SPSC - SPS COMMERCE INC

📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue Growth YoY (%)	17.8% Good → Good Stable Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+49%)	18.8% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+57%)	19.1% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+59%)	17.0% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+42%)	23.2% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+94%)	12.0% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: At sector avg	12.4% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: At sector avg	12.8% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+7%)	13.9% Good ↓ Good Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+15%)	21.9% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+83%)	23.9% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+99%)	22.6% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+88%)	35.4% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+195%)	33.0% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+175%)	30.0% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+150%)	18.2% Good Good Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+51%)	—	—
EPS Growth YoY (%)	18.8% Good → Good Stable Year-over-year change in earnings per share Optimal: > 10%	15.0% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	17.6% Good → Good Stable Year-over-year change in earnings per share Optimal: > 10%	23.4% Good → Good Stable Year-over-year change in earnings per share Optimal: > 10%	-3.9% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	34.4% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	39.1% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	6800.0% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-94.1% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	21.4% Good ↓ Good Declining Year-over-year change in earnings per share Optimal: > 10%	64.7% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	142.9% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-22.2% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-92.2% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	219.4% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	-89.8% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	21.1% Good ↑ Good Improving Year-over-year change in net income	17.1% Good ↑ Good Improving Year-over-year change in net income	19.4% Good → Good Stable Year-over-year change in net income	23.6% Good → Good Stable Year-over-year change in net income	-2.2% Weak ↓ Weak Declining Year-over-year change in net income	35.2% Excellent ↓ Excellent Declining Year-over-year change in net income	41.2% Excellent ↓ Excellent Declining Year-over-year change in net income	6701.1% Excellent ↑ Excellent Improving Year-over-year change in net income	-93.9% Weak ↓ Weak Declining Year-over-year change in net income	23.1% Good ↓ Good Declining Year-over-year change in net income	71.6% Excellent ↑ Excellent Improving Year-over-year change in net income	157.3% Excellent ↑ Excellent Improving Year-over-year change in net income	-14.0% Weak ↓ Weak Declining Year-over-year change in net income	-91.1% Weak ↓ Weak Declining Year-over-year change in net income	375.1% Excellent Excellent Year-over-year change in net income	148.2% Excellent Excellent Year-over-year change in net income	—	—
FCF Growth YoY (%)	9.2% Fair ↓ Fair Declining Year-over-year change in free cash flow	19.9% Good ↑ Good Improving Year-over-year change in free cash flow	38.3% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-14.5% Weak ↓ Weak Declining Year-over-year change in free cash flow	26.9% Excellent ↓ Excellent Declining Year-over-year change in free cash flow	23.1% Good ↓ Good Declining Year-over-year change in free cash flow	38.5% Excellent Excellent Year-over-year change in free cash flow	73.4% Excellent Excellent Year-over-year change in free cash flow	—	—	—	—	1173.3% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-59.2% Weak ↑ Weak Improving Year-over-year change in free cash flow	-59.4% Weak Weak Year-over-year change in free cash flow	-96.9% Weak Weak Year-over-year change in free cash flow	—	—
Revenue CAGR 3Y (%)	18.6% Excellent → Excellent Stable Compound annual revenue growth over 3 years	18.3% Excellent → Excellent Stable Compound annual revenue growth over 3 years	19.8% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	17.3% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	15.8% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	12.4% Good ↓ Good Declining Compound annual revenue growth over 3 years	13.0% Good ↓ Good Declining Compound annual revenue growth over 3 years	16.1% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	19.8% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	22.8% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	27.2% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	30.2% Excellent → Excellent Stable Compound annual revenue growth over 3 years	32.8% Excellent Excellent Compound annual revenue growth over 3 years	26.9% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	19.2% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	18.0% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	16.7% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	15.4% Excellent → Excellent Stable Compound annual revenue growth over 5 years	14.8% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	14.5% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	16.9% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	18.9% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	23.3% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	27.2% Excellent → Excellent Stable Compound annual revenue growth over 5 years	28.9% Excellent Excellent Compound annual revenue growth over 5 years	27.7% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	17.2% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	18.6% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	11.7% Good ↓ Good Declining Compound annual EPS growth over 3 years	16.8% Excellent ↓ Excellent Declining Compound annual EPS growth over 3 years	21.6% Excellent ↓ Excellent Declining Compound annual EPS growth over 3 years	405.3% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	78.1% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	70.2% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	-51.0% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	69.4% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	46.0% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	-47.1% Weak ↑ Weak Improving Compound annual EPS growth over 3 years	-42.1% Weak Weak Compound annual EPS growth over 3 years	-70.6% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Operating Margin (%) (%)	15.7% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-21%)	13.9% Fair ↓ Fair Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-30%)	14.4% Fair ↓ Fair Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-28%)	15.8% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-21%)	14.3% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-29%)	16.0% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-20%)	13.8% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-31%)	10.8% Caution ↑ Caution Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-46%)	4.5% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-77%)	3.9% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-81%)	4.4% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-78%)	3.4% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-83%)	1.7% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-92%)	2.0% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-90%)	2.0% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-90%)	6.8% Caution Caution Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-66%)	5.0% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-75%)	—
