SPSC - SPS Commerce, Inc.
Price:
--
--
|
CONSENSUS:
Hold
DETAILS
|
PRICE TARGET:
$68.71
DETAILS
HIGH:
$86.00
LOW:
$60.00
MEDIAN:
$70.00
CONSENSUS:
$68.71
UPSIDE:
27.90%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||
| Revenue | 751.5 | 637.8 | 536.9 | 450.9 | 385.3 | 312.6 | 279.1 | 248.2 | 220.6 | 193.3 | 158.5 | 127.9 | 104.4 | 77.1 | 58.0 | 44.6 | 37.7 | 30.7 | 25.2 |
| Cost of Revenue | 268.8 | 210.7 | 182.1 | 153.1 | 131.7 | 99.8 | 92.2 | 81.7 | 73.6 | 64.3 | 50.0 | 40.0 | 31.8 | 22.0 | 15.4 | 12.6 | 11.7 | 9.2 | 6.4 |
| Gross Profit | 482.7 | 427.1 | 354.8 | 297.8 | 253.6 | 212.8 | 186.9 | 166.5 | 146.9 | 128.9 | 108.5 | 88.0 | 72.6 | 55.1 | 42.6 | 32.0 | 26.0 | 21.5 | 18.8 |
| Operating Expenses | |||||||||||||||||||
| R&D Expenses | 68.7 | 62.8 | 53.7 | 45.7 | 39.0 | 31.0 | 28.3 | 22.1 | 23.2 | 22.0 | 18.0 | 13.5 | 10.9 | 8.2 | 5.8 | 4.3 | 4.3 | 3.6 | 3.5 |
| SG&A Expenses | 295.7 | 251.8 | 207.8 | 169.1 | 149.3 | 126.1 | 114.9 | 113.6 | 110.8 | 94.7 | 80.2 | 67.2 | 56.8 | 43.6 | 35.0 | 24.6 | 19.8 | 19.3 | 17.1 |
| Other Expenses | 0 | 23.5 | 16.1 | 11.8 | 10.1 | 5.5 | 5.3 | (0.7) | (0.3) | 0.7 | (0.1) | (0.5) | (0.1) | (0.2) | 0.6 | 0 | 0 | 0 | 0 |
| Operating Expenses | 364.4 | 338.2 | 277.6 | 226.6 | 198.5 | 162.6 | 148.5 | 139.8 | 138.5 | 121.4 | 101.5 | 83.6 | 70.8 | 53.5 | 41.5 | 28.9 | 24.1 | 22.9 | 20.6 |
| Operating Income | |||||||||||||||||||
| Operating Income | 118.3 | 88.9 | 77.2 | 71.2 | 55.1 | 50.2 | 38.4 | 26.7 | 8.4 | 7.5 | 7.0 | 4.4 | 1.8 | 1.6 | 1.1 | 3.0 | 1.9 | (1.4) | (1.8) |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | 0 | 0.1 | 0.3 | 0.4 | 0.4 |
| Interest Income | 0 | 10.6 | 7.7 | 0 | 0.3 | 1.1 | 2.9 | 2.3 | 1.0 | 0.6 | 0.2 | 0.2 | 0.1 | 0.0 | 0.1 | 0.2 | 0 | 0 | 0 |
| Profitability | |||||||||||||||||||
| EBITDA | 182.1 | 131.1 | 112.0 | 99.4 | 78.5 | 68.8 | 54.8 | 39.4 | 21.8 | 18.9 | 16.6 | 13.0 | 9.8 | 6.3 | 3.7 | 4.6 | 3.0 | 0.6 | 0.0 |
| EBIT | 123.8 | 88.9 | 77.2 | 71.3 | 53.5 | 50.2 | 38.4 | 28.3 | 10.0 | 6.4 | 7.0 | 4.1 | 2.1 | 1.6 | 1.1 | 3.0 | 1.5 | (1.4) | (1.7) |
| Income Before Tax | 123.8 | 99.5 | 85.6 | 71.3 | 53.5 | 52.7 | 42.1 | 28.3 | 9.1 | 8.8 | 7.1 | 4.1 | 1.7 | 1.3 | 1.1 | 3.0 | 1.3 | (1.8) | (2.1) |
| Income Tax Expense | 30.5 | 22.4 | 19.7 | 16.2 | 8.9 | 7.1 | 8.4 | 4.5 | 11.6 | 3.1 | 2.4 | 1.4 | 0.7 | 0.1 | (12.6) | 0.1 | 0.1 | 0.1 | 0.0 |
| Net Income | 93.3 | 77.1 | 65.8 | 55.1 | 44.6 | 45.6 | 33.7 | 23.9 | (2.4) | 5.7 | 4.6 | 2.7 | 1.1 | 1.2 | 13.7 | 2.9 | 1.2 | (1.9) | (2.2) |
| Per Share Data | |||||||||||||||||||
