What is SPS Commerce's invested capital?

SPS Commerce (SPSC) reported invested capital of $814.51M in Q1 2026.

How has SPS Commerce's invested capital changed year-over-year?

SPS Commerce's invested capital decreased by 2.8% year-over-year, from $838.26M to $814.51M.

What is the long-term trend for SPS Commerce's invested capital?

Over 5 years (2020 to 2025), SPS Commerce's invested capital has grown at a 23.1% compound annual growth rate (CAGR), from $293.5M to $829.73M.

What does invested capital mean?

Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

SPS Commerce SPSC Invested capital

Discontinued — last reported Q1 '26

Invested capital at other companies

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18.8%+0.1pp

BeldenBDC

12.2%+0.5pp

Envista Holdings CorporationNVST

3.4%+1.8pp

Liberty Broadband CorporationLBRDK

-0.3%-0.1pp

Archer AviationACHR

-129.7%-62.3pp

Kiniksa Pharmaceuticals International, plcKNSA

17.5%+14.2pp

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

See full

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

See full

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.

$6.6Mtotal debt+$962.2Mtotal stockholders equity−$154.3Mcash and equivalents=$814.51M

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 invested capital?: SPS Commerce (SPSC) reported invested capital of $814.51M in Q1 2026.
How has SPS Commerce's invested capital changed year-over-year?: SPS Commerce's invested capital decreased by 2.8% year-over-year, from $838.26M to $814.51M.
What is the long-term trend for SPS Commerce's invested capital?: Over 5 years (2020 to 2025), SPS Commerce's invested capital has grown at a 23.1% compound annual growth rate (CAGR), from $293.5M to $829.73M.
What does invested capital mean?: Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).