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SHOP logo
Shopify Inc.
SHOP
166.03 (0.00%) 0.00
Market cap
$213.62(B)
Earnings date
Nov-03-2026
Category
Sector
Information Technology
Industry
IT Services
Shopify Inc. a commerce technology company provides tools to start scale market and run a business of various sizes in Canada the United States Europe the Middle East Africa the Asia Pacific and Latin America. The Company offers Shopify platform that enables merchants to manage products and inventory process orders and payments fulfill and ship orders build customer relationships source products leverage analytics and reporting and access financing for running their business across all of their sales channels including web and mobile storefronts physical retail locations social media storefronts and marketplaces. It also provides Shopify Payments a fully integrated payment processing service that allows merchants to accept and process payment cards online and offline. In addition the company engages in the sale of themes and apps; shipping labels through Shopify Shipping; point-of-sale hardware; advertising on the Shopify App Store; and Shop Campaigns for buyer acquisitions as well as registration of domain names. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was incorporated in 2004 and is based in Ottawa Canada.
EV: $195.12(B)
Total Equity: $12.68(B)
Debt/Equity: 0.01
Dividend/share: $0.0
Div. yield: 0.00%
P/E: 112.18
Forward P/E: 86.93
P/FCF: 91.23
P/S: 16.28
P/B: 16.87
EPS: $1.5
EPS (fwd): $1.9
FCF/share: $1.8
Revenue/share: $10.2
Book value/share: $9.8
ROIC: 14.3%
ROA: 13.0%
ROE: 15.7%
Margins: Gross | Op. | Net
47.8% | 15.7% | 14.5%
0.0%of Portfolio
My holdings
Day change
Total change
Overview Valuation Growth Financials & KPIsCompetitors & Peer Comparison Ownership ToolsAll
PEvaluation
60%
$66.3
Based on a fair P/E of 20.3x and
forward EPS of $3.71
Valuation summary
Min—
Max—
Average—
Median—
Valuation comparison
Current price$166
Quality checklist score
7/8
Based on your selected metrics.
ROIC > 10% Debt/Equity < 1 Current Ratio > 1 Quick Ratio > 1 Net Margin > 10% Past Net Income CAGR > 0% Est. EPS Growth > 5%
5Y Shares Out Change < 0%

TTM Financials

Income (TTM)

RevenueGrossNet
Revenue$13.27(B)
Gross profit$6.34(B)
EBITDA$2.40(B)
Net income$1.93(B)
Gross margin47.8%
Operating margin15.7%
Net margin14.5%
Shares outstanding1.29(B)

Balance sheet

Cash & ST inv.Other ST assetsLong term assetsCurrent liabilitiesLong term debtOther LT liabilitiesEquity
Total assets$14.47(B)
Current assets$7.82(B)
Total liabilities$1.79(B)
Current liabilities$1.46(B)
Cash & Short-term inv.$4.95(B)
Long-term debt$0
Total intangibles$518.00(M)
PP&E$143.00(M)

Cash flow (TTM)

CFOCFICFF
FCF$2.35(B)
CapEx$-25.00(M)
Dividends paid$0
Stock issued$138.00(M)
Stock repurchased$-1.91(B)
Stock-based comp.$482.00(M)
Debt issued$0
Debt repaid$-1.04(B)

Per share data (TTM)

Price
Price
$166
Income
Revenue
$10.2•16.3x|6.1%
Gross profit
$4.93•33.7x|3.0%
Earnings (EPS)
$1.48•112.2x|0.9%
Cash flow
FCF
$1.82•91.2x|1.1%
Stock-based comp.
$0.37•443.2x|0.2%
CapEx
$0.02•8544.9x|0.0%
Dividend
$0.00•—|0.0%
Balance sheet
Total assets
$11.2•14.8x|6.8%
Total liabilities
$1.39•119.6x|0.8%
Book value
$9.84•16.9x|5.9%
Cash & ST inv.
$3.84•43.2x|2.3%
Debt
$0.00•—|0.0%
Forward earnings
EPS FY+1
$1.91•86.9x|1.2%
EPS FY+2
$2.45•67.8x|1.5%
EPS FY+3
$3.32•50.0x|2.0%
EPS FY+4
$4.37•38.0x|2.6%
EPS FY+5
$5.30•31.3x|3.2%
Forward FCF
FCF FY+1
$2.22•74.8x|1.3%
FCF FY+2
$2.78•59.8x|1.7%
FCF FY+3
$3.75•44.3x|2.3%
FCF FY+4
$4.50•36.9x|2.7%
FCF FY+5
$5.60•29.6x|3.4%

