SPS Commerce, Inc.

NasdaqGS:SPSC 株式レポート

時価総額：US$2.8b

SPS Commerce 過去の業績

過去 基準チェック /26

SPS Commerceは、平均年間15.1%の収益成長を遂げていますが、 Software業界の収益は、年間 成長しています。収益は、平均年間31.8% 16.3%収益成長率で 成長しています。 SPS Commerceの自己資本利益率は8.3%であり、純利益率は10.1%です。

主要情報

15.11%

収益成長率

13.89%

EPS成長率

Software 業界の成長17.33%
収益成長率16.34%
株主資本利益率8.31%
ネット・マージン10.10%
前回の決算情報30 Jun 2026

最近の業績更新

Recent updates

ナラティブ更新 • Sep 03

SPSC: Sale Exploration And Execution Improvements Will Drive Rebound Outlook

The updated analyst price target for SPS Commerce rises to $102.72 from $93.92 as analysts factor in higher modeled fair value, a slightly lower discount rate, improved profit margin assumptions, and recent Street research that identifies Q2 execution and guidance adjustments as key drivers. Analyst Commentary Recent Street research on SPS Commerce highlights mixed views, but the most optimistic commentary focuses on improved Q2 execution, updated guidance, and a series of higher price targets.
ナラティブ更新 • Aug 18

SPSC: Potential Sale And Buybacks Will Shape Returns As Execution Scrutiny Persists

The analyst price target for SPS Commerce has been revised higher from $68.09 to $73.18 as analysts factor in updated assumptions for profitability, revenue growth, discount rate and future P/E following recent research commentary and Q2 results. Analyst Commentary Recent research on SPS Commerce shows a mix of optimism around execution and product traction alongside caution on valuation and consistency of results.
Seeking Alpha • Aug 13

AI Strategy Enhances SPS Commerce's Appeal And Potential Network Value

Summary SPS Commerce remains a Buy as its Gen AI strategy potentially enhances network value and positions the company for future growth. SPSC reported Q2 2026 results ahead of estimates, with 6% YoY revenue growth, improved gross margin, and robust operating leverage. The company’s clean balance sheet, aggressive stock buybacks, and discounted valuation (3.2x FWD revenue, 9.5x FWD EBITDA) support upside potential. Early-stage Gen AI initiatives (MAX suite) present adoption and monetization risks, but SPSC’s network moat and transaction-based model underpin my optimism. Read the full article on Seeking Alpha
ナラティブ更新 • Aug 04

SPSC: Execution Risks Will Shape Reaction To Q2 Beat And Sale Exploration

Analysts have raised the SPS Commerce fair value estimate to $59 from $55, reflecting updated views on the company's recent Q2 execution, MAX AI traction, and model revisions following revised price targets across the Street. Analyst Commentary Street research around SPS Commerce remains mixed, even with the higher fair value estimate.
ナラティブ更新 • Jul 21

SPSC: Potential Sale And Buybacks Will Shape Returns Despite Lower P E Expectations

The analyst price target for SPS Commerce has been reduced by $14.00, reflecting updated views on fair value, revenue growth, profit margins, and future P/E after several firms lowered their targets in recent research. Analyst Commentary Recent research on SPS Commerce focuses on recalibrating price targets to reflect updated expectations for revenue trends, profit margins, and the appropriate P/E multiple.
ナラティブ更新 • Jul 07

SPSC: Fair Outlook Balances Lower Street Expectations With Potential Sale Process

The analyst fair value estimate for SPS Commerce has been revised from $80.00 to $55.00, reflecting updated expectations for revenue growth, profit margins, and future P/E multiples that are broadly consistent with recent price target reductions highlighted in Street research from several firms. Analyst Commentary Recent research on SPS Commerce points to a more cautious stance, with a series of reduced price targets and at least one downgrade signaling that some on the Street see a less favorable risk and reward profile at current levels.
ナラティブ更新 • Jun 23

