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SPS CommerceSTU:S86 +3.43%81 PB Ratio is 3.05 as of Aug. 20, 2026, which is 48% below its 10-year median of 5.87. GuruFocus rates STU:S86 with a GF Score™ of 81/100 and a GF Value™ of €154.21 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 2,630 Software companies, SPS Commerce ranks worse than 59.66% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-08-20), SPS Commerce's share price is €68.66. SPS Commerce's Book Value per Share for the quarter that ended in Jun. 2026 was €22.51. Hence, SPS Commerce's PB Ratio of today is 3.05.
The historical rank and industry rank for SPS Commerce's PB Ratio or its related term are showing as below:
STU:S86'
s PB Ratio Range Over the Past 10 Years
Min: 1.96 Med: 5.87 Max: 13.23
Current: 3.12
During the past 13 years, SPS Commerce's highest PB Ratio was 13.23. The lowest was 1.96. And the median was 5.87.
STU:S86's PB Ratio is ranked worse than 59.66% of 2630
companies
in the Software industry
Industry Median: 2.48
vs STU:S86: 3.12
During the past 12 months, SPS Commerce's average Book Value Per Share Growth Rate was 3.50% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 20.50% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 17.60% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 14.50% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of SPS Commerce was 48.30% per year. The lowest was 6.80% per year. And the median was 13.40% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
SPS Commerce PB Ratio Related Terms
SPS Commerce PB Ratio Historical Data
* Premium members only.
The historical data trend for SPS Commerce's PB Ratio 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.
For the Software - Application subindustry, SPS Commerce's PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Software Industry
For the Software industry and Technology sector, SPS Commerce's PB Ratio distribution charts can be found below:
* The bar in red indicates where SPS Commerce's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
SPS Commerce's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
SPS Commerce (STU:S86) has a PB Ratio of 3.05 as of Aug. 20, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on SPS Commerce and its competitors. This is 48% below median its historical median of 5.87. Over the past decade, SPS Commerce's PB Ratio has ranged from 1.96 to 13.23. According to the industry distribution chart, SPS Commerce ranks #1569 out of 2630 companies in the Software industry, placing it in the top 59.7%.
Is SPS Commerce's PB Ratio too high?
SPS Commerce's current PB Ratio of 3.05 is 48% below median its 10-year median of 5.87. Over the past 10 years, this metric has ranged from a low of 1.96 to a high of 13.23. The Software industry median PB Ratio is 2.48. SPS Commerce's value of 3.05 is 23% above this industry median. Based on the distribution chart, SPS Commerce ranks #1569 out of 2630 companies in the Software industry, which is below the industry midpoint. Overall, SPS Commerce has a GF Score™ of 81/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SPS Commerce's PB Ratio compare to PLUS and PDFS?
According to the Software industry distribution chart, SPS Commerce ranks #1569 out of 2630 companies for PB Ratio. This places SPS Commerce in the lower half of its industry. The industry median PB Ratio is 2.48. SPS Commerce's value of 3.05 is 23% above this benchmark. Historically, SPS Commerce's own PB Ratio has ranged from 1.96 to 13.23 over the past decade. While the company's 10-year median is 5.87 vs. the industry median of 2.48, SPS Commerce has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for a Software company?
The median PB Ratio among Software companies is 2.48, based on 2,630 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. SPS Commerce's current PB Ratio of 3.05 is 23% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on SPS Commerce and its competitors. For the Software industry, the median PB Ratio is 2.48 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. SPS Commerce's current PB Ratio is 3.05, which is 48% below median its own 10-year median of 5.87. 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 (STU:S86) is currently considered Significantly Undervalued. The stock's GF Value™ is €154.21, compared to a current price of €68.66 — trading 55.5% below its estimated fair value. The current PB Ratio is 3.05, which is 48% below median its 10-year median of 5.87 and 23% above the Software industry median of 2.48. SPS Commerce's overall GF Score™ is 81/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For SPS Commerce (STU:S86), the current PB Ratio is 3.05 as of Aug. 20, 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 (STU:S86) Overvalued in 2026?
Based on GuruFocus' analysis, SPS Commerce stock appears to be undervalued.
The current stock price of €68.66 is trading 55.5% below its estimated GF Value™ of €154.21.
GuruFocus considers SPS Commerce to be Significantly Undervalued.
Key valuation signals for STU:S86:
PB Ratio: 3.05 (48% below median its 10-year median of 5.87)
GF Value™: €154.21 vs. price of €68.66 (55.5% below fair value)
Industry Position: 23% above the Software median (#1569 of 2630)
No single metric tells the full story. See the STU:S86 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.
81GF Score
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