Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
SPS CommerceSTU:S86 +3.43%81 ROC (Joel Greenblatt) % is 190.49% as of Jun. 2026, which is 74% above its 10-year median of 109.56. 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 2,822 Software companies, SPS Commerce ranks better than 80.83% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. SPS Commerce's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 190.49%.
The historical rank and industry rank for SPS Commerce's ROC (Joel Greenblatt) % or its related term are showing as below:
STU:S86'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 22.31 Med: 109.56 Max: 198.3
Current: 170.38
During the past 13 years, SPS Commerce's highest ROC (Joel Greenblatt) % was 198.30%. The lowest was 22.31%. And the median was 109.56%.
STU:S86's ROC (Joel Greenblatt) % is ranked better than 80.83% of 2822
companies
in the Software industry
Industry Median: 20.74
vs STU:S86: 170.38
SPS Commerce's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 14.40% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
SPS Commerce ROC (Joel Greenblatt) % Related Terms
SPS Commerce ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for SPS Commerce's ROC (Joel Greenblatt) % 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.
STU:S86 vs PLUS, PDFS, INTA: ROC (Joel Greenblatt) % Comparison
For the Software - Application subindustry, SPS Commerce's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Software Industry
For the Software industry and Technology sector, SPS Commerce's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where SPS Commerce's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 190.49% mean?
SPS Commerce (STU:S86) has a ROC (Joel Greenblatt) % of 190.49% as of Jun. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on SPS Commerce and its competitors. This is 74% above median its historical median of 109.56. Over the past decade, SPS Commerce's ROC (Joel Greenblatt) % has ranged from 22.31 to 198.30. According to the industry distribution chart, SPS Commerce ranks #541 out of 2822 companies in the Software industry, placing it in the top 19.2%.
Is SPS Commerce's ROC (Joel Greenblatt) % too high?
SPS Commerce's current ROC (Joel Greenblatt) % of 190.49% is 74% above median its 10-year median of 109.56. Over the past 10 years, this metric has ranged from a low of 22.31 to a high of 198.30. The Software industry median ROC (Joel Greenblatt) % is 20.74. SPS Commerce's value of 190.49% is 818.5% above this industry median. Based on the distribution chart, SPS Commerce ranks #541 out of 2822 companies in the Software industry, which is in the top quartile — a strong position relative to peers. 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 ROC (Joel Greenblatt) % compare to PLUS and PDFS?
According to the Software industry distribution chart, SPS Commerce ranks #541 out of 2822 companies for ROC (Joel Greenblatt) %. This places SPS Commerce in the top 19% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 20.74. SPS Commerce's value of 190.49% is 818.5% above this benchmark. Historically, SPS Commerce's own ROC (Joel Greenblatt) % has ranged from 22.31 to 198.30 over the past decade. While the company's 10-year median is 109.56 vs. the industry median of 20.74, 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 ROC (Joel Greenblatt) % for a Software company?
The median ROC (Joel Greenblatt) % among Software companies is 20.74, based on 2,822 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. SPS Commerce's current ROC (Joel Greenblatt) % of 190.49% is 818.5% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on SPS Commerce and its competitors. For the Software industry, the median ROC (Joel Greenblatt) % is 20.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. SPS Commerce's current ROC (Joel Greenblatt) % is 190.49%, which is 74% above median its own 10-year median of 109.56. 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 ROC (Joel Greenblatt) % is 190.49%, which is 74% above median its 10-year median of 109.56 and 818.5% above the Software industry median of 20.74. 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 ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For SPS Commerce (STU:S86), the current ROC (Joel Greenblatt) % is 190.49% 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 (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:
ROC (Joel Greenblatt) %: 190.49% (74% above median its 10-year median of 109.56)
GF Value™: €154.21 vs. price of €68.66 (55.5% below fair value)
Industry Position: 818.5% above the Software median (#541 of 2822)
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
Get the complete analysis for STU:S86
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
STU:S86 has been successfully added to your 
