What is the 13F Pro Quality Score for SPSC?

13F Pro ranks SPS COMMERCE INC (SPSC) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View SPSC's current score at https://13fpro.ai/research/SPSC (free sign-up required for the full ranking).

Where does 13F Pro source SPSC data?

All SPS COMMERCE INC fundamentals and ownership data come directly from SEC EDGAR. SPS COMMERCE INC files with the SEC under CIK 1092699. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is SPSC in?

SPS COMMERCE INC (SPSC) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

What drives SPSC's revenue?

Per SPS COMMERCE INC's latest 10-Q filed with the SEC on 2026-04-30, the biggest revenue drivers are: Recurring revenues ($184.5M, +7% YoY); Fulfillment ($164.3M); Analytics ($14.1M). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/SPSC.

What are SPSC's largest expenses?

SPS COMMERCE INC's latest 10-Q reports these as the largest expense items: Cost of revenues ($59.2M, +4% YoY); General and administrative ($36.4M, +17% YoY); Sales and marketing ($44.7M, +7% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is SPSC research updated on 13F Pro?

SPSC's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

SPS COMMERCE INC(SPSC)Stock Analysis

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13F Pro Quality Score

68.5/100

Rank #412 of 2,879 stocksTOP 25%

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

78.9/100

Profitability

68.4/100

Balance Sheet

80.1/100

Earnings Quality

63.8/100

Free Cash Flow

79.7/100

Institutional Flow

85.2/100

Revenue Scale

44.1/100

Dilution Risk

21.1/100

SPSC Stock Analysis & AI Quality Score

AI stock analysis and institutional research for SPS COMMERCE INC (SPSC), a Technology sector company. 13F Pro's AI-powered ranking engine scores SPSC at 68.5/100 on a 32-signal composite quality model, placing it at rank #412 of 2,879 stocks — the top 25% of the AI-ranked universe. SPSC scores in the top quartile across institutional flow (85.2), balance sheet strength (80.1), free cash flow (79.7). Shareholder dilution risk is elevated at 21.1/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), SPS COMMERCE INC reports quarterly revenue of $192.1M, net income of $19.7M, an operating margin of 12.8%. Top institutional holders of SPSC by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, Neuberger Berman Group, based on the most recent SEC filings. SPSC trades on the Nasdaq exchange and files with the SEC under CIK 1092699. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate SPSC daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for SPS COMMERCE INC directly from SEC EDGAR. SPS COMMERCE INC's 13F Pro composite quality score has ranged between 59 and 73 since 2021, currently 68.5 — a stable long-term trajectory across 30 quarterly and live scoring snapshots.

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Fun facts about SPS COMMERCE INC

Quirks, history, and lore behind SPSC — the kind of stuff that makes a stock memorable.

1
The Basics
A B2B software company in the supply chain technology space · mid-cap · listed on Nasdaq · headquartered in Minnesota.
2
The Numbers
Annual revenue in the range of $500–600 million, growing consistently at a double-digit clip — a SaaS model that prints recurring revenue like clockwork.
3
The History
Founded in 1987, it quietly spent decades building the plumbing that connects retailers and suppliers — long before "supply chain" became a dinner-table buzzword.
4
The Secret
Its core product is EDI — Electronic Data Interchange — the unglamorous but essential language that lets businesses exchange purchase orders and invoices automatically at scale.
5
The Lore
It runs one of the largest retail supply chain networks in North America, connecting tens of thousands of trading partners — if a big-box store orders socks, this company probably carried the message.
6
The Giveaway
Its ticker spells out its initials and its name literally stands for Supply Chain Management — the "Commerce" platform linking suppliers to giants like Walmart and Target lives right there in Minneapolis.

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What's Driving SPSC's Business? Latest 10-Q Breakdown

AI-extracted from SPS COMMERCE INC's 10-Q filed 2026-04-30 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Revenue grew 6% YoY to $192.1M driven by recurring revenue increase of 7%, though net income declined 11% to $19.7M due to higher operating expenses and lower other income.

Biggest Revenue Drivers

Total revenue: $192.1M+6% YoY

Recurring revenues$184.5M+7% YoY

Driven by increased recurring revenue customers from Carbon6 acquisition and business growth, partially offset by 2% ARPU decrease due to addition of lower-ARPU 3P customers.

Within Recurring revenues

Fulfillment$164.3M

Analytics$14.1M

One-time revenues$7.6M-17% YoY

Set-up fees and miscellaneous one-time fees.

Largest Expense Items

Cost of revenues$59.2M+4% YoY

Lower capitalization of deferred costs due to slowed hiring and expenses from all-company meeting held in current quarter.

General and administrative$36.4M+17% YoY

$2.8M increase in compensation and personnel-related costs for enterprise system implementations, and $2.1M in stock-based compensation including $1.1M from executive retirement equity acceleration.

Sales and marketing$44.7M+7% YoY

$1.8M increase in stock-based compensation related to leadership transitions.

Amortization of intangible assets$9.3M+9% YoY

Driven by acquired intangible assets from recent business combinations including Carbon6.

Margins: Gross profit margin remained flat at 69% YoY, but operating margin compressed from 14% to 13% due to higher operating expense ratio. Adjusted EBITDA margin held steady at 30% despite operating margin pressure.

