SPS Commerce, Inc. vs Veeva Systems Inc.
Side-by-Side SaaS Metrics & Valuation Comparison
analyticsVertical SaaS
Data as of Q2 2026
Summary Verdict
SPSC: 0—VEEV: 5wins
Rule of 40
37.1SPSC
107.7VEEV
check_circleVEEV leads
Revenue Growth
20.3%SPSC
24.2%VEEV
check_circleVEEV leads
Gross Margin
69%SPSC
75%VEEV
check_circleVEEV leads
FCF Margin
16.8%SPSC
83.5%VEEV
check_circleVEEV leads
Operating Margin
11.8%SPSC
28.9%VEEV
check_circleVEEV leads
NRR
—SPSC
—VEEV
Metric
Rule of 40Efficiency score
SPSC
37.1
VEEV
107.7check_circle
Revenue GrowthYoY
SPSC
20.3%
VEEV
24.2%check_circle
Gross Margin% of revenue
SPSC
69%
VEEV
75%check_circle
FCF MarginFree cash flow
SPSC
16.8%
VEEV
83.5%check_circle
Operating MarginGAAP
SPSC
11.8%
VEEV
28.9%check_circle
NRRNet retention
SPSC
N/A
VEEV
N/A
EV / RevenueValuation multiple
SPSC
3.6xcheck_circle
VEEV
12.8x
Market CapUSD
SPSC
$3.0B
VEEV
$44.7Bcheck_circle
ARR GrowthYoY
SPSC
N/A
VEEV
N/A
CAC PaybackMonths to recover
SPSC
N/A
VEEV
N/A
insights
Analysis
As of Q2 2026, SPS Commerce, Inc. trades at 3.6x EV/Revenue versus Veeva Systems Inc. at 12.8x. On the Rule of 40, SPS Commerce, Inc. scores 37.1 compared to Veeva Systems Inc.'s 107.7, placing Veeva Systems Inc. ahead in operating efficiency. Gross margins stand at SPS Commerce, Inc. 69% vs Veeva Systems Inc. 75%.
Sector Context
Both companies operate in the Vertical SaaS sector. The median columns above show where each company stands relative to their peers.