Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| SPS Commerce Inc.SPSC · business equipment | |
|---|---|
| Grade |  Astrongest fifth of 497 graded peers; percentile 6.2, sampling error 2.2 points; lower is stronger |
| Rank | 32 of 497 |
| Profitability | Bpercentile 31.8 |
| Solvency | Bpercentile 28.2 |
| Growth and financing | Bpercentile 35.7 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $1.2B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress, fortress balance sheet |
| Inputs computable | 10 of 14 |
| Graded from | filings received through Feb 19, 2026232 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $83.322026-10-08; market equity $3.0B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 19, 2026; the document on sec.gov.
SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations. Our network enables companies to connect once and immediately transact with thousands of trading partners without negotiating standards, building integrations, or maintaining compliance logic. Our network powers our portfolio of solutions that orchestrate the critical processes, protocols, and data exchanges needed to get the right product, in the right place, at the right time, every time.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 31.8 | |||||||
| Gross profitability | 44.4% | [1,3] | 28.5% | 21.4 | 558 | 2025-12-31 | |
| Return on invested capital | not computable | 10.9% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (7.8%) | [1,4-6] | (7.4%) | 50.8 | 621 | 2025-12-31 | |
| Gross margin stability, five years | 1.2 pts | [2-3,7-14] | 2.4 pts | 23.4 | 429 | 2025-12-31 | |
| Solvency, sleeve percentile 28.2 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 8.11 | [1,15-20] | 2.18 | 11.0 | 566 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.11x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | 3.77x | |||||
| interest expense must exceed $100,000 | |||||||
| Current ratio | 2.17x | [15-16] | 2.02x | 45.4 | 666 | 2025-12-31 | |
| Growth and financing, sleeve percentile 35.7 | |||||||
| Revenue growth, three-year compound | 18.6% | [2,8,10,12] | 6.4% | 20.3 | 538 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 23.8% | [5,21-27] | 17.2% | 41.2 | 268 | 2025-12-31 | |
| Reinvestment rate | (54.8%) | [15-16,18,21,28-32] | 14.3% | 71.6 | 226 | 2025-12-31 | |
| Asset growth, three years | 20.2% | [1,6,33-34] | 5.0% | 16.9 | 563 | 2025-12-31 | |
| Net share issuance, one year | (1.0%) | [35-36] | 0.5% | 28.3 | 407 | 2026-02-12 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.428; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 27 | Dynatrace, Inc. (DT) Dynatrace, Inc. (DT) Astrongest fifth; percentile 5.2 NYSE · Services-Prepackaged Software market equity $17.7B; last close $61.15 Warnings: fortress balance sheet; 11 of 14 inputs | 5.2 | A | fortress balance sheet |
| 28 | AppLovin Corp. (APP) AppLovin Corp. (APP) Astrongest fifth; percentile 5.4 Nasdaq · Services-Computer Programming, Data Processing, Etc. market equity $93.9B; last close $280.02 No active warnings; 11 of 14 inputs | 5.4 | A | |
| 29 | Coda Octopus Group, Inc. (CODA) Coda Octopus Group, Inc. (CODA) Astrongest fifth; percentile 5.6 Nasdaq · Search, Detection, Navigation, Guidance, Aeronautical Sys market equity $115.7M; last close $10.14 Warnings: fortress balance sheet; 10 of 14 inputs | 5.6 | A | fortress balance sheet |
| 30 | Qualcomm Inc/De (QCOM) Qualcomm Inc/De (QCOM) Astrongest fifth; percentile 5.8 Nasdaq · Radio & Tv Broadcasting & Communications Equipment market equity $184.8B; last close $176.06 No active warnings; 14 of 14 inputs | 5.8 | A | |
| 31 | JFrog Ltd. (FROG) JFrog Ltd. (FROG) Astrongest fifth; percentile 6.0 Nasdaq · Services-Prepackaged Software market equity $12.0B; last close $97.20 No active warnings; 10 of 14 inputs | 6.0 | A | |
| 32 | SPS Commerce Inc. (SPSC) SPS Commerce Inc. (SPSC) Astrongest fifth; percentile 6.2 Nasdaq · Services-Prepackaged Software market equity $3.0B; last close $83.32 No active warnings; 10 of 14 inputs | 6.2 | A | |
| 33 | NeoVolta Inc. (NEOV) NeoVolta Inc. (NEOV) Astrongest fifth; percentile 6.6 Nasdaq · Miscellaneous Electrical Machinery, Equipment & Supplies last close $2.61 No active warnings; 7 of 14 inputs | 6.6 | A | |
| 34 | NeoVolta Inc. (NEOVW) NeoVolta Inc. (NEOVW) Astrongest fifth; percentile 6.6 Nasdaq · Miscellaneous Electrical Machinery, Equipment & Supplies last close $0.92 No active warnings; 7 of 14 inputs | 6.6 | A | |
| 35 | Napco Security Technologies, Inc. (NSSC) Napco Security Technologies, Inc. (NSSC) Astrongest fifth; percentile 6.9 Nasdaq · Communications Equipment, NEC market equity $1.3B; last close $35.19 Warnings: fortress balance sheet; 11 of 14 inputs | 6.9 | A | fortress balance sheet |
| 36 | M-tron Industries, Inc. (MPTI) M-tron Industries, Inc. (MPTI) Astrongest fifth; percentile 7.1 NYSE · Electronic Components, NEC market equity $317.5M; last close $73.30 Warnings: fortress balance sheet; 8 of 14 inputs | 7.1 | A | fortress balance sheet |
| 37 | Cloudflare, Inc. (NET) Cloudflare, Inc. (NET) Astrongest fifth; percentile 7.3 NYSE · Services-Prepackaged Software last close $341.75 No active warnings; 7 of 14 inputs | 7.3 | A |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | A | 4.7 | 2204 |
| sector peers, equal sleeves (the grade) | A | 6.2 | 497 |
| same exchange, equal sleeves | A | 6.6 | 1219 |
| sector peers, equal inputs | A | 7.9 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (18.0%) | 2.2% | 32 | hotter than 32 of 100 peers |
| Distance from 52-week high | (26.3%) | (30.0%) | 56 | closer to its high than 56 of 100 peers |
