SPSC · Sps Commerce Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $751.50M | $637.76M | $536.91M | $450.88M | $385.28M | $312.63M |
| Cost of Revenue | $231.63M | $210.71M | $182.07M | $153.06M | $131.68M | $99.84M |
| Gross Profit | $519.88M | $427.05M | $354.84M | $297.81M | $253.60M | $212.79M |
| R&D | $68.68M | $62.81M | $53.65M | $45.75M | $39.04M | $31.02M |
| SG&A | $126.59M | $102.93M | $84.89M | $67.34M | $61.30M | $50.12M |
| Total Operating Expenses | $401.57M | $338.17M | $277.59M | $226.63M | $198.51M | $162.64M |
| D&A | $21.09M | $18.72M | $18.63M | $16.42M | $14.79M | $13.13M |
| Operating Income | $118.30M | $88.88M | $77.25M | $71.18M | $55.09M | $50.16M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $30.50M | $22.42M | $19.74M | $16.19M | $8.94M | $7.09M |
| Net Income | $93.34M | $77.05M | $65.82M | $55.13M | $44.60M | $45.59M |
| EPS - Basic | $2.46 | $2.07 | $1.80 | $1.53 | $1.24 | $1.29 |
| EPS - Diluted | $2.46 | $2.04 | $1.76 | $1.49 | $1.21 | $1.26 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $151.35M | $241.02M | $219.08M | $162.89M | $207.55M | $149.69M |
| Accounts Receivable | $68.17M | $52.03M | $46.84M | $39.44M | $34.56M | $33.58M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $13.76M | $8.58M | $7.42M | $11.26M | $8.33M | $5.35M |
| Current Assets | $335.30M | $381.91M | $401.44M | $322.81M | $352.44M | $271.36M |
| Total Assets | $1.17B | $1.03B | $823.84M | $672.91M | $615.85M | $526.46M |
| Current Liabilities | $154.35M | $146.68M | $130.67M | $110.64M | $102.87M | $80.13M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $195.97M | $176.54M | $156.37M | $135.84M | $131.59M | $105.74M |
| Stockholders' Equity | $973.89M | $854.69M | $667.48M | $537.07M | $484.26M | $420.72M |
| Retained Earnings | $429.44M | $336.10M | $259.05M | $193.22M | $138.09M | $93.49M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $178.79M | $157.40M | $132.30M | $100.05M | $112.89M | $88.56M |
| Investing Cash Flow | ($169.15M) | ($110.45M) | ($92.64M) | ($112.79M) | ($46.70M) | ($120.47M) |
| Financing Cash Flow | ($100.83M) | ($23.03M) | $15.97M | ($31.63M) | ($8.36M) | $2.33M |
| CapEx | $26.52M | $20.05M | $19.76M | $19.88M | $19.59M | $16.47M |
| Free Cash Flow | $152.27M | $137.35M | $112.54M | $80.17M | $93.31M | $72.09M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 69.2% | 67.0% | 66.1% | 66.1% | 65.8% | 68.1% |
| Operating margin | 15.7% | 13.9% | 14.4% | 15.8% | 14.3% | 16.0% |
| EBITDA margin | 18.5% | 16.9% | 17.9% | 19.4% | 18.1% | 20.2% |
| Net margin | 12.4% | 12.1% | 12.3% | 12.2% | 11.6% | 14.6% |
| Free cash flow margin | 20.3% | 21.5% | 21.0% | 17.8% | 24.2% | 23.1% |
| FCF / Net income | 1.63 | 1.78 | 1.71 | 1.45 | 2.09 | 1.58 |
| R&D / Revenue | 9.1% | 9.8% | 10.0% | 10.1% | 10.1% | 9.9% |
| SG&A / Revenue | 16.8% | 16.1% | 15.8% | 14.9% | 15.9% | 16.0% |
| Effective tax rate | 24.6% | 22.5% | 23.1% | 22.7% | 16.7% | 13.5% |
| Return on assets | 8.0% | 7.5% | 8.0% | 8.2% | 7.2% | 8.7% |
| Return on equity | 9.6% | 9.0% | 9.9% | 10.3% | 9.2% | 10.8% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 2.17 | 2.60 | 3.07 | 2.92 | 3.43 | 3.39 |
| Quick ratio | 2.17 | 2.60 | 3.07 | 2.92 | 3.43 | 3.39 |
| Cash ratio | 0.98 | 1.64 | 1.68 | 1.47 | 2.02 | 1.87 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.20 | 1.21 | 1.23 | 1.25 | 1.27 | 1.25 |
| Liabilities / Assets | 0.17 | 0.17 | 0.19 | 0.20 | 0.21 | 0.20 |
| Efficiency | ||||||
| Asset turnover | 0.64 | 0.62 | 0.65 | 0.67 | 0.63 | 0.59 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 33d | 30d | 32d | 32d | 33d | 39d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 22d | 15d | 15d | 27d | 23d | 20d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 36.2x | 90.2x | 110.1x | 86.2x | 117.6x | 86.2x |
| P / B | 3.5x | 8.1x | 10.9x | 8.8x | 10.9x | 9.4x |
| P / S | 4.5x | 10.9x | 13.5x | 10.5x | 13.7x | 12.6x |
| EV / EBITDA | 23.2x | 62.5x | 73.5x | 52.3x | 72.3x | 59.9x |
| Growth | ||||||
| Revenue growth (YoY) | 17.8% | 18.8% | 19.1% | 17.0% | 23.2% | 12.0% |
| Revenue CAGR (3y) | 18.6% | 18.3% | 19.8% | 17.3% | 25.9% | 12.3% |
| Revenue CAGR (5y) | 19.2% | 18.0% | 22.7% | 15.4% | 14.8% | 14.5% |
| Gross profit growth (YoY) | 21.7% | 20.3% | 19.2% | 17.4% | 19.2% | 13.9% |
| Operating income growth (YoY) | 33.1% | 15.1% | 8.5% | 29.2% | 9.8% | 30.6% |
| Net income growth (YoY) | 21.1% | 17.1% | 19.4% | 23.6% | -2.2% | 35.2% |
| EPS growth (YoY) | 20.6% | 15.9% | 18.1% | 23.1% | -4.0% | 34.0% |
| EPS CAGR (3y) | 18.2% | 19.0% | 11.8% | 16.6% | -3.8% | - |
| EPS CAGR (5y) | 14.3% | 16.8% | 5.3% | - | 29.7% | 36.1% |
| FCF growth (YoY) | 10.9% | 22.1% | 40.4% | -14.1% | 29.4% | 23.9% |
| FCF CAGR (5y) | 16.1% | 18.7% | 86.3% | 27.5% | 54.0% | 66.3% |
| Book value growth (YoY) | 13.9% | 28.0% | 24.3% | 10.9% | 15.1% | 18.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$717.98M totalFulfillment$637.65M · 88.8%
Analytics$56.02M · 7.8%
Other$24.31M · 3.4%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
3.46
Safe
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing SPS COMMERCE INC against the 5 most active filers in the same SIC group.