What are SPS Commerce's profit margins?

SPS Commerce (SPSC) runs a 69.3% gross margin and a 15.3% operating margin, with a 11.9% net margin.

Where do SPS Commerce's ratios come from?

Every ratio is computed from SPS Commerce's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

SPS Commerce SPSC Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	69.3%+1.6pp	69.2%+2.2pp	68.4%+1.8pp	68.2%+2.1pp	67.7%+1.7pp
Operating margin	15.3%+0.5pp	15.7%+1.8pp	14.8%+0.6pp	14.6%+0.5pp	14.8%+1.3pp
Net margin	11.9%-0.2pp	12.4%+0.3pp	11.7%-1.2pp	11.8%-0.5pp	12.1%-0.1pp
Returns
Return on equity	9.7%-0.5pp	10.2%+0.1pp	9.5%-1.3pp	10%-1.0pp	10.1%-0.8pp
Return on invested capital	10.6%-0.8pp	12.2%-0.4pp	11.1%-1.1pp	11.8%-2.4pp	11.4%-2.6pp
Efficiency
Asset turnover	0.7×0.0×	0.7×0.0×	0.7×0.0×	0.7×0.0×	0.7×0.0×
Liquidity
Current ratio	2.1×+0.5×	2.2×-0.4×	2×-0.4×	1.8×-1.3×	1.6×-1.5×
Leverage
Debt-to-equity	0×0.0×	0×0.0×	0×0.0×	0×0.0×	0×0.0×
Net debt / EBITDA	-1.1×-0.4×	-1×+1.1×	-1×+0.8×	-0.8×+1.5×	-0.7×+1.6×
Per Share
Book value per share	$25.70+6.5%	$25.63+13.5%	$25.24+15.6%	$24.93+33.5%	$24.13+33.2%
Valuation
Market capitalization	$2.08B-58.8%	$3.36B-51.4%	$3.95B-45.2%	$5.18B-25.6%	$5.05B-26.3%
Price / earnings	22.9×-39.2×	36×-53.7×	46.4×-45.3×	62.5×-34.5×	62.1×-37.8×
Price / sales	2.7×-4.8×	4.5×-6.4×	5.4×-6.4×	7.4×-4.6×	7.5×-4.7×
Price / book	2.2×-3.3×	3.5×-4.6×	4.1×-4.6×	5.5×-4.5×	5.5×-4.5×
EV / EBITDA	13.9×-28.0×	23.1×-39.0×	29.8×-36.6×	41.7×-25.2×	41.9×-28.1×

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Questions, answered.

What are SPS Commerce's profit margins?: SPS Commerce (SPSC) runs a 69.3% gross margin and a 15.3% operating margin, with a 11.9% net margin.
Where do SPS Commerce's ratios come from?: Every ratio is computed from SPS Commerce's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.