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

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM Q1 '25
Profitability
Gross margin	69.3%+0.1pp	69.2%+0.7pp	68.4%+0.3pp	68.2%+0.4pp	67.7%+0.8pp
Operating margin	15.3%-0.4pp	15.7%+0.9pp	14.8%+0.2pp	14.6%-0.2pp	14.8%+0.9pp
Net margin	11.9%-0.5pp	12.4%+0.8pp	11.7%-0.1pp	11.8%-0.3pp	12.1%0.0pp
EBITDA margin	18.2%-0.3pp	18.5%+1.0pp	17.6%+0.2pp	17.3%-0.3pp	17.7%+0.8pp
Free cash flow margin	21.9%+1.6pp	20.3%-0.1pp	20.3%+0.2pp	20.2%-0.8pp	21%-0.5pp
Returns
Return on equity	9.7%-0.6pp	10.2%+0.7pp	9.5%-0.5pp	10%-0.1pp	10.1%0.0pp
Return on assets	8%-0.5pp	8.5%+0.6pp	7.9%-0.5pp	8.4%+0.1pp	8.3%0.0pp
Return on invested capital	10.6%-1.7pp	12.2%+1.1pp	11.1%-0.6pp	11.8%+0.4pp	11.4%-1.3pp
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×-0.1×	2.2×+0.2×	2×+0.2×	1.8×+0.2×	1.6×-1.0×
Quick ratio	2.1×-0.1×	2.2×+0.2×	2×+0.2×	1.8×+0.2×	1.6×-1.0×
Cash ratio	1×0.0×	1×+0.1×	0.8×+0.1×	0.7×+0.1×	0.6×-1.0×
Leverage
Debt-to-equity	0×0.0×	0×0.0×	0×0.0×	0×0.0×	0×0.0×
Debt-to-assets	0×0.0×	0×0.0×	0×0.0×	0×0.0×	0×0.0×
Net debt / EBITDA	-1.1×0.0×	-1×-0.1×	-1×-0.2×	-0.8×-0.1×	-0.7×+1.4×
Per Share
Book value per share	$25.70+0.2%	$25.63+1.6%	$25.24+1.2%	$24.93+3.3%	$24.13+6.9%
Valuation
Market capitalization	$2.08B-38.1%	$3.36B-14.9%	$3.95B-23.8%	$5.18B+2.7%	$5.05B-27.0%
Enterprise value	$1.93B-39.9%	$3.22B-15.9%	$3.82B-24.8%	$5.09B+2.4%	$4.97B-25.7%
Price / earnings	22.9×-13.1×	36×-10.4×	46.4×-16.1×	62.5×+0.4×	62.1×-27.6×
Price / sales	2.7×-1.7×	4.5×-0.9×	5.4×-2.0×	7.4×-0.2×	7.5×-3.3×
Price / book	2.2×-1.3×	3.5×-0.7×	4.1×-1.3×	5.5×0.0×	5.5×-2.6×
EV / EBITDA	13.9×-9.2×	23.1×-6.7×	29.8×-11.9×	41.7×-0.2×	41.9×-20.2×
EV / sales	2.5×-1.7×	4.3×-1.0×	5.2×-2.0×	7.2×-0.2×	7.4×-3.1×
Free cash flow yield	8%+3.5pp	4.5%+0.8pp	3.8%+1.0pp	2.7%0.0pp	2.8%+0.8pp
Earnings yield	4.4%+1.6pp	2.8%+0.6pp	2.2%+0.6pp	1.6%0.0pp	1.6%+0.5pp
PEG ratio	1.9×+0.2×	1.7×-3.9×	5.6×+1.5×	4.1×+0.7×	3.4×-1.9×

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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.