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SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations. Our network enables companies to connect once and immediately transact with thousands of trading partners without negotiating standards, building integrations, or m…
$57.80
$1.84 (-3.09%)
Last close via Marketstack
15.74% operating margin is respectable but not wide. ROIC at 9.50%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 17.8%, still solid.
Even for strong businesses, today's 24x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
24.0x earnings, 13.0x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$762M
▲ +17.8% YoY
Net Income (TTM)
$91M
▲ +21.1% YoY
Op. Margin
15.34%
▲ +1.8pp YoY
ROIC
8.88%
▲ +0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$167M
▲ +10.9% YoY
Op. Cash Flow (TTM)
$194M
▲ +13.6% YoY
Net Debt
-$148M
Net Cash Position
Cash & Equiv.
$154M
5Y CAGR: +19.2%
5Y CAGR: +16.1%
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