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SHOPIFY INC.

SHOP

$142.41 ▼ -10.65 (-6.96%) at close

14 Visible periods

29 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Good

Neutral

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Analytical Summary

SHOPIFY INC. shows mixed fundamentals. Consider comparing against peers in the Technology sector before making investment decisions.

Market Cap $185.0B

Dividend Yield —

Revenue Growth 30.1% ↗

Op. Margin 12.7% ↗

ROIC 8.9% ↗

FCF / Share $1.55 ↗

Trailing P/E 149.9x

Price / Book 13.7x

FCF Yield 1.1%

Debt / Equity —

info Valuation on last close. End-of-day price, Nov 5, 2026.

14-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$11.56B

↑ +30.1% —

Net Income Profit after all expenses

$1.23B

↓ -39.0% —

Operating Margin Operating profit as % of sales

12.7%

↑ +4.9% 63th

FCF / Share Free cash flow per share

$1.55

↑ +24.8% —

Health Breakdown

Profitability ↑

Returns ↓

Financial Health ↑

Cash Quality ↑

Financial view

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📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 40-F ↗	FY 2021 Dec 31, 2021 40-F ↗	FY 2020 Dec 31, 2020 40-F ↗	FY 2019 Dec 31, 2019 40-F ↗	FY 2018 Dec 31, 2018 40-F ↗	FY 2017 Dec 31, 2017 40-F ↗	FY 2016 Dec 31, 2016 40-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗
Revenue Growth YoY (%)	30.1% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+151%)	25.8% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+115%)	26.1% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+117%)	21.4% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+79%)	57.4% Excellent ↓ Excellent Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+379%)	85.6% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+614%)	47.0% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+292%)	59.4% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+395%)	—	—	—	—	—	—
EPS Growth YoY (%)	-39.5% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	1470.0% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	N/M	N/M	-12.4% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	N/M	—	—	—	—	—	—	—	—
Net Income Growth YoY (%)	-39.0% Weak Weak Year-over-year change in net income	1429.5% Excellent Excellent Year-over-year change in net income	N/M	N/M	812.2% Excellent ↑ Excellent Improving Year-over-year change in net income	N/M	-93.4% Weak ↓ Weak Declining Year-over-year change in net income	-61.4% Weak ↓ Weak Declining Year-over-year change in net income	-13.1% Weak ↑ Weak Improving Year-over-year change in net income	-88.2% Weak ↑ Weak Improving Year-over-year change in net income	15.8% Good Good Year-over-year change in net income	-361.3% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	24.8% Good Good Year-over-year change in free cash flow	75.3% Excellent Excellent Year-over-year change in free cash flow	N/M	N/M	-87.9% Weak Weak Year-over-year change in free cash flow	2514.4% Excellent Excellent Year-over-year change in free cash flow	—	—	—	—	—	—	—	—
Revenue CAGR 3Y (%)	27.3% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	24.4% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	34.1% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	52.5% Excellent ↓ Excellent Declining Compound annual revenue growth over 3 years	62.6% Excellent Excellent Compound annual revenue growth over 3 years	63.3% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—	—	—	—	—
Revenue CAGR 5Y (%)	31.6% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	41.3% Excellent ↓ Excellent Declining Compound annual revenue growth over 5 years	45.8% Excellent Excellent Compound annual revenue growth over 5 years	52.8% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—	—	—	—	—
EPS CAGR 3Y (%)	—	-12.5% Weak Weak Compound annual EPS growth over 3 years	-66.5% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—	—	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 40-F ↗	FY 2021 Dec 31, 2021 40-F ↗	FY 2020 Dec 31, 2020 40-F ↗	FY 2019 Dec 31, 2019 40-F ↗	FY 2018 Dec 31, 2018 40-F ↗	FY 2017 Dec 31, 2017 40-F ↗	FY 2016 Dec 31, 2016 40-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗
Operating Margin (%) (%)	12.7% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-36%)	12.1% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-39%)	-20.1% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-200%)	-14.7% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-173%)	5.8% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-71%)	3.1% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-85%)	-8.9% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-145%)	-8.6% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-143%)	-7.3% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-137%)	—	—	—	—	—
Effective Tax Rate (%) (%)	18.4% Good Good Actual taxes paid relative to pre-tax income Optimal: 15-25%	9.4% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—	—	—	—	—	—	—
Profit Margin (%) (%)	10.7% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-29%)	22.7% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+52%)	1.9% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-88%)	-61.8% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-512%)	63.2% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+321%)	10.9% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-27%)	-7.9% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-153%)	-6.0% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-140%)	-5.9% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-140%)	—	—	—	—	—
