SPS COMMERCE INC

SPSC · Services-Prepackaged Software · 36.7M shares · +1%/yr ↑ shares · EDGAR filings ↗

Reference price $57.03 · est. market cap ~$2.1B — last insider sale, 2026-05-07 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B78

Retail supply-chain SaaS network with strong growth, profitability, and recurring revenue.

Strengths

Strong growth and earnings — revenue +17.8%, net income +21.1% (76th)
Solid margins and returns — operating margin 15.7% (78th), ROA 8.0% (79th)
Strong FCF — $152.3M, FCF margin 20.3%

Risks

Retail-IT-spending cyclicality — per 10-K
Competition in EDI/supply-chain networks — per 10-K
Premium valuation — per 10-K

Notable findings

Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP
Customer concentration~100% of revenue from one customer/distributor — Results of Operations Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 The following table presents our results of operations for the periods indicated: Year Ended December
Exec changeRecent 8-K item 5.02 8-K ↗
Strong balance sheetStrong balance sheet — $151M cash & investments
Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
Insider sellingInsider selling — 14 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$2M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $187M2025-09-30 · $190M2025-12-31 · $193M2026-03-31 · $192M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

69.2%

Operating margin

15.7%

Net margin

12.4%

Return on equity

9.6%

Return on assets

8.0%

Revenue growth (QoQ)

