Company Valuation: SPS Commerce, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 5,120 4,629 7,113 6,912 3,361 2,859 - -
Change - -9.58% 53.68% -2.83% -51.38% -14.92% - -
Enterprise Value (EV) 1 4,862 4,415 6,838 6,671 3,210 2,644 2,479 2,320
Change - -9.21% 54.9% -2.44% -51.89% -17.63% -6.22% -6.43%
P/E 118x 86.2x 110x 90.2x 36.2x 34.9x 24.5x 20.5x
PBR - - - - 3.43x 2.82x 2.35x 2.01x
PEG - 3.7x 6.1x 5.7x 1.8x -4.59x 0.6x 1x
Capitalization / Revenue 13.3x 10.3x 13.2x 10.8x 4.47x 3.62x 3.4x 3.17x
EV / Revenue 12.6x 9.79x 12.7x 10.5x 4.27x 3.34x 2.95x 2.58x
EV / EBITDA 45.4x 33.4x 43.4x 35.7x 13.9x 9.92x 8.42x 7.04x
EV / EBIT 52.4x 37.9x 49.2x 40x 15.3x 10.9x 9.23x 7.58x
EV / FCF 52.1x 55.1x 60.8x 48.6x 21.1x 14.4x 12.2x 10.2x
FCF Yield 1.92% 1.82% 1.65% 2.06% 4.74% 6.96% 8.2% 9.83%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 1.21 1.49 1.76 2.04 2.46 2.273 3.241 3.877
Distribution rate - - - - - - - -
Net sales 1 385.3 450.9 536.9 637.8 751.5 790.6 840.1 900.6
EBITDA 1 107 132.3 157.6 186.6 231.4 266.4 294.4 329.4
EBIT 1 92.78 116.3 138.9 167 209.2 241.8 268.6 305.9
Net income 1 44.6 55.13 65.82 77.05 93.34 83.8 120.7 143.6
Net Debt 1 -257.3 -214.3 -275.4 -241 -151.4 -215.8 -380.2 -539.7
Reference price 2 142.35 128.43 193.84 183.99 89.13 79.43 79.43 79.43
Nbr of stocks (in thousands) 35,964 36,042 36,698 37,568 37,709 36,000 - -
Announcement Date 2/9/22 2/9/23 2/8/24 2/10/25 2/12/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
34.95x3.34x9.92x-.--% 2.86B
22.21x6.06x10.83x1.44% 409B
26.36x5.27x16.57x1.44% 250B
83.99x8.17x21.86x-.--% 134B
38.27x3.59x13.17x0.18% 47.32B
-56.81x92.63x798.32x-.--% 43.18B
30.46x11.84x19.34x-.--% 24.83B
37.27x2.46x22.39x-.--% 20.41B
104.35x10x42.63x-.--% 15.14B
-642.27x3.8x12.73x - 13.92B
Average -32.12x 14.72x 96.78x 0.34% 96.13B
Weighted average by Cap. 21.40x 10.01x 50.34x 1.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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