SPS Commerce, Inc. provides cloud-based supply chain management solutions in the United States. It offers solutions through SPS Commerce, a cloud-based platform that connects retailers, brands, distributors, manufacturers, and logistics providers, handling the complexity of modern commerce operations. The company also provides Fulfillment, a comprehensive solution designed to streamline supply chain operation that sends and receives order data, ensuring accurate execution of required processes from order to invoicing and revenue recovery through fully automated operations; and Analytics product that simplifies managing sell-through data from customers business partners that handle data acquisition, cleansing, normalization, and delivery. In addition, it offers various complimentary products, such as assortment product, which simplifies the communication of robust, accurate item data by automatically translating item attributes, and hierarchies through single connection across all sales channels; and relationship management product that allows organizations to accelerate digitization of their supply chain and improve collaboration with suppliers through change management, onboarding programs, and supplier score carding. The company was formerly known as St. Paul Software, Inc. and changed its name to SPS Commerce, Inc. in May 2001. SPS Commerce, Inc. was incorporated in 1987 and is headquartered in Minneapolis, Minnesota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $752M | $177M | $93M | $152M | 9.6% | 17.8% | 21.1% |
| 2024 | $638M | $131M | $77M | $137M | 9.0% | 18.8% | 17.1% |
| 2023 | $537M | $112M | $66M | $113M | 9.9% | 19.1% | 19.4% |
| 2022 | $451M | $99M | $55M | $80M | 10.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 450.88 | 536.91 | 637.76 | 751.50 |
| Cost Of Revenue | - | 153.06 | 182.07 | 210.71 | 231.63 |
| Gross Profit | - | 297.81 | 354.84 | 427.05 | 519.88 |
| Operating Expense | - | 226.63 | 277.59 | 338.17 | 401.57 |
| Operating Income | - | 71.18 | 77.25 | 88.88 | 118.30 |
| EBITDA | - | 99.37 | 112 | 131.11 | 176.56 |
| EBIT | - | 71.18 | 77.25 | 88.88 | 118.30 |
| Pretax Income | - | 71.32 | 85.56 | 99.48 | 123.84 |
| Tax Provision | - | 16.19 | 19.74 | 22.42 | 30.50 |
| Net Income | - | 55.13 | 65.82 | 77.05 | 93.34 |
| Net Income Common Stockholders | - | 55.13 | 65.82 | 77.05 | 93.34 |
| Total Expenses | - | 379.69 | 459.66 | 548.88 | 633.20 |
| Research And Development | - | 45.75 | 53.65 | 62.81 | 68.68 |
| Selling General And Administration | - | 169.11 | 207.82 | 251.85 | 295.72 |
| Normalized EBITDA | - | 98.73 | 102.61 | 120.42 | 171.52 |
| Normalized Income | - | 54.64 | 58.61 | 68.76 | 89.54 |
| Market Cap | 2,043.41 | 2,043.41 | 2,043.41 | 2,043.41 | 2,043.41 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| SPS Commerce, Inc.this co. | SPSC | $2.1B | 21.89β premium | 2.10 | 9.6% | 10.76 |
| Benchmark Electronics, Inc. | BHE | $2.5B | 100.36 | 2.27 | 2.3% | 19.19 |
| Teradata Corporation | TDC | $2.5B | 19.22 | 10.86 | 56.5% | 8.72 |
| Verra Mobility Corporation | VRRM | $2.4B | 16.70 | 7.79 | 46.6% | 8.73 |
| Insight Enterprises, Inc. | NSIT | $2.3B |
| - |
| - |
| - |
| - |
| - |
| 14.13 |
| 1.35 |
| 9.5% |
| 8.28 |
| ePlus inc. | PLUS | $2.3B | 20.77 | 2.29 | 11.0% | 10.97 |
| Alarm.com Holdings, Inc. | ALRM | $2.2B | 16.67 | 2.61 | 15.6% | 10.06 |
| DXC Technology Company | DXC | $2.1B | 5.18 | 0.62 | 12.0% | 2.16 |
| Digi International Inc. | DGII | $2.1B | 52.23 | 3.35 | 6.4% | 25.20 |
| Peer Median | - | 17.96 | 2.45 | 11.5% | 9.40 | |