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/company/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 2026-07-30, the biggest revenue drivers are: Recurring revenues ($190.4M, +6% YoY); Fulfillment ($170.0M, +7% YoY); Analytics ($14.1M, +1% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/SPSC.

What are SPSC's largest expenses?

SPS COMMERCE INC's latest 10-Q reports these as the largest expense items: Cost of revenues ($59.0M, -1% YoY); Sales and marketing ($43.9M, +1% YoY); General and administrative ($36.6M, +19% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 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

AI analysis on 2,800+ stocks →Deep AI analysis on 2,800+ stocks →

Technology →Nasdaqmid

Institutional-grade research for retail investors

SEC EDGAR: CIK 1092699 SPSC stock profile & AI dashboard →

13F Pro Quality Score

65.2/100

Rank #498 of 2,961 stocksTOP 25%

View Technology peers →

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

Revenue Growth

74.6/100

Profitability

58.8/100

Balance Sheet

77.0/100

Earnings Quality

79.5/100

Free Cash Flow

79.5/100

Institutional Flow

66.9/100

Revenue Scale

45.2/100

Dilution Risk

20.3/100

Email me the moment this company reports earnings

AI Research Report

Two-page plain-English analysis: business, thesis, and three scenarios for the next two years. Refreshed every quarter.

Upgrade to Pro

Pro: 5 reports/month · Pro+: unlimitedOpinion, not investment advice. Do your own research.

Why SPSC Scores 65/100

exact factor attribution · 2026-09-11

SPSC's composite is driven by revenue growth and free cash flow, held back by shareholder dilution. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Revenue growth

+4.9 pts

75th pct

Free cash flow

+4.4 pts

80th pct

Earnings quality

+3.0 pts

80th pct

Capital efficiency

+2.7 pts

77th pct

Profitability

+1.3 pts

59th pct

Institutional flow

+0.8 pts

67th pct

Earnings growth

+0.3 pts

56th pct

Scale

-0.7 pts

45th pct

Shareholder dilution

-1.5 pts

20th pct

Latest change (2026-08-02): 69 → 63 · ↓ Revenue growth 79→59; ↓ Earnings growth 64→44

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

SPSC Stock Analysis & AI Quality Score

Data updated 2026-09-11

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 65.2/100 on a 32-signal composite quality model, placing it at rank #498 of 2,961 stocks — the top 25% of the AI-ranked universe. SPSC scores in the top quartile across free cash flow (79.5), earnings quality (79.5), balance sheet strength (77.0). Shareholder dilution risk is elevated at 20.3/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), SPS COMMERCE INC reports quarterly revenue of $197.8M, net income of $6.9M, free cash flow of $57.4M. Top institutional holders of SPSC by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, DISCIPLINED GROWTH INVESTORS, 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 65.2 — a stable long-term trajectory across 68 quarterly and live scoring snapshots.

✦

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.

▶ Think you know your stocks? Play the Daily Ticker

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

✓ 27/27 datapoints verified

AI-extracted from SPS COMMERCE INC's 10-Q filed 2026-07-30 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Revenue grew 6% YoY to $197.8M, but a $23.5M loss on the divestiture of the 3P revenue recovery business drove net income down 65% YoY to $6.9M.

Biggest Revenue Drivers

Recurring revenues$190.4M+6% YoY

Increase in 1P recurring revenue customers driven primarily by business acquisitions and continued business growth in core markets

One-time revenues$7.4M-11% YoY

Biggest Revenue Drivers

Total revenue: $197.8M+6% YoY

Recurring revenues$190.4M+6% YoY

Increase in 1P recurring revenue customers driven primarily by business acquisitions and continued business growth in core markets

Within Recurring revenues

Fulfillment$170.0M+7% YoY

Analytics$14.1M+1% YoY

Other$6.3M+2% YoY

One-time revenues$7.4M-11% YoY

Largest Expense Items

Cost of revenues$59.0M-1% YoY

$1.7M lower third-party personnel costs and $0.9M lower software costs from platform consolidation, partially offset by $1.5M higher depreciation

Sales and marketing$43.9M+1% YoY

$1.2M increase in third-party personnel costs, partially offset by $0.7M decrease in marketing spend

General and administrative$36.6M+19% YoY

$2.8M increase in stock-based compensation (incl. contractual acceleration of equity awards on executive retirement) and $2.2M higher personnel-related costs

Loss on sale of business$23.5Mn/a (no prior-year comparable)

Loss recognized on the divestiture of the 3P portion of the revenue recovery business

Margins: Gross margin expanded to 70% from 68% on lower personnel and software costs, but operating margin fell to 4% from 14% due to the $23.5M loss on the 3P business divestiture and higher G&A costs.

