Stock AnalysisJuly 15, 2026 · 5 min read

Is SPS Commerce Stock (SPSC) Halal? A Complete Analysis

SPS Commerce (SPSC) operates a cloud-based supply-chain-management network connecting retailers, suppliers, and logistics partners. Is it permissible for Muslim investors? Here is the full Sharia breakdown.

Time-sensitive screening snapshot: financial ratios and business mix can change after each filing. This is educational research, not a fatwa or investment advice. Verify the latest filing and your preferred Sharia standard before acting.

The Short Answer

SPS Commerce stock (SPSC) has a qualitative business verdict that is HALAL and passes the known filing-based financial ratios, but the overall screen remains incomplete. SPS Commerce provides cloud supply-chain software and operates without interest-bearing debt.

Cloud supply-chain and trading-partner-connectivity software is generally permissible at the activity level. The March 31, 2026 filing reports debt/assets of 0.00%, liquidity/assets of 13.28% and receivables-plus-cash/assets of 18.45%; gross interest income and activity classification remain incomplete.

Current quantitative Sharia screen

Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.

USD · millions
Interest-bearing debt / assets
0.00%Within limit
Below 33.333% under FTSE Yasaar

0 / 1,161.208

Cash + interest-bearing securities / assets
13.29%Within limit
Below 33.333% under FTSE Yasaar

154.271 / 1,161.208

Receivables + cash / assets
18.89%Within limit
Below 50% under FTSE Yasaar

219.377 / 1,161.208

FTSE Yasaar
v4.6, February 2026
Financial
Incomplete
Overall
Incomplete

Debt/assets is 0.00%, liquidity/assets is 13.28% and receivables-plus-cash/assets is 18.45%; gross interest income and activity remain incomplete.

MSCI Islamic (total-assets series)
October 2024 methodology
Financial
Pass
Overall
Incomplete

Known financial ratios pass; this is not an index-membership claim and activity remains incomplete.

Malaysia SAC financial ratios
single 5% activity benchmark adopted November 2025
Financial
Pass
Overall
Incomplete

Known debt and liquidity ratios pass; this is not an official classification.

Market-cap denominator methods
MSCI M-Series, S&P and Dow Jones methods differ
Financial
Not calculated
Overall
Incomplete

A licensed historical market-cap series is not stored.

Business-activity disclosure

SPS Commerce provides cloud-based retail-network, fulfillment and analytics software. General-purpose commerce software is generally permissible, but customer end uses are not reduced to a universal prohibited-revenue numerator.

Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed.

Purification

Gross interest income is not separately disclosed; ZakatInvest does not infer a purification amount.

Inputs, assumptions and primary sources
  • Amounts are USD thousands from SPS Commerce's March 31, 2026 Form 10-Q; this record expresses them in millions-equivalent values.
  • No interest-bearing debt is reported; operating leases are excluded.
  • Cash is $154.271 million and net accounts receivable is $65.106 million.
  • Quarterly revenue is $192.121 million. The filing does not separately disclose gross interest income.
  • Retail-network software and fulfillment services are generally permissible, but no universal prohibited-revenue numerator is disclosed.

This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.

Sharia Screening Methodology

Islamic scholars use several criteria to screen stocks:

  • Business activity screen: Is the company's primary business halal?
  • Debt ratio: Total debt / market cap must be under 33%
  • Interest income: Interest income / total revenue must be under 5%
  • Haram revenue: Revenue from haram sources must be under 5%
  • Receivables ratio: Total receivables / total assets must be under 49–70% (varies by board)

SPS Commerce's Business Activity

SPS Commerce's retail-network platform:

  • Automates EDI: Electronic-data-interchange connections among trading partners
  • Manages fulfillment: Order, fulfillment, and logistics workflows
  • Provides analytics: Retail-performance data for suppliers and retailers

This is a general-purpose cloud-software business connecting retailers, grocers, distributors, suppliers, and logistics firms. This is permissible at the activity level.

Concerns to Be Aware Of

1. Interest Income on Cash — The Primary Screen

SPS Commerce reports no interest-bearing debt. The filing does not separately disclose gross interest income, so ZakatInvest does not infer a purification amount.

2. Debt Ratio

The filing reports no interest-bearing debt at March 31, 2026. Market-cap denominator methods are not calculated here.

3. Acquisition Activity

SPS Commerce periodically acquires complementary supply-chain businesses. Acquisition activity can affect the balance sheet, so the financial screen should be re-verified following material transactions.

Filing-Based Ratios (March 31, 2026)

Using SPS Commerce's latest Form 10-Q (USD millions):

  • Debt / total assets: 0.00%
  • Cash + securities / total assets: 13.28%
  • Receivables + cash / total assets: 18.45%
  • Gross interest income: Not separately disclosed

Methodology Interpretation

These are ZakatInvest calculations from the cited filing, not claims of current index membership or an official scholar ruling:

  • FTSE-style: Known ratios pass; gross interest income and activity remain incomplete.
  • MSCI-style: Known financial ratios pass; this is not an index-membership claim.
  • Malaysia-style: Known debt and liquidity ratios pass; this is not an official classification.

Bottom Line

SPS Commerce (SPSC) has a generally permissible supply-chain-software business and passes the known filing-based ratios. Because gross interest income and a universal prohibited-revenue numerator are not disclosed, the overall result remains incomplete rather than a universal halal certification; consult the methodology you follow.

For Muslim investors seeking software exposure, SPSC sits alongside other halal-screened names like Descartes Systems (DSGX) and Manhattan Associates (MANH).

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SPSC verdict card: HALAL — current screening available — screening summary, concerns & similar assetsView →
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