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Forensic Analysis · Software & SaaS · as of Nov 9, 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.

B · Sound & dependable
Forensic grade
Safe
Financial health
8.1
Distress distance
Clean
Earnings quality
1
Forensic signals
10.2%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 8.1, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

11.8%
FY2025
Return on invested capital. Return on invested capital is 11.8% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.7-point range. After-tax operating profit was $59M in FY2023 and $89M in FY2025, with operating income at 14.4% of revenue in FY2023, 13.9% in FY2024 and 15.7% in FY2025. The capital base behind it grew +59% across FY2023–FY2025, from $474M to $754M, while the return fell 0.7 points, so the dollars added over that window earned less than the 12.5% the older base was already earning.

Key fundamentals

Latest Revenue$751.5M
Revenue Growth YoY+17.8%
Revenue CAGR (2yr)+18.3%
Net Margin12.4%
Free Cash Flow$152.3M
Return on Equity10.2%

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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