| EPS (Basic) | 2.46 | 2.07 | 1.80 | 1.53 | 1.24 | 1.29 | 0.96 | 0.69 | -0.07 | 0.17 | 0.14 | 0.08 | 0.03 | 0.05 | 0.57 | 0.18 | 1.77 | -3.22 | -3.30 |
| EPS (Diluted) | 2.46 | 2.04 | 1.76 | 1.49 | 1.21 | 1.26 | 0.94 | 0.68 | -0.07 | 0.17 | 0.14 | 0.08 | 0.03 | 0.04 | 0.54 | 0.12 | 0.06 | -3.22 | -0.11 |
| Shares Outstanding | 37.9 | 37.3 | 36.6 | 36.1 | 35.9 | 35.2 | 35.0 | 34.4 | 34.4 | 33.9 | 33.1 | 32.5 | 30.4 | 26.1 | 23.9 | 16.1 | 0.7 | 0.6 | 0.7 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||
| Cash & Cash Equivalents | 151.4 | 241.0 | 219.1 | 162.9 | 207.6 | 149.7 | 179.3 | 133.9 | 123.1 | 115.9 | 5.9 | 3.7 |
| Short-Term Investments | 0 | 0 | 56.4 | 51.4 | 49.8 | 37.8 | 34.3 | 44.5 | 40.2 | 23.1 | 0 | 0 |
| Net Receivables | 68.2 | 52.0 | 46.8 | 39.4 | 34.6 | 35.5 | 31.5 | 27.5 | 24.9 | 20.7 | 4.8 | 4.6 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34.5 | 25.1 | 19.2 | 0 | 0 |
| Other Current Assets | 49.1 | 88.9 | 79.2 | 69.1 | 60.6 | 10.4 | 46.6 | 43.7 | 31.2 | 26.2 | 0 | 0 |
| Total Current Assets | 268.6 | 381.9 | 401.4 | 322.8 | 352.4 | 233.4 | 291.6 | 249.6 | 219.5 | 185.9 | 16.3 | 13.1 |
| Non-Current Assets | ||||||||||||
| Property, Plant & Equipment | 48.1 | 45.7 | 43.9 | 44.6 | 42.8 | 42.0 | 39.5 | 21.0 | 16.9 | 15.3 | 2.5 | 2.8 |
| Goodwill | 541.7 | 399.2 | 249.2 | 197.3 | 143.7 | 134.9 | 76.8 | 69.7 | 51.6 | 49.8 | 1.2 | 1.2 |
| Intangible Assets | 215.8 | 181.3 | 107.3 | 88.4 | 58.6 | 60.2 | 22.7 | 22.7 | 16.5 | 19.8 | 0.3 | 0.4 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 15.2 | 2.5 | 0 | 11.0 | 5.2 | 7.5 | 0 | 0 |
| Other Non-Current Assets | 95.1 | 22.6 | 21.5 | 19.6 | 3.0 | 53.3 | 14.2 | 1.7 | 8.3 | 7.6 | 1.7 | 1.7 |
| Total Non-Current Assets | 901.2 | 649.3 | 422.4 | 350.1 | 263.4 | 293.1 | 155.8 | 136.5 | 116.1 | 112.4 | 5.7 | 6.1 |
| Total Assets | 1,169.9 | 1,031.2 | 823.8 | 672.9 | 615.8 | 526.5 | 447.4 | 386.1 | 335.5 | 298.4 | 21.9 | 19.2 |
| Current Liabilities | ||||||||||||
| Account Payables | 13.8 | 8.6 | 7.4 | 11.3 | 8.3 | 5.4 | 4.3 | 4.4 | 4.5 | 2.3 | 1.3 | 0.8 |
| Short-Term Debt | 4.4 | 0 | 0 | 0 | 0 | 4.7 | 0 | 0 | 0 | 0 | 2.0 | 2.7 |
| Deferred Revenue | 75.6 | 74.3 | 69.2 | 57.4 | 50.4 | 37.9 | 31.5 | 25.3 | 16.4 | 11.1 | 3.5 | 3.1 |
| Other Current Liabilities | 13.1 | 59.3 | 41.6 | 7.5 | 8.3 | 9.3 | 22.3 | 6.3 | 19.5 | 5.1 | 3.0 | 1.9 |
| Total Current Liabilities | 154.4 | 146.7 | 130.7 | 110.6 | 102.9 | 80.1 | 68.0 | 56.5 | 43.1 | 32.2 | 11.3 | 9.5 |
| Non-Current Liabilities | ||||||||||||
| Long-Term Debt | 2.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.2 | 0.7 |
