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 2,927 - -
Change - -9.58% 53.68% -2.83% -51.38% -12.92% - -
Enterprise Value (EV) 1 4,862 4,415 6,838 6,671 3,210 2,711 2,547 2,387
Change - -9.21% 54.9% -2.44% -51.89% -15.54% -6.06% -6.26%
P/E 118x 86.2x 110x 90.2x 36.2x 35.8x 25.1x 21x
PBR - - - - 3.43x 2.89x 2.41x 2.05x
PEG - 3.7x 6.1x 5.7x 1.8x -4.71x 0.6x 1.1x
Capitalization / Revenue 13.3x 10.3x 13.2x 10.8x 4.47x 3.7x 3.48x 3.25x
EV / Revenue 12.6x 9.79x 12.7x 10.5x 4.27x 3.43x 3.03x 2.65x
EV / EBITDA 45.4x 33.4x 43.4x 35.7x 13.9x 10.2x 8.65x 7.25x
EV / EBIT 52.4x 37.9x 49.2x 40x 15.3x 11.2x 9.48x 7.8x
EV / FCF 52.1x 55.1x 60.8x 48.6x 21.1x 14.7x 12.5x 10.5x
FCF Yield 1.92% 1.82% 1.65% 2.06% 4.74% 6.79% 7.98% 9.55%
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 81.30 81.30 81.30
Nbr of stocks (in thousands) 35,964 36,042 36,698 37,568 37,709 36,000 - -
Announcement Date 9/2/22 9/2/23 8/2/24 10/2/25 12/2/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
35.77x3.43x10.18x-.--% 2.93B
20.64x5.88x10.29x1.46% 415B
26.32x5.28x16.65x1.44% 245B
87.79x8.53x22.82x-.--% 140B
-7.23x124.82x1662.84x-.--% 60.94B
34.82x3.28x12.06x0.2% 43.06B
22.97x9.43x15.39x-.--% 18.64B
31.95x2.1x19.01x-.--% 17.69B
-208.47x3.7x12.38x - 13.49B
37.13x3.28x9.25x-.--% 12.62B
Average 8.17x 16.97x 179.09x 0.34% 96.87B
Weighted average by Cap. 27.99x 13.40x 118.03x 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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