FCF Margin (%) (%)	17.4% Good ↑ Good Improving Free cash flow as a percentage of revenue Optimal: > 10%	18.0% Good ↑ Good Improving Free cash flow as a percentage of revenue Optimal: > 10%	12.8% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	-3.3% Weak ↓ Weak Declining Free cash flow as a percentage of revenue Optimal: > 10%	10.5% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	13.1% Fair ↑ Fair Improving Free cash flow as a percentage of revenue Optimal: > 10%	0.9% Weak ↑ Weak Improving Free cash flow as a percentage of revenue Optimal: > 10%	-1.7% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	-1.8% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	—	—	—	—
FCF / Net Income (x)	1.63x Excellent ↓ Excellent Declining Free cash flow relative to reported net income Optimal: > 1x	0.79x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	6.86x Excellent ↑ Excellent Improving Free cash flow relative to reported net income Optimal: > 1x	0.05x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.17x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	1.20x Fair ↑ Fair Improving Free cash flow relative to reported net income Optimal: > 1x	-0.11x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.29x Weak ↑ Weak Improving Free cash flow relative to reported net income Optimal: > 1x	0.30x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.28x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.04x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.96x Caution Caution Free cash flow relative to reported net income Optimal: > 1x	0.43x Weak Weak Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 40-F ↗	FY 2021 Dec 31, 2021 40-F ↗	FY 2020 Dec 31, 2020 40-F ↗	FY 2019 Dec 31, 2019 40-F ↗	FY 2018 Dec 31, 2018 40-F ↗	FY 2017 Dec 31, 2017 40-F ↗	FY 2016 Dec 31, 2016 40-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗
Return on Invested Capital (%)	8.9% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	8.4% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	-12.4% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-7.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	1.9% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	1.1% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-3.7% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-3.5% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-3.9% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-7.2% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-7.2% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-25.2% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	-3.9% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	9.7% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	7.7% Fair ↑ Fair Improving Operating profit relative to total assets Optimal: > 10%	-12.5% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-7.6% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	2.0% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	1.2% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-4.0% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-4.1% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-4.4% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-7.6% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-7.3% Weak Weak Operating profit relative to total assets Optimal: > 10%	-22.7% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	9.1% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-51%)	17.5% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-6%)	1.5% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-92%)	-42.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-327%)	26.2% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+42%)	5.0% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-73%)	-4.1% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-122%)	-3.1% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-117%)	-4.0% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-122%)	-8.6% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-147%)	-9.6% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-152%)	-32.9% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-278%)	-5.7% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-131%)	—

⚖️ Is the balance sheet risky? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 40-F ↗	FY 2021 Dec 31, 2021 40-F ↗	FY 2020 Dec 31, 2020 40-F ↗	FY 2019 Dec 31, 2019 40-F ↗	FY 2018 Dec 31, 2018 40-F ↗	FY 2017 Dec 31, 2017 40-F ↗	FY 2016 Dec 31, 2016 40-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗
Interest Coverage (x)	1468.00x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	1075.00x Excellent ↑ Excellent Improving Operating income divided by interest expense Optimal: > 5x	-1418.00x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-235.01x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	76.91x Excellent Excellent Operating income divided by interest expense Optimal: > 5x	9.92x Good Good Operating income divided by interest expense Optimal: > 5x	—	—	—	—	—	—	—	—
Net Debt (USD)	$-1.54B	$-1.50B	$-1.41B	$-1.65B	$-2.50B	$-2.70B	$-649.92M	$-410.68M	$-141.68M	$-84.01M	$-110.07M	$-41.95M	$-83.53M	$-17.66M

