Financials SPS Commerce, Inc.

Equities

SPSC

US78463M1071

Software

Real-time Estimate Cboe BZX Other stock markets 21:11:31 06/03/2026 +04			5-day change	1st Jan Change
62.66 ^USD	-2.17%		+11.49%	-29.31%

03-04	SPS Commerce, Inc. Presents at Morgan Stanley Technology, Media & Telecom Conference 2026, Mar-04-2026 08:30 AM
02-13	Morgan Stanley Trims Price Target on SPS Commerce to $95 From $100, Keeps Equalweight Rating	MT

Projected Income Statement: SPS Commerce, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	385.3	450.9	536.9	637.8	751.5	802	861	932.5
Change	-	17.03%	19.08%	18.78%	17.83%	6.72%	7.36%	8.3%
EBITDA ¹	107	132.3	157.6	186.6	231.4	263.1	298.1	339.8
Change	-	23.6%	19.17%	18.4%	23.97%	13.7%	13.33%	13.99%
EBIT ¹	92.78	116.3	138.9	167	209.2	239.7	271.2	312.8
Change	-	25.4%	19.36%	20.22%	25.31%	14.6%	13.1%	15.35%
Interest Paid ¹	-1.544	-	-1.726	-	-	-243	-243	-241
Earnings before Tax (EBT) ¹	53.54	71.32	85.56	99.48	123.8	140.5	178.5	219.6
Change	-	33.21%	19.96%	16.26%	24.49%	13.44%	27.03%	23.06%
Net income ¹	44.6	55.13	65.82	77.05	93.34	98.06	123.5	150.6
Change	-	23.63%	19.39%	17.06%	21.13%	5.05%	25.91%	22%
Announcement Date	09/02/22	09/02/23	08/02/24	10/02/25	12/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	90.09	94.54	97.89	102.8	105.2	109.2	114.5	122	125.9	130.4	135.7	145	149.6	153.6	163.7	170.9	181.5	187.4	189.9	192.7	192.7	198.6	202.6	208.6	207.3	212.6	216.5	224.2
Change	-	4.93%	3.54%	4.97%	2.37%	3.79%	4.86%	6.58%	3.16%	3.61%	4.02%	6.86%	3.18%	2.69%	6.57%	4.41%	6.23%	3.22%	1.34%	1.45%	0.03%	3.03%	2.01%	3%	-0.64%	2.55%	1.85%	3.55%
EBITDA ¹	25.46	27.33	26.54	27.69	31.77	30.86	34.69	34.95	37	38.17	40.5	41.96	44.4	44.19	48.4	49.64	54.37	56.05	60.48	60.46	56.62	64.08	68.07	74.42	68	71.98	75.58	82.4
Change	-	7.35%	-2.9%	4.36%	14.7%	-2.84%	12.39%	0.76%	5.86%	3.17%	6.11%	3.59%	5.83%	-0.48%	9.53%	2.56%	9.54%	3.09%	7.9%	-0.03%	-6.36%	13.18%	6.24%	9.33%	-8.63%	5.85%	5%	9.03%
EBIT ¹	22.25	23.8	22.84	24.07	28	27.1	30.52	30.61	32.36	33.39	35.83	37.29	39.76	39.5	43.77	44.9	48.41	50.98	55.14	54.68	51.53	58.76	62.78	66.42	62.48	66.11	69.31	71.65
Change	-	6.96%	-4.03%	5.36%	16.33%	-3.21%	12.63%	0.3%	5.72%	3.19%	7.29%	4.09%	6.61%	-0.65%	10.81%	2.58%	7.82%	5.3%	8.16%	-0.84%	-5.76%	14.04%	6.84%	5.8%	-5.92%	5.8%	4.84%	3.38%
Charge d'intérêts	-	-	-	-0.12	0.423	-1.338	-	-	-	-	-	-1.201	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	12.34	13.15	12.8	15.25	16.93	14.63	19	20.77	18.01	18.92	22.3	26.34	18.54	27.22	29.35	24.37	28.16	27.24	32.45	35.98	25.78	32.74	37.04	44.9	37.48	41.37	45.62	53.92
