Tearsheet
Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. SHOP Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Shopify (SHOP)

Market Price (9/18/2025): $148.45 | Market Cap: $192.7 Bil
Sector: Information Technology | Industry: Application Software

Shopify (SHOP)

Market Price (9/18/2025): $148.45
Market Cap: $192.7 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%		 Trading close to highs
Dist 52W High is -4.5%, Dist 3Y High is -4.5%		 Expensive valuation multiples
P/SPrice/Sales ratio is 19x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 125x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 105x, P/EPrice/Earnings or Price/(Net Income) is 82x
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%		  Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.3%
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%
2 Trading close to highs
Dist 52W High is -4.5%, Dist 3Y High is -4.5%
3 Expensive valuation multiples
P/SPrice/Sales ratio is 19x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 125x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 105x, P/EPrice/Earnings or Price/(Net Income) is 82x
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.3%

Market Valuation

 9/18/252024202320222021
Share Price CYE$148.45$106.33$77.90$34.71$137.74
Market Cap CYE ($ Bil)192.7137.4100.144.2173.2
Total Debt ($ Bil)1.11.11.21.41.2
Total Cash ($ Bil)5.85.55.05.17.8
Enterprise Value ($ Bil)188.0138.5101.345.6174.4
Valuation Ratios     
P/S TTM19.215.414.17.837.2
P/EBIT TTM125.8105.31349.1-64.054.6
P/E TTM82.267.9756.3-12.758.9
Sector Ratios     
P/S TTM (Sector)3.23.12.82.55.0
P/EBIT TTM (Sector)3.9-0.0-0.1-0.51.7
P/E TTM (Sector)-0.4-0.3-0.4-0.50.0
 9/18/2520242023
Share Price CYE$148.45$106.33$77.90
Market Cap CYE ($ Bil)192.7137.4100.1
Total Debt ($ Bil)1.11.11.2
Total Cash ($ Bil)5.85.55.0
Enterprise Value ($ Bil)188.0138.5101.3
Valuation Ratios   
P/S TTM19.215.414.1
P/EBIT TTM125.8105.31349.1
P/E TTM82.267.9756.3
Sector Ratios   
P/S TTM (Sector)3.23.12.8
P/EBIT TTM (Sector)3.9-0.0-0.1
P/E TTM (Sector)-0.4-0.3-0.4

Market Cap Chart

Business Description

Shopify Inc., a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing. It also sells custom themes and apps, and registration of domain names; and merchant solutions, which include accepting payments, shipping and fulfillment, and securing working capital. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
SHOP Return185%22%-75%124%36%39%261%
Peers Return93%19%-46%32%5%20%107%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: AMZN, SNOW, WDAY, EBAY, ETSY. See SHOP Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Better Bets than Shopify (SHOP)

