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 '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
171.24 | 68.16 | 738.30 | 0.00 | 58.61 | 430.42 | 0.00 | 0.00 | 0.00 | 0.00 |
Piotroski F-Score |
6 | 6 | 6 | 3 | 5 | 5 | 2 | 5 | 6 | 5 |
P/S ratio |
18.09 | 15.44 | 13.40 | 8.07 | 37.23 | 46.20 | 28.48 | 13.64 | 15.01 | 9.23 |
Altman Z-Score |
75.00 | 36.29 | 27.56 | 11.25 | 48.11 | 61.03 | 57.94 | 54.80 | 52.91 | 28.15 |
Altman Z″-Score (non-manufacturers) |
12.49 | 8.53 | 6.43 | 5.93 | 10.00 | 10.46 | 10.69 | 18.63 | 14.17 | 9.09 |
P/FCF ratio |
104.20 | 85.89 | 104.58 | 0.00 | 354.28 | 353.44 | 5,468.38 | 0.00 | 0.00 | 0.00 |
P/Operating CF |
288.40 | 223.00 | 211.20 | 461.02 | 588.55 | 551.64 | 849.70 | 1,581.03 | 531.94 | 535.33 |
Beneish M-Score |
(2.19) | (1.86) | (2.53) | (3.66) | (0.07) | (2.09) | (0.15) | (1.87) | (1.27) | (1.18) |
P/B ratio |
15.52 | 11.87 | 10.44 | 5.48 | 15.42 | 21.15 | 14.90 | 7.00 | 10.09 | 8.76 |
Price to Tangible BV |
16.14 | 12.37 | 10.99 | 7.51 | 16.14 | 22.74 | 17.72 | 7.22 | 10.49 | 9.25 |
EV/Sales |
17.69 | 15.03 | 12.82 | 7.33 | 35.80 | 44.33 | 27.02 | 11.82 | 13.64 | 8.26 |
EV/EBITDA |
136.36 | 120.16 | 0.00 | 0.00 | 492.94 | 810.66 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
100.54 | 82.61 | 95.91 | (301.90) | 308.21 | 305.63 | 603.78 | 1,360.81 | 1,162.03 | 229.36 |
EV/FCF |
101.86 | 83.61 | 100.07 | (220.43) | 340.67 | 339.14 | 5,188.12 | (393.79) | (561.16) | (263.11) |
Quick Ratio |
5.79 | 3.60 | 6.80 | 6.90 | 12.00 | 15.54 | 8.52 | 15.16 | 10.63 | 6.22 |
Current Ratio |
5.96 | 3.71 | 6.99 | 7.07 | 12.15 | 15.69 | 8.67 | 15.35 | 10.82 | 6.36 |
Net Debt/EBITDA |
(3.85) | (4.11) | 3.04 | 5.65 | (19.69) | (34.17) | 21.83 | 30.02 | 35.81 | 16.37 |
Debt/Assets |
0.00% | 6.59% | 8.11% | 8.65% | 8.80% | 11.76% | 4.36% | 0.99% | 1.34% | 2.57% |
Debt/Equity |
0.00 | 0.08 | 0.10 | 0.11 | 0.11 | 0.14 | 0.05 | 0.01 | 0.02 | 0.03 |
Asset Turnover |
0.79 | 0.70 | 0.64 | 0.46 | 0.44 | 0.52 | 0.55 | 0.64 | 0.84 | 1.06 |
Operating CF/Net income |
1.65 | 0.80 | 7.15 | 0.04 | 0.18 | 1.33 | (0.57) | (0.14) | (0.20) | (0.40) |
Capex/Depreciation |
(0.84) | (0.53) | (0.56) | (0.54) | (0.77) | (0.60) | (1.75) | (1.54) | (1.04) | (1.88) |
Interest Coverage |
— | — | — | (234.92) | 76.91 | 9.92 | (2.94) | (3.17) | (6.14) | (18.58) |
| 9.84% | 19.58% | 1.53% | (35.72%) | 33.25% | 6.79% | (4.89%) | (4.18%) | (5.67%) | (11.67%) | |
| 8.46% | 16.01% | 1.20% | (28.72%) | 27.62% | 5.68% | (4.35%) | (3.83%) | (4.99%) | (9.63%) | |
ROIC |
11.92% | 9.60% | (17.82%) | (12.48%) | 3.70% | 6.09% | (12.38%) | (40.06%) | (39.37%) | (75.69%) |
Return on Tangible Assets |
17.69% | 37.77% | 2.43% | (64.98%) | 36.70% | 4.89% | (4.92%) | (3.15%) | (4.08%) | (8.79%) |
Average Days of Receivables |
72.14 | 64.37 | 56.77 | 55.60 | 52.86 | 52.52 | 55.67 | 45.31 | 37.43 | 20.15 |
Research and Development Expense of Revenue |
13.29% | 15.39% | 24.50% | 26.84% | 18.53% | 18.85% | 22.50% | 21.49% | 20.20% | 19.09% |
Selling, General and Administrative Expense of Revenue |
18.47% | 20.30% | 24.24% | 34.61% | 27.68% | 28.93% | 39.70% | 42.63% | 43.58% | 44.26% |
