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 2,976 - -
Change - -9.58% 53.68% -2.83% -51.38% -11.44% - -
Enterprise Value (EV) 1 4,862 4,415 6,838 6,671 3,210 2,761 2,596 2,437
Change - -9.21% 54.9% -2.44% -51.89% -13.99% -5.96% -6.14%
P/E 118x 86.2x 110x 90.2x 36.2x 36.4x 25.5x 21.3x
PBR - - - - 3.43x 2.94x 2.45x 2.09x
PEG - 3.7x 6.1x 5.7x 1.8x -4.79x 0.6x 1.1x
Capitalization / Revenue 13.3x 10.3x 13.2x 10.8x 4.47x 3.76x 3.54x 3.3x
EV / Revenue 12.6x 9.79x 12.7x 10.5x 4.27x 3.49x 3.09x 2.71x
EV / EBITDA 45.4x 33.4x 43.4x 35.7x 13.9x 10.4x 8.82x 7.4x
EV / EBIT 52.4x 37.9x 49.2x 40x 15.3x 11.4x 9.67x 7.97x
EV / FCF 52.1x 55.1x 60.8x 48.6x 21.1x 15x 12.8x 10.7x
FCF Yield 1.92% 1.82% 1.65% 2.06% 4.74% 6.66% 7.83% 9.36%
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 82.68 82.68 82.68
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.($)
36.38x3.49x10.36x-.--% 2.98B
23.35x6.31x10.84x1.32% 454B
25.11x5.03x15.87x1.51% 237B
85.79x8.35x22.34x-.--% 137B
-5.01x103.52x1445.08x-.--% 50.32B
34.93x3.29x12.1x0.19% 43.2B
26.22x10.46x17.09x-.--% 21.28B
33.58x2.21x20.13x-.--% 18.57B
-207.78x3.68x12.33x - 13.45B
36.67x3.18x8.67x-.--% 12.27B
Average 8.92x 14.95x 157.48x 0.34% 99.09B
Weighted average by Cap. 28.79x 11.02x 86.83x 0.99%

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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