SPSC: Execution And Buybacks Will Drive Rebound Despite Recent Downgrades

The latest Narrative Update on SPS Commerce reflects a reduced analyst price target of $93.92, with analysts pointing to updated assumptions around the discount rate, revenue growth, profit margin, and future P/E as key drivers of the reset. Analyst Commentary Recent Street research on SPS Commerce has centered on recalibrated price targets, with several firms adjusting their models to reflect updated assumptions around discount rates, growth expectations, and profit margins.
ナラティブ更新 • Jun 05

SPSC: Execution And Buybacks Will Support Rerating Despite Recent Downgrades

Analysts have trimmed their blended price target for SPS Commerce by roughly $8 to reflect updated assumptions on discount rate, revenue growth, profit margins, and future P/E, following a series of target cuts from Citi, Morgan Stanley, Cantor Fitzgerald, and Needham, along with a downgrade from Rothschild & Co Redburn. Analyst Commentary Recent research suggests that, even with trimmed targets and a fresh downgrade in the mix, some bullish analysts still view SPS Commerce as an execution story tied closely to its ability to grow revenue and protect margins over time.
ナラティブ更新 • May 08

SPSC: Reset Expectations And Buybacks Will Reframe Sentiment Despite Softer Guidance

The analyst price target for SPS Commerce has been revised lower to $93.92 from $110.00, as analysts factor in softer revenue growth expectations, slightly reduced profit margin assumptions, and a lower future P/E multiple following recent target cuts across the Street. Analyst Commentary Recent Street research on SPS Commerce has centered on recalibrating expectations after quarterly results and updated guidance, with several firms trimming price targets and, in some cases, ratings.
ナラティブ更新 • Apr 23

SPSC: Activist Sale Pressure Will Reframe Sentiment Despite Softer Guidance

Analysts have trimmed their average price targets on SPS Commerce, with several firms cutting estimates by $5 to $30 after Q4 revenue came in at the low end of guidance and the FY26 revenue outlook was set at 6% to 7% year over year, compared with a prior 7% to 8% range, reflecting ongoing headwinds in the business. Analyst Commentary Recent research on SPS Commerce has centered on the softer Q4 revenue outcome and the recalibrated FY26 revenue outlook of 6% to 7% year over year, which came in below the prior 7% to 8% range.
ナラティブ更新 • Apr 09

SPSC: Share Repurchases And Potential Sale Will Support Future Returns

Analysts have trimmed their blended price target on SPS Commerce by $0 overall, reflecting recent target cuts from several firms after Q4 revenue landed at the low end of guidance and the FY26 revenue growth outlook of 6% to 7% came in below the prior 7% to 8% range. Key model inputs such as fair value, revenue growth, profit margin, and future P/E assumptions remain essentially unchanged.
ナラティブ更新 • Mar 25

SPSC: Activist Sale Pressure And AI Rollout Will Reframe Sentiment

Analysts have trimmed their blended price target on SPS Commerce by aligning with recent cuts to around $95, reflecting Q4 revenue at the low end of guidance and a FY26 revenue outlook of 6% to 7%, which sits below prior expectations as headwinds persist. Analyst Commentary Even with a reset in expectations around Q4 and the FY26 outlook, some bullish analysts still see room for SPS Commerce to execute on its long term model.
ナラティブ更新 • Mar 11

SPSC: Activist Sale Push And AI Suite Will Reset Sentiment

We are lowering our fair value estimate for SPS Commerce to $110 from $125, reflecting analysts' reduced price targets after Q4 revenue landed at the low end of guidance and FY26 revenue growth guidance of 6% to 7% came in below prior expectations. Analyst Commentary Street research after the Q4 print has generally reset expectations lower for SPS Commerce, with several cuts to price targets and at least one downgrade to a more cautious rating.
ナラティブ更新 • Feb 24

