SPS Commerce vs Vertex
SPS Commerce reported revenue of $752 million in fiscal 2025, about the same as Vertex's $748 million in fiscal 2025. SPS Commerce's revenue grew 17.8% in its latest year, and Vertex's grew 12.2%. SPS Commerce had an operating margin of 15.7%, against 0.3% at Vertex.
Side by side
| SPS Commerce | Vertex | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $752M | $748M |
| Revenue growth | 17.8% | 12.2% |
| Revenue growth a year, last 5 years | 19.2% | 14.8% |
| Gross margin | 69.2% | 64.3% |
| Operating margin | 15.7% | 0.3% |
| Net margin | 12.4% | 1.0% |
| Free cash flow | $152M | — |
| Free cash flow margin | 20.3% | — |
| Return on capital | — | 0.9% |
| Net debt to EBITDA | — | 0.2x |
| Dividends and buybacks | $114M | $10M |
| Change in diluted share count | 0.4% | — |
| Last close | $81.91 | $17.08 |
| P/E at the last close | 36.2× | — |
| Insider trades, last 12 months | sold $2.1 million | bought $6.5 million, sold $82,365 |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
SPS CommerceVertex
Operating margin
Percent of revenue
SPS CommerceVertex
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
SPS CommerceVertex
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the SPS Commerce and Vertex pages.