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 2,140 - -
Change - -9.58% 53.68% -2.83% -51.38% -36.33% - -
Enterprise Value (EV) 1 4,862 4,415 6,838 6,671 3,210 1,892 1,740 1,577
Change - -9.21% 54.9% -2.44% -51.89% -41.04% -8.06% -9.38%
P/E 118x 86.2x 110x 90.2x 36.2x 22.5x 18.6x 15.4x
PBR - - - - - 1.96x 1.69x 1.46x
PEG - 3.7x 6.1x 5.7x 1.8x 4.35x 0.9x 0.7x
Capitalization / Revenue 13.3x 10.3x 13.2x 10.8x 4.47x 2.68x 2.51x 2.33x
EV / Revenue 12.6x 9.79x 12.7x 10.5x 4.27x 2.37x 2.04x 1.72x
EV / EBITDA 45.4x 33.4x 43.4x 35.7x 13.9x 7.17x 5.92x 4.73x
EV / EBIT 52.4x 37.9x 49.2x 40x 15.3x 7.88x 6.46x 5.11x
EV / FCF 52.1x 55.1x 60.8x 48.6x 21.1x 10.3x 8.74x 7.13x
FCF Yield 1.92% 1.82% 1.65% 2.06% 4.74% 9.66% 11.4% 14%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 1.21 1.49 1.76 2.04 2.46 2.587 3.127 3.778
Distribution rate - - - - - - - -
Net sales 1 385.3 450.9 536.9 637.8 751.5 797.5 852.5 918.7
EBITDA 1 107 132.3 157.6 186.6 231.4 263.9 293.8 333.6
EBIT 1 92.78 116.3 138.9 167 209.2 240.2 269.2 308.8
Net income 1 44.6 55.13 65.82 77.05 93.34 99.21 118.3 143.3
Net Debt 1 -257.3 -214.3 -275.4 -241 -151.4 -247.7 -400.2 -563.4
Reference price 2 142.35 128.43 193.84 183.99 89.13 58.29 58.29 58.29
Nbr of stocks (in thousands) 35,964 36,042 36,698 37,568 37,709 36,713 - -
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.($)
22.53x2.37x7.17x-.--% 2.14B
22.31x6.09x10.79x1.42% 410B
19.44x4.05x12.66x1.91% 187B
53.18x6.3x17.32x-.--% 109B
31.68x3.01x10.84x0.21% 39.84B
4.31x77.99x660.55x-.--% 32.84B
31.81x12.4x20.21x-.--% 27.98B
32.3x1.96x17.88x-.--% 16.64B
23.41x3.35x11.28x - 12.26B
72.32x6.89x29.53x-.--% 10.63B
Average 31.33x 12.44x 79.82x 0.39% 84.92B
Weighted average by Cap. 26.54x 8.39x 37.85x 1.14%

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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