Intangible Assets out of Total Assets |
0.03 | 0.03 | 0.04 | 0.21 | 0.04 | 0.06 | 0.14 | 0.03 | 0.03 | 0.04 |
Share Based Compensation of Revenue |
3.89% | 4.84% | 8.71% | 9.80% | 7.17% | 8.43% | 10.04% | 8.92% | 7.30% | 5.88% |
Graham Net Nets |
0.03 | 0.04 | 0.04 | 0.08 | 0.04 | 0.04 | 0.05 | 0.13 | 0.09 | 0.10 |
Graham Number |
14.81 | 17.74 | 3.99 | 0.00 | 21.73 | 5.63 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
0.58% | 1.47% | 0.14% | (7.65%) | 1.71% | 0.23% | (0.28%) | (0.45%) | (0.40%) | (0.98%) |
Free Cash Flow Yield |
0.96% | 1.16% | 0.96% | (0.41%) | 0.28% | 0.28% | 0.02% | (0.22%) | (0.16%) | (0.34%) |
Revenue per Share |
8.90 | 6.88 | 5.51 | 4.42 | 3.70 | 2.45 | 1.40 | 1.02 | 0.70 | 0.46 |
Operating CF per Share |
1.57 | 1.25 | 0.74 | (0.11) | 0.43 | 0.36 | 0.06 | 0.01 | 0.01 | 0.02 |
Capex per Share |
(0.02) | (0.01) | (0.03) | (0.04) | (0.04) | (0.04) | (0.06) | (0.04) | (0.03) | (0.03) |
Free Cash Flow per Share |
1.55 | 1.24 | 0.71 | (0.15) | 0.39 | 0.32 | 0.01 | (0.03) | (0.02) | (0.01) |
Cash per Share |
4.45 | 4.25 | 3.91 | 3.99 | 6.23 | 5.34 | 2.17 | 1.86 | 0.98 | 0.47 |
Shareholders Equity per Share |
10.37 | 8.96 | 7.07 | 6.51 | 8.93 | 5.35 | 2.67 | 1.98 | 1.05 | 0.49 |
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 |
10.37 | 8.96 | 7.07 | 6.51 | 8.93 | 5.35 | 2.67 | 1.98 | 1.05 | 0.49 |
Free Cash Flow |
2,007.00 | 1,597.00 | 905.00 | (186.00) | 484.92 | 382.96 | 8.22 | (32.22) | (16.36) | (12.22) |
Working Capital |
6,904.00 | 5,298.00 | 5,377.00 | 5,194.00 | 7,836.59 | 6,439.42 | 2,425.85 | 1,990.39 | 930.92 | 356.37 |
Capital Expenditures |
(26.00) | (19.00) | (39.00) | (50.00) | (50.79) | (41.99) | (62.40) | (41.54) | (24.26) | (26.24) |
Net Current Asset Value |
6,580.00 | 4,888.00 | 4,042.00 | 3,532.00 | 6,332.49 | 5,515.57 | 2,268.48 | 1,965.07 | 913.21 | 342.82 |
EV/EBIT |
139.24 | 124.19 | 0.00 | 0.00 | 614.61 | 1,440.64 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.04 | 0.04 | 0.04 | 0.07 |
Price to Operating Income |
142.43 | 127.58 | 0.00 | 0.00 | 639.16 | 1,501.37 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.58 | 0.77 | 1.43 | 0.71 | 0.63 | 0.76 | 0.32 | 0.44 | 0.46 | 0.31 |
Cash ROIC |
10.43% | 8.89% | 6.04% | (1.31%) | 2.42% | 2.80% | 0.15% | (0.79%) | (0.84%) | (1.50%) |
Accounts Receivable Turnover |
6.00 | 6.67 | 7.24 | 7.36 | 8.47 | 8.85 | 8.44 | 10.61 | 14.87 | 28.23 |
Accounts Payable Turnover |
6.62 | 6.70 | 6.32 | 5.70 | 5.63 | 5.76 | 5.12 | 5.98 | 5.45 | 5.23 |
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 |
65.38 | 61.03 | 59.62 | 69.51 | 78.23 | 79.10 | 92.82 | 74.20 | 77.94 | 91.45 |
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 |
1,925.00 | 1,332.00 | 975.50 | 760.48 | 544.75 | 331.12 | 186.96 | 101.13 | 45.27 | 13.79 |
Average Payables |
906.00 | 658.00 | 560.50 | 499.34 | 378.74 | 240.99 | 139.07 | 79.77 | 53.82 | 34.37 |
Average Assets |
14,556.50 | 12,611.50 | 11,028.00 | 12,048.59 | 10,551.54 | 5,626.19 | 2,872.13 | 1,684.17 | 802.06 | 367.14 |
Average Common Equity |
12,515.50 | 10,312.00 | 8,652.50 | 9,686.17 | 8,767.03 | 4,708.23 | 2,553.25 | 1,545.93 | 705.79 | 302.90 |
Columns are period end dates