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 40-F ↗	FY 2021 Dec 31, 2021 40-F ↗	FY 2020 Dec 31, 2020 40-F ↗	FY 2019 Dec 31, 2019 40-F ↗	FY 2018 Dec 31, 2018 40-F ↗	FY 2017 Dec 31, 2017 40-F ↗	FY 2016 Dec 31, 2016 40-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗
Revenue per Share (USD)	$8.90	$6.88	$5.51	$4.42	$3.70	$24.50	$13.96	—	—	—	—	—	—	—
Basic EPS, GAAP (USD)	$0.95	$1.57	$0.10	$-2.73	$2.34	$2.67	$-1.10	—	—	—	—	—	—	—
Free Cash Flow per Share (USD)	$1.55	$1.24	$0.71	$-0.15	$0.39	$3.21	$0.12	—	—	—	—	—	—	—
Book Value per Share (USD)	$10.37	$8.96	$7.07	$6.51	$8.93	$53.53	$26.68	—	—	—	—	$1.72	—	—
Tangible Book Value per Share (USD)	$9.97	$8.59	$6.72	$5.06	$8.65	$50.92	$23.92	—	—	—	—	$1.66	—	—
Basic Weighted Avg Shares (shares)	1.30B	1.29B	1.28B	1.27B	1.25B	119.57M	113.03M	—	—	—	—	—	—	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 40-F ↗	FY 2021 Dec 31, 2021 40-F ↗	FY 2020 Dec 31, 2020 40-F ↗	FY 2019 Dec 31, 2019 40-F ↗	FY 2018 Dec 31, 2018 40-F ↗	FY 2017 Dec 31, 2017 40-F ↗	FY 2016 Dec 31, 2016 40-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗
Working Capital (USD)	$6.90B	$5.30B	$5.38B	$5.19B	$7.84B	$6.44B	$2.43B	$1.99B	$930.92M	$356.37M	$165.23M	$48.61M	—	—
Total Equity (USD)	$13.47B	$11.56B	$9.07B	$8.24B	$11.13B	$6.40B	$3.02B	$2.09B	$1.00B	$410.48M	$195.32M	$67.73M	$85.38M	$17.97M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 40-F ↗	FY 2021 Dec 31, 2021 40-F ↗	FY 2020 Dec 31, 2020 40-F ↗	FY 2019 Dec 31, 2019 40-F ↗	FY 2018 Dec 31, 2018 40-F ↗	FY 2017 Dec 31, 2017 40-F ↗	FY 2016 Dec 31, 2016 40-F ↗	FY 2015 Dec 31, 2015 20-F ↗	FY 2014 Dec 31, 2014 20-F ↗	FY 2013 Dec 31, 2013 20-F ↗	FY 2012 Dec 31, 2012 20-F ↗
Sales/Revenue/Turnover (USD)	$11.56B	$8.88B	$7.06B	$5.60B	$4.61B	$2.93B	$1.58B	$1.07B	$673.30M	—	—	—	—	—
Depreciation Expense (USD)	$31.00M	$36.00M	$70.00M	$90.52M	$66.31M	$70.06M	$35.65M	$27.05M	$23.38M	$13.97M	$7.24M	$4.67M	$1.76M	—
Net Income, GAAP (USD)	$1.23B	$2.02B	$132.00M	$-3.46B	$2.91B	$319.51M	$-124.84M	$-64.55M	$-39.99M	$-35.35M	$-18.79M	$-22.31M	$-4.84M	—
Operating Cash Flow (USD)	$2.03B	$1.62B	$944.00M	$-136.45M	$535.71M	$424.96M	$70.61M	$9.32M	$7.90M	$14.02M	$15.76M	$-801.00K	$1.40M	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 4 days ago 14 years · 23 quarters

SHOPIFY INC.

Analytical Summary

14-Year Financial Trajectory

Health Breakdown

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