Shopify Inc.

SHOP Technology Software Application

Shopify Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.6 billion, up 30.1% from fiscal 2024. In the quarter to June 2026, revenue grew 33.7%, EPS grew 65.7%, free cash flow grew 55.0% and total debt fell 81.7%, each against the same quarter a year earlier. Member of the Nasdaq 100; revenue growth for ten consecutive years, operating cash flow growth for three.

169.20 8.94 −5.02%
Market cap
$229.2B
P/E
114×
Fwd P/E
123×
Dividend yield
—
F-score
6/9
Altman Z
75.00
Beneish M
−2.19
Dividend safety
n/a

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 6.58%

Capital & Financial Ratios $m

Market Cap 229,200.00
Revenue 13,269.00
Net Income 1,928.00
Free Cash Flow 2,352.00
Net Debt (4,779.00)
Current Ratio 5.35 (at or above 1.5: strong)
Debt/Equity 0.01 (at or below 0.5: strong)
P/E ratio 114.32 (above 35: high)
Fwd P/E 123.00 (above 35: high)
P/S ratio 16.52 (above 10: high)
P/B ratio 17.28 (above 6: high)
Past 5Y EPS Growth 29.41% (at or above 15%: strong)
This Y EPS Growth 34.06% (at or above 15%: strong)
Next Y EPS Growth 29.65% (at or above 15%: strong)
Next Y revenue growth 31.97% (at or above 10%: strong)
Next 5Y EPS Growth 33.49% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 64.29%
10-year low 10-year high
P/S against its own 10 years 52.05%
10-year low 10-year high
P/B against its own 10 years 82.16%
10-year low 10-year high
EV/Sales against its own 10 years 57.54%
10-year low 10-year high
EV/FCF against its own 10 years 31.03%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5,008 5,479 5,778 4,947
Receivables 1,098 1,566 2,284 2,650
Inventory — — — —
Other 169 209 234 219
6,275 7,254 8,296 7,816
2023 2024 2025 Q'26
Payables 579 737 1,075 1,115
ST’ Debt — 918 — —
Other — — — —
898 1,956 1,392 1,460

Compound Annual Growth %

10y 5y 3y
Sales 49.64% 31.58% 27.31%
Cash Flow 62.58% 36.76% 0.00%
Earnings 0.00% 30.96% 0.00%
Book Value 52.71% 16.05% 17.81%

Revenue $m

Mar Jun Sep Dec Year
’26 3,170 3,583 — — —
’25 2,360 2,680 2,844 3,672 11,556
’24 1,861 2,045 2,162 2,812 8,880
’23 1,508 1,694 1,714 2,144 7,060
’22 1,204 1,295 1,366 1,735 5,600
’21 989 1,119 1,124 1,380 4,612
’20 470 714 767 978 2,929
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 481 658 — — —
’25 367 428 513 725 2,033
’24 238 340 423 615 1,616
’23 100 118 278 448 944
’22 (25) (75) (134) 98 (136)
’21 136 66 42 292 536
’20 (85) 175 89 245 425
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 476 654 — — —
’25 363 422 507 715 2,007
’24 232 333 421 611 1,597
’23 86 97 276 446 905
’22 (41) (87) (148) 90 (186)
’21 130 58 31 266 485
’20 (102) 167 79 239 383
Fiscal quarters ending in the months shown.

EPS $

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
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 1.85 4.21 10.10 12.95 30.53 100.51 23.63 34.65 48.56 69.84

