What is SPS Commerce's price / book?

SPS Commerce (SPSC) reported price / book of 2.2× in Q1 2026.

How has SPS Commerce's price / book changed year-over-year?

SPS Commerce's price / book decreased by 60.5% year-over-year, from 5.5× to 2.2×.

What is the long-term trend for SPS Commerce's price / book?

Over 5 years (2020 to 2025), SPS Commerce's price / book has grown at a -17.9% compound annual growth rate (CAGR), from 9.2× to 3.5×.

What does price / book mean?

Market capitalization at the quarter end divided by shareholders' equity. The premium (or discount) the market assigns to the company's book equity.

SPS Commerce SPSC Price / book

Price / book at other companies

International Business MachinesIBM

6.9×-1.7×

Open TextOTEX

1.4×-0.2×

SalesforceCRM

4.2×0.0×

Ryder SystemR

2.8×+0.8×

Affirm Holdings, Inc.AFRM

4×-1.0×

Symbotic Inc.SYM

9.8×-0.8×

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.

market cap/total stockholders equity=2.2×

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 price / book?: SPS Commerce (SPSC) reported price / book of 2.2× in Q1 2026.
How has SPS Commerce's price / book changed year-over-year?: SPS Commerce's price / book decreased by 60.5% year-over-year, from 5.5× to 2.2×.
What is the long-term trend for SPS Commerce's price / book?: Over 5 years (2020 to 2025), SPS Commerce's price / book has grown at a -17.9% compound annual growth rate (CAGR), from 9.2× to 3.5×.
What does price / book mean?: Market capitalization at the quarter end divided by shareholders' equity. The premium (or discount) the market assigns to the company's book equity.