Flagship explainer

What drives SPS COMMERCE, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity10%Tax burden75%net income ÷ pretax incomeInterest burden105%pretax ÷ operating incomeOperating margin16%operating income ÷ revenueAsset turnover0.68×revenue ÷ average assetsEquity multiplier1.20×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$93.3MFY2025
Income before tax$124MFY2025
Operating income$118MFY2025
$752MFY2025
Ending assets$1.2BFY2025
Beginning assets$1.0BFY2024
$974MFY2025
$855MFY2024
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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