Summary

SHOP Valuation & Price Targets

Favorite Valuation Methods

PEvaluation
—
Analyst targets
—
DCF (2-stage)
—

More Valuation Methods

DCF (simple)
—
DCF (exit mult.)
—
DDM
—
EPS growth
—
Revenue growth
—
Peter Lynch FV
—
Graham No.
—

PEvaluation

CURRENT PRICE
$166
60% Overvalued
BEAR
$50
70%
BASE
$66
60%
BULL
$83
50%
Fair P/E
Margin of safety
EPS
Market Model
ROICRevenue growthFCF MarginShares outstan...Debt/EquityDebt/EBITDA
Economic moat: Wide

EPS Estimates

LowAvgHigh#
FY+11.71.92.240
FY+22.02.52.939
FY+32.53.34.318
FY+43.54.45.13
FY+54.05.36.43

Analyst Price Targets

CURRENT PRICE
$166
6% Undervalued
BEAR
$120
28%
BASE
$176
6%
BULL
$220
33%

Analyst Recommendations

Strong Buy11
Buy31
Hold11
Sell1
Strong Sell0

2-stage DCF

First Stage Duration: 5 Years
Starting Free Cash Flow
First Stage Growth Rate
Low
Mid
High
Terminal Growth Rate
Low
Mid
High
Discount Rate

Discounted Cash Flow

Forecast years: 5 Years
Terminal Growth Rate
Low
Mid
High
Discount Rate
Free cash flow estimates:
Y+1 est.
Y+2 est.
0.00%
Y+3 est.
0.00%
Y+4 est.
0.00%
Y+5 est.
0.00%

Discounted Cash Flow (exit mult.)

Forecast years: 5 Years
Exit FCF Multiple
Low
Mid
High
Discount Rate
Free cash flow estimates:
Y+1 est.
Y+2 est.
0.00%
Y+3 est.
0.00%
Y+4 est.
0.00%
Y+5 est.
0.00%

Dividend Discount Model

Annual Dividend
First Stage Length (Years): 0 Years
First Stage Growth Rate
Low
Mid
High
Final Growth Rate
Low
Mid
High
Discount Rate

EPS Growth

Forecast years: 5 Years
Starting EPS
EPS Growth Rate
Low
Mid
High
Final P/E
Low
Mid
High
Discount Rate

Revenue Growth Valuation

Forecast Years: 10 Years
Base Revenue
Revenue Growth Rate
Low
Mid
High
Final Net Margin
Low
Mid
High
Final P/E Ratio
Low
Mid
High
Discount Rate

Peter Lynch Fair Value

Earnings Per Share
Growth Rate
Low
Mid
High

Graham Formula

Earnings Per Share
EPS Growth (7-10 years)
Low
Mid
High
Government Bond Rate

Growth Estimates

Revenue

CAGR21.2%
TTMFY+1FY+2FY+3FY+4FY+5
TTM
$13.27(B)
FY+1
49
15%
$15.24(B)
FY+2
50
26%
$19.18(B)
FY+3
24
26%
$24.18(B)
FY+4
8
20%
$28.91(B)
FY+5
8
20%
$34.75(B)

Net Income

CAGR28.4%
TTMFY+1FY+2FY+3FY+4FY+5
TTM
$1.93(B)
FY+1
31
27%
$2.44(B)
FY+2
31
29%
$3.15(B)
FY+3
14
37%
$4.30(B)
FY+4
3
28%
$5.51(B)
FY+5
3
22%
$6.74(B)

