Cloudflare vs Shopify
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The short version
- Shopify is the larger business, with $11.6B of revenue in fiscal 2025 against $2.2B for Cloudflare, about 5.3 times as much.
- Shopify kept more of each dollar of sales as operating profit (12.7% operating margin, against β9.6%).
- Shopify turned more of its sales into free cash flow (17.4% FCF margin, against 13.3%).
- Shopify earned a higher return on the capital invested in it (16.3%, against β29.7%).
| Latest fiscal year | NET Β· FY25 | SHOP Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $115.4B | $218.9B |
| Revenue | $2.2B | $11.6B |
| Free cash flow | $288M | $2.0B |
| Net income | β$102M | $1.2B |
| Growth | ||
| Revenue growth | 29.9% | 30.1% |
| 5-year growth | 38.1% | 31.6% |
| Share count change | 2.1% | 0.3% |
| Profitability | ||
| Gross margin | 74.5% | 48.1% |
| Operating margin | β9.6% | 12.7% |
| Net margin | β4.7% | 10.7% |
| FCF margin | 13.3% | 17.4% |
| Return on capital | β29.7% | 16.3% |
| Return on equity | β8.2% | 9.8% |
| Balance sheet | ||
| Net debt | β$836M | β$5.8B |
| Net debt / EBITDA | β | β3.9x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | β | 114.0x |
| Piotroski F-score | 3 | 6 |
Revenue
FY16
NET β
SHOP β
FY17
NET $135M
SHOP $673M
FY18
NET $193M
SHOP $1.1B
FY19
NET $287M
SHOP $1.6B
FY20
NET $431M
SHOP $2.9B
FY21
NET $656M
SHOP $4.6B
FY22
NET $975M
SHOP $5.6B
FY23
NET $1.3B
SHOP $7.1B
FY24
NET $1.7B
SHOP $8.9B
FY25
NET $2.2B
SHOP $11.6B
NET
SHOP
Operating margin
FY16
NET β
SHOP β
FY17
NET β7.2%
SHOP β7.3%
FY18
NET β44.1%
SHOP β8.6%
FY19
NET β37.6%
SHOP β8.9%
FY20
NET β24.8%
SHOP 3.1%
FY21
NET β19.5%
SHOP 5.8%
FY22
NET β20.6%
SHOP β14.7%
FY23
NET β14.3%
SHOP β20.1%
FY24
NET β9.3%
SHOP 12.1%
FY25
NET β9.6%
SHOP 12.7%
NET
SHOP
Free cash flow
FY16
NET β
SHOP β$9.8M
FY17
NET β$15.9M
SHOP β$12.1M
FY18
NET β$68.8M
SHOP β$18.6M
FY19
NET β$82.2M
SHOP $13.9M
FY20
NET β$73.5M
SHOP $383M
FY21
NET β$28.3M
SHOP $485M
FY22
NET β$20.0M
SHOP β$186M
FY23
NET $140M
SHOP $905M
FY24
NET $195M
SHOP $1.6B
FY25
NET $288M
SHOP $2.0B
NET
SHOP
Return on capital
FY16
NET β
SHOP β
FY17
NET β
SHOP β
FY18
NET β
SHOP β
FY19
NET β
SHOP β
FY20
NET β65.6%
SHOP 13.5%
FY21
NET β
SHOP 9.9%
FY22
NET β56.9%
SHOP β15.5%
FY23
NET β37.4%
SHOP β22.3%
FY24
NET β28.8%
SHOP 16.3%
FY25
NET β29.7%
SHOP 16.3%
NET
SHOP
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.