Change	-	6.56%	-2.59%	19.12%	11.01%	-13.6%	29.84%	9.32%	-13.29%	5.05%	17.9%	18.12%	-29.63%	46.86%	7.82%	-16.96%	15.56%	-3.27%	19.12%	10.87%	-28.33%	26.99%	13.11%	21.23%	-16.52%	10.37%	10.29%	18.19%
Net income ¹	10.2	10.18	11.45	12.76	12.6	10.75	15.86	15.92	15.29	14.68	16.84	19.01	18	18.03	23.46	17.56	22.2	19.73	25.57	25.84	18.12	23.19	26.07	30.8	26.06	28.78	31.38	36.03
Change	-	-0.17%	12.43%	11.49%	-1.27%	-14.68%	47.52%	0.33%	-3.93%	-3.97%	14.71%	12.88%	-5.3%	0.16%	30.1%	-25.15%	26.41%	-11.1%	29.57%	1.06%	-29.87%	27.96%	12.43%	18.15%	-15.39%	10.45%	9.03%	14.82%
Announcement Date	29/04/21	29/07/21	28/10/21	09/02/22	28/04/22	27/07/22	27/10/22	09/02/23	26/04/23	27/07/23	26/10/23	08/02/24	25/04/24	25/07/24	24/10/24	10/02/25	24/04/25	30/07/25	30/10/25	12/02/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: SPS Commerce, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-257	-214	-275	-241	-151	-265	-414	-626
Change	-	16.73%	-28.5%	12.36%	37.34%	-75.09%	-56.23%	-51.21%
Announcement Date	09/02/22	09/02/23	08/02/24	10/02/25	12/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: SPS Commerce, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	19.59	19.88	19.76	20.05	26.52	26.01	31.01	30.18
Change	-	1.49%	-0.6%	1.44%	32.32%	-1.92%	19.19%	-2.67%
Free Cash Flow (FCF) ¹	93.3	80.17	112.5	137.4	152.3	181.7	204.3	231
Change	-	-14.08%	40.37%	22.05%	10.86%	19.31%	12.48%	13.05%
Announcement Date	09/02/22	09/02/23	08/02/24	10/02/25	12/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: SPS Commerce, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	27.78%	29.34%	29.36%	29.26%	30.79%	32.8%	34.63%	36.44%
EBIT Margin (%)	24.08%	25.81%	25.87%	26.18%	27.84%	29.89%	31.49%	33.54%
EBT Margin (%)	13.9%	15.82%	15.94%	15.6%	16.48%	17.52%	20.73%	23.55%
Net margin (%)	11.58%	12.23%	12.26%	12.08%	12.42%	12.23%	14.34%	16.15%
FCF margin (%)	24.22%	17.78%	20.96%	21.54%	20.26%	22.65%	23.73%	24.77%
FCF / Net Income (%)	209.22%	145.41%	170.97%	178.25%	163.13%	185.27%	165.5%	153.36%
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	14.83%	16.98%	17.76%	10.12%	17.74%	16.35%	16.66%	16.93%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	5.08%	4.41%	3.68%	3.14%	3.53%	3.24%	3.6%	3.24%
CAPEX / EBITDA (%)	18.3%	15.03%	12.54%	10.74%	11.46%	9.89%	10.4%	8.88%
CAPEX / FCF (%)	20.99%	24.8%	17.56%	14.59%	17.42%	14.32%	15.17%	13.06%
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	-	-	29.2	33.74	38.9
Change	-	-	-	-	-	-	15.55%	15.29%
EPS ¹	1.21	1.49	1.76	2.04	2.46	2.554	3.203	3.889
Change	-	23.14%	18.12%	15.91%	20.59%	3.83%	25.39%	21.42%
Nbr of stocks (in thousands)	35,964	36,042	36,698	37,568	37,709	37,391	37,391	37,391
Announcement Date	09/02/22	09/02/23	08/02/24	10/02/25	12/02/26	-	-	-