Shopify offers an e-commerce platform primarily to small and medium-size businesses. The firm has two segments.
It is a $219B technology company. Revenue grew 32.5% over the last year, it keeps 15¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 114.0× earnings — near the highest of its own history.
- Website
- shopify.com
- Location
- Ottawa
- Employees
- 7 600
- Sector
- Technology
- Founded
- 2006
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Valuation and Moat lag behind.
Valuation10
- P/E vs own history93th pct · 0/25
- FCF yield1.1% · 5/25
- P/S16.6x · 5/25
- EV/EBITDA118.1x · 0/25
Growth50
- Revenue CAGR25.8% · 25/25
- Net income CAGR-19.4% · 0/25
- EPS CAGR ~5Y-20.1% · 0/25
- Fwd implied growth77.2% · 25/25
Profitability72
- ROIC15.4% · 20/25
- ROE15.1% · 20/25
- Net margin14.5% · 20/25
- Operating margin13.9% · 12/25
Health50
- Altman Zn/a · 0/25
- Current ratio5.35 · 25/25
- Interest coverage-0.3x · 0/25
- Net cash / debtNet cash · 25/25
Quality72
- Piotroski F6/9 · 15/25
- Beneish M-2.46 · 20/25
- FCF conversion122% · 25/25
- Margin stabilityσ 9.0% · 12/25
Moat44
- ROIC >12% years2/5 yrs · 6/25
- Median gross margin49.8% · 20/25
- FCF-positive years4/5 yrs · 18/25
- Worst-year net marginworst -61.8% · 0/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialRevenue crossed $10B$11.6B for the year
- FY2021FinancialFirst recorded profitable year$2.91B net income
- FY2021FinancialRevenue already above $1B$4.61B in first reported year
- FY2021FinancialBest year on record$2.91B net income
- 2019ProductShopify announced the launch of Shopify Studios, a full-service television and film content and…
- 2017ProductShopify introduced its Chip & Swipe Reader, a Bluetooth enabled debit and credit card reader for…
- Oct 3, 2016AcquisitionShopify acquired Boltmade
- 2016ProductShopify announced Shopify Capital, a cash advance product
- May 21, 2015IPOShopify went public via an initial public offering on May 21, 2015, raising more than $131 million
- 2014ProductShopify released "Shopify Plus" for large e-commerce businesses seeking access to additional…
- 2013ProductShopify launched Shopify Payments in partnership with Stripe
- 2009ProductShopify launched an application programming interface (API) platform and App Store
- 2006FoundedShopify was founded in 2006 by friends Tobias Lütke, Daniel Weinand and Scott Lake after launching Snowdevil, an…
- 2006ProductThe Snowdevil founders launched the platform as Shopify in June 2006
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (47.8%)
- Revenue growing 32.5% year over year
- Strong cash conversion — FCF is 17.7% of revenue
- Net cash position after subtracting debt from cash
- High returns on invested capital (ROIC 15.4%)
Watch-outs
- Thin interest coverage (-0.3×)
- Loss-making in 1 of the recent years
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+32.5% YoY
- Profitable — makes more than it spends$1.93B TTM
- Profit growing — earnings are higher than last year+29.5% YoY
- Generates cash — cash left after running and investing$2.35B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$219B market cap
- Not printing shares — share count not ballooning — you keep your slice+3.6% shares over ~5y
- Proven track record — years of profitability behind it4/5 profitable years
- Financially stable — balance sheet not near distresshealth score 25/100
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 114.0
Peer comparisonShopify Inc. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| SHOP this company | $219.0B | 114.0 | +32.5% | 14.5% | Strained |
| NVDA Nvidia Corp | $5.5T | 28.6 | +83.4% | 63.7% | Mixed |
| AAPL Apple Inc. | $4.9T | 38.1 | +14.2% | 27.6% | Strong |
| GOOGL Alphabet Inc. | $4.3T | 17.6 | +20.1% | 54.8% | Mixed |
| MSFT Microsoft Corp | $4.0T | 29.7 | +17.8% | 40.3% | Strong |
| SPCX Space Exploration Technologies Corp. | $2.1T | — | +33.2% | -34.0% | Strained |
| META Meta Platforms, Inc. | $1.8T | 26.9 | +27.7% | 29.8% | Mixed |
Head-to-head: SHOP vs NVDA · SHOP vs AAPL · SHOP vs GOOGL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/SHOP
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of SHOP on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $170.20 · market cap $219B.