Stock SPSC SPS COMMERCE, INC.
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Financials SPS Commerce, Inc.

Equities

SPSC

US78463M1071

Software

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
179 USD +5.62% Intraday chart for SPS Commerce, Inc. +8.14% -7.68%
Apr. 26 SPS Commerce Q1 Non-GAAP Earnings, Revenue Advance; Q2, 2024 Outlook Issued -- Shares Jump Pre-Bell MT
Apr. 25 Earnings Flash (SPSC) SPS COMMERCE Reports Q1 Revenue $149.6M, vs. Street Est of $147M MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,931 3,834 5,120 4,629 7,113 6,627 - -
Enterprise Value (EV) 1 1,931 3,647 4,862 4,415 6,838 6,232 6,197 6,130
P/E ratio 59 x 86.2 x 118 x 86.2 x 110 x 91 x 80.8 x 68.7 x
Yield - - - - - - - -
Capitalization / Revenue 6.92 x 12.3 x 13.3 x 10.3 x 13.2 x 10.7 x 9.3 x 8.16 x
EV / Revenue 6.92 x 11.7 x 12.6 x 9.79 x 12.7 x 10 x 8.7 x 7.54 x
EV / EBITDA 27.7 x 41.9 x 45.4 x 33.4 x 43.4 x 33.5 x 28.4 x 24 x
EV / FCF 33.2 x 50.6 x 52.1 x 55.1 x 60.8 x 43.8 x 36.8 x 29.9 x
FCF Yield 3.01% 1.98% 1.92% 1.82% 1.65% 2.28% 2.72% 3.34%
Price to Book - - - - - - - -
Nbr of stocks (in thousands) 34,839 35,309 35,964 36,042 36,698 37,032 - -
Reference price 2 55.42 108.6 142.4 128.4 193.8 179.0 179.0 179.0
Announcement Date 2/13/20 2/11/21 2/9/22 2/9/23 2/8/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 279.1 312.6 385.3 450.9 536.9 622 712.6 812.5
EBITDA 1 69.76 86.99 107 132.3 157.6 186.3 218.6 255.6
EBIT 1 59.13 74.63 92.78 116.3 138.9 166.2 196.5 231.9
Operating Margin 21.18% 23.87% 24.08% 25.81% 25.87% 26.73% 27.57% 28.54%
Earnings before Tax (EBT) 1 42.07 52.68 53.54 71.32 85.56 97.59 119.4 142.4
Net income 1 33.71 45.59 44.6 55.13 65.82 77.44 87.73 99.6
Net margin 12.08% 14.58% 11.58% 12.23% 12.26% 12.45% 12.31% 12.26%
EPS 2 0.9400 1.260 1.210 1.490 1.760 1.966 2.214 2.605
Free Cash Flow 1 58.21 72.1 93.3 80.17 112.5 142.1 168.5 205
FCF margin 20.85% 23.06% 24.22% 17.78% 20.96% 22.85% 23.65% 25.23%
FCF Conversion (EBITDA) 83.44% 82.87% 87.19% 60.61% 71.39% 76.29% 77.09% 80.2%
FCF Conversion (Net income) 172.67% 158.15% 209.22% 145.41% 170.97% 183.55% 192.08% 205.82%
Dividend per Share - - - - - - - -
Announcement Date 2/13/20 2/11/21 2/9/22 2/9/23 2/8/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 102.8 105.2 109.2 114.5 122 125.9 130.4 135.7 145 149.6 151.5 156.5 164.3 171.1 174.3
EBITDA 1 27.69 31.77 30.86 34.69 34.95 37 38.17 40.5 41.96 44.4 44.12 47.67 50.1 52.17 52.68
EBIT 1 24.07 28 27.1 30.52 30.61 32.36 33.39 35.83 37.29 39.76 39.36 42.49 44.76 46.61 47.26
Operating Margin 23.42% 26.61% 24.82% 26.66% 25.09% 25.71% 25.6% 26.41% 25.73% 26.58% 25.98% 27.14% 27.24% 27.25% 27.12%
Earnings before Tax (EBT) 1 15.25 16.93 14.63 19 20.77 18.01 18.92 22.3 26.34 18.54 23.86 26.96 29.26 23.44 29.76
Net income 1 12.76 12.6 10.75 15.86 15.92 15.29 14.68 16.84 19.01 18 18.05 20.17 21.87 17.31 22.11
Net margin 12.42% 11.98% 9.85% 13.86% 13.04% 12.15% 11.26% 12.41% 13.11% 12.04% 11.91% 12.89% 13.31% 10.12% 12.69%
EPS 2 0.3400 0.3400 0.2900 0.4300 0.4300 0.4100 0.3900 0.4500 0.5100 0.4800 0.4480 0.5060 0.5540 0.4375 0.5500
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 2/9/22 4/28/22 7/27/22 10/27/22 2/9/23 4/26/23 7/27/23 10/26/23 2/8/24 4/25/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - 187 257 214 275 395 430 497
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 58.2 72.1 93.3 80.2 113 142 169 205
ROE (net income / shareholders' equity) - 14.4% 14.8% 17% 17.8% 17.9% 19% 19%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share - - - - - - - -
Cash Flow per Share - - - - - - - -
Capex 1 13.6 16.5 19.6 19.9 19.8 19.9 31.1 32
Capex / Sales 4.87% 5.27% 5.08% 4.41% 3.68% 3.21% 4.37% 3.94%
Announcement Date 2/13/20 2/11/21 2/9/22 2/9/23 2/8/24 - - -
1USD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for SPS Commerce, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
179 USD
Average target price
204.9 USD
Spread / Average Target
+14.49%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Enterprise Software
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