Shopify Inc. (SHOP) 10-Year Financial Performance & Capital Metrics

SHOP •

TechnologyApplication SoftwareE-commerce platforms and retail enablement

AboutShopify 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.Show more

Revenue $11.56B +30.1%
EBITDA $1.5B +34.9%
Net Income $1.23B -39.0%
EPS (Diluted) 0.94 -39.4%
Gross Margin 48.07% -4.5%
EBITDA Margin 12.97% +3.7%
Operating Margin 12.7% +4.9%
Net Margin 10.65% -53.1%
ROE 9.84% -49.8%
ROIC 9.45% +17.1%
Debt/Equity 0.01 -85.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 31.0%
✓FCF machine: 17.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 31.6%

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Expensive at 11.7x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y49.64%

5Y31.58%

3Y27.31%

TTM30.14%

Profit (Net Income) CAGR

10Y-

5Y30.96%

3Y-

TTM-39.03%

EPS CAGR

10Y-

5Y29.31%

3Y-

TTM-39.74%

ROCE

10Y Avg-2.6%

5Y Avg0.41%

3Y Avg2.22%

Latest11.01%

Peer Comparison

E-commerce platforms and retail enablement

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SHOPShopify Inc.	157.42B	120.73	128.44	30.14%	10.65%	9.14%	1.27%	0.01
GRABGrab Holdings Limited	16.75B	4.22	66.25	20.49%	7.92%	3.95%	0.8%	0.30
VTEXVtex	333.29M	3.43	54.97	12.5%	7.03%	6.81%	7.56%	0.01
MANHManhattan Associates, Inc.	8.1B	135.43	37.62	3.75%	20.34%	69.88%	4.61%	0.36
TRAKReposiTrak, Inc.	158.44M	8.70	24.86	10.53%	30.92%	14.62%	5.3%	0.01
MAPSWM Technology, Inc.	32.97M	0.67	8.49	-1.85%	4.4%	5.83%	75.94%	0.25
STECSantech Holdings Limited	1.06B	12.60	1.52	7.71%	5.75%	10.73%	47.6%	0.15
FTFTFuture FinTech Group Inc.	30.03M	1.49	-0.09	-90.05%	-15.27%	-63.79%		0.09

