Saturday 17 October 2026
Export SHOP’s income statement to Excel — free account
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%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 430.42 | 58.61 | 0.00 | 738.30 | 68.16 | 171.24 |
Piotroski F-Score |
5 | 6 | 5 | 2 | 5 | 5 | 3 | 6 | 6 | 6 |
P/S ratio |
9.23 | 15.01 | 13.64 | 28.48 | 46.20 | 37.23 | 8.07 | 13.40 | 15.44 | 18.09 |
Altman Z-Score |
28.15 | 52.91 | 54.80 | 57.94 | 61.03 | 48.11 | 11.25 | 27.56 | 36.29 | 75.00 |
Altman Z″-Score (non-manufacturers) |
9.09 | 14.17 | 18.63 | 10.69 | 10.46 | 10.00 | 5.93 | 6.43 | 8.53 | 12.49 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 5,468.38 | 353.44 | 354.28 | 0.00 | 104.58 | 85.89 | 104.20 |
P/Operating CF |
535.33 | 531.94 | 1,581.03 | 849.70 | 551.64 | 588.55 | 461.02 | 211.20 | 223.00 | 288.40 |
Beneish M-Score |
(1.18) | (1.27) | (1.87) | (0.15) | (2.09) | (0.07) | (3.66) | (2.53) | (1.86) | (2.19) |
P/B ratio |
8.76 | 10.09 | 7.00 | 14.90 | 21.15 | 15.42 | 5.48 | 10.44 | 11.87 | 15.52 |
Price to Tangible BV |
9.25 | 10.49 | 7.22 | 17.72 | 22.74 | 16.14 | 7.51 | 10.99 | 12.37 | 16.14 |
EV/Sales |
8.26 | 13.64 | 11.82 | 27.02 | 44.33 | 35.80 | 7.33 | 12.82 | 15.03 | 17.69 |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 810.66 | 492.94 | 0.00 | 0.00 | 120.16 | 136.36 |
EV/Operating CF |
229.36 | 1,162.03 | 1,360.81 | 603.78 | 305.63 | 308.21 | (301.90) | 95.91 | 82.61 | 100.54 |
EV/FCF |
(263.11) | (561.16) | (393.79) | 5,188.12 | 339.14 | 340.67 | (220.43) | 100.07 | 83.61 | 101.86 |
Quick Ratio |
6.22 | 10.63 | 15.16 | 8.52 | 15.54 | 12.00 | 6.90 | 6.80 | 3.60 | 5.79 |
Current Ratio |
6.36 | 10.82 | 15.35 | 8.67 | 15.69 | 12.15 | 7.07 | 6.99 | 3.71 | 5.96 |
Net Debt/EBITDA |
16.37 | 35.81 | 30.02 | 21.83 | (34.17) | (19.69) | 5.65 | 3.04 | (4.11) | (3.85) |
Debt/Assets |
2.57% | 1.34% | 0.99% | 4.36% | 11.76% | 8.80% | 8.65% | 8.11% | 6.59% | 0.00% |
Debt/Equity |
0.03 | 0.02 | 0.01 | 0.05 | 0.14 | 0.11 | 0.11 | 0.10 | 0.08 | 0.00 |
Asset Turnover |
1.06 | 0.84 | 0.64 | 0.55 | 0.52 | 0.44 | 0.46 | 0.64 | 0.70 | 0.79 |
Operating CF/Net income |
(0.40) | (0.20) | (0.14) | (0.57) | 1.33 | 0.18 | 0.04 | 7.15 | 0.80 | 1.65 |
Capex/Depreciation |
(1.88) | (1.04) | (1.54) | (1.75) | (0.60) | (0.77) | (0.54) | (0.56) | (0.53) | (0.84) |
Interest Coverage |
(18.58) | (6.14) | (3.17) | (2.94) | 9.92 | 76.91 | (234.92) | — | — | — |
| (11.67%) | (5.67%) | (4.18%) | (4.89%) | 6.79% | 33.25% | (35.72%) | 1.53% | 19.58% | 9.84% | |
| (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% |
Return on Tangible Assets |
(8.79%) | (4.08%) | (3.15%) | (4.92%) | 4.89% | 36.70% | (64.98%) | 2.43% | 37.77% | 17.69% |
Average Days of Receivables |
20.15 | 37.43 | 45.31 | 55.67 | 52.52 | 52.86 | 55.60 | 56.77 | 64.37 | 72.14 |
Research and Development Expense of Revenue |
19.09% | 20.20% | 21.49% | 22.50% | 18.85% | 18.53% | 26.84% | 24.50% | 15.39% | 13.29% |
Selling, General and Administrative Expense of Revenue |
44.26% | 43.58% | 42.63% | 39.70% | 28.93% | 27.68% | 34.61% | 24.24% | 20.30% | 18.47% |
Intangible Assets out of Total Assets |
0.04 | 0.03 | 0.03 | 0.14 | 0.06 | 0.04 | 0.21 | 0.04 | 0.03 | 0.03 |
