Foreign exchangenegative · 4 filings
“Our predominate exposure to foreign currency exchange rates are due to non-monetary assets held in currencies other than the U.S.”10-Q · Apr 30, 2026 ↗
SPS Commerce, Inc.
SPSC
Market read
SPS Commerce, Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 36 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
What changed
- Revenue increased 5.8% versus the comparable filing period.
- Operating margin fell 1.5 percentage points.
Company-1.3% todayVolume comparison unavailable
Market group0 of 36 activeSoftware - Application · unavailable
Disclosed network0 of 1 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- SPSC's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if SPSC's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 36 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 1 directly disclosed connection is confirming.
Evidence that supports
- Revenue increased 5.8% versus the comparable filing period.
- Operating cash flow covered net income at 2.82x, improving versus the comparable period.
Evidence that challenges
- Operating margin fell 1.5 percentage points.
- Net margin fell 2.0 percentage points.
What would clarify the read
- SPSC's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements86
Verified relationships1
Evidence supporting the case
- Latest annual revenue changed +17.8% year over year.
- Operating margin changed +1.8 percentage points in the latest annual period.
- Product pipeline and R&D has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Foreign exchange has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 25% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 58% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
77.286m+22.7%12m-30.4%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$385.3M+23.2%$1.21+1.9%
2022-12-31$450.9M+17.0%$1.49-0.0%
2023-12-31$536.9M+19.1%$1.76+1.4%
2024-12-31$637.8M+18.8%$2.04+1.0%
2025-12-31$751.5M+17.8%$2.46+0.4%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dmixed · 4 filings
“23 Form 10-Q for the Quarterly Period ended March 31, 2026 Table of Contents Research and Development Expenses - The increase in research and development expense was primarily due to higher stock-based compensation expense and increased software subscription…”10-Q · Apr 30, 2026 ↗
Data center and AI demandmixed · 1 filings
“The rise in software subscription costs was further attributable to expanded investment in our artificial intelligence strategy.”10-Q · Apr 30, 2026 ↗
Labor availability and costspositive · 1 filings
“As a result of our strong company culture and focus on providing meaningful work, professional development, flexible work options, competitive pay and benefits, as well as our commitment to belonging, our 2025 employee retention rate was 88%.”10-K · Feb 19, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.9× · EV/sales 3.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
77.28-1.3% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for SPSC. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-04-30 against the comparable filing from 2025-04-24.
OperationsmixedEvidence score 0
liquidityconstructiveEvidence score +1
valuationmixed
What improved
- Revenue increased 5.8% versus the comparable filing period.
- Operating cash flow covered net income at 2.82x, improving versus the comparable period.
What weakened
- Operating margin fell 1.5 percentage points.
- Net margin fell 2.0 percentage points.
Filing receipts
“Income Tax Expense - The increase in income tax expense was primarily driven by the reduction in tax benefits recognized from equity award exercise and settlement activity due to the fluctuations in share price.”
“Sales and Marketing Expenses - The increase in sales and marketing expense was primarily driven by a $1.8 million increase in stock-based compensation related to leadership transitions.”
“Co st of Revenues - The increase in cost of revenues was primarily driven by $1.0 million of lower capitalization of deferred costs due to slowed hiring, as well as $0.7 million of expenses associated with an all-company meeting held in the current quarter, previously held in the fourth quarter of the calendar year.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind SPSC
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
MSFTMicrosoft CorporationpartnerFeb 19, 2026 ▾
“For example, software partners such as Microsoft, NetSuite, Oracle, SAP, Sage, and their business partner communities generate sales for us as part of broader enterprise resource planning, warehouse management system and/or transportation management system sa…”
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
SPSC is currently a Follower in the organic co-movement group Software - Application. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.