SPSC: Share Repurchases Will Support Returns As FY26 Headwinds Ease

Our updated narrative on SPS Commerce reflects a lower fair value estimate, moving from about $99.82 to $82.09. This is in line with recent analyst price target cuts that cite softer revenue trends, a more conservative 6% to 7% FY26 growth guide, and a reset to a lower future P/E assumption despite slightly higher projected profit margins.
分析記事 • Feb 15

SPS Commerce, Inc. Just Recorded A 5.8% EPS Beat: Here's What Analysts Are Forecasting Next

One of the biggest stories of last week was how SPS Commerce, Inc. ( NASDAQ:SPSC ) shares plunged 22% in the week since...
分析記事 • Feb 12

More Unpleasant Surprises Could Be In Store For SPS Commerce, Inc.'s (NASDAQ:SPSC) Shares After Tumbling 26%

SPS Commerce, Inc. ( NASDAQ:SPSC ) shareholders won't be pleased to see that the share price has had a very rough...
ナラティブ更新 • Feb 10

SPSC: Activist Sale Pressure And New Capabilities Will Support Sentiment Reset

Analysts have maintained their fair value estimate for SPS Commerce at $125.00. Modest adjustments to assumptions around the discount rate, revenue growth, profit margin, and future P/E help explain the updated price target narrative.
ナラティブ更新 • Jan 27

SPSC: Share Repurchases And New Products Will Offset Forecasting Setbacks

Analysts now see fair value for SPS Commerce at about US$99.82 per share, up from roughly US$98, as they factor in a slightly lower discount rate, steady revenue growth and margins, and a modestly higher future P/E, despite recent price target cuts tied to softer near term growth expectations and the Q3 revenue miss. Analyst Commentary Recent Street research around SPS Commerce points to a more cautious stance overall, with several firms cutting ratings and reducing price targets after the Q3 revenue miss and updated guidance.
ナラティブ更新 • Jan 11

SPSC: Share Repurchases And Product Expansion Will Support Sentiment Reset

Analysts have reset expectations on SPS Commerce, with published price targets moving from a prior range of around $125 to a band of roughly $80 to $110. This shift reflects concerns about constrained near term growth, Q3 revenue shortfalls, and softer guidance.
ナラティブ更新 • Dec 25

SPSC: Share Repurchases Will Support Confidence After Growth Expectations Reset

Analysts have reset their outlook on SPS Commerce, cutting the price target from $230 to $125 as they factor in slower expected revenue growth, a higher discount rate and lower peer multiples, even as profit margins are modeled to improve. Analyst Commentary Recent research has highlighted a more cautious overall stance on SPS Commerce, with multiple firms lowering ratings and price targets in response to softer growth expectations and a weaker retail spending backdrop.
ナラティブ更新 • Dec 11

SPSC: Share Repurchases And Durable Cash Flows Will Support Future Upside

Analysts have sharply reduced their price targets on SPS Commerce to a range of $80 to $110 from prior levels as high as $170, citing constrained near term growth, a weaker retail end market, and tempered long term growth expectations despite the company’s still solid fundamentals. Analyst Commentary Street research reflects a more balanced but cautious stance on SPS Commerce, with recent notes highlighting both the durability of the business model and the near term pressures on growth, execution, and valuation.
分析記事 • Dec 09

Returns On Capital At SPS Commerce (NASDAQ:SPSC) Have Stalled

What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a...
ナラティブ更新 • Nov 27

SPSC: Share Buybacks And Cash Flow Will Drive Further Upside

Analysts have lowered their average price target for SPS Commerce. Reductions from firms such as Morgan Stanley, Needham, DA Davidson, and Cantor Fitzgerald cite weaker near-term growth prospects and the impact of a disappointing Q3 revenue performance.
ナラティブ更新 • Nov 12

SPSC: Share Buybacks And Cash Flow Will Support Investor Confidence

Analysts have significantly reduced their price targets for SPS Commerce, lowering the fair value estimate from $142.27 to $98.00. They cite constrained near-term growth and ongoing headwinds in the retail end market as reasons for the adjustment.
ナラティブ更新 • Oct 29