| Deferred Tax Liabilities | 33.2 | 15.5 | 9.0 | 7.4 | 7.1 | 2.9 | 1.2 | 1.4 | 1.9 | 1.9 | 0.1 | 0.1 |
| Other Non-Current Liabilities | (2.6) | 0.2 | 0.2 | 0 | 0 | 0 | 0.4 | 6.7 | 3.1 | 4.2 | 66.6 | 66.2 |
| Total Non-Current Liabilities | 41.6 | 29.9 | 25.7 | 25.2 | 28.7 | 25.6 | 24.5 | 10.6 | 15.6 | 16.9 | 71.1 | 71.5 |
| Total Liabilities | 196.0 | 176.5 | 156.4 | 135.8 | 131.6 | 105.7 | 92.6 | 67.1 | 58.7 | 49.1 | 82.4 | 81.0 |
| Stockholders' Equity | ||||||||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0 | 0.0 |
| Retained Earnings | 429.4 | 336.1 | 259.0 | 193.2 | 138.1 | 93.5 | 49.0 | 15.3 | (19.9) | (33.7) | (65.7) | (66.8) |
| Accumulated Other Comprehensive Income | (0.4) | (9.7) | 0.2 | (3.4) | (1.4) | (1.0) | (2.0) | (3.2) | 0.7 | (3.3) | (8.3) | (7.0) |
| Total Stockholders' Equity | 973.9 | 854.7 | 667.5 | 537.1 | 484.3 | 420.7 | 354.9 | 319.0 | 276.8 | 249.3 | (60.5) | (61.8) |
| Total Liabilities & Equity | 1,169.9 | 1,031.2 | 823.8 | 672.9 | 615.8 | 526.5 | 447.4 | 386.1 | 335.5 | 298.4 | 21.9 | 19.2 |
| Debt Metrics | ||||||||||||
| Total Debt | 10.0 | 12.5 | 14.0 | 17.3 | 20.5 | 24.4 | 23.9 | 0 | 0 | 0 | 2.7 | 4.4 |
| Net Debt | (141.3) | (228.5) | (205.1) | (145.6) | (187.0) | (125.3) | (155.4) | (133.9) | (123.1) | (115.9) | (3.2) | 0.7 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 93.3 | 77.1 | 65.8 | 55.1 | 44.6 | 45.6 | 33.7 | 23.9 | (2.4) | 5.7 |
| Depreciation & Amortization | 58.3 | 42.2 | 34.7 | 28.2 | 24.9 | 18.7 | 16.4 | 12.7 | 11.8 | 11.3 |
| Stock-Based Compensation | 53.7 | 54.6 | 45.5 | 33.4 | 27.6 | 18.9 | 14.7 | 12.5 | 12.7 | 8.0 |
| Change in Working Capital | (54.3) | (14.9) | (11.8) | (16.5) | 6.9 | (4.4) | (3.1) | 0.8 | (3.6) | (4.9) |
| Other Non-Cash Items | 8.8 | 8.3 | 8.1 | 3.6 | 5.0 | 5.6 | 2.5 | 2.3 | 1.7 | 0.3 |
| Operating Cash Flow | 178.8 | 157.4 | 132.3 | 100.1 | 112.9 | 88.6 | 71.8 | 55.0 | 31.1 | 18.8 |
| Investing Activities | ||||||||||
| Capital Expenditure | (26.5) | (20.0) | (19.8) | (19.9) | (19.6) | (16.5) | (13.6) | (13.8) | (7.3) | (8.0) |
| Acquisitions | (142.6) | (147.9) | (70.2) | (91.4) | (17.1) | (98.7) | (11.5) | (27.3) | (0.5) | (18.0) |
| Purchases of Investments | 0 | (85.8) | (134.0) | (160.4) | (121.2) | (74.8) | (73.7) | (81.7) | (47.9) | (23.1) |
| Sales/Maturities of Investments | 0 | 143.3 | 131.3 | 158.9 | 111.2 | 69.5 | 84.5 | 82.2 | 33.0 | 15.0 |
| Other Investing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.6 | (14.8) | (8.1) |
| Investing Cash Flow | (169.2) | (110.5) | (92.6) | (112.8) | (46.7) | (120.5) | (14.3) | (40.5) | (22.6) | (34.2) |