Watch Items from the Filing

Recurring revenue customer count fell 14% YoY to ~46,650 after divesting the 3P revenue recovery business (~8,200 customers), though ARPU rose 14% to ~$15,100.
$23.5M loss on sale of the 3P revenue recovery business drove net income down 65% YoY to $6.9M and margin down to 3% from 11%.
Domestic revenue was 83% of total (down from 85% YoY); no single non-U.S. jurisdiction exceeds 10% of revenue.
Company repurchased $50.0M of stock in the quarter with $186.4M still available under the 2025 program (expires December 2027).

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

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

Revenue

Q2 2026

$197.8M

Net Income

Q2 2026

$6.9M

Free Cash Flow

Q2 2026

$57.4M

ROIC

Q2 2026

3.6%

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+17.8% YoY

$751.5MFY 2025

FY22 $450.9MFY23 $536.9MFY24 $637.8MFY25 $751.5M

Net Income

+21.1% YoY

$93.3MFY 2025

FY22 $55.1MFY23 $65.8MFY24 $77.1MFY25 $93.3M

Operating Income

+33.1% YoY

$118.3MFY 2025

FY22 $71.2MFY23 $77.2MFY24 $88.9MFY25 $118.3M

EPS (Diluted)

+20.6% YoY

$2.46FY 2025

FY22 $1.49FY23 $1.76FY24 $2.04FY25 $2.46

Total Assets

+13.4% YoY

$1.17BFY 2025

FY22 $672.9MFY23 $823.8MFY24 $1.03BFY25 $1.17B

Op. Cash Flow

+13.6% YoY

$178.8MFY 2025

FY22 $100.1MFY23 $132.3MFY24 $157.4MFY25 $178.8M

Free Cash Flow

+10.9% YoY

$152.3MFY 2025

FY22 $80.2MFY23 $112.5MFY24 $137.4MFY25 $152.3M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$751.5M +17.8%	$637.8M +18.8%	$536.9M +19.1%	$450.9M +17.0%	$385.3M +23.2%	$312.6M
Net Income	$93.3M +21.1%	$77.1M +17.1%	$65.8M +19.4%	$55.1M +23.6%	$44.6M -2.2%	$45.6M
Operating Income	$118.3M +33.1%	$88.9M +15.1%	$77.2M +8.5%	$71.2M +29.2%	$55.1M +9.8%	$50.2M
EPS (Diluted)	$2.46 +20.6%	$2.04 +15.9%	$1.76 +18.1%	$1.49 +23.1%	$1.21 -4.0%	$1.26
Total Assets	$1.17B +13.4%	$1.03B +25.2%	$823.8M +22.4%	$672.9M +9.3%	$615.8M +17.0%	$526.5M
Operating Cash Flow	$178.8M +13.6%	$157.4M +19.0%	$132.3M +32.2%	$100.1M -11.4%	$112.9M +27.5%	$88.6M
Free Cash Flow	$152.3M +10.9%	$137.4M +22.1%	$112.5M +40.4%	$80.2M -14.1%	$93.3M +29.4%	$72.1M

Get alerted when SPSC's score changes

Free account: watchlist tracking, the daily AI brief, and the AI screener.

