SPSC: undervalued.
Figures as of the 2026-10-19 close.
SPS Commerce Inc carries debt worth 0.01 times its shareholders' equity, a light load. Its current assets cover its short-term liabilities 1.82 times.
Its Altman Z-Score, computed from its latest annual report, falls in the safe zone: its accounts do not show the pattern that has preceded bankruptcies. It is a statistical warning light, not a forecast.
It passes 7 of the 8 Piotroski F-Score tests we could evaluate, out of nine, which checks whether profitability, leverage and efficiency improved from one annual report to the next. Which tests it passes, and the red flags in its accounts, are in the full analysis.