 SHOPBetter Performance than SHOP
MetricValueIndustry (Application Software)
Rev Chg LTM29.0%PLTR (38.8%), MNDY (30.2%), LIF (30.0%), SOUN (137.0%), CWAN (36.7%)
Rev Chg 3Y Avg26.0%SNOW (36.3%), DDOG (30.4%), GRAB (71.1%), PCOR (26.7%), APPF (27.9%)
Op Mgn LTM15.3%ORCL (31.6%), PLTR (16.6%), SAP (25.9%), CRM (21.2%), INTU (26.2%)
CFO/Rev LTM18.3%ORCL (36.5%), PLTR (50.3%), SAP (20.0%), CRM (33.3%), INTU (33.0%)
FCF/Rev LTM18.1%PLTR (49.7%), CRM (31.6%), INTU (32.3%), ADBE (41.8%), CDNS (31.1%)
Total Yield1.2%ORCL (2.1%), SAP (2.1%), CRM (3.4%), INTU (2.7%), ADBE (4.4%)
 SHOPBetter Performance than SHOP
MetricValueAll Other Sectors
Rev Chg LTM29.0%LLY (36.8%), APP (48.2%), BX (34.9%), MELI (35.8%), WELL (31.1%)
Rev Chg 3Y Avg26.0%KKR (27.5%), MELI (39.8%), DASH (28.4%), HOOD (30.0%), RCL (65.4%)
Op Mgn LTM15.3%GOOGL (32.7%), META (42.9%), LLY (43.0%), V (66.5%), MA (58.0%)
CFO/Rev LTM18.3%GOOGL (36.0%), META (56.4%), LLY (20.5%), V (60.4%), MA (53.3%)
FCF/Rev LTM18.1%META (30.7%), V (56.8%), MA (49.2%), NFLX (20.4%), ABBV (31.3%)
Total Yield1.2%GOOGL (4.1%), AMZN (2.9%), META (3.7%), BRK-B (5.9%), JPM (6.5%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1SHOP vs the Competition: Which Stock Comes Out on Top?  
2With SHOP Up 5.6% in a Day, Is It Time to Compare It Against DAVE?Counter-Intuitive Comparisons 
3SHOP Dip Buy Analysis  
4Shopify Total Shareholder Return (TSR): 36.5% in 2024 and -8.3% 3-yr compounded annual returns (below peer average)  
5Wait For A Dip To Buy Shopify StockBuy or Fear 
6Shopify (SHOP) Operating Cash Flow ComparisonFinancials 
7Shopify (SHOP) Net Income ComparisonFinancials 
8Shopify (SHOP) Operating Income ComparisonFinancials 
9Shopify (SHOP) Revenue ComparisonFinancials 
10Fundamental Metrics: ...  
11ARTICLES  
12What’s Happening With Shopify Stock? September 5th, 2025
13How Does SHOP Stock Compare With Its Peers Right Now? August 7th, 2025
14SNOW Could Deliver 70% Returns And Outperform SHOP August 5th, 2025
15As SHOP Surges 5.6% in a Day, DAVE’s Story Stands Out August 5th, 2025
16SHOP’s 5.6% One Day Pop Begs The Question: Is APP Better Instead? July 18th, 2025

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
4ATHAAthira Pharma892.1%544.3%
5SDOTSadot690.6%-79.9%
6ATCHAtlasClear684.9%-83.1%
7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical11931.7%11931.7%
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7ECDAECD Automotive Design2715.2%307.9%
8OESXOrion Energy Systems1373.7%14.2%
9OPOceanPal1266.5%-95.6%
10BCTXBriaCell Therapeutics1032.4%-89.8%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1CJETChijet Motor-94.5%-96.0%
2STFSStar Fashion Culture-92.3%-97.9%
3ELPWElong Power-91.1%-76.9%
4NXTTNext Technology-90.1%-95.4%
5EPIXESSA Pharma-89.4%-8.9%
6NAKAKindly MD-88.1% 
7BINIBollinger Innovations-87.6%-100.0%
8JEM707 Cayman-87.4%-98.2%
9YAASYouxin Technology-83.3%-98.4%
10NEONNeonode-82.5%-51.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
4ATHAAthira Pharma892.1%544.3%
5SDOTSadot690.6%-79.9%
6ATCHAtlasClear684.9%-83.1%
7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Shopify

Financials

SHOPAMZNSNOWWDAYEBAYETSYMedian
NameShopify Amazon.c.SnowflakeWorkday eBay Etsy  
Mkt Price147.87231.62217.96234.8889.9660.62182.92
Mkt Cap191.92,463.773.162.742.06.367.9
Rev LTM10,014670,0384,1168,95910,3122,8389,486
Op Inc LTM1,53176,190-1,5407782,3033981,154
FCF LTM1,81713,4817342,3922,1286351,972
FCF 3Y Avg1,07621,6777152,0231,9486601,512
CFO LTM1,833121,1378382,5912,5866902,210
CFO 3Y Avg1,10696,9778032,2622,4237051,684

