13FPulse
中
SP

SPSC SPS COMMERCE INC

2026Q2 · CUSIP 78463M107 · Enterprise Software · Sector: Technology

Normal

Fund flows are within the usual range

Funds that own it
309
Institutions that reported holding it to the SEC
Net decrease in holders
14
Last quarter 323 → now 309
How unusual is that
Bottom 20%
Stronger than only 10% of US stocks
What the filings say, in one paragraph

309 funds held SPSC at the end of 2026Q2, down 14 from the quarter before. Fund flows are within the usual range — nothing unusual. On the business itself, revenue over the last 12 months was $772M(YoY +9.8%), the P/E is 41.1x, return on equity is 8.3%. SPSC has had 16 buying rushes in its history, and the price moved +5.6% on average over the six months after (that is the raw price move, not how much it beat the market by). It sits in the Technology sector, tagged Enterprise Software.

How many funds owned it, quarter by quarter

Bars = net change in institutional holders, positive (green) or negative (red). Line = total institutional holders.

2013Q3: holders=135 2013Q4: holders=135 2014Q1: holders=127 2014Q2: holders=122 2014Q3: holders=112 2014Q4: holders=123 2015Q1: holders=135 2015Q2: holders=131 2015Q3: holders=135 2015Q4: holders=142 2016Q1: holders=152 2016Q2: holders=150 2016Q3: holders=158 2016Q4: holders=158 2017Q1: holders=151 2017Q2: holders=146 2017Q3: holders=158 2017Q4: holders=159 2018Q1: holders=169 2018Q2: holders=188 2018Q3: holders=204 2018Q4: holders=230 2019Q1: holders=246 2019Q2: holders=240 2019Q3: holders=234 2019Q4: holders=248 2020Q1: holders=238 2020Q2: holders=261 2020Q3: holders=255 2020Q4: holders=284 2021Q1: holders=286 2021Q2: holders=275 2021Q3: holders=310 2021Q4: holders=325 2022Q1: holders=322 2022Q2: holders=309 2022Q3: holders=316 2022Q4: holders=332 2023Q1: holders=355 2023Q2: holders=366 2023Q3: holders=377 2023Q4: holders=396 2024Q1: holders=421 2024Q2: holders=446 2024Q3: holders=455 2024Q4: holders=456 2025Q1: holders=442 2025Q2: holders=447 2025Q3: holders=399 2025Q4: holders=365 2026Q1: holders=323 2026Q2: holders=309 -48 -24 +0 +24 +48 100290479 13Q315Q116Q318Q119Q321Q122Q324Q125Q326Q2 Net change in holders (bars) Total funds holding (line)

What happened after each past buying rush 16 times in its history

Quarter of the rush How unusual then Price, next 3 months Price, next 6 months
2024Q2 Top 10% -2.7% -8.7%
2024Q1 Top 20% -2.9% +0.5%
2023Q3 Top 20% +2.7% +8.1%
2023Q2 Top 20% -0.5% +9.8%
2023Q1 Top 10% +20.3% +3.9%
2022Q3 Top 20% -6.6% +13.9%
2021Q3 Top 5% -9.5% -15.6%
2020Q2 Top 20% +1.4% +16.9%

These are the raw price moves, not how much it beat the market by. Compare them against the market over the same months — in a strong bull market almost everything is up.

Show all the numbers (large funds, value held, options…) ▾
Of them, large funds
154
Change in large funds
+1
Total value they hold
$2.2B
Funds buying for the first time
60
Funds that sold out entirely
74
Price change that quarter
+61.0%
Funds holding puts (bearish)
0
Funds holding calls (bullish)
3

These are for people who want to dig. Skip them if they do not mean anything to you — the three numbers above are enough.

8,697 institutions have filed for this quarter. 13F permits late filing and a small number arrive in the weeks after the deadline, so the holder counts and changes below may tick up.

Fundamentals

PE (TTM)
41.1
EPS (TTM)
$2.08
EPS YoY
-4.6%
Revenue (TTM)
$0.8B
Revenue YoY
+9.8%
Net margin
10.1%
ROE
8.3%
Debt ratio
16.6%
FCF (TTM)
$199M
Dividend (TTM)
No dividend
Quarterly Revenue & EPS
2022-09-30: EPS 0.43 2022-12-31: EPS 0.43 2023-03-31: EPS 0.41 2023-06-30: EPS 0.39 2023-09-30: EPS 0.45 2023-12-31: EPS 0.51 2024-03-31: EPS 0.48 2024-06-30: EPS 0.48 2024-09-30: EPS 0.62 2024-12-31: EPS 0.46 2025-03-31: EPS 0.58 2025-06-30: EPS 0.52 2025-09-30: EPS 0.67 2025-12-31: EPS 0.69 2026-03-31: EPS 0.53 2026-06-30: EPS 0.19 0M 99M 198M $M 0.00 0.38 0.76 2016201720182019202020212022202320242025202606/26 Revenue EPS

Quarterly figures, revenue up to 10 years back; EPS split-adjusted, early quarters hidden when not calibrable

P/E (TTM) over time
4Y median 72 19 67 115 2023202420252026

P/E = close around day 47 after quarter-end ÷ TTM EPS then; this is a consistent valuation date, not the company’s actual filing date; loss quarters hidden

Quarterly free cash flow
-1M27M55M 20162017201820192020202120222023202420252026
Latest quarter $48M (2026-03-31)

FCF = operating cash flow − capex, computed from SEC XBRL; banks/insurers have no standard cash-flow structure and are hidden

As of 2026-06-30 · SEC filings (XBRL)

Email me the next update

2026 Q3 holdings are due 2026-11-16. We will email you when the refreshed lists are live.