Share Based Compensation of Revenue |
5.88% | 7.30% | 8.92% | 10.04% | 8.43% | 7.17% | 9.80% | 8.71% | 4.84% | 3.89% |
Graham Net Nets |
0.10 | 0.09 | 0.13 | 0.05 | 0.04 | 0.04 | 0.08 | 0.04 | 0.04 | 0.03 |
Graham Number |
0.00 | 0.00 | 0.00 | 0.00 | 5.63 | 21.73 | 0.00 | 3.99 | 17.74 | 14.81 |
Earnings Yield |
(0.98%) | (0.40%) | (0.45%) | (0.28%) | 0.23% | 1.71% | (7.65%) | 0.14% | 1.47% | 0.58% |
Free Cash Flow Yield |
(0.34%) | (0.16%) | (0.22%) | 0.02% | 0.28% | 0.28% | (0.41%) | 0.96% | 1.16% | 0.96% |
Revenue per Share |
0.46 | 0.70 | 1.02 | 1.40 | 2.45 | 3.70 | 4.42 | 5.51 | 6.88 | 8.90 |
Operating CF per Share |
0.02 | 0.01 | 0.01 | 0.06 | 0.36 | 0.43 | (0.11) | 0.74 | 1.25 | 1.57 |
Capex per Share |
(0.03) | (0.03) | (0.04) | (0.06) | (0.04) | (0.04) | (0.04) | (0.03) | (0.01) | (0.02) |
Free Cash Flow per Share |
(0.01) | (0.02) | (0.03) | 0.01 | 0.32 | 0.39 | (0.15) | 0.71 | 1.24 | 1.55 |
Cash per Share |
0.47 | 0.98 | 1.86 | 2.17 | 5.34 | 6.23 | 3.99 | 3.91 | 4.25 | 4.45 |
Shareholders Equity per Share |
0.49 | 1.05 | 1.98 | 2.67 | 5.35 | 8.93 | 6.51 | 7.07 | 8.96 | 10.37 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
0.49 | 1.05 | 1.98 | 2.67 | 5.35 | 8.93 | 6.51 | 7.07 | 8.96 | 10.37 |
Free Cash Flow |
(12.22) | (16.36) | (32.22) | 8.22 | 382.96 | 484.92 | (186.00) | 905.00 | 1,597.00 | 2,007.00 |
Working Capital |
356.37 | 930.92 | 1,990.39 | 2,425.85 | 6,439.42 | 7,836.59 | 5,194.00 | 5,377.00 | 5,298.00 | 6,904.00 |
Capital Expenditures |
(26.24) | (24.26) | (41.54) | (62.40) | (41.99) | (50.79) | (50.00) | (39.00) | (19.00) | (26.00) |
Net Current Asset Value |
342.82 | 913.21 | 1,965.07 | 2,268.48 | 5,515.57 | 6,332.49 | 3,532.00 | 4,042.00 | 4,888.00 | 6,580.00 |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 1,440.64 | 614.61 | 0.00 | 0.00 | 124.19 | 139.24 |
Capex to Sales |
0.07 | 0.04 | 0.04 | 0.04 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 |
Price to Operating Income |
0.00 | 0.00 | 0.00 | 0.00 | 1,501.37 | 639.16 | 0.00 | 0.00 | 127.58 | 142.43 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.31 | 0.46 | 0.44 | 0.32 | 0.76 | 0.63 | 0.71 | 1.43 | 0.77 | 0.58 |
Cash ROIC |
(1.50%) | (0.84%) | (0.79%) | 0.15% | 2.80% | 2.42% | (1.31%) | 6.04% | 8.89% | 10.43% |
Accounts Receivable Turnover |
28.23 | 14.87 | 10.61 | 8.44 | 8.85 | 8.47 | 7.36 | 7.24 | 6.67 | 6.00 |
Accounts Payable Turnover |
5.23 | 5.45 | 5.98 | 5.12 | 5.76 | 5.63 | 5.70 | 6.32 | 6.70 | 6.62 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
91.45 | 77.94 | 74.20 | 92.82 | 79.10 | 78.23 | 69.51 | 59.62 | 61.03 | 65.38 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
13.79 | 45.27 | 101.13 | 186.96 | 331.12 | 544.75 | 760.48 | 975.50 | 1,332.00 | 1,925.00 |
Average Payables |
34.37 | 53.82 | 79.77 | 139.07 | 240.99 | 378.74 | 499.34 | 560.50 | 658.00 | 906.00 |
Average Assets |
367.14 | 802.06 | 1,684.17 | 2,872.13 | 5,626.19 | 10,551.54 | 12,048.59 | 11,028.00 | 12,611.50 | 14,556.50 |
Average Common Equity |
302.90 | 705.79 | 1,545.93 | 2,553.25 | 4,708.23 | 8,767.03 | 9,686.17 | 8,652.50 | 10,312.00 | 12,515.50 |
Columns are period end dates