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SPS Commerce Valuation Multiples

Discover revenue and EBITDA valuation multiples for SPS Commerce and similar public comparables like CID Holdco, Logo Yazilim Sanayi, and Emro.

SPS Commerce Overview

About SPS Commerce

SPS Commerce Inc is a provider of cloud-based supply chain management services for retailers, grocers, distributors, suppliers, and logistics firms to increase supply chain performance, optimize inventory levels and sell-through, reduce operational costs, improve order visibility, and satisfy consumer demands for a seamless omnichannel experience. Its solutions are delivered through the SPS Commerce platform and provide integrations and retail performance analytics to its customers. Its products are; Fulfillment, Analytics, and Other products like Assortment and Community also it provides one-time services such as professional services and testing and certification. The group derives revenue from subscription-based recurring revenue services.


Founded

1987

HQ

United States of America
Employees

2.8K+

Website

spscommerce.com

Financials

LTM Revenue $720M

LTM EBITDA $217M

EV

$4.1B

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SPS Commerce Financials

SPS Commerce has a last 12-month revenue (LTM) of $720M and a last 12-month EBITDA of $217M.

In the most recent fiscal year, SPS Commerce achieved revenue of $638M and an EBITDA of $131M.

SPS Commerce expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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SPS Commerce P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $720M XXX $638M XXX XXX XXX
Gross Profit $500M XXX $427M XXX XXX XXX
Gross Margin 69% XXX 67% XXX XXX XXX
EBITDA $217M XXX $131M XXX XXX XXX
EBITDA Margin 30% XXX 21% XXX XXX XXX
EBIT $196M XXX $88.9M XXX XXX XXX
EBIT Margin 27% XXX 14% XXX XXX XXX
Net Profit $147M XXX $77.1M XXX XXX XXX
Net Margin 20% XXX 12% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

SPS Commerce Stock Performance

As of August 29, 2025, SPS Commerce's stock price is $110.

SPS Commerce has current market cap of $4.2B, and EV of $4.1B.

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SPS Commerce Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$4.1B $4.2B XXX XXX XXX XXX $3.85

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SPS Commerce Valuation Multiples

As of August 29, 2025, SPS Commerce has market cap of $4.2B and EV of $4.1B.

SPS Commerce's trades at 6.4x EV/Revenue multiple, and 31.2x EV/EBITDA.

Equity research analysts estimate SPS Commerce's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

SPS Commerce has a P/E ratio of 28.4x.

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SPS Commerce Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $4.2B XXX $4.2B XXX XXX XXX
EV (current) $4.1B XXX $4.1B XXX XXX XXX
EV/Revenue 5.7x XXX 6.4x XXX XXX XXX
EV/EBITDA 18.8x XXX 31.2x XXX XXX XXX
EV/EBIT 20.8x XXX 46.0x XXX XXX XXX
EV/Gross Profit 8.2x XXX n/a XXX XXX XXX
P/E 28.4x XXX 54.3x XXX XXX XXX
EV/FCF 25.8x XXX 29.7x XXX XXX XXX

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SPS Commerce Margins & Growth Rates

SPS Commerce's last 12 month revenue growth is 12%

SPS Commerce's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

SPS Commerce's rule of 40 is 33% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

SPS Commerce's rule of X is 61% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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SPS Commerce Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 12% XXX 14% XXX XXX XXX
EBITDA Margin 30% XXX 21% XXX XXX XXX
EBITDA Growth 18% XXX 44% XXX XXX XXX
Rule of 40 33% XXX 33% XXX XXX XXX
Bessemer Rule of X XXX XXX 61% XXX XXX XXX
Revenue per Employee XXX XXX $0.2M XXX XXX XXX
Opex per Employee XXX XXX $0.1M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 23% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX 10% XXX XXX XXX
Opex to Revenue XXX XXX 53% XXX XXX XXX

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SPS Commerce Public Comps

See public comps and valuation multiples for Supply Chain Management Software comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Logory XXX XXX XXX XXX XXX XXX
Huitongda Network XXX XXX XXX XXX XXX XXX
Logo Yazilim Sanayi XXX XXX XXX XXX XXX XXX
Emro XXX XXX XXX XXX XXX XXX
CID Holdco XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

SPS Commerce M&A and Investment Activity

SPS Commerce acquired  XXX companies to date.

Last acquisition by SPS Commerce was  XXXXXXXX, XXXXX XXXXX XXXXXX . SPS Commerce acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by SPS Commerce

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About SPS Commerce

When was SPS Commerce founded? SPS Commerce was founded in 1987.
Where is SPS Commerce headquartered? SPS Commerce is headquartered in United States of America.
How many employees does SPS Commerce have? As of today, SPS Commerce has 2.8K+ employees.
Who is the CEO of SPS Commerce? SPS Commerce's CEO is Mr. Chadwick Collins.
Is SPS Commerce publicy listed? Yes, SPS Commerce is a public company listed on NAS.
What is the stock symbol of SPS Commerce? SPS Commerce trades under SPSC ticker.
When did SPS Commerce go public? SPS Commerce went public in 2010.
Who are competitors of SPS Commerce? Similar companies to SPS Commerce include e.g. Logory, Huitongda Network, Logo Yazilim Sanayi, Emro.
What is the current market cap of SPS Commerce? SPS Commerce's current market cap is $4.2B
What is the current revenue of SPS Commerce? SPS Commerce's last 12 months revenue is $720M.
What is the current revenue growth of SPS Commerce? SPS Commerce revenue growth (NTM/LTM) is 12%.
What is the current EV/Revenue multiple of SPS Commerce? Current revenue multiple of SPS Commerce is 5.7x.
Is SPS Commerce profitable? Yes, SPS Commerce is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of SPS Commerce? SPS Commerce's last 12 months EBITDA is $217M.
What is SPS Commerce's EBITDA margin? SPS Commerce's last 12 months EBITDA margin is 30%.
What is the current EV/EBITDA multiple of SPS Commerce? Current EBITDA multiple of SPS Commerce is 18.8x.
What is the current FCF of SPS Commerce? SPS Commerce's last 12 months FCF is $158M.
What is SPS Commerce's FCF margin? SPS Commerce's last 12 months FCF margin is 22%.
What is the current EV/FCF multiple of SPS Commerce? Current FCF multiple of SPS Commerce is 25.8x.

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