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Shopify Inc.

SHOP NASDAQ Categories PDF
Technology · Software - Application · Canada · Updated May 10, 8:18pm
$110.51
Price
$143.4B
Market Cap
8,100
Employees
2.64
Beta
Tobias Lutke
CEO
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. 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 headquartered in Ottawa, Canada.

Business History
Price Overview
Last updated: May 11, 2026 12:48pm (just now)
$104.21
-6.20 (-5.62%)
Day Range
$104.11 – $108.41
52-Week Range
$99.01 – $182.19
50-Day MA
$121.80
200-Day MA
$141.67
Volume
8,092,101.00
Analyst Price Targets
Low $115.00
Consensus $156.79
High $200.00
(151 analysts)
Share Structure
Outstanding 1,297,654,610.00
Float 1,222,601,116.00
Free Float 94.2%
High free float — 94.2% of shares trade freely, ~5.8% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
API
Stock Price / EPS (Diluted)
101.97
Stock Price: $110.51
EPS (Diluted): 0.95
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
15.52
Stock Price: $110.51
Total Equity: $13.47B
Shares: 1,304,953,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
83.73
Market Cap: $143.40B
Total Debt: $0.00
Cash: $1.53B
EBITDA: $1.50B
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$207.7B
Market Cap: $143.40B
Total Debt: $0.00
Cash: $1.53B
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
48.1%
Gross Profit: $5.56B
Revenue: $11.56B
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
12.7%
Operating Income: $1.47B
Revenue: $11.56B
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
10.7%
Net Income: $1.23B
Revenue: $11.56B
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
10.5%
Net Income: $1.23B
Total Equity: $13.47B
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
10.4%
Operating Income: $1.47B
Tax Rate: 18.4%
Equity: $13.47B
Total Debt: $0.00
Cash: $1.53B
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
5.96
Current Assets: $8.30B
Current Liabilities: $1.39B
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $13.47B
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$8.86
Revenue: $11.56B
Shares: 1,304,953,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$10.32
Total Equity: $13.47B
Shares: 1,304,953,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$1.54
Operating CF: $2.03B
CapEx: -$26.00M
Shares: 1,304,953,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $110.51
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $1.23B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares SHOP against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $4.6B $5.6B $7.1B $8.9B $11.6B
Cost of Revenue $2.1B $2.8B $3.5B $4.4B $6.0B
Gross Profit $2.5B $2.8B $3.5B $4.5B $5.6B
Operating Expenses $2.2B $3.6B $4.9B $3.4B $4.1B
Operating Income $268.6M -$822.0M -$1.4B $1.1B $1.5B
Net Income $2.9B -$3.5B $132.0M $2.0B $1.2B
EBITDA $3.2B -$594.0M $144.0M $1.3B $1.5B
EPS $2.32 $-2.73 $0.10 $1.56 $0.95
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $2.5B $1.6B $1.4B $1.5B $1.5B
Total Current Assets $8.5B $6.1B $6.3B $7.3B $8.3B
Total Assets $13.3B $10.8B $11.3B $13.9B $15.2B
Current Liabilities $702.7M $856.0M $898.0M $2.0B $1.4B
Long-Term Debt $911.0M $913.0M $916.0M $0 $0
Total Liabilities $2.2B $2.5B $2.2B $2.4B $1.7B
Total Equity $11.1B $8.2B $9.1B $11.6B $13.5B
Retained Earnings $2.9B -$522.0M -$390.0M $1.6B $2.9B
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $535.7M -$136.0M $944.0M $1.6B $2.0B
Capital Expenditure -$50.8M -$50.0M -$39.0M -$19.0M -$26.0M
Free Cash Flow $484.9M -$186.0M $905.0M $1.6B $2.0B
Acquisitions (net) -$709.9M -$2.4B -$395.0M -$167.0M -$56.0M
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $0 $0 $0 $0 $0
Net Change in Cash -$200.6M -$854.0M -$236.0M $85.0M $47.0M
Analyst Estimates (Annual)
Metric 2027 2028 2029 2030
Revenue $18.4B
$16.6B – $19.5B
 $23.3B
$23.1B – $23.4B
 $26.2B
$24.4B – $28.0B
 $30.7B
$28.5B – $32.8B
EBITDA $3.3B
$3.0B – $3.5B
 $4.1B
$4.1B – $4.2B
 $4.7B
$4.3B – $5.0B
 $5.5B
$5.1B – $5.8B
Net Income $3.1B
$2.6B – $3.5B
 $3.6B
$3.0B – $5.3B
 $4.6B
$4.2B – $5.0B
 $5.4B
$4.9B – $5.9B
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +21.4% +26.1% +25.8% +30.1%
Gross Profit Growth +11.0% +27.6% +27.2% +24.2%
Operating Income Growth -406.0% -72.5% +175.8% +36.6%
Net Income Growth -218.7% +103.8% +1,429.5% -39.0%
EBITDA Growth -118.5% +124.2% +829.2% +12.0%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2023-10-31 Shopify Strategic Holdings 3 LLC X-InTheMoney 344,382.00 $0.00 $0
2023-10-31 Shopify Strategic Holdings 3 LLC X-InTheMoney 344,382.00 $0.01 $3,444
2023-09-28 Shopify Strategic Holdings 3 LLC X-InTheMoney 3,935,793.00 $0.00 $0
2023-09-28 Shopify Strategic Holdings 3 LLC X-InTheMoney 3,935,793.00 $0.01 $39,358
2022-07-28 Shopify Strategic Holdings 3 LLC 15,743,174.00 $88.93 $1.4B
2023-09-20 Shopify Strategic Holdings 3 LLC 9,445,906.00 $0.01 $94,459
2023-09-20 Shopify Strategic Holdings 3 LLC 9,249,114.00 $0.00 $0
2005-08-12 SANTORA GREG J M-Exempt 166,666.00 $3.50 $583,331
2005-08-12 SANTORA GREG J M-Exempt 166,666.00 $3.50 $583,331
2005-08-12 SANTORA GREG J S-Sale 166,666.00 $20.89 $3.5M
2005-07-26 HART ALEX W A-Award 7,500.00 $20.90 $156,750
2005-07-26 MATHER ANN A-Award 7,500.00 $20.90 $156,750
2005-06-07 NORRINGTON LORRIE M A-Award 600,000.00 $17.80 $10.7M
2005-06-07 NORRINGTON LORRIE M A-Award 25,000.00 $0.00 $0
2004-10-29 Eisenberg Michael A C-Conversion 75,000.00 $0.00 $0
2004-10-29 Eisenberg Michael A C-Conversion 5,912.00 $0.00 $0
2004-10-29 Eisenberg Michael A C-Conversion 890,670.00 $0.00 $0
2004-10-29 Eisenberg Michael A C-Conversion 55,871.00 $0.00 $0
2004-10-29 Eisenberg Michael A C-Conversion 71,428.00 $0.00 $0
2004-10-29 Eisenberg Michael A C-Conversion 785,418.00 $0.00 $0
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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27