SPSCSPS Commerce, Inc.

$81.04-27% 1Y

RyuScore

Seven criteria, each scored 0 to 100 on a published scale, weighted into one number.

RyuScore 75 out of 100, Strong

Strong. SPS Commerce, Inc. scores higher than 91% of the 1,794 companies Ryufin scores.

Carried by return on new capital and return on capital, with nothing holding it far back.

Technology median 43 · all companies 50

Valuation

26% of the score

51median 13

SPS Commerce, Inc. is valued at 16.5x its operating profit before acquisition amortisation (EBITA), including debt: an ordinary multiple.

25x
20x
15x
10x
6x
16.5x
Full points at 6x or less, none from 25xfull points

Return on capital

18% of the score

80median 34

Over 7 years the business earned 15% a year after tax on the capital it uses.

2%
8%
15%
25%
15%
None at 2% or less, full points from 25%full points
Return on capital by year
7 years agolatest 12%

Return on new capital

16% of the score

93median 49

For every dollar of operating profit earned over 6 years, yearly profit grew by 11 cents. New capital earned 6.9%, and 156% of profit went back into the business.

-5%
12%
11%
None at minus 5 cents, full points from 12 centsfull points

Capital allocation

14% of the score

70median 64

How management spends the money: shares bought back or issued, and whether assets grow faster than the business they serve.

Share countUp 0.9% a year over 5 years: new shares
51
5%
-3%
0.9%
0 pointsfull points
Assets against salesAssets grew 17% a year, sales 19%
99
12%
-2%
-1.9%
0 pointsfull points

Cycle position

12% of the score

77median 62

Today's operating margin of 13% is 0.90x its normal 14%: below its usual level, with room to recover. Normal is half the 10 year median, half the last four years, so a margin that has held is not taken for a peak.

2x
1.5x
1x
0.7x
0.9x
A trough earns points, a peak costs themfull points
Operating margin by year, against its normal level
10 years agonow 13%

Balance sheet

8% of the score

100median 50

What the debt weighs against the profit that has to carry it.

Interest coverOperating profit covers interest 3661x
100
1.5x
12x
3661.1x
0 pointsfull points

Earnings quality

6% of the score

91median 90

Whether the reported profit arrives as cash, and whether the accounts show the usual signs of stretching.

Cash against profitOperating cash flow was 1.98x profit over 3 years
100
0.7x
1x
1.3x
2x
0 pointsfull points
AccrualsCash ran ahead of profit by 7.8% of assets
99
8%
0%
-8%
-7.8%
0 pointsfull points
Beneish M-score-2.50
74
-1.50
-1.78
-2.22
-3.00
-2.50
0 pointsfull points

How the RyuScore works

Each criterion earns 0 to 100 points on the scale drawn under it, and the RyuScore is their average weighted 26, 18, 16, 14, 12, 8 and 6. Scales bend in the company's favour between their ends, so an ordinary figure is never already near zero. Where a criterion cannot be measured from the filings it is taken out and the remaining weights scale up; a company needs 60% of the weight covered, and always a price, to get a score.

Built from the company's annual and quarterly filings with the SEC and today's share price. Banks, insurers and property trusts are not scored: their debt is their raw material, so these yardsticks mean something else there. Figures as of 2026-06-30, latest annual report FY2025.