Effective Tax Rate (%) (%)	24.6% Fair ↑ Fair Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	22.5% Fair ↑ Fair Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	23.1% Fair ↑ Fair Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	22.7% Fair ↑ Fair Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	16.7% Good → Good Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	13.5% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.9% Good ↓ Good Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	15.8% Good ↓ Good Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	96.7% Weak ↑ Weak Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	35.5% Weak → Weak Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	34.4% Weak Weak Actual taxes paid relative to pre-tax income Optimal: 15-25%	34.2% Weak Weak Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—
Profit Margin (%) (%)	12.4% Fair → Fair Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-17%)	12.1% Fair → Fair Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-19%)	12.3% Fair → Fair Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-18%)	12.2% Fair → Fair Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-18%)	11.6% Fair → Fair Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-23%)	14.6% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	12.1% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-19%)	9.6% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-36%)	0.2% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-99%)	3.0% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-80%)	2.9% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-80%)	2.1% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-86%)	1.0% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-93%)	1.6% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-89%)	23.6% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+58%)	6.5% Caution Caution Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-57%)	3.1% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-79%)	—
FCF Margin (%) (%)	20.3% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	21.5% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	21.0% Excellent → Excellent Stable Free cash flow as a percentage of revenue Optimal: > 10%	17.8% Good ↓ Good Declining Free cash flow as a percentage of revenue Optimal: > 10%	24.2% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	23.1% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	20.9% Excellent ↑ Excellent Improving Free cash flow as a percentage of revenue Optimal: > 10%	16.6% Good Good Free cash flow as a percentage of revenue Optimal: > 10%	10.8% Fair Fair Free cash flow as a percentage of revenue Optimal: > 10%	—	—	—	12.0% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	1.1% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	3.3% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	7.1% Caution Caution Free cash flow as a percentage of revenue Optimal: > 10%	11.0% Fair Fair Free cash flow as a percentage of revenue Optimal: > 10%	—
FCF / Net Income (x)	1.63x Excellent → Excellent Stable Free cash flow relative to reported net income Optimal: > 1x	1.78x Excellent → Excellent Stable Free cash flow relative to reported net income Optimal: > 1x	1.71x Excellent → Excellent Stable Free cash flow relative to reported net income Optimal: > 1x	1.45x Good ↓ Good Declining Free cash flow relative to reported net income Optimal: > 1x	2.09x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	1.58x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	1.73x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	1.73x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	67.75x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—	—	—	11.93x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	0.69x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.14x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	1.09x Fair Fair Free cash flow relative to reported net income Optimal: > 1x	3.58x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Return on Invested Capital (%)	9.2% Fair → Fair Stable Return earned on debt + equity capital invested Optimal: > 10%	8.1% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	8.9% Fair ↓ Fair Declining Return earned on debt + equity capital invested Optimal: > 10%	10.2% Good ↑ Good Improving Return earned on debt + equity capital invested Optimal: > 10%	9.5% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	10.3% Good ↑ Good Improving Return earned on debt + equity capital invested Optimal: > 10%	8.7% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	7.1% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	0.1% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	1.9% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	2.1% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	1.4% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	0.7% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	0.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	1.5% Weak → Weak Stable Return earned on debt + equity capital invested Optimal: > 10%	5.5% Caution Caution Return earned on debt + equity capital invested Optimal: > 10%	-2.5% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	10.1% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	8.6% Fair ↓ Fair Declining Operating profit relative to total assets Optimal: > 10%	9.4% Fair → Fair Stable Operating profit relative to total assets Optimal: > 10%	10.6% Good ↑ Good Improving Operating profit relative to total assets Optimal: > 10%	8.9% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	9.5% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	8.6% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	6.9% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	2.9% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	2.5% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	2.7% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	1.8% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	0.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	1.0% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	1.5% Weak Weak Operating profit relative to total assets Optimal: > 10%	5.2% Caution Caution Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	9.6% Caution → Caution Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-48%)	9.0% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-51%)	9.9% Caution → Caution Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-47%)	10.3% Fair → Fair Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-45%)	9.2% Caution → Caution Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-50%)	10.8% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-41%)	9.5% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-49%)	7.5% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-60%)	0.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-99%)	2.3% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-88%)	2.1% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-89%)	1.3% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-93%)	0.5% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-97%)	0.9% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-95%)	23.0% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+24%)	6.6% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-64%)	-1.9% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-110%)	—