EPS

CAGR29.1%
TTMFY+1FY+2FY+3FY+4FY+5
TTM
$1.48
FY+1
40
29%
$1.91
FY+2
39
28%
$2.45
FY+3
18
36%
$3.32
FY+4
3
32%
$4.37
FY+5
3
21%
$5.30

FCF per share

CAGR25.2%
TTMFY+1FY+2FY+3FY+4FY+5
TTM
$1.82
FY+1
25
22%
$2.22
FY+2
23
25%
$2.78
FY+3
10
35%
$3.75
FY+4
4
20%
$4.50
FY+5
4
24%
$5.60

Historical Financials (in USD)

Income(show more...)
Q3'20 (TTM)Q3'21 (TTM)Q3'22 (TTM)Q3'23 (TTM)Q3'24 (TTM)Q3'25 (TTM)-2.0(B)0.02.0(B)4.0(B)6.0(B)8.0(B)10.0(B)
Revenue Operating Income Net IncomeCOGSGross ProfitTotal OpEx.R&DSG&AInterest ExpenseInterest IncomeOther Non-operating IncomePre-tax incomeIncome tax
Cash flow(show more...)
Q3'20 (TTM)Q3'21 (TTM)Q3'22 (TTM)Q3'23 (TTM)Q3'24 (TTM)Q3'25 (TTM)0.0500.0(M)1.0(B)1.5(B)
Stock-based Comp. FCFCFONet IncomeD&AChange in Working CapitalCFFStock IssuedStock RepurchasedDebt IssuedDebt RepaidDividend PaidCFIAcquisitionsDivestituresCapital Expenditures
Balance sheet(show more...)
Q3'20 (TTM)Q3'21 (TTM)Q3'22 (TTM)Q3'23 (TTM)Q3'24 (TTM)Q3'25 (TTM)0.02.0(B)4.0(B)6.0(B)8.0(B)10.0(B)12.0(B)14.0(B)
Total Assets Total LiabilitiesCurrent assetsCash and EquivalentsShort-term investmentsInventoriesReceivablesNon-current assetsNet PP&EIntangible AssetsGoodwillCurrent liabilitiesShort-Term DebtAccounts payableNon-current liabilitiesLong-Term DebtTotal Equity
Per share data(show more...)
Q3'20 (TTM)Q3'21 (TTM)Q3'22 (TTM)Q3'23 (TTM)Q3'24 (TTM)Q3'25 (TTM)-2.0-1.00.01.02.0
EPS (Basic) FCF/Share Dividend/ShareEPS (Diluted)Book value/ShareCash & ST inv./ShareDebt/Share
Ratios(show more...)
Q3'20 (TTM)Q3'21 (TTM)Q3'22 (TTM)Q3'23 (TTM)Q3'24 (TTM)Q3'25 (TTM)0.020.040.060.080.0100.0
P/E P/S EV/EarningsP/FCFP/BDebt/EquityPayout ratio
Margins(show more...)
Q3'20 (TTM)Q3'21 (TTM)Q3'22 (TTM)Q3'23 (TTM)Q3'24 (TTM)Q3'25 (TTM)0%20%40%60%80%
Net Income Margin Operating Margin Gross MarginEBITDA Margin
Returns(show more...)
Q3'20 (TTM)Q3'21 (TTM)Q3'22 (TTM)Q3'23 (TTM)Q3'24 (TTM)Q3'25 (TTM)0%5%10%15%
ROIC ROAROCEROE
Shares outstanding(show more...)
Q3'20 (TTM)Q3'21 (TTM)Q3'22 (TTM)Q3'23 (TTM)Q3'24 (TTM)Q3'25 (TTM)0.0200.0(M)400.0(M)600.0(M)800.0(M)1.0(B)1.2(B)
Shares (Basic)Shares (Diluted)
Market Cap.(show more...)
Q3'20 (TTM)Q3'21 (TTM)Q3'22 (TTM)Q3'23 (TTM)Q3'24 (TTM)Q3'25 (TTM)0.050.0(B)100.0(B)150.0(B)
Market Cap.

