SPS Commerce price to book ratio SPSC

Market value divided by the book value of the company's net assets, since 2011.

Today, Oct 23, 2026: 3.6×
10-year median: 5.9×
Against its 10-year history: 13th; percentile: 0 is its lowest day, 100 its highest
10-year range: 2.0× to 13.2×
Peer median: 4.1×

SPS Commerce's price to book ratio is 3.6× as of Oct 23, 2026.

That is below its ten-year median of 5.9×, lower than on 87% of days in the last ten years.

Over that time it ranged from 2.0× in May 2026 to 13.2× in Sep 2021.

The median for 10 infrastructure software stocks of a similar size is 4.1×.

Price to book ratio over time

median 5.9×

The dashed line is the 10-year median and the shaded band the middle half of its days.

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2026 so far	3.6×	2.0×	3.7×
2025	3.6×	3.2×	8.7×
2024	8.4×	7.5×	12.4×
2023	11.3×	9.0×	12.4×
2022	9.1×	7.3×	10.3×
2021	10.9×	7.6×	13.2×
2020	9.7×	3.6×	9.9×
2019	5.7×	4.7×	6.3×
2018	4.6×	3.0×	5.9×
2017	2.9×	2.8×	5.0×
2016	4.9×	3.0×	5.3×
2015	5.4×	4.4×	6.0×
2014	4.6×	4.1×	7.2×
2013	7.2×	4.1×	8.5×
2012	4.0×	3.6×	7.7×
2011	6.9×	4.3×	7.1×

Against its peers

Companies in Software - Infrastructure nearest SPS Commerce's size, closest first, today.

Company	Price to book ratio
SPSCSPS Commerce	3.6×
AGYSAgilysys	10.1×
KDKyndryl	3.0×
AVPTAvePoint	8.0×
ALRMAlarm.com	3.6×
NTCTNetscout Systems	1.7×
FRSHFreshworks	4.5×
QTWOQ2	6.7×
BLKBBlackbaud	37.6×
CCCCCC Intelligent Solutions	2.5×
NCNOnCino	2.6×
Peer median	4.1×

What the price to book ratio tells you

Market value divided by the accounting value of the company's net assets. Below 1 means the market values the business at less than what it owns on paper.

Book value misses brands, software and people, so asset-light companies always look expensive on it. Most useful for banks and industrials.

More on SPS Commerce

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.