-0.3%

Net-income growth

21.1%

Current ratio

2.2×

Free cash flow

$152M

EBITDA

$139M

Tangible book value

$216M

Cash & investments

$151M

Stock comp / revenue

7.1%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-05-28	Partin Mark	Grant	3.7K	—
2026-05-28	Reaume Marty M	Grant	3.7K	—
2026-05-28	Reller Tami	Grant	3.7K	—
2026-05-28	SORAN PHILIP	Grant	3.7K	—
2026-05-28	Chima Fumbi F.	Grant	3.7K	—
2026-05-28	Ward Anne Sempowski	Grant	3.7K	—
2026-05-28	Gaurav Razat	Grant	3.7K	—
2026-05-28	McConnell Michael J	Grant	3.7K	—
2026-05-08	THINGELSTAD JAMIE	Grant	39K	—
2026-05-07	Del Preto Joseph	Grant	108K	—
2026-05-07	Reaume Marty M	Option exercise	1.0K	$51.80
2026-05-07	Reaume Marty M	Sell	1.0K	$57.03
2026-05-07	Del Preto Joseph	Grant	33K	—
2026-04-07	Reaume Marty M	Sell	1.0K	$57.90
2026-04-07	Reaume Marty M	Option exercise	1.0K	$51.80
2026-03-13	Reller Tami	Option exercise	5.7K	$51.80
2026-03-09	Reaume Marty M	Option exercise	1.0K	$51.80
2026-03-09	Reaume Marty M	Sell	1.0K	$62.73
2026-02-24	THINGELSTAD JAMIE	Sell	1.9K	$54.80
2026-02-24	THINGELSTAD JAMIE	Sell	518	$55.47
2026-02-20	Collins Chadwick	Grant	102K	—
2026-02-20	Collins Chadwick	Sell	7.8K	$58.09
2026-02-20	Collins Chadwick	Sell	2.8K	$59.18
2026-02-20	Collins Chadwick	Sell	2.8K	$59.72
2026-02-20	Nelson Kimberly K.	Sell	3.7K	$58.09
2026-02-20	Nelson Kimberly K.	Sell	1.2K	$59.19
2026-02-20	Nelson Kimberly K.	Sell	1.4K	$59.70
2026-02-20	Nelson Kimberly K.	Grant	40K	—
2026-02-20	Rosini Eduardo	Grant	29K	—
2026-02-20	Chima Fumbi F.	Grant	3.5K	—
2026-02-20	McConnell Michael J	Grant	3.5K	—
2026-02-20	THINGELSTAD JAMIE	Grant	23K	—
2026-02-09	Reaume Marty M	Sell	1.0K	$79.92
2026-02-09	Reaume Marty M	Option exercise	1.0K	$51.80
2026-01-07	Reaume Marty M	Option exercise	1.7K	$51.80
2026-01-07	Reaume Marty M	Sell	400	$91.40
2026-01-07	Reaume Marty M	Sell	1.3K	$92.52
2025-12-01	Rosini Eduardo	Grant	81K	—
2025-11-18	SORAN PHILIP	Option exercise	5.7K	$51.80
2025-11-18	SORAN PHILIP	Tax withheld	3.7K	$79.89
2025-11-06	Partin Mark	Grant	2.5K	—
2025-11-04	THINGELSTAD JAMIE	Option exercise	8.1K	$54.54
2025-11-04	THINGELSTAD JAMIE	Tax withheld	6.6K	$82.53
2025-05-13	Gaurav Razat	Grant	1.3K	—
2025-05-13	SORAN PHILIP	Grant	1.3K	—
2025-05-13	Ward Anne Sempowski	Grant	1.3K	—
2025-05-13	WEHRWEIN SVEN	Grant	1.3K	—
2025-05-13	Reaume Marty M	Grant	1.3K	—
2025-05-13	Reller Tami	Grant	1.3K	—
2025-03-26	Reller Tami	Option exercise	6.6K	$37.22
2025-02-26	Nelson Kimberly K.	Sell	495	$137.03
2025-02-26	Nelson Kimberly K.	Sell	1.1K	$138.33
2025-02-26	Nelson Kimberly K.	Sell	1.3K	$139.34
2025-02-26	Nelson Kimberly K.	Sell	2.6K	$136.29
2025-02-20	Collins Chadwick	Sell	510	$144.56
2025-02-20	Collins Chadwick	Sell	1.1K	$143.92
2025-02-20	Collins Chadwick	Sell	100	$145.58
2025-02-20	Nelson Kimberly K.	Sell	856	$144.01
2025-02-20	Nelson Kimberly K.	Sell	500	$144.54
2025-02-20	Nelson Kimberly K.	Sell	100	$145.58
2025-02-20	Juckniess Dan	Sell	447	$143.94
2025-02-20	Juckniess Dan	Sell	216	$144.67
2025-02-20	Juckniess Dan	Sell	72	$145.59
2025-02-20	THINGELSTAD JAMIE	Sell	555	$143.99
2025-02-20	THINGELSTAD JAMIE	Sell	185	$145.20
2025-02-19	Juckniess Dan	Sell	447	$143.94
2025-02-19	Juckniess Dan	Sell	1.2K	$148.98
2025-02-19	Juckniess Dan	Sell	216	$144.67
2025-02-19	Juckniess Dan	Sell	72	$145.59
2025-02-19	THINGELSTAD JAMIE	Sell	555	$143.99
2025-02-19	Juckniess Dan	Sell	991	$146.75
2025-02-19	Juckniess Dan	Sell	400	$148.26
2025-02-19	Juckniess Dan	Sell	1.2K	$148.98
2025-02-19	THINGELSTAD JAMIE	Sell	400	$149.24
2025-02-19	THINGELSTAD JAMIE	Sell	910	$148.65
2025-02-19	THINGELSTAD JAMIE	Sell	906	$146.74
2025-02-19	THINGELSTAD JAMIE	Sell	906	$146.74
2025-02-19	THINGELSTAD JAMIE	Sell	910	$148.65
2025-02-19	THINGELSTAD JAMIE	Sell	400	$149.24
2025-02-19	Collins Chadwick	Sell	1.0K	$146.74
2025-02-19	Collins Chadwick	Sell	312	$147.97
2025-02-19	Collins Chadwick	Sell	1.3K	$148.96
2025-02-19	Collins Chadwick	Sell	200	$150.01
2025-02-19	Collins Chadwick	Sell	1.1K	$143.92
2025-02-19	Collins Chadwick	Sell	510	$144.56
2025-02-19	Collins Chadwick	Sell	100	$145.58
2025-02-19	Nelson Kimberly K.	Sell	1.5K	$146.84
2025-02-19	Nelson Kimberly K.	Sell	880	$148.40
2025-02-19	Nelson Kimberly K.	Sell	1.4K	$149.07
2025-02-19	Nelson Kimberly K.	Sell	300	$150.05
2025-02-19	Nelson Kimberly K.	Sell	856	$144.01
2025-02-19	Nelson Kimberly K.	Sell	500	$144.54
2025-02-19	Nelson Kimberly K.	Sell	100	$145.58
2025-02-19	Collins Chadwick	Sell	1.0K	$146.74
2025-02-19	Collins Chadwick	Sell	312	$147.97
2025-02-19	Collins Chadwick	Sell	1.3K	$148.96
2025-02-19	Collins Chadwick	Sell	200	$150.01
2025-02-19	Juckniess Dan	Sell	400	$148.26
2025-02-19	Juckniess Dan	Sell	991	$146.75
2025-02-19	Nelson Kimberly K.	Sell	1.5K	$146.84
2025-02-19	Nelson Kimberly K.	Sell	880	$148.40
2025-02-19	Nelson Kimberly K.	Sell	1.4K	$149.07
2025-02-19	Nelson Kimberly K.	Sell	300	$150.05
2025-02-19	THINGELSTAD JAMIE	Sell	185	$145.20
2025-02-18	Collins Chadwick	Grant	36K	—
2025-02-18	THINGELSTAD JAMIE	Grant	9.2K	—
2025-02-18	THINGELSTAD JAMIE	Grant	12K	—
2025-02-18	Juckniess Dan	Grant	1.4M	—
2025-02-18	THINGELSTAD JAMIE	Grant	1.7M	—
2025-02-18	Juckniess Dan	Grant	12K	—
2025-02-18	Juckniess Dan	Grant	9.2K	—
2025-02-18	Collins Chadwick	Grant	5.2M	—
2025-02-18	Nelson Kimberly K.	Grant	16K	—
2025-02-18	Nelson Kimberly K.	Grant	2.3M	—
2025-02-05	Nelson Kimberly K.	Sell	5.4K	$181.07
2025-02-05	Nelson Kimberly K.	Sell	2.0K	$180.33
2025-02-05	Nelson Kimberly K.	Sell	1.7K	$181.87
2025-02-05	Nelson Kimberly K.	Sell	200	$182.74
2025-01-31	Juckniess Dan	Sell	200	$186.34
2025-01-31	THINGELSTAD JAMIE	Sell	68	$184.78
2025-01-31	Juckniess Dan	Sell	1.0K	$184.32
2025-01-31	Juckniess Dan	Sell	1.2K	$185.04
2025-01-30	Juckniess Dan	Sell	1.3K	$186.43
2025-01-30	Juckniess Dan	Sell	501	$187.46
2025-01-30	Juckniess Dan	Sell	299	$188.29
2025-01-30	Nelson Kimberly K.	Sell	4.5K	$183.46
2025-01-30	Nelson Kimberly K.	Sell	900	$184.19
2025-01-30	Nelson Kimberly K.	Sell	1.6K	$185.29
2025-01-30	Nelson Kimberly K.	Sell	1.3K	$186.38
2025-01-30	Nelson Kimberly K.	Sell	655	$187.54
2025-01-30	Nelson Kimberly K.	Sell	245	$188.35
2025-01-30	THINGELSTAD JAMIE	Sell	2.3K	$183.47
2025-01-30	Juckniess Dan	Sell	4.4K	$183.41
2025-01-30	Juckniess Dan	Sell	1.4K	$184.25
2025-01-30	Juckniess Dan	Sell	1.9K	$185.35
2025-01-30	THINGELSTAD JAMIE	Sell	100	$188.55
2025-01-30	THINGELSTAD JAMIE	Sell	700	$187.58
2025-01-30	THINGELSTAD JAMIE	Sell	700	$186.57
2025-01-30	THINGELSTAD JAMIE	Sell	626	$185.52
2025-01-30	THINGELSTAD JAMIE	Sell	316	$184.27
2025-01-29	Juckniess Dan	Grant	12K	—
2025-01-29	THINGELSTAD JAMIE	Grant	12K	—
2025-01-29	Nelson Kimberly K.	Grant	19K	—
2024-12-31	Juckniess Dan	Sell	700	$185.17
2024-12-31	Juckniess Dan	Sell	2.8K	$184.14
2024-12-31	Juckniess Dan	Sell	200	$183.11

