SPSCSPS COMMERCE INC
Services-Prepackaged Software
- Revenue
- $752M
- 18% YoY
- Operating margin
- 15.7%
- 13% YoY
- EBITDA
- $139M
- 30% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear192% of net incomeCash flow under 80% of net income
- Dilutive SBCClear7% of revenueOver 10% of revenue
- Payouts exceed cash flowClear64% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyFired48% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $385M | $451M | $537M | $638M | $752M | 18% |
| Operating income | $55M | $71M | $77M | $89M | $118M | 33% |
| Net income | $45M | $55M | $66M | $77M | $93M | 21% |
| Operating cash flow | $113M | $100M | $132M | $157M | $179M | 14% |
| Capex | $20M | $20M | $20M | $20M | $27M | 32% |
| Stock-based comp | $28M | $33M | $46M | $55M | $54M | 1.5% |
| Buybacks | $20M | $43M | $0 | $38M | $114M | 204% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $785K · 3
- Net
- −$785K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $11M | −$6M | 82 | 258 |
| FY2024 | $14M | $11M | 169 | 201 |
| FY2023 | — | — | 179 | 147 |
| FY2022 | $6M | $5M | 118 | 89 |
| FY2021 | $7M | $14M | 131 | 138 |