⚖️ Is the balance sheet risky? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Interest Coverage (x)	—	—	—	—	—	—	—	—	—	—	—	—	—	58.22x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	—	41.03x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	6.97x Good Good Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$-151.35M	$-241.02M	$-219.08M	$-162.89M	$-207.55M	$-149.69M	$-179.25M	$-133.86M	$-123.13M	$-115.88M	$-121.54M	$-130.79M	$-131.29M	$-66.05M	$-31.98M	$-40.47M	$-5.93M	$-3.71M

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue per Share (USD)	$19.84	$17.10	$14.65	$12.48	$10.72	$8.87	$7.97	$7.22	$6.40	$5.70	$4.78	$3.94	$3.43	$2.95	$2.42	$2.77	$57.36	—
Basic EPS, GAAP (USD)	$2.46	$2.07	$1.80	$1.53	$1.24	$1.29	$0.96	$0.69	$0.01	$0.17	$0.14	$0.09	$0.04	$0.04	$0.57	$0.18	$1.76	—
Free Cash Flow per Share (USD)	$4.02	$3.68	$3.07	$2.22	$2.60	$2.05	$1.66	$1.20	$0.69	—	—	—	$0.41	$0.03	$0.08	$0.20	$6.32	—
Book Value per Share (USD)	$25.96	$22.69	$18.13	$14.85	$13.45	$11.86	$10.18	$9.19	$8.41	$7.30	$6.64	$6.27	$5.99	$4.55	$2.45	$1.84	$-91.89	—
Tangible Book Value per Share (USD)	$11.52	$12.09	$11.36	$9.40	$9.46	$8.06	$7.97	$7.19	$6.90	$5.84	$5.63	$5.21	$5.20	$3.69	$2.21	$1.79	$-91.89	—
Basic Weighted Avg Shares (shares)	37.88M	37.31M	36.65M	36.12M	35.93M	35.23M	35.02M	34.39M	34.37M	33.89M	33.13M	32.47M	30.40M	26.11M	23.92M	16.07M	658,000	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Working Capital (USD)	$180.95M	$235.22M	$270.77M	$212.17M	$249.57M	$191.22M	$223.59M	$193.09M	$180.39M	$153.77M	$142.55M	$137.63M	$137.16M	$77.04M	$36.77M	$42.55M	—	—
Total Equity (USD)	$973.89M	$854.69M	$667.48M	$537.07M	$484.26M	$420.72M	$354.88M	$318.97M	$288.11M	$249.27M	$222.19M	$205.09M	$192.77M	$134.82M	$59.55M	$43.51M	$-60.47M	$-61.84M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Sales/Revenue/Turnover (USD)	$751.50M	$637.76M	$536.91M	$450.88M	$385.28M	$312.63M	$279.12M	$248.24M	$220.09M	$193.29M	$158.52M	$127.95M	$104.39M	$77.11M	$57.97M	$44.60M	$37.75M	—
Depreciation Expense (USD)	$21.09M	$18.72M	$18.63M	$16.42M	$14.79M	$13.13M	$11.12M	$8.59M	$7.21M	$6.60M	$6.26M	$5.71M	$4.89M	$3.15M	$2.00M	$1.53M	$1.45M	—
Net Income, GAAP (USD)	$93.34M	$77.05M	$65.82M	$55.13M	$44.60M	$45.59M	$33.71M	$23.87M	$351.00K	$5.71M	$4.64M	$2.70M	$1.05M	$1.22M	$13.70M	$2.88M	$1.16M	—
Operating Cash Flow (USD)	$178.79M	$157.40M	$132.30M	$100.05M	$112.89M	$88.56M	$71.79M	$55.02M	$31.05M	—	—	—	$18.24M	$6.83M	$4.49M	$4.92M	$5.16M	—

SPS COMMERCE INC

Analytical Summary

18-Year Financial Trajectory

Health Breakdown

Statement lens

Benchmark Lens

Percentile Rankings

Peer Comparison

Compare SPSC with peers