Growth & Margins

SHOPAMZNSNOWWDAYEBAYETSYMedian
NameShopify Amazon.c.SnowflakeWorkday eBay Etsy  
Rev Chg LTM29.0%10.9%28.4%13.9%1.5%2.4%12.4%
Rev Chg 3Y Avg26.0%11.3%36.3%16.5%0.2%5.6%13.9%
Rev Chg Q31.1%13.3%31.8%12.6%1.1%3.8%13.0%
QoQ Delta Rev Chg LTM6.8%3.0%7.2%3.0%0.3%0.9%3.0%
Op Mgn LTM15.3%11.4%-37.4%8.7%22.3%14.0%12.7%
Op Mgn 3Y Avg4.4%7.9%-39.1%4.1%21.6%13.4%6.1%
QoQ Delta Op Mgn LTM-0.1%0.3%3.1%1.3%-0.2%0.1%0.2%
CFO/Rev LTM18.3%18.1%20.4%28.9%25.1%24.3%22.3%
CFO/Rev 3Y Avg12.7%15.8%25.3%28.7%24.0%25.5%24.7%
FCF/Rev LTM18.1%2.0%17.8%26.7%20.6%22.4%19.4%
FCF/Rev 3Y Avg12.2%3.5%22.5%25.6%19.3%23.9%20.9%

Valuation

SHOPAMZNSNOWWDAYEBAYETSYMedian
NameShopify Amazon.c.SnowflakeWorkday eBay Etsy  
Mkt Cap191.92,463.773.162.742.06.367.9
P/S19.23.717.87.04.12.25.5
P/EBIT125.328.9-53.372.116.014.922.5
P/E81.834.9-52.9107.520.638.136.5
P/CFO104.720.387.224.216.29.122.3
Total Yield1.2%2.9%-1.9%0.9%6.1%2.6%1.9%
Dividend Yield0.0%0.0%0.0%0.0%1.3%0.0%0.0%
FCF Yield 3Y Avg1.0%1.1%1.3%3.3%6.9%9.5%2.3%
D/E0.00.10.00.10.20.50.1
Net D/E-0.00.0-0.0-0.10.10.30.0

