Research / Stocks / SPSC SPSC Nasdaq CIK 0001092699
SPS COMMERCE INC · Services-Prepackaged Software
COVERAGE / STANDARD
Latest filing 10-Q · Jul 30, 2026
Research state Latest filing analysis is current
Last SEC check Sep 13, 2026
Data basis Official SEC · no quote feed Component status Filing Evidence Research Current Official SEC filing history is available
Structured Financials Research Current Validated structured financial research is available
Filing Analysis Research Current No filing analysis job is currently running
Fundamental State Research Current Fundamental State depends on validated comparable financial metrics
RESEARCH SNAPSHOT SPS COMMERCE INC's latest supported as-filed period reports revenue of $197.8M ; gross margin moved 208 basis points higher on the same comparison basis. Every value below links to its SEC accession and metric lineage.
Deterministic / evidence backed Key research observations No material rule-based research observation currently meets GrossPattern's Insight value threshold. Current state, direction, and filing evidence remain available below.
Current configuration / point in time Fundamental state A multidimensional view of the latest comparable filing—not a composite score or recommendation.
Capex intensity 100th Own-history percentile · N=10
Method Level · gp.fundamentals.capex_revenue_ratio
Raw value 4.35% · OPTIONAL
Operating cash generation 100th Own-history percentile · N=10
Method Ratio · gp.fundamentals.operating_cash_flow + gp.fundamentals.revenue
Raw value 33.38% · OPTIONAL
Revenue growth RAW Current state valid · history insufficient
Method Yoy · gp.fundamentals.revenue
Raw value 5.56% · CORE
Gross margin 100th Own-history percentile · N=10
Method Level · gp.fundamentals.gross_margin
Raw value 70.16% · CORE
Operating margin 0th Own-history percentile · N=10
Method Level · gp.fundamentals.operating_margin
Raw value 4.25% · CORE
R&D intensity 0th Own-history percentile · N=10
Method Ratio · gp.fundamentals.rnd + gp.fundamentals.revenue
Raw value 8.57% · OPTIONAL
SBC intensity 90th Own-history percentile · N=10
Method Level · gp.fundamentals.sbc_revenue_ratio
Deterministic multi-period research Company direction Business direction, financial quality, capital allocation, and governance evidence remain separate—never collapsed into a recommendation score.
As filed Jun 30, 2026 General Corporate
Capital Allocation 4 evidence-backed dimensions Capex Intensity Increasing Cash Generation Inflecting R And D Intensity Decreasing Sbc Intensity Deteriorating [email protected] · 11 historical states · 38% confidenceCompany Direction 7 evidence-backed dimensions Capex Intensity Increasing Cash Generation Inflecting Margin Improving Profitability Deteriorating R And D Intensity Decreasing [email protected] · 11 historical states · 36% confidenceFinancial Quality 4 evidence-backed dimensions Cash Generation Inflecting Margin Improving Profitability Deteriorating Sbc Intensity Deteriorating [email protected] · 11 historical states · 38% confidenceGovernance Evidence 3 evidence-backed dimensions Filing Amendments Observed Auditor Changes None Detected Sbc Intensity Observed [email protected] · 11 historical states · 50% confidenceInterpretation boundary Direction describes measurable company fundamentals. Governance reports observable evidence only; it does not grade management character or predict stock returns.
Comparable evidence Peer context Latest available comparable states within 180 days, normalized with robust median/MAD statistics.
Capex Intensity
SPSC 4.3
Peer median 0.9
Peer percentile 84th 124 valid peers · 79% coverage · +3.1 robust σ R And D Intensity
SPSC 8.6
Peer median 21.6
Peer percentile 8th 131 valid peers · 83% coverage · -1.1 robust σ Cash Generation
SPSC 33.4
Peer median 16.4
Peer percentile 88th 143 valid peers · 91% coverage · +0.8 robust σ Growth
SPSC 5.6
Peer median 10.7
Peer percentile 33th 129 valid peers · 82% coverage · -0.4 robust σ Profitability
SPSC 4.3
Peer median -1.8
Peer percentile 61th 148 valid peers · 94% coverage · +0.3 robust σ Margin
SPSC 70.2
Peer median 72.6
Peer percentile 44th 131 valid peers · 83% coverage · -0.2 robust σ Open group breadth → Divergence is context, not positive or negative. Flagship analysis / V3 What changed? The most important deterministic changes, ranked by magnitude, issuer history, persistence, and accounting profile.