Passwordless sign-in · Payments by Stripe · Auth by Clerk

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.
$339.3M5,934,211 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$166.6M2,914,709 sh
DISCIPLINED GROWTH INVESTORS INC /MN
$121.4M2,123,881 sh
Neuberger Berman Group LLC
$101.8M1,780,876 sh
VANGUARD CAPITAL MANAGEMENT LLC
$91.4M1,598,383 sh
STATE STREET CORP
$88.4M1,545,696 sh
GEODE CAPITAL MANAGEMENT, LLC
$72.4M1,266,247 sh
GOLDMAN SACHS GROUP INC
$63.3M1,107,434 sh
MORGAN STANLEY
$57.1M997,970 sh
Jupiter Topco LLC
$56.3M984,427 sh

Fund	Value	Shares
BlackRock, Inc.	$339.3M	5,934,211
VANGUARD PORTFOLIO MANAGEMENT LLC	$166.6M	2,914,709
DISCIPLINED GROWTH INVESTORS INC /MN	$121.4M	2,123,881
Neuberger Berman Group LLC	$101.8M	1,780,876
VANGUARD CAPITAL MANAGEMENT LLC	$91.4M	1,598,383
STATE STREET CORP	$88.4M	1,545,696
GEODE CAPITAL MANAGEMENT, LLC	$72.4M	1,266,247
GOLDMAN SACHS GROUP INC	$63.3M	1,107,434
MORGAN STANLEY	$57.1M	997,970
Jupiter Topco LLC	$56.3M	984,427

Companies Similar to SPSC

Ranked by quality-profile closeness and shared hedge-fund ownership — not just sector membership.

NCNO

nCino, Inc.

AI score

Similar quality profile · 12 shared holders

Long Path Partners LP AMERICAN CAPITAL MANAGEMENT INC FRED ALGER MANAGEMENT, LLC

DoubleVerify Holdings, Inc.

AI score

Similar quality profile · 15 shared holders

DISCIPLINED GROWTH INVESTORS INC /MN KENNEDY CAPITAL MANAGEMENT LLC RIVERBRIDGE PARTNERS LLC

ALRM

Alarm.com Holdings, Inc.

AI score

Similar quality profile · 15 shared holders

DISCIPLINED GROWTH INVESTORS INC /MN AMERICAN CAPITAL MANAGEMENT INC BROWN CAPITAL MANAGEMENT LLC

HSTM

HEALTHSTREAM INC

AI score

Similar quality profile · 10 shared holders

Herald Investment Management Ltd Numerai GP LLC KENNEDY CAPITAL MANAGEMENT LLC

WORKIVA INC

AI score

Similar quality profile · 11 shared holders

Irenic Capital Management LP BROWN CAPITAL MANAGEMENT LLC RIVERBRIDGE PARTNERS LLC

EVTC

EVERTEC, Inc.

AI score

Similar quality profile · 8 shared holders

Invenomic Capital Management LP Bridgewater Associates, LP QSV Equity Investors LLC

EXPO

EXPONENT INC

AI score

Similar quality profile · 11 shared holders

FENIMORE ASSET MANAGEMENT INC Numerai GP LLC RIVERBRIDGE PARTNERS LLC

EXTR

EXTREME NETWORKS INC

AI score

Similar quality profile · 14 shared holders

Ballast Asset Management, LP Numerai GP LLC Bridgewater Associates, LP

Similarity is computed from the 8 composite sub-scores and latest-quarter 13F conviction holdings (index-style filers excluded). Refreshed monthly.

More Technology Companies

View all Technology →

AGILENT TECHNOLOGIES, INC.

AAOI

APPLIED OPTOELECTRONICS, INC.

AAPL

Apple Inc.

ABNB

Airbnb, Inc.

ACCL

Acco Group Holdings Ltd

ACCS

ACCESS Newswire Inc.

ACFN

ACORN ENERGY, INC.

ACIW

ACI WORLDWIDE, INC.

Put SPSC on your watchlist

Track score changes the day SPS COMMERCE INC files with the SEC, follow the hedge funds that own it, screen 2,800+ AI-scored stocks, and get the daily brief — free.

View Pricing

Free tier includes 13F data, economic indicators, and market overview. Pro starts at $6.67/mo (billed annually).

Passwordless sign-in · Payments by Stripe · Auth by Clerk

Popular Research

AAPL

Apple

MSFT

Microsoft

NVDA

NVIDIA

GOOG

Alphabet

AMZN

Amazon

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. SPSC is classified as a mid company.

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.