Shopify
SHOP Nasdaq· Internet Services & Infrastructure
Last close · Oct 26, 2026
$168.18
KIRA · Stoqly’s AI analyst, in plain words
- Shopify had $11.6B of revenue in fiscal 2025, up 30.1% on the year before. Over five years, revenue changed +31.6% a year on average.
- Its operating margin was 12.7%, up 0.6 pts: of every 100 in sales, about 13 is left after running the business.
- Shopify made $1.2B of net profit in fiscal 2025.
- Free cash flow was $2.0B in fiscal 2025, 17.4% of revenue.
- Shopify returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.3%.
- Shopify has $5.8B more cash than debt.
Market cap
$218.3B
P/E
113.6x
Revenue
$11.6B
Net income
$1.2B
Free cash flow
$2.0B
Operating margin
12.7%
Shopify in 30 seconds · fiscal 2025
Are sales growing?
+30.1%
Yes. Sales grew 30.1% last year.
Does it make a profit?
10.7%
Yes. It keeps 10.7% of every sale as profit.
Does profit turn into cash?
17.4%
Yes. 17.4% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
113.6x
One share costs 113.6 times its yearly profit per share. Typical for its sector: 33.0x.
What Shopify does
Shopify sells software that lets businesses set up and run online stores and also sell in physical shops, on social media, on AI platforms and elsewhere. Its customers, which it calls merchants, range from people just starting out to large companies that sell directly to consumers or to other businesses. At the end of 2025 it had merchants in more than 175 countries: 44% in the United States, 31% in Europe, the Middle East and Africa, 16% in Asia Pacific, Australia and China, and 5% each in Canada and Latin America. It earns money in two ways. Subscription solutions, mostly fees for its monthly or yearly plans plus sales of apps, store designs and domain names, made up 24% of 2025 revenue. Merchant solutions, at 76%, are fees tied to what merchants sell, chiefly payment processing and currency conversion fees from Shopify Payments, plus lending, shipping labels, in-store payment hardware and advertising. Shopify calls its market competitive and highly fragmented.
Biggest risks, in its own words
- Failing to attract new merchants, keep the ones it has, or sell them more services.
- Losing ground to competitors, or failing to improve its platform as merchants' needs change.
- Its reliance on two suppliers for the technology behind Shopify Payments.
- Outages at the outside cloud providers that run its platform.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Legal name
- Shopify Inc.
- CIK
- 0001594805
Shopify · SHOP
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $4.6B | $5.6B | $7.1B | $8.9B | $11.6B |
| Revenue growth | 57.4% | 21.4% | 26.1% | 25.8% | 30.1% |
| Gross margin | 53.8% | 49.2% | 49.8% | 50.4% | 48.1% |
| Operating margin | 5.8% | −14.7% | −20.1% | 12.1% | 12.7% |
| Net income | $2.9B | −$3.5B | $132M | $2.0B | $1.2B |
| Net margin | 63.2% | −61.8% | 1.9% | 22.7% | 10.7% |
| Diluted EPS | $2.29 | −$2.73 | $0.10 | $1.55 | $0.94 |
| Cash | |||||
| Cash from operations | $536M | −$136M | $944M | $1.6B | $2.0B |
| Capital expenditure | $50.8M | $50.0M | $39.0M | $19.0M | $26.0M |
| Free cash flow | $485M | −$186M | $905M | $1.6B | $2.0B |
| FCF margin | 10.5% | −3.3% | 12.8% | 18.0% | 17.4% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | 3.2% | −0.6% | 2.3% | 0.5% | 0.3% |
| Debt and strength | |||||
| Cash and short-term investments | $7.8B | $5.1B | $5.0B | $5.5B | $5.8B |
| Debt incl. finance leases | $911M | $913M | $916M | $918M | $0.0M |
| Shareholders' equity | $11.1B | $8.2B | $9.1B | $11.6B | $13.5B |
| Net debt / EBITDA | −20.5x | — | — | −4.1x | −3.9x |
| Current ratio | 12.2x | 7.1x | 7.0x | 3.7x | 6.0x |
| Interest coverage | 76.9x | −234.9x | −1,418.0x | 1,075.0x | 1,468.0x |
| Returns and quality | |||||
| Return on capital | 9.9% | −15.5% | −22.3% | 16.3% | 16.3% |
| Return on equity | 33.3% | −35.7% | 1.5% | 19.6% | 9.8% |
| Piotroski F-score | 5 | 3 | 6 | 6 | 6 |
| Altman Z'' | 10.0 | 5.9 | 6.4 | 8.5 | 12.5 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Shopify · SHOP
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Shopify SHOP | $218.3B | 30.1% | 12.7% | 17.4% | 16.3% | 113.6x | 6 |
| GoDaddy GDDY | $14.4B | 8.3% | 22.8% | 31.8% | 30.6% | 16.3x | 5 |
| Akamai Technologies AKAM | $15.1B | 5.4% | 13.5% | 24.0% | 6.3% | 35.6x | 6 |
| Cloudflare NET | $117.6B | 29.9% | −9.6% | 13.3% | −29.7% | — | 3 |
| Wix.com WIX | $4.6B | 13.2% | 0.1% | 29.2% | — | — | 7 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $168.18 a share, the company is worth $218.3B: 113.6 times its earnings of the last four quarters.
Shopify grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 2 of 2.
Source: SEC EDGAR XBRL filings (CIK 0001594805). Data updated October 23, 2026. For information only — not investment advice. Check the original filings before relying on any figure.