Current 10-Q 0001092699-26-000066 9 governed changes · top 7 shown
01
HIGH IMPORTANCE Cash 75TH HISTORICAL PCTL · N=4
Cash & equivalents increased 60.9% Cash & equivalents changed +60.9% from the comparable as-filed period. The change ranks at the 75th percentile of 4 prior comparable changes.
Why this ranks here · [email protected] $107.6M → $173.2M Comparable → current
02
MEDIUM IMPORTANCE Margin 67TH HISTORICAL PCTL · N=3
Gross margin moved 208 bp higher Gross margin changed +208 basis points from the comparable as-filed period.
Why this ranks here · [email protected] 68.08% → 70.16% Comparable → current
03
LOW IMPORTANCE Margin 33TH HISTORICAL PCTL · N=3
Gross profit increased 8.8% Gross profit changed +8.8% from the comparable as-filed period.
Why this ranks here · [email protected] $127.6M → $138.8M Comparable → current
04
HIGH IMPORTANCE Net Income 100TH HISTORICAL PCTL · N=3
Net income decreased 65.2% As-filed financials Financial trajectory Each point keeps the date investors could first observe it and its accession.
As filed Current normalized · later
Capex / revenue 4.35% +17.0% ↑ Capital expenditure $8.6M +20.4% ↑ Cash & equivalents $173.2M +0.0% ↑ Free-cash-flow proxy $57.4M +18.4% ↑ Gross margin 70.16% +0.0% ↑ Interest expense $27,000 +0.0% ↑ Net income $6.9M -65.2% ↓ Operating cash flow $66.0M +18.7% ↑
ACTIVE TRACE Revenue SPSC · as filed with the SEC · reported-date aware
Capex / revenue Q2 / 2026-06-30 4.35% +17.0% sequential point Trace ↗ Evidence inspector
Loading lineage… × Capital expenditure Q2 / 2026-06-30 $8.6M +20.4% sequential point Trace ↗ Evidence inspector
Loading lineage… × Cash & equivalents Q2 / 2026-06-30 $173.2M +0.0% sequential point Trace ↗ Evidence inspector
Loading lineage… × Free-cash-flow proxy Q2 / 2026-06-30 $57.4M +18.4% sequential point Trace ↗ Evidence inspector
Loading lineage… × Gross margin Q2 / 2026-06-30 70.16% +0.0% sequential point Trace ↗ Evidence inspector
Loading lineage… × Interest expense FY / 2012-12-31 $27,000 +0.0% sequential point Trace ↗ Evidence inspector
Loading lineage… × Net income Q2 / 2026-06-30 $6.9M -65.2% sequential point Trace ↗ Evidence inspector
Loading lineage… × Operating cash flow Q2 / 2026-06-30 $66.0M +18.7% sequential point Trace ↗ Evidence inspector
Loading lineage… × Operating margin Q2 / 2026-06-30 4.25% +0.0% sequential point Trace ↗ Evidence inspector
Loading lineage… × Research & development Q2 / 2026-06-30 $17.0M -5.4% sequential point Trace ↗ Evidence inspector
Loading lineage… × Revenue Q2 / 2026-06-30 $197.8M +3.0% sequential point Trace ↗ Evidence inspector
Loading lineage… × Stock-based compensation Q2 / 2026-06-30 $18.7M +3.4% sequential point Trace ↗ Evidence inspector
Loading lineage… × Primary evidence Filing timeline Direct SEC links, filing dates, report periods, and amendment flags.
10-Q Jul 30, 2026 Period Jun 30, 2026 0001092699-26-000066SEC ↗ 8-K Jul 30, 2026 Period Jul 30, 2026 0001092699-26-000063SEC ↗ 10-Q/A Jul 21, 2026 Period Mar 31, 2026 0001092699-26-000059SEC ↗ 4 Jun 1, 2026 Period May 28, 2026 0001628280-26-039571SEC ↗ 4 Jun 1, 2026 Period May 28, 2026 0001628280-26-039570SEC ↗ 4 Jun 1, 2026 Period May 28, 2026 0001628280-26-039568SEC ↗ 4 Jun 1, 2026 Period May 28, 2026 0001628280-26-039566SEC ↗ Form 4 Insider activity Transaction semantics distinguish purchases, sales, awards, exercises, withholding, and derivatives.
“Insider purchase” rule Code P · non-derivative · acquired · direct ownership · positive price and shares · not amended
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