Shopify Inc.

US$148.91As of Sun 8 Nov 2026, 12:00 UTC

NASDAQ:SHOPTechnology

Country USA

PE (Fwd) •••

TSR 10Y CAGR 42.96%

Div yield —

ROE 16.83%

Software (Application)

Beta (5Y) 2.66

PE TTM 91.16

TSR TTM (14.35%)

Mkt cap US$191.6B

ROIC 26.66%

SE Grade™

—

Value

Quality

Moat

Consensus

Reference

$155

3.88%

54.75%

Hold 8|5|8|11|11

TTM

FYE 31 Dec USD

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

10.36

Revenue$B

56.42

58.49

63.22

65.81

70.58

76.27

80.72

83.71

86.72

91.96

11.47

5.43%

5.58%

6.27

Revenue growth%

3.14

0.48

3.40

0.59

0.40

2.21

3.21

2.49

5.40

7.66

29.11

3.21

2.82

23.28

Gross margin%

10.42

8.37

6.15

5.58

7.50

8.63

7.97

10.12

10.86

8.32

5.95

8.63

8.35

18.64

Operating margin%

29.93

30.79

33.23

35.25

33.74

35.30

32.82

31.39

33.86

34.21

13.41

33.86

33.48

16.05

Net margin%

18.07

16.03

18.11

18.89

21.64

19.04

17.41

15.52

16.26

15.01

13.86

16.26

17.74

26.22

P/E ratio (avg)x

39.65

38.25

45.36

49.51

53.52

62.29

70.96

72.91

77.81

84.35

32.38

72.91

57.91

11.53

EV/EBITx

26.69

23.78

22.01

20.44

20.40

19.98

20.28

22.48

19.85

19.42

8.133

19.98

20.42

27.16

FCF yield (avg)%

10.93

11.31

8.81

6.54

3.97

3.93

3.62

1.57

0.40

29.34

3.62

5.25

6.84

FCF margin%

15.93

15.58

13.69

14.34

15.15

16.90

15.60

16.42

16.19

17.37

28.63

16.42

15.77

1.369

FCF / Net incomex

1.461

1.751

2.063

2.173

2.371

2.742

2.937

3.266

3.692

4.397

1.670

3.266

2.556

24.47

ROIC%

11.40

9.12

9.62

7.80

9.68

9.38

8.13

8.32

7.89

9.03

3.98

8.32

9.08

21.95

Return on equity%

28.11

30.24

31.27

29.38

30.27

29.83

32.01

29.43

26.53

28.06

15.46

29.43

29.63

28.47

Return on assets%

7.76

10.38

12.63

11.12

8.46

10.84

11.64

12.68

10.24

11.03

29.89

11.03

10.94

11.32

EPS$

14.70

14.95

17.55

20.15

23.12

23.40

25.46

29.06

28.18

29.16

12.11

4.75%

7.25%

—

25.22

EPS growth%

15.43

15.65

17.35

17.77

15.05

12.11

13.61

13.81

13.86

13.89

24.67

13.81

14.47

8.62

Bookvalue per sh$

9.81

8.68

8.28

7.45

7.33

7.34

6.28

5.53

5.06

4.85

15.11

(7.91%)

(7.42%)

—

9.53

FCF per share$

11.52

12.10

13.47

12.41

11.09

10.10

10.09

9.67

10.52

10.84

14.31

(0.46%)

(0.26%)

—

2.31

Dividend per sh$

2.63

2.47

2.72

2.90

3.28

3.41

3.72

3.97

3.82

4.25

2.77

5.34%

5.02%

—

21.95

Div yield (avg)%

8.42

11.03

12.87

12.46

10.50

10.54

10.26

10.08

8.37

7.01

14.53

10.08

10.38

10.01

Payout ratio%

20.39

20.82

18.22

15.41

18.25

18.88

16.49

17.00

14.42

12.64

8.73

16.49

17.61

1.295

Shares (diluted)B

1.744

1.929

1.818

2.051

2.019

2.238

2.246

2.165

2.211

2.430

1.279

3.77%

3.19%

27.69

Buyback yield%

6.64

9.53

6.60

5.80

4.12

1.17

0.40

0.89

27.05

0.40

2.65

0.914

D/E ratiox

1.895

2.235

2.151

2.083

2.018

2.179

2.110

2.453

2.896

3.162

0.503

2.453

2.165

50.88

Enterprise value$B

28.42

31.69

29.84

33.39

32.24

34.97

38.73

38.44

37.21

37.49

49.06

3.06%

3.12%

30.78

LT debt$B

3.564

3.993

4.369

4.429

4.610

4.619

4.944

5.667

5.927

6.734

47.43

7.87%

7.96%

Peers (US$191.6B)

Cap (US$)

Constellation Software…

52.90B

54.66x

Celestica Inc.

26.08B

19.41x

CGI Inc.

17.04B

14.65x

Salesforce, Inc.

175.8B

19.80x

Capital

TTM

10Y

Leveragex

0.455

0.058

0.062

EBIT/Intx

1.096

1.041

0.937

Own earn%

(473.20)

(20.92)

(14.68)

Sh yield%

49.64

10.48

13.17

Owners

Insiders/Inst%

10.08

49.59

Short interest%

5.79

SBC / revenue%

1.62

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

30–35

$1 testx

−0.1

Incr. ROIC%

Shopify Inc. is a commerce technology company providing merchants of various sizes in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific and Latin America with its platform for managing products, inventory, orders, payments, shipping, analytics and financing across sales channels. It also offers Shopify Payments, themes and apps, shipping labels, point-of-sale hardware, advertising and domain names.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

$91.96B

5.58%

1.00×

Cost of revenue

$43.12B

6.05%

1.05×

Operating expenses

$21.74B

4.83%

0.93×