| EBIT to enterprise value | not computable | 1.5% | required accounting or market input is missing | |
| Free cash flow yield | 5.1% | 2.7% | 68 | pricier than 32 of 100 peers |
| Book value to price | 0.31 | 0.23 | 57 | pricier than 43 of 100 peers |
| Sales to price | 0.25 | 0.30 | 45 | pricier than 55 of 100 peers |
| Composite equity issuance, five years | 1.2% | 3.9% | 47 | more equity-funded than 47 of 100 peers |
| Relative strength against the sector, log excess return | (0.48) | (0.26) | 32 | ahead of 32 of 100 peers |
Inputs: market equity $3.0B; EBIT $118.3M; free cash flow $152.3M; book equity $938.5M; sales $751.5M; cash $173.2M[37].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 9.1% | ✓ pass[4,6] |
| Operating cash flow above zero | $178.8M | ✓ pass[5] |
| Return on assets improved | (0.3 pts) | ✗ fail[4,6,33,38] |
| Operating cash flow exceeds net income | $85.5M | ✓ pass[4-5] |
| Long-term leverage fell | n/a[1,6,33] | |
| Current ratio improved | (43.1 pts) | ✗ fail[15-16,31-32] |
| No new shares issued | (1.0%) | ✓ pass[35-36] |
| Gross margin improved | 2.2 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | (4.5 pts) | ✗ fail[2,6,8,33] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $173.2M[39] |
| Operating cash flow, four quarters | $228.1M[5,39-43] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 71 |
| 10-Q received Jul 30, 2026 | |
| Median daily dollar volume | $36.9M |
| 63 sessions | |
| Days since newest grade input | 232 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $1.2B | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $751.5M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $519.9M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | $93.3M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $178.8M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $1.0B | 2024-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $427.1M | 2024-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $637.8M | 2024-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $354.8M | 2023-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $536.9M | 2023-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $297.8M | 2022-12-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $450.9M | 2022-12-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $253.6M | 2021-12-31 | 2024-02-21 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $385.3M | 2021-12-31 | 2024-02-21 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $335.3M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $154.4M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $429.4M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | $118.3M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $973.9M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $196.0M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 21 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $26.5M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 22 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $157.4M | 2024-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 23 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $20.0M | 2024-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $132.3M | 2023-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 25 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $19.8M | 2023-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $100.1M | 2022-12-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 27 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $19.9M | 2022-12-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 28 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $21.1M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 29 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $123.8M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 30 | income tax | us-gaap:IncomeTaxExpenseBenefit | $30.5M | 2025-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 31 | current assets | us-gaap:AssetsCurrent | $381.9M | 2024-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 32 | current liabilities | us-gaap:LiabilitiesCurrent | $146.7M | 2024-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 33 | assets | us-gaap:Assets | $823.8M | 2023-12-31 | 2025-02-19 | 10-K | filing · viewer · series |
| 34 | assets | us-gaap:Assets | $672.9M | 2022-12-31 | 2024-02-21 | 10-K | filing · viewer · series |
| 35 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 37,390,873 | 2026-02-12 | 2026-02-19 | 10-K | filing · viewer · series |
| 36 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 37,773,837 | 2025-02-11 | 2025-02-19 | 10-K | filing · viewer · series |
| 37 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 36,000,174 | 2026-07-23 | 2026-07-30 | 10-Q | filing · viewer · series |
| 38 | net income | us-gaap:NetIncomeLoss | $77.1M | 2024-12-31 | 2026-02-19 | 10-K | filing · viewer · series |
| 39 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $173.2M | 2026-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $121.7M | 2026-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $55.6M | 2026-03-31 | 2026-04-30 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $132.9M | 2025-09-30 | 2025-10-30 | 10-Q | filing · viewer · series |
| 43 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $72.3M | 2025-06-30 | 2026-07-30 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 6.2 is 13.8 points from the nearest band edge; sampling error is 2.2 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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