Forensic Analysis · Technology / Software · as of Aug 11, 2026
Sps Commerce Inc (SPSC)
A forensic read on Sps Commerce Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
15.5
Distress distance
Clean
Earnings quality
3
Forensic signals
34.0
P / E (ttm)
9.6%
ROE
$2.7B
Market cap
17.8%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Sps Commerce Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 15.5, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+29.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +29.1% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +31% against revenue +18%. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 12% of net operating assets, diverging from the balance-sheet accrual read.
10.3%
FY2025
Return on invested capital.Return on invested capital is 10.3% in the latest fiscal year and slipping from 14% — around its ~10% cost of capital, so growth is roughly value-neutral.
+0.9%/yr
FY2022–FY2025
Share count.Diluted share count changed +3% over the last 3 years to FY2025 (+0.9%/yr). Roughly flat — buybacks ($114M) are about offsetting stock comp ($54M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Latest Revenue$751.5M
Revenue Growth YoY+17.8%
Revenue CAGR (3yr)+18.6%
Net Margin12.4%
Free Cash Flow$152.3M
Return on Equity9.6%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Sps Commerce Inc's actual 10-K/10-Q/8-K filings?