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SPS CommerceSPSC +0.42%88 Net Cash per Share is $-0.38 as of Jun. 2026. GuruFocus rates SPSC with a GF Score™ of 88/100 and a GF Value™ of $182.63 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 860 Software companies, SPS Commerce ranks worse than 116278.95% on this metric.
The historical rank and industry rank for SPS Commerce's Net Cash per Share or its related term are showing as below:
During the past 13 years, the highest Price-to-Net-Cash Ratio of SPS Commerce was 228.44. The lowest was 7.45. And the median was 24.88.
SPSC's Price-to-Net-Cash is not ranked *
in the Software industry.
Industry Median: 7.98 * Ranked among companies with meaningful Price-to-Net-Cash only.
SPS Commerce (NAS:SPSC) Net Cash per Share Explanation
Ben Graham invested in situations where the company's stock price was lower than its net-cash. He assigned some value to the company's other current asset. The value is called Net Current Asset Value (NCAV). One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
You can find companies that are traded below their Net Current Asset Value (NCAV) with our Net-Net screener.
SPS Commerce Net Cash per Share Related Terms
SPS Commerce Net Cash per Share Historical Data
* Premium members only.
The historical data trend for SPS Commerce's Net Cash per Share can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
SPSC vs SOUN, KC, ADEA: Net Cash per Share Comparison
For the Software - Application subindustry, SPS Commerce's Price-to-Net-Cash, along with its competitors' market caps and Price-to-Net-Cash data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
SPS Commerce Price-to-Net-Cash vs Software Industry
For the Software industry and Technology sector, SPS Commerce's Price-to-Net-Cash distribution charts can be found below:
* The bar in red indicates where SPS Commerce's Price-to-Net-Cash falls into.
In the calculation of a company's Net Cash per Share, assets other than cash and short term investments are considered to be worth nothing. But the company has to pay its debt and other liabilities in full. This is an extremely conservative way of valuation. Most companies have negative Net Cash per Share. But sometimes a company's price may be lower than its net-cash.
SPS Commerce's Net Cash per Share for the fiscal year that ended in Dec. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
SPS Commerce (SPSC) has a Net Cash per Share of $-0.38 as of Jun. 2026. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on SPS Commerce and its competitors. According to the industry distribution chart, SPS Commerce ranks #999999 out of 860 companies in the Software industry.
Is SPS Commerce's Net Cash per Share too high?
SPS Commerce's current Net Cash per Share is $-0.38. Based on the distribution chart, SPS Commerce ranks #999999 out of 860 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, SPS Commerce has a GF Score™ of 88/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SPS Commerce's Net Cash per Share compare to SOUN and KC?
According to the Software industry distribution chart, SPS Commerce ranks #999999 out of 860 companies for Net Cash per Share. This places SPS Commerce in the lower half of its industry. The industry median Net Cash per Share is 7.98. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Cash per Share for a Software company?
The median Net Cash per Share among Software companies is 7.98, based on 860 companies in the industry. Companies in the top quartile (top 25%) have a Net Cash per Share significantly above this median, while those in the bottom quartile fall well below. However, Net Cash per Share should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Cash per Share mean?
A high Net Cash per Share can signal that a stock is expensive relative to its fundamentals. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on SPS Commerce and its competitors. For the Software industry, the median Net Cash per Share is 7.98 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. SPS Commerce's current Net Cash per Share is $-0.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SPS Commerce stock overvalued right now?
Based on GuruFocus' analysis, SPS Commerce (SPSC) is currently considered Significantly Undervalued. The stock's GF Value™ is $182.63, compared to a current price of $83.11 — trading 54.5% below its estimated fair value. The current Net Cash per Share is $-0.38. SPS Commerce's overall GF Score™ is 88/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Cash per Share calculated?
Net Cash per Share is calculated from a company's financial statements. For SPS Commerce (SPSC), the current Net Cash per Share is $-0.38 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is SPS Commerce (SPSC) Overvalued in 2026?
Based on GuruFocus' analysis, SPS Commerce stock appears to be undervalued.
The current stock price of $83.11 is trading 54.5% below its estimated GF Value™ of $182.63.
GuruFocus considers SPS Commerce to be Significantly Undervalued.
Key valuation signals for SPSC:
Net Cash per Share: $-0.38
GF Value™: $182.63 vs. price of $83.11 (54.5% below fair value)
No single metric tells the full story. See the SPSC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
SPS Commerce Inc is a provider of cloud-based supply chain management services for retailers, grocers, distributors, suppliers, and logistics firms to increase supply chain performance, optimize inventory levels and sell-through, reduce operational costs, improve order visibility, and satisfy consumer demands for a seamless omnichannel experience. Its solutions are delivered through the SPS Commerce platform and provide integrations and retail performance analytics to its customers. The company has one operating segment Supply Chain Management Solutions, that derives revenues from customers by providing access to cloud-based supply chain management services, primarily under subscription-based service arrangements.
88GF Score
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