Returns

SHOPAMZNSNOWWDAYEBAYETSYMedian
NameShopify Amazon.c.SnowflakeWorkday eBay Etsy  
1M Rtn3.3%0.1%9.9%1.3%-8.9%-6.7%0.7%
3M Rtn39.5%9.0%2.8%-0.8%16.4%9.6%9.3%
6M Rtn45.6%18.5%39.8%-7.0%34.8%35.6%35.2%
12M Rtn98.6%23.9%95.3%-5.3%40.9%12.1%32.4%
3Y Rtn366.0%87.5%18.0%54.2%127.2%-43.9%70.9%
1M Excs Rtn1.0%-2.3%7.6%-1.0%-11.2%-9.0%-1.7%
3M Excs Rtn28.5%-2.5%-6.3%-13.5%6.3%0.8%-0.8%
6M Excs Rtn39.7%2.6%23.6%-24.3%21.3%18.2%19.8%
12M Excs Rtn86.8%6.9%74.4%-23.4%26.8%-8.4%16.8%
3Y Excs Rtn260.0%9.2%-48.9%-22.2%49.1%-107.4%-6.5%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date8/6/20255/8/20252/11/202511/12/20248/7/20245/8/20242/13/202411/2/20238/3/20235/4/20232/16/202310/27/2022
Key Financials Quarterly            
Total Revenue2,6802,3602,8122,1622,0451,8612,1441,7141,6941,5081,7351,366
Ebitda379286549349293147344169-248-121-124-278
Operating Income371278541341283137334156-265-151-154-307
Net Income906-6821,293828171-273657718-1,31168-623-159
EPS0.70-0.531.000.640.13-0.210.510.56-1.020.05-0.49-0.12
Key Financials TTM            
Total Revenue TTM10,0149,3798,8808,2127,7647,4137,0606,6516,3035,9045,6005,245
Ebitda TTM1,5631,4771,3381,133953412144-324-771-655-595-937
Operating Income TTM1,5311,4431,3021,09591036274-414-877-760-687-491
Net Income TTM2,3451,6102,0191,3831,273-209132-1,148-2,025-1,918-3,460-3,208
Growth Rates Quarterly            
Total Revenue Growth31.1%26.8%31.2%26.1%20.7%23.4%23.6%25.5%30.8%25.2%25.7%21.6%
EBITDA Growth29.4%94.6%59.6%106.5%218.1%221.5%377.4%160.8%-87.9%-98.4%73.4%-120.5%
Operating Income Growth31.1%102.9%62.0%118.6%206.8%190.7%316.9%150.8%-79.1%-93.6%-464.8%-1547.4%
Net Income Growth429.8%-149.8%96.8%15.3%113.0%-501.5%205.5%551.6%-8.9%104.6%-67.8%-113.8%
Margins Quarterly            
EBITDA Margin14.1%12.1%19.5%16.1%14.3%7.9%16.0%9.9%-14.6%-8.0%-7.1%-20.4%
Operating Income Margin13.8%11.8%19.2%15.8%13.8%7.4%15.6%9.1%-15.6%-10.0%-8.9%-22.5%
Net Income Margin33.8%-28.9%46.0%38.3%8.4%-14.7%30.6%41.9%-77.4%4.5%-35.9%-11.6%
Cash & Debt            
Total Cash5,8205,5145,4794,8955,0215,1775,0084,9184,7804,8635,0534,941
Total Debt1,1391,1381,1261,1411,1371,1451,1501,1221,1341,3991,3961,299
Net Debt / (Cash)-4,681-4,376-4,353-3,754-3,884-4,032-3,858-3,796-3,646-3,464-3,657-3,643
Cash Flows Quarterly            
FCF from Operations42836761542334023844827811810098-134
Cash Flows TTM            
FCF from Operations TTM1,8331,7451,6161,4491,3041,082944594182-11-13658
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC22.3%17.2%35.3%21.8%16.5%9.9%23.0%11.1%-19.0%-9.9%-12.1%-24.8%
Return on Invested Capital (ROIC) TTM            
ROIC TTM24.8%23.7%21.2%16.9%14.8%6.6%0.9%-7.5%-15.7%-14.0%-12.9%-9.1%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment7,0605,6004,6122,9291,578
Total7,0605,6004,6122,9291,578


Price Behavior

SHOP Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta3.373.462.962.122.122.15
Up Beta4.724.094.412.021.962.19
Down Beta1.181.181.241.972.092.21
Up Capture423%478%338%384%643%3636%
Bmk +ve Days10223571142415
Stock +ve Days9203063128387
Down Capture238%301%240%173%146%108%
Bmk -ve Days11192754106334
Stock -ve Days12213262120360

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity18,534,753
Short Interest: % Change Since 8152025-10.8%
Average Daily Volume5,525,193
Days-to-Cover Short Interest3.35
Basic Shares Quantity1,297,746,050
Short % of Basic Shares1.4%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202522.0%17.6%14.3%
5/8/2025-0.5%17.9%17.9%
2/11/20253.1%7.8%-19.5%
SUMMARY STATS   
# Positive232
# Negative101
Median Positive12.5%17.6%16.1%
Median Negative-0.5% -19.5%
Max Positive22.0%17.9%17.9%
Max Negative-0.5% -19.5%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025806202510-Q 6/30/2025
3312025508202510-Q 3/31/2025
12312024211202510-K 12/31/2024
9302024111220246-K 9/30/2024
630202480720246-K 6/30/2024
331202450820246-K 3/31/2024
12312023213202440-F 12/31/2023
9302023110220236-K 9/30/2023
630202380320236-K 6/30/2023
331202350420236-K 3/31/2023
12312022216202340-F 12/31/2022
9302022102720226-K 9/30/2022
630202272720226-K 6/30/2022
331202250520226-K 3/31/2022
12312021216202240-F 12/31/2021
9302021102820216-K 9/30/2021

Insider Activity

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External Quote Links


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