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-05-28	Shareholder voteExhibits	filing ↗
2026-05-21	Exec/director change	filing ↗
2026-04-30	ResultsExhibits	filing ↗
2026-04-14	Exec/director changeExhibits	filing ↗
2026-02-12	Material agreementExec/director changeReg FDExhibits	filing ↗
2026-02-12	ResultsExec/director changeReg FDOtherExhibits	filing ↗
2025-10-30	ResultsExec/director changeOtherExhibits	filing ↗
2025-08-20	Exec/director change	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-05-28	2026-05-28	0001092699-26-000054 ↗
8-K	2026-05-21	2026-05-20	0001092699-26-000051 ↗
10-Q	2026-04-30	2026-03-31	0001092699-26-000043 ↗
8-K	2026-04-30	2026-04-30	0001092699-26-000042 ↗
8-K	2026-04-14	2026-04-10	0001092699-26-000028 ↗
10-K	2026-02-19	2025-12-31	0001092699-26-000012 ↗
8-K	2026-02-12	2026-02-10	0001092699-26-000007 ↗
8-K	2026-02-12	2026-02-12	0001092699-26-000008 ↗
8-K	2025-10-30	2025-10-29	0001092699-25-000062 ↗
10-Q	2025-10-30	2025-09-30	0001092699-25-000064 ↗
8-K	2025-08-20	2025-08-18	0001092699-25-000056 ↗
8-K	2025-07-30	2025-07-30	0001092699-25-000047 ↗