← BackSPS COMMERCE INC · SoftwareSPSC
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The short versionA profitable company with steady sales. Institutions are trimming.
Going well
- Profitable every year for 10 years
- Sales up 18% last year
- Brings in more cash than it spends
Money moves
- No insider buying or selling in the last 30 days
- Institutions cut 2.6% from their holdings in the quarter ending June 2026 (171 bought, 177 sold)
- Held by Ray Dalio (Bridgewater)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$90.50-2.3% that day
- Company value
- $3.3B
- Share price times all shares
- Price vs profit (P/E)
- 43.5x
- You pay about $44 for each $1 of yearly profit
- Price vs sales
- 4.2x
- Company value is 4.2 times a year of sales
- Cash vs value
- 5%
- Cash as a share of company value
From SPSC's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26$197.8M+5.6% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $772.5M, up 9.8% from the 12 months before. Over 5 years, sales grew about 19% a year.
Business quality
The checklist Warren Buffett-style investors use. Annual numbers for 2025.- MissReturn on equity 15%+Earns a lot on the money owners have in the business.10.2%
- PassDebt under half of equityNot relying on borrowed money.No debt reported
- PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.12.4%
- PassProfitable every yearSteady profits, not one good year.10 of 10 years
- PassFree cash flow positiveBrings in more cash than it spends to run and grow.$152.3M
- MissShare count not growingNot diluting owners. Falling means buybacks.+2.8% in 3 years
- PassGross margin 40%+Pricing power: sells for well above what it costs to make.69.2%
- Revenue
- $751.5M
- +17.8% vs prior year
- 5-year growth
- +19.2%/yr
- revenue, per year
- Total debt
- None
- 0.00x equity
- Current ratio
- 2.17x
- short-term assets / bills due
From annual reports filed with the SEC. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026- Revenue
- $197.8M
- +5.6% YoY
- EPS
- $0.19
- vs $0.52
- Op. margin
- 4.3%
- -9.8 pts
- Gross margin
- 70.2%
- +2.1 pts
- Free cash flow
- $57.4M
- Share count
- -4.0%
- vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trendNo trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
- This week
- 0
- Normal week
- 0.2
- vs normal
- 0.0x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▼Distributing-2.6%Institutions cut 2.6% from their holdings. 171 bought, 177 sold.
Shares held by institutions39.1M
Sep '24Jun '26
Share count growthYearly rate, last 3 years
-0.6%Cash runwayAt last year's cash burn
Cash flow positiveDebt to equityLatest balance sheet: debt compared with what owners have
No debt reportedShares outstandingLatest reported
36MNext reportIn 1 days (est.)Estimated from the same quarter last year
- Results filedJul 30
- Results filedApr 30
- Results filedFeb 12
- Results filedOct 30, 2025
- Results filedJul 30, 2025
Insider trades
Open-market buys and sells, last 90 days
No open-market buys or sells in 90 days. Grants and option exercises are left out.
"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.
Latest filings
Straight from SEC EDGAR
Stock awardAnne Sempowski WardDirector
3,736 shares
- +90% of holdings
- Now owns 7,870 shares
- Filed 4 days after trade
Stock awardFumbi F. ChimaDirector
3,736 shares
- +108% of holdings
- Now owns 7,187 shares
- Filed 4 days after trade
Stock awardPhilip SoranDirector
3,736 shares
- +17% of holdings
- Now owns 25,913 shares
- Filed 4 days after trade
Stock awardTami RellerDirector
3,736 shares
- +7% of holdings
- Now owns 54,908 shares
- Filed 4 days after trade
Stock awardMarty M ReaumeDirector
3,736 shares
- +41% of holdings
- Now owns 12,894 shares
- Filed 4 days after trade
Stock awardMark PartinDirector
3,736 shares
- +150% of holdings
- Now owns 6,221 shares
- Filed 4 days after trade