS Commerce, Inc.
$56.08
-0.15
(-0.27%)
[ms_data_label text=’Delayed data’]
| Exchange: | NASDAQ |
| Market Cap: | 2.115B |
| Shares Outstanding: | 654000 |
About The Company
| Sector: | Technology | |||||
| Industry: | Software – Infrastructure | |||||
| CEO: | Chadwick Collins | |||||
| Full Time Employees: | 2783 | |||||
| Address: |
| |||||
| Website: | https://www.spscommerce.com |
SPS Commerce, Inc. provides cloud-based supply chain management solutions worldwide. It offers solutions through the SPS Commerce, a cloud-based platform that enhances the way retailers, suppliers, grocers, distributors, and logistics firms manage and fulfill omnichannel orders, optimize sell-through performance, and automate new trading relationships. The company also provides Fulfillment solution that provides fulfillment automation and replaces or augments an organization’s existing staff and trading partner electronic communication infrastructure by enabling easy compliance with retailers’ rulebooks, automatic, and digital exchange of information among numerous trading partners through various protocols, and greater visibility into the journey of an order; and Analytics solution, which consists of data analytics applications that enables customers to enhance their visibility across supply chains through greater analytics capabilities. In addition, it offers various complimentary products, such as assortment product, which enables accurate order management and rapid fulfillment; and community product that accelerates vendor onboarding and ensures trading partner adoption of new supply chain requirements. The company was formerly known as St. Paul Software, Inc. and changed its name to SPS Commerce, Inc. in May 2001. SPS Commerce, Inc. was incorporated in 1987 and is headquartered in Minneapolis, Minnesota.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 536,910 | 637,765 | 751,505 |
| Gross Profit | 354,841 | 427,051 | 482,707 |
| EBITDA | 111,995 | 131,114 | 182,093 |
| Operating Income | 77,248 | 88,883 | 118,303 |
| Net Income | 65,824 | 77,054 | 93,339 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 823,844 | 1,031,230 | 1,169,859 |
| Total Liabilities | 156,369 | 176,540 | 195,966 |
| Total Stockholders Equity | 667,475 | 854,690 | 973,893 |
| Total Debt | 14,029 | 12,468 | 10,031 |
| Cash and Cash Equivalents | 219,081 | 241,017 | 151,355 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 132,298 | 157,398 | 178,790 |
| Capital Expenditure | -19,761 | -20,046 | -26,524 |
| Free Cash Flow | 112,537 | 137,352 | 152,266 |
| Net Income | 65,824 | 77,054 | 93,339 |
| Net Change in Cash | 56,188 | 21,936 | -89,662 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 1,012,183.896 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 1,018,790.903 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 1,015,631.518 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 218,734.740 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 220,162.526 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 219,479.778 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 254,504.615 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 256,666.360 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 255,632.598 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 392,361.177 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 394,922.306 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 393,697.607 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 6.730 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 6.760 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 6.700 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 3 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Financial Performance: SPS Commerce reported strong financial results in Q2 2025, with key metrics such as revenue, net income, and operating income reflecting consistent growth as highlighted in the earnings call transcript. This performance aligns with or exceeds market expectations, demonstrating operational efficiency.
- Positive Free Cash Flow and Low Debt: Analysis of cash flow statements indicates healthy free cash flow (specific figures from freeCashFlow column), supported by net cash provided by operating activities. Additionally, a low debt-to-equity ratio (from debtToEquityRatioTTM) suggests a strong balance sheet with minimal financial leverage risk.
- Industry Positioning: SPSC benefits from operating in a competitive industry (industryName) within the broader technology sector (sectorName), showing performance metrics (perf1y, perf5y) that compare favorably to industry averages (industry_perf1y, industry_perf5y), indicating a solid market position.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates SPSC intrinsic value between $53.39 – $153.27 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about SPSC valuation
Is SPS Commerce, Inc. (SPSC) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for SPS Commerce, Inc. (SPSC) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is SPSC a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether SPSC trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is SPSC’s P/E ratio?
You can see SPSC’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for SPSC?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is SPSC a good long-term investment?
Whether SPSC fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
SPSC
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
[ms_data_label text="Daily snapshot"]
-0.27
Trading Metrics:
| Open: | [ms_cell_or_dash table='trading_quote' column='open'] | Previous Close: | [ms_cell_or_dash table='trading_quote' column='previousClose'] | |
| Day Low: | [ms_cell_or_dash table='trading_quote' column='dayLow'] | Day High: | [ms_cell_or_dash table='trading_quote' column='dayHigh'] | |
| Year Low: | 52.56 | Year High: | 153.16 | |
| Price Avg 50: | 66.34 | Price Avg 200: | 96.35 | |
| Volume: | 639090 | Average Volume: | 803161 |
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Login — it's freeSPSC full analysis
Welcome to MARKETSNAP’s SWOT analysis for SPS Commerce, a company that might not be on everyone’s radar but is definitely worth a closer look if you’re into tech-driven supply chain solutions. If you’re a long-term investor looking to build wealth with solid picks, let’s dive into what makes SPS Commerce tick, where it stands today, and what could shape its future. I’ve got the latest data, financials, and insights lined up, so stick with me as we break this down…
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