Shopify vs Wix.com
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KIRAβs take AI analyst
I put Shopify and Wix.com side by side, using each oneβs latest annual report. Here is what stands out:
- Shopify is the larger business, with $11.6B of revenue in fiscal 2025 against $2.0B for Wix.com, about 5.8 times as much.
- Shopify grew revenue faster (30.1%, against 13.2%).
- Shopify kept more of each dollar of sales as operating profit (12.7% operating margin, against 0.1%).
- Wix.com turned more of its sales into free cash flow (29.2% FCF margin, against 17.4%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Shopify
SHOP
5/9
Revenue growth5-year growthOperating marginNet marginNet debt / EBITDA
Wix.com
WIX
4/9
Gross marginFCF marginPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | SHOP FY25 | WIX FY25 |
|---|---|---|
| Size | ||
| Market cap | $218.3B | $4.6B |
| Revenue | $11.6B | $2.0B |
| Free cash flow | $2.0B | $582M |
| Net income | $1.2B | $50.6M |
| Growth | ||
| Revenue growth | 30.1% | 13.2% |
| 5-year growth | 31.6% | 15.2% |
| Share count change | 0.3% | β3.7% |
| Profitability | ||
| Gross margin | 48.1% | 68.1% |
| Operating margin | 12.7% | 0.1% |
| Net margin | 10.7% | 2.5% |
| FCF margin | 17.4% | 29.2% |
| Return on capital | 16.3% | β |
| Return on equity | 9.8% | β |
| Balance sheet | ||
| Net debt | β$5.8B | $331M |
| Net debt / EBITDA | β3.9x | 10.0x |
| Dividends and buybacks | $0.0M | $575M |
| Valuation & quality | ||
| P/E | 113.6x | β |
| Piotroski F-score | 6 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.