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 2,988 - -
Change - -9.58% 53.68% -2.83% -51.38% -11.1% - -
Enterprise Value (EV) 1 4,862 4,415 6,838 6,671 3,210 2,772 2,608 2,448
Change - -9.21% 54.9% -2.44% -51.89% -13.63% -5.93% -6.12%
P/E 118x 86.2x 110x 90.2x 36.2x 36.5x 25.6x 21.4x
PBR - - - - 3.43x 2.95x 2.46x 2.1x
PEG - 3.7x 6.1x 5.7x 1.8x -4.8x 0.6x 1.1x
Capitalization / Revenue 13.3x 10.3x 13.2x 10.8x 4.47x 3.78x 3.56x 3.32x
EV / Revenue 12.6x 9.79x 12.7x 10.5x 4.27x 3.51x 3.1x 2.72x
EV / EBITDA 45.4x 33.4x 43.4x 35.7x 13.9x 10.4x 8.86x 7.43x
EV / EBIT 52.4x 37.9x 49.2x 40x 15.3x 11.5x 9.71x 8x
EV / FCF 52.1x 55.1x 60.8x 48.6x 21.1x 15.1x 12.8x 10.7x
FCF Yield 1.92% 1.82% 1.65% 2.06% 4.74% 6.64% 7.8% 9.31%
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 83.00 83.00 83.00
Nbr of stocks (in thousands) 35,964 36,042 36,698 37,568 37,709 36,000 - -
Announcement Date 09/02/22 09/02/23 08/02/24 10/02/25 12/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
36.52x3.51x10.41x-.--% 2.99B
24.82x6.59x11.7x1.28% 457B
26.3x5.27x16.64x1.44% 249B
91.44x8.9x23.83x-.--% 146B
-5.74x112.7x1501.37x-.--% 54.87B
37.45x3.51x12.93x0.18% 46.32B
24.83x10.01x16.38x-.--% 20.13B
35.5x2.36x21.42x-.--% 19.62B
93.23x8.9x37.94x-.--% 13.52B
-214.31x3.79x12.69x - 13.87B
Average 15.01x 16.55x 166.53x 0.32% 102.38B
Weighted average by Cap. 31.52x 12.12x 95.16x 0.94%

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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