KPIs

Gross Profit By Segment(show more...)
3/20246/20249/202412/20243/20256/20259/202512/20253/20266/2026
Merchant Subscription
Operating Expense Breakdown(show more...)
3/20246/20249/202412/20243/20256/20259/202512/20253/20266/2026
Research and Development Transaction and Loan Losses Impairments Sales and Marketing General and Administrative
Gross Margin By Segment(show more...)
3/20246/20249/202412/20243/20256/20259/202512/20253/20266/2026
Subscription Merchant
Revenue By Segment(show more...)
3/20246/20249/202412/20243/20256/20259/202512/20253/20266/2026
Merchant Solutions Subscription Solutions

SHOP vs Peers

Similar Companies

Ownership

Major holders

*Excludes indirect insider ownership

Insiders: 0.23%
Institutions: 73.19%
Other: 26.58%

Institutional ownership

4.54% Capital International ...3.90% FMR, LLC3.03% Invesco Ltd.2.82% Capital World Investor...2.82% Vanguard Capital Manag...2.35% BAILLIE GIFFORD & CO2.11% Morgan Stanley2.05% Price (T.Rowe) Associa...1.95% Royal Bank of Canada1.59% FIL LTD46.03% Others

Trading Summary

In the past year, insiders have bought a net of $73.07(M).

Total insider buys: $73.07(M)
Total insider sells: $0.00

In the past year, Congress members have bought a net of $115502.

Total congressional buys (avg): $115502
Total congressional sells (avg): $0.00

Based on the reported ranges: buys $66003–$165000, sells $0.00–$0.00.