Recurring Revenue And Market Position Will Drive Potential Upside Into Year End

Analysts have recently reduced their price targets for SPS Commerce. New estimates generally fall in the $125 to $145 range, citing lower peer multiples and expectations for more moderate medium-term growth.
ナラティブ更新 • Oct 14

Cloud-based EDI And Omni-Channel Analytics Will Strengthen Retail Supply Chains

Analysts have lowered their average price target on SPS Commerce by approximately $5.55. This adjustment reflects reduced peer multiples and slightly moderated growth expectations following recent earnings and investor updates.
ナラティブ更新 • Sep 25

Cloud-based EDI And Omni-Channel Analytics Will Strengthen Retail Supply Chains

Analysts have trimmed their price targets for SPS Commerce to $147.82, citing the company’s transition to a more mature growth phase with tempered expectations and reduced upside catalysts, despite ongoing business model strength. Analyst Commentary SPS Commerce is perceived to have entered a more mature growth phase, prompting lower growth expectations.
分析記事 • Jul 21

Calculating The Fair Value Of SPS Commerce, Inc. (NASDAQ:SPSC)

Key Insights Using the 2 Stage Free Cash Flow to Equity, SPS Commerce fair value estimate is US$150 SPS Commerce's...
分析記事 • Jul 03

SPS Commerce's (NASDAQ:SPSC) Returns Have Hit A Wall

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
分析記事 • Jun 15

Earnings Tell The Story For SPS Commerce, Inc. (NASDAQ:SPSC)

With a price-to-earnings (or "P/E") ratio of 63x SPS Commerce, Inc. ( NASDAQ:SPSC ) may be sending very bearish signals...
分析記事 • Apr 28

Results: SPS Commerce, Inc. Beat Earnings Expectations And Analysts Now Have New Forecasts

It's been a good week for SPS Commerce, Inc. ( NASDAQ:SPSC ) shareholders, because the company has just released its...
分析記事 • Apr 25

If EPS Growth Is Important To You, SPS Commerce (NASDAQ:SPSC) Presents An Opportunity

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
分析記事 • Apr 10

A Look At The Intrinsic Value Of SPS Commerce, Inc. (NASDAQ:SPSC)

Key Insights The projected fair value for SPS Commerce is US$153 based on 2 Stage Free Cash Flow to Equity With US$136...
Seeking Alpha • Mar 25

SPS Commerce: Interesting TAM Expansion And Appears Undervalued

Summary SPS Commerce offers cloud-based SCM software and has delivered strong returns since its IPO, despite recent share price corrections. SPSC's fundamentals are solid, with steady revenue growth, profitability, and expanding operating cash flow, making it a decent growth stock. Future growth catalysts include recurring revenue from acquisitions and tapping into Amazon's FBA seller ecosystem, presenting significant TAM opportunities. My conservative price target of $149.6 per share projects a 15% upside YoY, justifying a buy rating for SPSC. Read the full article on Seeking Alpha
分析記事 • Mar 25

Returns On Capital At SPS Commerce (NASDAQ:SPSC) Have Stalled

What are the early trends we should look for to identify a stock that could multiply in value over the long term...
分析記事 • Mar 07

Why We're Not Concerned Yet About SPS Commerce, Inc.'s (NASDAQ:SPSC) 27% Share Price Plunge

The SPS Commerce, Inc. ( NASDAQ:SPSC ) share price has fared very poorly over the last month, falling by a substantial...
分析記事 • Mar 04

Is SPS Commerce, Inc. (NASDAQ:SPSC) Potentially Undervalued?

