| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2025 | ‡‡‡ |
|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 5,008.00 | 5,479.00 | 5,778.00 | 4,947.00 |
| Receivables | 1,098.00 | 1,566.00 | 2,284.00 | 2,650.00 |
| Inventory | — | — | — | — |
| Other | 169.00 | 209.00 | 234.00 | 219.00 |
| 6,275.00 | 7,254.00 | 8,296.00 | 7,816.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 579.00 | 737.00 | 1,075.00 | 1,115.00 |
| ST’ Debt | — | 918.00 | — | — |
| Other | — | — | — | — |
| 898.00 | 1,956.00 | 1,392.00 | 1,460.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 3,170.00 | 3,583.00 | — | — |
—
|
| ’25 | 2,360.00 | 2,680.00 | 2,844.00 | 3,672.00 |
11,556.00
|
| ’24 | 1,861.00 | 2,045.00 | 2,162.00 | 2,812.00 |
8,880.00
|
| ’23 | 1,508.00 | 1,694.00 | 1,714.00 | 2,144.00 |
7,060.00
|
| ’22 | 1,204.00 | 1,295.00 | 1,366.00 | 1,735.00 |
5,600.00
|
| ’21 | 988.65 | 1,119.45 | 1,123.74 | 1,380.02 |
4,611.86
|
| ’20 | 470.00 | 714.34 | 767.41 | 977.74 |
2,929.49
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 481.00 | 658.00 | — | — |
—
|
| ’25 | 367.00 | 428.00 | 513.00 | 725.00 |
2,033.00
|
| ’24 | 238.00 | 340.00 | 423.00 | 615.00 |
1,616.00
|
| ’23 | 100.00 | 118.00 | 278.00 | 448.00 |
944.00
|
| ’22 | (25.00) | (75.00) | (134.00) | 98.00 |
(136.00)
|
| ’21 | 135.68 | 66.42 | 41.87 | 291.74 |
535.71
|
| ’20 | (84.95) | 175.19 | 89.36 | 245.37 |
424.96
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 476.00 | 654.00 | — | — |
—
|
| ’25 | 363.00 | 422.00 | 507.00 | 715.00 |
2,007.00
|
| ’24 | 232.00 | 333.00 | 421.00 | 611.00 |
1,597.00
|
| ’23 | 86.00 | 97.00 | 276.00 | 446.00 |
905.00
|
| ’22 | (41.00) | (87.00) | (148.00) | 90.00 |
(186.00)
|
| ’21 | 130.50 | 58.16 | 30.50 | 265.77 |
484.92
|
| ’20 | (101.91) | 166.56 | 79.31 | 239.01 |
382.96
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.45) | 1.16 | — | — |
—
|
| ’25 | (0.53) | 0.69 | 0.20 | 0.57 |
0.94
|
| ’24 | (0.21) | 0.13 | 0.64 | 0.99 |
1.55
|
| ’23 | 0.05 | (1.02) | 0.55 | 0.51 |
0.10
|
| ’22 | (1.17) | (0.95) | (0.12) | (0.49) |
(2.73)
|
| ’21 | 0.99 | 0.69 | 0.90 | (0.29) |
2.29
|
| ’20 | (0.03) | 0.03 | 0.15 | 0.10 |
0.26
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.63 | 34.65 | 48.56 | 69.84 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 139.37 | 79.99 | 120.72 | 182.19 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11,600 | 8,300 | 8,100 | 7,600 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.48 | 0.85 | 1.10 | 1.52 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,600.00 | 7,060.00 | 8,880.00 | 11,556.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 49.18% | 49.79% | 50.36% | 48.07% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3,623.00) | 185.00 | 2,228.00 | 1,509.00 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (64.70%) | 2.62% | 25.09% | 13.06% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3,460.00) | 132.00 | 2,019.00 | 1,231.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 93.00 | 70.00 | 36.00 | 31.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 4.42 | 5.51 | 6.88 | 8.90 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2.73) | 0.10 | 1.57 | 0.95 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.11) | 0.74 | 1.25 | 1.57 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.04) | (0.03) | (0.01) | (0.02) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.15) | 0.71 | 1.24 | 1.55 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.51 | 7.07 | 8.96 | 10.37 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,266.27 | 1,281.56 | 1,289.81 | 1,298.96 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.00 | 738.30 | 68.16 | 171.24 | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.07 | 13.40 | 15.44 | 18.09 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.48 | 10.44 | 11.87 | 15.52 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.33 | 12.82 | 15.03 | 17.69 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (220.43) | 100.07 | 83.61 | 101.86 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (136.00) | 944.00 | 1,616.00 | 2,033.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (50.00) | (39.00) | (19.00) | (26.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (186.00) | 905.00 | 1,597.00 | 2,007.00 | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,194.00 | 5,377.00 | 5,298.00 | 6,904.00 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 931.00 | 916.00 | 918.00 | — | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4,122.00) | (4,092.00) | (4,561.00) | (5,778.00) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8,239.00 | 9,066.00 | 11,558.00 | 13,473.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (28.72%) | 1.20% | 16.01% | 8.46% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (12.48%) | (17.82%) | 9.60% | 11.92% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (35.72%) | 1.53% | 19.58% | 9.84% | ‡‡‡‡‡ | — | — |
ROE
|
Shopify’s epic tale from a scrappy 2006 store builder to e-commerce titan powering over a million merchants has weathered COVID-fueled booms and brutal resets, emerging leaner and meaner. Revenue exploded 1716% from 2016 to 2023, hitting $8.88 billion in 2024 (up 26% YoY), with analysts eyeing $11.56 billion in 2025 (30% growth) and $23 billion by 2028. Amid a 30% headcount slash, revenue per employee doubled to $1.10 million, gross margins held at 50%, and profitability roared back—net income at $2.02 billion, FCF up 76% to $1.60 billion, all on a cash-rich balance sheet.
The stock, trading near recent lows around $49-$120 after an 86% 2022 drawdown, now dangles substantial upside: 44% to average analyst targets, 95% to highs, with PS at 15x and PE compressing toward 35x by 2028 amid 25-30% revenue CAGR. CEO Tobi Lütke’s efficiency pivot mirrors Amazon’s maturity play, fueled by AI innovations, logistics partnerships, and merchant solutions dominance.
Yet challenges like Amazon rivalry loom, but Shopify’s network moat and rebounding ROE (19.6%) paint a bullish arc toward market leadership. Dive into the full analysis for the charts, swings, and why this rightsized powerhouse could ignite another leg up.
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