SPSCSPS Commerce, Inc.

$78.98

Is the price fair?

What SPSC's price assumes

SPS Commerce, Inc. trades at 32.8× earnings against 27.5× for the median Software - Application name, more expensive than its own group.

32.8

Trailing P/E · Software - Application median 27.5 · 1.19× the median: the market pays up for this one

Price / sales
2.74

Price / sales · as of 2026-Q1

Free cash flow yield
8.2%

Free cash flow yield · Software - Application median 6.9%

Growth the price implies
−0.88%

Growth the price implies · The price pays for −0.88% free cash flow growth a year for a decade; the business has delivered +20% a year over the last three.

Details
Price / book2026-Q1
2.17
Technology median P/E365 names
36.5
Software - Application median P/E93 names
27.5
Free cash flow, trailing twelve months
$167M
Market capitalisation
$2.05B
3-year revenue growth
+17%
3-year free cash flow growth
+20%
SPSC has re-rated away from its own history, so multiplying the old multiple by today's earnings prices a full reversal, not the business
MethodPer share
What its own history would implynot meaningful, 42.0× today against a 88.3× median
52-week range$49.91 – $115.82
Today$78.98

Multiples from SEC filings and end-of-day closes; implied growth from a reverse discounted cash flow. Group medians across the names Ryufin tracks.