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.
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Shopify Inc. (SHOP) Piotroski F-score
Shopify Inc.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 0.00 |
| FY2024 | 6 | 0.00 |
| FY2023 | 6 | 3.00 |
| FY2022 | 3 | (2.00) |
| FY2021 | 5 | 0.00 |
| FY2020 | 5 | 3.00 |
| FY2019 | 2 | (3.00) |
| FY2018 | 5 | (1.00) |
| FY2017 | 6 | 1.00 |
| FY2016 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 8.46% | 16.01% | Pass | 1 |
| Positive operating cash flow | 2.03b | 1.62b | Pass | 1 |
| Rising return on assets | 8.46% | 16.01% | Fail | 0 |
| Cash flow above net income | 802.00m | (403.00m) | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 5.96 | 3.71 | Pass | 1 |
| No new shares issued | 1,298,956,000 | 1,289,812,000 | Fail | 0 |
| Rising gross margin | 48.07% | 50.36% | Fail | 0 |
| Rising asset turnover | 0.79 | 0.70 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| SAP SAP SE compare | 8 |
| ADBE Adobe Inc. compare | 7 |
| CRM Salesforce, Inc. compare | 7 |
| UBER Uber Technologies, Inc. compare | 6 |
| SNOW Snowflake Inc. compare | 6 |
| ADP Automatic Data Processing, Inc. compare | 6 |
| SHOP Shopify Inc. | 6 |
| DDOG Datadog, Inc. compare | 5 |
| NOW ServiceNow, Inc. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover