What is SPS Commerce's EV / sales?

SPS Commerce (SPSC) reported EV / sales of 2.5× in Q1 2026.

How has SPS Commerce's EV / sales changed year-over-year?

SPS Commerce's EV / sales decreased by 65.8% year-over-year, from 7.4× to 2.5×.

What is the long-term trend for SPS Commerce's EV / sales?

Over 5 years (2020 to 2025), SPS Commerce's EV / sales has grown at a -18.6% compound annual growth rate (CAGR), from 12× to 4.3×.

What does EV / sales mean?

Enterprise value at the quarter end divided by trailing-twelve-month revenue. A capital-structure-neutral revenue multiple, useful when earnings are negative.

SPS Commerce SPSC EV / sales

EV / sales at other companies

International Business MachinesIBM

4.3×-0.4×

Open TextOTEX

2.1×-0.2×

SalesforceCRM

4.2×-2.5×

Ryder SystemR

1.4×+0.2×

Affirm Holdings, Inc.AFRM

5.6×-1.3×

Symbotic Inc.SYM

1.9×+1.3×

Other financials

Income statement

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Revenue$192.1M+5.8%

Gross profit$132.9M+6.6%

Operating income$24.6M-5.4%

Net income$19.7M-11.1%

EPS (diluted)$0.53-8.6%

Balance sheet

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Cash & equivalents$154.3M+62.5%

Total debt$6.6M-46.0%

Total equity$962.2M+4.5%

Total assets$1.2B+4.7%

Cash flow

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Operating cash flow$55.6M+39.1%

CapEx$7.1M+16.1%

Free cash flow$48.5M+43.3%

Valuation

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Market cap$2.01B-58.8%

Enterprise value$1.86B-61.1%

P/E22.1×-37.9×

P/S2.6×-4.6×

Profitability

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Gross margin69.3%+1.6pp

Operating margin15.3%+0.5pp

Net margin11.9%-0.2pp

FCF margin21.9%+0.9pp

Returns & leverage

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Return on equity9.7%-0.5pp

Debt / equity0×0.0×

Current ratio2.1×+0.5×

Where this comes from

Calculated from SPS Commerce’s reported figures.

enterprise value/total revenue=2.5×

Based on the most recent quarter.

The official record: SPS Commerce’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is SPS Commerce's EV / sales?: SPS Commerce (SPSC) reported EV / sales of 2.5× in Q1 2026.
How has SPS Commerce's EV / sales changed year-over-year?: SPS Commerce's EV / sales decreased by 65.8% year-over-year, from 7.4× to 2.5×.
What is the long-term trend for SPS Commerce's EV / sales?: Over 5 years (2020 to 2025), SPS Commerce's EV / sales has grown at a -18.6% compound annual growth rate (CAGR), from 12× to 4.3×.
What does EV / sales mean?: Enterprise value at the quarter end divided by trailing-twelve-month revenue. A capital-structure-neutral revenue multiple, useful when earnings are negative.