SPS Commerce, Inc. ( NASDAQ:SPSC ), might not be a large cap stock, but it received a lot of attention from a...
分析記事 • Feb 17

SPS Commerce's (NASDAQ:SPSC) Earnings Seem To Be Promising

Despite posting healthy earnings, SPS Commerce, Inc.'s ( NASDAQ:SPSC ) stock has been quite weak. Our analysis suggests...
分析記事 • Jan 16

SPS Commerce, Inc.'s (NASDAQ:SPSC) Price Is Out Of Tune With Revenues

With a price-to-sales (or "P/S") ratio of 11.5x SPS Commerce, Inc. ( NASDAQ:SPSC ) may be sending very bearish signals...
Seeking Alpha • Jan 04

SPS Commerce: Continued Dealmaking Adds To The Growth Path

Summary SPS Commerce continues strong growth with organic and M&A efforts, but high valuations and elevated multiples make it unattractive for investment despite solid track record. Recent acquisitions, including SupplyPike and Carbon6 Technologies, boost revenues but come with lower margins. Despite improved earnings projections, realistic earnings remain around $2 per share, making current valuation of 90 times earnings too high. Continued M&A activity and net cash balances support growth, but cautious stance remains due to demanding valuations and modest earnings improvements. Read the full article on Seeking Alpha
分析記事 • Jan 02

Estimating The Fair Value Of SPS Commerce, Inc. (NASDAQ:SPSC)

Key Insights The projected fair value for SPS Commerce is US$170 based on 2 Stage Free Cash Flow to Equity SPS...

収支内訳

SPS Commerce の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。

収益と収入の歴史

NasdaqGS:SPSC 収益、費用、利益 ( )USD Millions
日付収益収益G+A経費研究開発費
30 Jun 267727831069
31 Mar 267629130469
31 Dec 257529329669
30 Sep 257308528769
30 Jun 257048327767
31 Mar 256708126264
31 Dec 246387725263
30 Sep 246127924060
30 Jun 245847222858
31 Mar 245616922057
31 Dec 235376620854
30 Sep 235146319952
30 Jun 234936218949
31 Mar 234725817948
31 Dec 224515516946
30 Sep 224325216344
30 Jun 224154815744
31 Mar 224004715341
31 Dec 213854514939
30 Sep 213664514436
30 Jun 213474513834
31 Mar 213294613232
31 Dec 203134612631
30 Sep 203024112231
30 Jun 202933911831
31 Mar 202863611430
31 Dec 192793411528
30 Sep 192723211427
30 Jun 192643111524
31 Mar 192562711523
31 Dec 182482411422
30 Sep 182411011622
30 Jun 18234411523
31 Mar 18227111323
31 Dec 17220010923
30 Sep 17213910223
30 Jun 1720699922
31 Mar 1720089622
31 Dec 1619359622
30 Sep 1618569121
30 Jun 1617658720
31 Mar 1616758419
31 Dec 1515958018
30 Sep 1515237817

質の高い収益: SPSCは 高品質の収益 を持っています。

利益率の向上: SPSCの現在の純利益率 (10.1%)は、昨年(11.8%)よりも低くなっています。

フリー・キャッシュフローと収益の比較

過去の収益成長分析

収益動向: SPSCの収益は過去 5 年間で年間15.1%増加しました。

成長の加速: SPSCは過去 1 年間の収益成長がマイナスであったため、5 年間の平均と比較することはできません。

収益対業界: SPSCは過去 1 年間で収益成長率がマイナス ( -6% ) となったため、 Software業界平均 ( 27.2% ) と比較することが困難です。

株主資本利益率

高いROE: SPSCの 自己資本利益率 ( 8.3% ) は 低い とみなされます。

総資産利益率

使用総資本利益率

過去の好業績企業の発掘

7D

1Y

7D

1Y

7D

1Y

企業分析と財務データの現状

データ最終更新日（UTC時間）
企業分析2026/09/09 17:08
終値2026/09/09 00:00
収益2026/06/30
年間収益2025/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

このレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。

シンプリー・ウォールストリート分析モデルを設計・構築した ご紹介します。

業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

SPS Commerce, Inc. 12 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。19

アナリスト機関
Joseph VruwinkBaird
Jeffrey HoustonBarrington Research Associates, Inc.
David HynesCanaccord Genuity