Watch Items from the Filing

Domestic revenue concentration at 83% of total Q1 2026 revenue (vs. 85% prior year); no single non-U.S. jurisdiction exceeds 10% of revenue.
Net income declined 11% YoY to $19.7M despite 6% revenue growth, driven by $5.4M increase in G&A expenses and $1.8M increase in S&M stock-based compensation.
Company implemented new enterprise systems for financial and human capital management in December 2025 and continued integration during Q1 2026, resulting in material changes to internal control over financial reporting.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$192.1M

Net Income

Q1 2026

$19.7M

Free Cash Flow

Q1 2026

$48.5M

Operating Margin

Q1 2026

12.8%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+40.0% YoY

$751.5MFY 2025

FY19 $279.1MFY21 $385.3MFY23 $536.9MFY25 $751.5M

Net Income

+41.8% YoY

$93.3MFY 2025

FY19 $33.7MFY21 $44.6MFY23 $65.8MFY25 $93.3M

Operating Income

+53.1% YoY

$118.3MFY 2025

FY19 $38.4MFY21 $55.1MFY23 $77.2MFY25 $118.3M

EPS (Diluted)

+39.8% YoY

$2.46FY 2025

FY19 $0.94FY21 $1.21FY23 $1.76FY25 $2.46

Total Assets

+42.0% YoY

$1.17BFY 2025

FY19 $447.4MFY21 $615.8MFY23 $823.8MFY25 $1.17B

Op. Cash Flow

+35.1% YoY

$178.8MFY 2025

FY19 $71.8MFY21 $112.9MFY23 $132.3MFY25 $178.8M

Metric	FY 2025	FY 2023	FY 2021	FY 2019	FY 2017	FY 2015
Revenue	$751.5M +40.0%	$536.9M +39.4%	$385.3M +38.0%	$279.1M +26.5%	$220.6M +39.1%	$158.5M
Net Income	$93.3M +41.8%	$65.8M +47.6%	$44.6M +32.3%	$33.7M +9504.6%	$351.0K -92.4%	$4.6M
Operating Income	$118.3M +53.1%	$77.2M +40.2%	$55.1M +43.4%	$38.4M +284.8%	$10.0M +42.1%	$7.0M
EPS (Diluted)	$2.46 +39.8%	$1.76 +45.5%	$1.21 +28.7%	$0.94 +18700.0%	$0.01 -96.3%	$0.14
Total Assets	$1.17B +42.0%	$823.8M +33.8%	$615.8M +37.6%	$447.4M +31.7%	$339.7M +29.8%	$261.7M
Operating Cash Flow	$178.8M +35.1%	$132.3M +17.2%	$112.9M +57.2%	$71.8M +131.2%	$31.1M	—

AI Insight: SPSC Financial Trends

Revenue growth has stalled with Q1 2026 showing first quarterly decline in two years, dropping from $193M to $192M.

• Revenue growth decelerated from 21% YoY in Q2 2024 to 5% YoY in Q1 2026.

• Operating income declined from $35M in Q4 2025 to $25M in Q1 2026.

• Company maintains debt-free balance sheet with equity growing from $703M to $962M.

⚠ First quarterly revenue decline in the dataset signals potential growth inflection point.

⚠ Operating margin compressed from 18.1% in Q4 2025 to 13.0% in Q1 2026.

AI Insight: SPSC Ratio Trends

Operating margin volatility persists with Q1 2026 dropping to 12.8% after reaching 18.0% in Q4 2025, while ROIC declined to 10.2%.

• Operating margin fluctuated significantly, peaking at 18.0% in Q4 2025 before falling to 12.8% in Q1 2026.

• ROIC declined from 14.2% in Q4 2025 to 10.2% in Q1 2026, the lowest level in the dataset.

• ROE dropped from 10.6% in Q4 2025 to 8.2% in Q1 2026, matching Q4 2024 levels.

⚠ Sharp quarterly margin swings suggest potential execution challenges or lumpy business model dynamics.

⚠ Q1 seasonality appears pronounced given consistent weakness in Q1 2025 and Q1 2026 metrics.

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Available Research

13F Pro tracks comprehensive data for SPS COMMERCE INC including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of SPSC

BlackRock, Inc.
$324.5M5,828,636 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$164.7M2,958,839 sh
Neuberger Berman Group LLC
$99.7M1,790,298 sh
VANGUARD CAPITAL MANAGEMENT LLC
$94.5M1,698,123 sh
STATE STREET CORP
$83.5M1,499,810 sh
GOLDMAN SACHS GROUP INC
$59.5M1,069,216 sh
BANK OF AMERICA CORP /DE/
$55.6M998,622 sh
GEODE CAPITAL MANAGEMENT, LLC
$55.6M997,959 sh
MORGAN STANLEY
$53.5M960,880 sh
CITADEL ADVISORS LLC
$50.8M913,240 sh

Fund	Value	Shares
BlackRock, Inc.	$324.5M	5,828,636
VANGUARD PORTFOLIO MANAGEMENT LLC	$164.7M	2,958,839
Neuberger Berman Group LLC	$99.7M	1,790,298
VANGUARD CAPITAL MANAGEMENT LLC	$94.5M	1,698,123
STATE STREET CORP	$83.5M	1,499,810
GOLDMAN SACHS GROUP INC	$59.5M	1,069,216
BANK OF AMERICA CORP /DE/	$55.6M	998,622
GEODE CAPITAL MANAGEMENT, LLC	$55.6M	997,959
MORGAN STANLEY	$53.5M	960,880
CITADEL ADVISORS LLC	$50.8M	913,240

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Is SPSC a good stock to buy?

13F Pro's AI-powered analysis of SPS COMMERCE INC (SPSC) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for SPSC are available on the SPSC stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own SPSC?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling SPSC. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of SPS COMMERCE INC's investment landscape.