SPS COMMERCE, INC.

SPSC · Technology · $2.5B mkt cap · FY2025 filings · Wide moat

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Wide moat

The four filters

Pricing power100

Median gross margin 66.8% over 10y, very stable.

Returns on capital61

Median ROIC 12.7%, above the 9% hurdle in 80% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline80

Owner earnings +38.5%/yr, share count n/a.

Margin of safety

Above valueOn sale

108% above value

Owner earnings (normalized): $65.8M
Est. intrinsic value / share: $31.58
Recent price: $65.73
Discount to value: 108% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SPSC. See the disclaimer.