Insider transactions

$0.002026-11$0.00
$0.002026-10$0.00
$0.002026-09$29.47(M)
$0.002026-08$33.49(M)
$0.002026-07$10.11(M)
$0.002026-06$0.00
$0.002026-05$0.00
$0.002026-04$0.00
$0.002026-03$0.00
$0.002026-02$0.00
$0.002026-01$0.00
$0.002025-12$0.00
$0.002025-11$0.00
DateSharesTotal ($)Price ($)NameTitle
Buy2026-09-2333,7504,830,603143.1Lutke (Tobias Albin)Director of Issuer
Buy2026-09-236,750966,120143.1Lutke (Tobias Albin)Director of Issuer
Buy2026-09-2237,5005,594,362149.2Lutke (Tobias Albin)Director of Issuer
Buy2026-09-227,5001,118,872149.2Lutke (Tobias Albin)Director of Issuer
Grant2026-09-225,000232,80046.6Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-09-225,000750,025150.0Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-09-1615,0001,958,910130.6Lutke (Tobias Albin)Director of Issuer
Buy2026-09-163,000391,782130.6Lutke (Tobias Albin)Director of Issuer
Grant2026-09-153,000139,68046.6Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-09-153,000396,513132.2Finkelstein (Harley Michael)Senior Officer of Issuer
Grant2026-09-153,000139,68046.6Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-09-153,000396,513132.2Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-09-1411,6471,543,495132.5Hoffmeister (Jeff)Senior Officer of Issuer
Other2026-09-145647129.4Cheng Meservey (Lulu)Director of Issuer
Other2026-09-1445258,561129.6Natale (Joe)Director of Issuer
Other2026-09-11111,430130.0Hansson (David Heinemeier)Director of Issuer
Buy2026-09-0915,0001,935,795129.1Lutke (Tobias Albin)Director of Issuer
Buy2026-09-093,000387,159129.1Lutke (Tobias Albin)Director of Issuer
Buy2026-09-0233,7504,738,736140.4Lutke (Tobias Albin)Director of Issuer
Buy2026-09-026,750947,747140.4Lutke (Tobias Albin)Director of Issuer
Buy2026-09-0223,8233,325,857139.6Lutke (Tobias Albin)Director of Issuer
Buy2026-09-021,350187,693139.0Finkelstein (Harley Michael)Senior Officer of Issuer
Other2026-08-2848975,918155.3Niehaus (Jean)Senior Officer of Issuer
Other2026-08-281,689262,220155.3Finkelstein (Harley Michael)Senior Officer of Issuer
Other2026-08-282,471383,627155.3Hertz (Jessica)Senior Officer of Issuer
Other2026-08-2836055,890155.3Hertz (Jessica)Senior Officer of Issuer
Other2026-08-28805124,977155.3Hertz (Jessica)Senior Officer of Issuer
Other2026-08-281,966305,225155.3Hoffmeister (Jeff)Senior Officer of Issuer
Other2026-08-2710,3941,606,340154.5Hertz (Jessica)Senior Officer of Issuer
Buy2026-08-2633,7505,116,432151.6Lutke (Tobias Albin)Director of Issuer
Buy2026-08-266,7501,023,286151.6Lutke (Tobias Albin)Director of Issuer
Buy2026-08-1933,7504,970,160147.3Lutke (Tobias Albin)Director of Issuer
Buy2026-08-196,750994,032147.3Lutke (Tobias Albin)Director of Issuer
Grant2026-08-143,000139,68046.6Finkelstein (Harley Michael)Senior Officer of Issuer
Grant2026-08-143,000139,68046.6Finkelstein (Harley Michael)Senior Officer of Issuer
Grant2026-08-145,000232,80046.6Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-08-143,000473,841157.9Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-08-143,000473,841157.9Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-08-145,000792,550158.5Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-08-1233,7505,068,035150.2Lutke (Tobias Albin)Director of Issuer
Buy2026-08-126,7501,013,607150.2Lutke (Tobias Albin)Director of Issuer
Other2026-08-063,438504,560146.8Niehaus (Jean)Senior Officer of Issuer
Buy2026-08-0533,7504,913,325145.6Lutke (Tobias Albin)Director of Issuer
Buy2026-08-056,750982,665145.6Lutke (Tobias Albin)Director of Issuer
Buy2026-08-0510,9391,640,882150.0Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-08-0567599,900148.0Finkelstein (Harley Michael)Senior Officer of Issuer
Grant2026-08-0534,0001,583,04046.6Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-08-0534,0005,100,306150.0Finkelstein (Harley Michael)Senior Officer of Issuer
Grant2026-08-055,000232,80046.6Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-08-055,000750,000150.0Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-08-0467579,392117.6Finkelstein (Harley Michael)Senior Officer of Issuer
Buy2026-07-2933,7504,416,525130.9Lutke (Tobias Albin)Director of Issuer
Buy2026-07-296,750883,305130.9Lutke (Tobias Albin)Director of Issuer
Other2026-07-2843257,251132.5Niehaus (Jean)Senior Officer of Issuer
Other2026-07-281,633216,416132.5Finkelstein (Harley Michael)Senior Officer of Issuer
Other2026-07-282,497330,919132.5Hertz (Jessica)Senior Officer of Issuer
Other2026-07-2836548,372132.5Hertz (Jessica)Senior Officer of Issuer
Other2026-07-28813107,744132.5Hertz (Jessica)Senior Officer of Issuer
Other2026-07-281,890250,476132.5Hoffmeister (Jeff)Senior Officer of Issuer
Buy2026-07-2233,7504,007,036118.7Lutke (Tobias Albin)Director of Issuer
Buy2026-07-226,750801,407118.7Lutke (Tobias Albin)Director of Issuer

Congressional trading

$0.002026-11$0.00
$0.002026-10$0.00
$0.002026-09$0.00
$0.002026-08$0.00
$0.002026-07$0.00
$0.002026-06$0.00
$0.002026-05$0.00
$0.002026-04$0.00
$0.002026-03$0.00
$0.002026-02$0.00
$0.002026-01$0.00
$0.002025-12$75001
$0.002025-11$0.00
DatePoliticianPartyChamberAmount ($)
Buy2025-12-08Jonathan L. JacksonDHouse$50,001 - $100,000
Buy2025-10-08Jonathan L. JacksonDHouse$1,001 - $15,000
Buy2025-10-06Jonathan L. JacksonDHouse$15,001 - $50,000

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