SPS Commerce, Inc. — Earnings Quality Grade C
SPSC · Technology
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 33 days, change +3 days YoY
AR growth 31.0% exceeds revenue growth 17.8%
Revenue 17.8%, CFFO 13.6%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 32.3% vs revenue 17.8%. Normal
SG&A/Gross Profit = 56.9%. Normal
Gross margin 69.2%, change +2.2pp. Stable
Cash Flow Quality
CFFO/NI = 1.92. Profits backed by cash
FCF $0.2B, FCF/NI = 1.63
Accruals ratio = -7.3%. Low accruals
Cash $0.2B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.8B = 78% of equity. Over 50%
Debt/EBITDA = 0.0x. Healthy
Other assets grew 277.1% vs revenue 17.8%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 31% YoY
Manipulation Score
M-Score = -2.51 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25