Shopify Stock vs Competition: Who Wins?
Shopify‘s stock has significantly outperformed over the past year, surging with a 52% market return. But how does it truly measure up against rivals like Adobe and Amazon in the rapidly evolving AI-driven e-commerce landscape? A closer look reveals strong LTM revenue growth of 30% and solid free cash flow margins of 17.8%, fueled by an expanding merchant base and AI-powered tools. However, its elevated PE ratio of 121.3 points to a stretched valuation, suggesting limited upside if growth decelerates amidst intense competition and the shift toward AI-led commerce platforms.
- SHOP’s 15.7% operating margin is strong, reflecting efficient e-commerce platform support, though lower than ADBE’s 36.2% from high-margin subscriptions.
- SHOP’s 30.2% revenue growth outpaces peers, driven by expanding e-commerce market share, merchant solutions, and AI investments.
- SHOP gained 52.1%, reflecting investor confidence in its e-commerce leadership; its 121.3 PE signals high future growth expectations.
Here’s how Shopify stacks up across size, valuation, and profitability versus key peers.
| SHOP | LSPD | ADBE | TOST | PYPL | AMZN | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 216.1 | 1.7 | 140.2 | 20.2 | 56.3 | 2,479.1 |
| Revenue ($ Bil) | 10.7 | 1.2 | 23.2 | 5.9 | 32.9 | 670.0 |
| PE Ratio | 121.3 | -2.4 | 20.2 | 73.9 | 11.5 | 35.1 |
| LTM Revenue Growth | 30.2% | 14.2% | 10.7% | 25.8% | 4.5% | 10.9% |
| LTM Operating Margin | 15.7% | -10.9% | 36.2% | 4.2% | 19.2% | 11.4% |
| LTM FCF Margin | 17.8% | -0.8% | 41.4% | 9.6% | 16.9% | 2.0% |
| 12M Market Return | 52.1% | -23.3% | -23.0% | -8.2% | -32.2% | 4.0% |
For more details on Shopify, read Buy or Sell SHOP Stock. Below we compare SHOP’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| SHOP | 30.2% | – | 25.8% | 26.1% | 21.4% |
| LSPD | 14.2% | 18.4% | 24.5% | 33.2% | |
| ADBE | 10.7% | – | 10.8% | 10.2% | 11.5% |
| TOST | 25.8% | – | 28.3% | 41.5% | 60.2% |
| PYPL | 4.5% | – | 6.8% | 8.2% | 8.5% |
| AMZN | 10.9% | – | 11.0% | 11.8% | 9.4% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| SHOP | 15.7% | – | 14.7% | 1.0% | -12.3% |
| LSPD | -10.9% | -11.2% | -21.1% | -38.3% | |
| ADBE | 36.2% | – | 36.0% | 34.3% | 34.6% |
| TOST | 4.2% | – | 1.2% | -7.4% | -14.1% |
| PYPL | 19.2% | – | 18.1% | 16.6% | 14.7% |
| AMZN | 11.4% | – | 10.8% | 6.4% | 2.4% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| SHOP | 121.3 | – | 102.8 | 1032.3 | -28.5 |
| LSPD | -2.4 | -2.8 | -14.3 | -3.0 | |
| ADBE | 20.2 | – | 28.1 | 37.4 | 58.9 |
| TOST | 73.9 | – | 1044.7 | -78.8 | -34.0 |
| PYPL | 11.5 | – | 14.5 | 22.2 | 29.3 |
| AMZN | 35.1 | – | 40.8 | 74.3 | -568.7 |
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