• SPS Commerce average return on tangible equity for 2023 was 21.93, a 21.7% increase from 2022.
• SPS Commerce average return on tangible equity for 2022 was 18.02, a 6.56% increase from 2021.
• SPS Commerce average return on tangible equity for 2021 was 16.91, a 9.73% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.