Freshworks (FRSH) vs SPS Commerce (SPSC)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Freshworks (FRSH) has outperformed SPS Commerce (SPSC) over the past year, gaining 22.1% versus a loss of 21.5%. Over five years, SPSC leads with a -48.9% price change compared with -67.1% for FRSH. Freshworks is the larger company by market cap ($3.63 billion vs $3.05 billion), about 1.2 times the size, while SPS Commerce is growing revenue faster (+17.8% vs +16.4%).
On valuation, SPS Commerce trades at a lower forward P/E (15.9x vs 16.8x for Freshworks). Freshworks converts more of its revenue into profit, with a net margin of 21.9% versus 12.4%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | FRSH | SPSC |
|---|---|---|
| Share price | $13.92 | $84.59 |
| Market cap | $3.63B | $3.05B |
| 1-day change | +2.05% | +1.52% |
| YTD return | +13.63% | -5.09% |
| 1-year return | +22.11% | -21.55% |
| 5-year return | -67.09% | -48.86% |
| P/E ratio (TTM) | 22.10 | 40.86 |
| Forward P/E | 16.78 | 15.89 |
| EPS (TTM) | $0.63 | $2.07 |
| Dividend yield | 0.00% | 0.00% |
| Annual dividend | $0.00 | $0.00 |
| Revenue (latest FY) | $838.81M | $751.50M |
| Revenue growth (YoY) | +16.43% | +17.83% |
| Net income (latest FY) | $183.72M | $93.34M |
| Gross margin | 84.96% | 69.18% |
| Operating margin | 1.57% | 15.74% |
| Net margin | 21.90% | 12.42% |
| 52-week high | $14.37 | $114.87 |
| 52-week low | $6.79 | $49.04 |
| Distance from 52-week high | -3.13% | -26.36% |
| Analyst consensus | none | none |
| Avg. price target upside | +6.25% | -10.81% |
| Average volume | 8.48M | 554.72K |
| Shares outstanding | 236.96M | 36.00M |
| Employees | 4,500 | 2,948 |
| Sector | Technology | Technology |
| Industry | Computer Software: Prepackaged Software | Computer Software: Prepackaged Software |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- FRSH has outperformed SPSC by 43.7 percentage points over the past year.
- SPS Commerce trades at a higher earnings multiple (40.9x vs 22.1x trailing P/E).
- Freshworks is more profitable, keeping 21.9 cents of every revenue dollar as net income versus 12.4 cents for SPS Commerce.
About Freshworks
FRSH stock →Freshworks Inc., a software development company, provides software-as-a-service products in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company's software-as-a-service solutions includes Customer Experience (CX) and Employee Experience (EX).
Technology · Computer Software: Prepackaged Software · 4,500 employees
About SPS Commerce
SPSC stock →SPS Commerce, Inc. provides cloud-based supply chain management solutions in the United States.
Technology · Computer Software: Prepackaged Software · 2,948 employees
FRSH vs SPSC FAQ
Which is bigger, Freshworks or SPS Commerce?
Freshworks (FRSH) is larger, with a market capitalization of $3.63B compared with $3.05B for SPS Commerce (SPSC).
Which stock has performed better over the past year, FRSH or SPSC?
FRSH returned +22.11% over the past 12 months, compared with -21.55% for SPSC (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, FRSH or SPSC?
FRSH has the lower trailing P/E at 22.1, versus 40.9 for SPSC. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Are Freshworks and SPS Commerce in the same industry?
Yes. Both are classified in the Computer Software: Prepackaged Software industry within the Technology sector.