| Financing Activities | ||||||||||
| Net Debt Issuance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | (114.3) | (37.6) | 0 | (43.2) | (20.4) | (18.9) | (20.6) | (19.9) | (5.8) | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 9.6 | 14.5 | (2) | 11.6 | 12.1 | 21.3 | 8.5 | 16.1 | 3.3 | 10.1 |
| Financing Cash Flow | (100.8) | (23.0) | 16.0 | (31.6) | (8.4) | 2.3 | (12.1) | (3.8) | (2.5) | 10.1 |
| Cash Position | ||||||||||
| Net Change in Cash | (89.7) | 21.9 | 56.2 | (44.7) | 57.9 | (29.6) | 45.4 | 10.7 | 7.2 | (5.7) |
| Cash at Beginning | 241.0 | 219.1 | 162.9 | 207.6 | 149.7 | 179.3 | 133.9 | 123.1 | 115.9 | 121.5 |
| Cash at End | 151.4 | 241.0 | 219.1 | 162.9 | 207.6 | 149.7 | 179.3 | 133.9 | 123.1 | 115.9 |
| Free Cash Flow | 152.3 | 137.4 | 112.5 | 80.2 | 93.3 | 72.1 | 58.2 | 41.3 | 23.8 | 10.8 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||||||||
| Revenue | 751.5 | 637.8 | 536.9 | 450.9 | 385.3 | 312.6 | 279.1 | 248.2 | 220.6 | 193.3 | 158.5 | 127.9 | 104.4 | 77.1 | 58.0 | 44.6 | 37.7 | 30.7 | 25.2 |
| Gross Profit | 482.7 | 427.1 | 354.8 | 297.8 | 253.6 | 212.8 | 186.9 | 166.5 | 146.9 | 128.9 | 108.5 | 88.0 | 72.6 | 55.1 | 42.6 | 32.0 | 26.0 | 21.5 | 18.8 |
| Operating Income | 118.3 | 88.9 | 77.2 | 71.2 | 55.1 | 50.2 | 38.4 | 26.7 | 8.4 | 7.5 | 7.0 | 4.4 | 1.8 | 1.6 | 1.1 | 3.0 | 1.9 | (1.4) | (1.8) |
| Net Income | 93.3 | 77.1 | 65.8 | 55.1 | 44.6 | 45.6 | 33.7 | 23.9 | (2.4) | 5.7 | 4.6 | 2.7 | 1.1 | 1.2 | 13.7 | 2.9 | 1.2 | (1.9) | (2.2) |
| EPS (Diluted) | 2.46 | 2.04 | 1.76 | 1.49 | 1.21 | 1.26 | 0.94 | 0.68 | -0.07 | 0.17 | 0.14 | 0.08 | 0.03 | 0.04 | 0.54 | 0.12 | 0.06 | -3.22 | -0.11 |
| Balance Sheet | |||||||||||||||||||
| Cash & Equivalents | 151.4 | 241.0 | 219.1 | 162.9 | 207.6 | 149.7 | 179.3 | 133.9 | 123.1 | 115.9 | 5.9 | 3.7 | |||||||
| Total Assets | 1,169.9 | 1,031.2 | 823.8 | 672.9 | 615.8 | 526.5 | 447.4 | 386.1 | 335.5 | 298.4 | 21.9 | 19.2 | |||||||
| Total Debt | 10.0 | 12.5 | 14.0 | 17.3 | 20.5 | 24.4 | 23.9 | 0 | 0 | 0 | 2.7 | 4.4 | |||||||
| Stockholders' Equity | 973.9 | 854.7 | 667.5 | 537.1 | 484.3 | 420.7 | 354.9 | 319.0 | 276.8 | 249.3 | (60.5) | (61.8) | |||||||
| Cash Flow | |||||||||||||||||||
| Operating Cash Flow | 178.8 | 157.4 | 132.3 | 100.1 | 112.9 | 88.6 | 71.8 | 55.0 | 31.1 | 18.8 | |||||||||
| Capital Expenditure | (26.5) | (20.0) | (19.8) | (19.9) | (19.6) | (16.5) | (13.6) | (13.8) | (7.3) | (8.0) | |||||||||
| Free Cash Flow | 152.3 | 137.4 | 112.5 | 80.2 | 93.3 | 72.1 | 58.2 | 41.3 | 23.8 | 10.8 | |||||||||