Sps Commerce Inc. (SPSC) intrinsic value & 10-year financials
Sps Commerce Inc. (SPSC) has a Graham intrinsic value of $81.71 per share. At $85.25 on Oct 17, 2026, the stock trades 4% above that value. Over the last 10 fiscal years revenue grew 16.3% a year to $751.5M, with an average return on invested capital of 11.6%.
- Graham intrinsic value
- $81.71
- Share price (Oct 17, 2026)
- $85.25
- Price vs Graham value
- 4% above
- Market cap
- $3.2B
- Revenue (FY2025)
- $751.5M
- Revenue growth (10-yr CAGR)
- 16.3%
- ROIC (10-yr avg)
- 11.6%
- Free cash flow (FY2025)
- $152.3M
SPSC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $751.5M | $93.3M | $2.46 | $152.3M | 15.7% | 12.3% |
| FY2024 | $637.8M | $77.1M | $2.04 | $137.4M | 13.9% | 12.8% |
| FY2023 | $536.9M | $65.8M | $1.76 | $112.5M | 14.4% | 14.1% |
| FY2022 | $450.9M | $55.1M | $1.49 | $80.2M | 15.8% | 16.2% |
| FY2021 | $385.3M | $44.6M | $1.21 | $93.3M | 14.3% | 15.7% |
| FY2020 | $312.6M | $45.6M | $1.26 | $72.1M | 16.0% | 17.8% |
| FY2019 | $279.1M | $33.7M | $0.94 | $58.2M | 13.8% | 15.7% |
| FY2018 | $248.2M | $23.9M | $0.68 | $41.3M | 10.8% | 7.6% |
| FY2017 | $220.1M | -$2.4M | -$0.07 | $23.8M | 3.8% | 1.6% |
| FY2016 | $193.2M | $5.7M | $0.17 | $10.8M | 3.9% | 1.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SPS COMMERCE INC is a consistent compounder, expanding top-line revenue at 16.3% annually over the past decade.
SPS COMMERCE INC returns on capital have been average, hovering around 14.9% ROIC over the decade.
SPS COMMERCE INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SPS COMMERCE INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $81.71 per share.