Analyst estimates 2026–2028

Powerpack
High 4.55 12.39 17.66 41.66 128.52 176.29 139.37 79.99 120.72 182.19
People
People Employees 1,900 3,000 4,000 5,000 7,000 10,000 11,600 8,300 8,100 7,600
Revenue/emp, $m 0.20 0.22 0.27 0.32 0.42 0.46 0.48 0.85 1.10 1.52
Income, $m
Income, $m Revenue 389 673 1,073 1,578 2,929 4,612 5,600 7,060 8,880 11,556
Gross margin, % 53.81 56.48 55.56 54.85 52.62 53.80 49.18 49.79 50.36 48.07
EBT (35) (40) (65) (96) 240 3,141 (3,623) 185 2,228 1,509
EBT margin, % (9.08) (5.94) (6.01) (6.07) 8.20 68.10 (64.70) 2.62 25.09 13.06
Net income (35) (40) (65) (125) 320 2,915 (3,460) 132 2,019 1,231
Depreciation 14 23 27 36 70 66 93 70 36 31
Per share, $
Per share, $ Revenue 0.46 0.70 1.02 1.40 2.45 3.70 4.42 5.51 6.88 8.90
Earnings (0.04) (0.04) (0.06) (0.11) 0.27 2.34 (2.73) 0.10 1.57 0.95
Cash flow 0.02 0.01 0.01 0.06 0.36 0.43 (0.11) 0.74 1.25 1.57
Capex (0.03) (0.03) (0.04) (0.06) (0.04) (0.04) (0.04) (0.03) (0.01) (0.02)
Free cash flow (0.01) (0.02) (0.03) 0.01 0.32 0.39 (0.15) 0.71 1.24 1.55
Book value 0.49 1.05 1.98 2.67 5.35 8.93 6.51 7.07 8.96 10.37
Shares, m 840 958 1,057 1,130 1,196 1,247 1,266 1,282 1,290 1,299
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 430.42 58.61 0.00 738.30 68.16 171.24
P/S 9.23 15.01 13.64 28.48 46.20 37.23 8.07 13.40 15.44 18.09
P/B 8.76 10.09 7.00 14.90 21.15 15.42 5.48 10.44 11.87 15.52
EV/Sales 8.26 13.64 11.82 27.02 44.33 35.80 7.33 12.82 15.03 17.69
EV/FCF (263.11) (561.16) (393.79) 5,188.12 339.14 340.67 (220.43) 100.07 83.61 101.86
Cash, $m
Cash, $m Operating cash flow 14 8 9 71 425 536 (136) 944 1,616 2,033
Capex (26) (24) (42) (62) (42) (51) (50) (39) (19) (26)
Free cash flow (12) (16) (32) 8 383 485 (186) 905 1,597 2,007
Balance, $m
Balance, $m Working capital 356 931 1,990 2,426 6,439 7,837 5,194 5,377 5,298 6,904
Total debt 13 15 22 152 913 1,174 931 916 918 —
Net debt (380) (923) (1,947) (2,303) (5,475) (6,594) (4,122) (4,092) (4,561) (5,778)
Shareholders’ equity 410 1,001 2,091 3,016 6,401 11,133 8,239 9,066 11,558 13,473
Returns, %
Returns, % ROA (9.63) (4.99) (3.83) (4.35) 5.68 27.62 (28.72) 1.20 16.01 8.46
ROIC (75.69) (39.37) (40.06) (12.38) 6.09 3.70 (12.48) (17.82) 9.60 11.92
ROE (11.67) (5.67) (4.18) (4.89) 6.79 33.25 (35.72) 1.53 19.58 9.84
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Shopify Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SAP SAP SE $259.7B 28.1× 22.7× +12.08% (above 0%: growing) +33.33% (above 0%: growing) +15.69% (above 0%: growing) 73.17% 26.77% Compare
SHOP Shopify Inc. $229.2B 114× 123× +33.69% (above 0%: growing) +65.71% (above 0%: growing) +54.98% (above 0%: growing) 47.67% 13.62%
CRM Salesforce, Inc. $203.1B 21.9× 22.8× +10.83% (above 0%: growing) +118.27% (above 0%: growing) +81.49% (above 0%: growing) 76.65% 20.55% Compare
NOW ServiceNow, Inc. $153.6B 88.0× 56.5× +24.01% (above 0%: growing) −22.04% (below 0%: shrinking) −10.08% (below 0%: shrinking) 70.68% 4.06% Compare
UBER Uber Technologies, Inc. $145.6B 15.2× 24.0× +12.17% (above 0%: growing) +81.54% (above 0%: growing) +12.81% (above 0%: growing) 44.93% 13.32% Compare
SNOW Snowflake Inc. $118.2B — (loss-making) — (loss-making) +35.09% (above 0%: growing) n/m +47.23% (above 0%: growing) 67.02% (17.00%) Compare
ADP Automatic Data Processing, Inc. $113.2B 26.3× 19.0× +6.77% (above 0%: growing) +9.37% (above 0%: growing) −5.49% (below 0%: shrinking) 45.88% 23.00% Compare
ADBE Adobe Inc. $98.0B 13.7× 13.8× +12.89% (above 0%: growing) +10.77% (above 0%: growing) +14.68% (above 0%: growing) 88.71% 34.82% Compare
DDOG Datadog, Inc. $95.6B 485× 420× +35.64% (above 0%: growing) +1,610.53% (above 0%: growing) +68.55% (above 0%: growing) 78.59% 0.49% Compare
Median of peers $131.9B 26.3× 22.8× +12.53% +33.33% +15.19% 71.93% 16.94%

All 237 Software Application stocks →

Shopify Inc. (SHOP) key facts

  • Strength: Shopify Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.6 billion, up 30.1% from fiscal 2024.
  • Shopify Inc. (SHOP) is a Software Application company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, SHOP traded at $169.20, a market capitalization of $229.2 billion.
  • Return on equity was 9.84% and debt-to-equity 0.01.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 75.00 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Shopify Inc. (SHOP) Latest News

stockrow.com/SHOP · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com