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	389.33M	673.3M	1.07B	1.58B	2.93B	4.61B	5.6B	7.06B	8.88B	11.56B
Revenue Growth %	89.7%	72.94%	59.4%	47.05%	85.63%	57.43%	21.43%	26.07%	25.78%	30.14%
Cost of Goods Sold+	179.84M	293.05M	476.96M	712.53M	1.39B	2.13B	2.85B	3.54B	4.41B	6B
COGS % of Revenue	46.19%	43.52%	44.44%	45.15%	47.38%	46.2%	50.82%	50.21%	49.64%	51.93%
Gross Profit+	209.5M	380.25M	596.27M	865.64M	1.54B	2.48B	2.75B	3.52B	4.47B	5.55B
Gross Margin %	53.81%	56.48%	55.56%	54.85%	52.62%	53.8%	49.18%	49.79%	50.36%	48.07%
Gross Profit Growth %	88.61%	81.51%	56.81%	45.18%	78.08%	60.95%	11%	27.63%	27.23%	24.22%
Operating Expenses+	246.66M	429.41M	688.19M	1.01B	1.45B	2.21B	3.58B	4.93B	3.4B	4.09B
OpEx % of Revenue	63.35%	63.78%	64.12%	63.79%	49.54%	47.97%	63.86%	69.87%	38.25%	35.37%
Selling, General & Admin	172.32M	293.41M	457.51M	626.61M	847.39M	1.28B	1.94B	1.71B	1.8B	2.13B
SG&A % of Revenue	44.26%	43.58%	42.63%	39.7%	28.93%	27.68%	34.61%	24.24%	20.3%	18.47%
Research & Development	74.34M	136M	230.67M	355.01M	552.13M	854.38M	1.5B	1.73B	1.37B	1.54B
R&D % of Revenue	19.09%	20.2%	21.49%	22.5%	18.85%	18.53%	26.84%	24.5%	15.39%	13.29%
Other Operating Expenses	0	-199K	-410K	25.17M	51.85M	81.72M	135M	1.49B	227M	417M
Operating Income+	-37.16M	-49.16M	-91.92M	-141.15M	90.15M	268.64M	-822M	-1.42B	1.07B	1.47B
Operating Margin %	-9.55%	-7.3%	-8.56%	-8.94%	3.08%	5.83%	-14.68%	-20.09%	12.11%	12.7%
Operating Income Growth %	-109.31%	-32.27%	-86.99%	-53.55%	163.87%	197.99%	-405.98%	-72.51%	175.81%	36.56%
EBITDA+	-23.2M	-25.77M	-64.87M	-105.5M	160.21M	334.95M	-729M	-1.35B	1.11B	1.5B
EBITDA Margin %	-5.96%	-3.83%	-6.04%	-6.68%	5.47%	7.26%	-13.02%	-19.09%	12.51%	12.97%
EBITDA Growth %	-120.51%	-11.11%	-151.67%	-62.63%	251.87%	109.07%	-317.64%	-84.91%	182.42%	34.92%
D&A (Non-Cash Add-back)	13.97M	23.38M	27.05M	35.65M	70.06M	66.31M	93M	70M	36M	31M
EBIT	-37.16M	-49.16M	-91.92M	-95.81M	248.94M	3.14B	-687M	74M	1.3B	1.47B
Net Interest Income+	1.54M	7.85M	29.44M	48.18M	15.11M	11.86M	75M	241M	308M	331M
Interest Income	1.54M	7.85M	29.44M	48.18M	24.67M	15.36M	76M	241M	308M	331M
Interest Expense	0	0	0	0	9.56M	3.46M	1.15M	0	0	0
Other Income/Expense	1.81M	9.16M	27.37M	45.33M	150.21M	2.87B	-2.8B	1.6B	1.15B	41M
Pretax Income+	-35.35M	-39.99M	-64.55M	-95.81M	240.36M	3.14B	-3.62B	185M	2.23B	1.51B
Pretax Margin %	-9.08%	-5.94%	-6.01%	-6.07%	8.21%	68.1%	-64.7%	2.62%	25.09%	13.06%
Income Tax+	0	0	0	29.03M	-79.14M	225.93M	-163M	53M	209M	278M
Effective Tax Rate %	100%	100%	100%	130.29%	132.93%	92.81%	95.5%	71.35%	90.62%	81.58%
Net Income+	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B	1.23B
Net Margin %	-9.08%	-5.94%	-6.01%	-7.91%	10.91%	63.2%	-61.79%	1.87%	22.74%	10.65%
Net Income Growth %	-88.16%	-13.12%	-61.4%	-93.39%	355.93%	812.23%	-218.71%	103.81%	1429.55%	-39.03%
Net Income (Continuing)	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B	1.23B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.04	-0.04	-0.06	-0.11	0.26	2.27	-2.73	0.10	1.55	0.94
EPS Growth %	-38.49%	0.71%	-46.17%	-80.03%	336.36%	773.08%	-220.26%	103.66%	1450%	-39.35%
EPS (Basic)	-0.04	-0.04	-0.06	-0.11	0.27	2.32	-2.73	0.10	1.56	0.95
Diluted Shares Outstanding	839.89M	957.75M	1.06B	1.13B	1.23B	1.27B	1.27B	1.3B	1.3B	1.3B
Basic Shares Outstanding	839.89M	957.75M	1.06B	1.13B	1.2B	1.25B	1.27B	1.28B	1.29B	1.3B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	422.9M	1.03B	2.13B	2.74B	6.88B	8.54B	6.05B	6.28B	7.25B	6.28B
Cash & Short-Term Investments	392.41M	938.04M	1.97B	2.46B	6.39B	7.77B	5.05B	5.01B	5.48B	5.78B
Cash Only	84.01M	141.68M	410.68M	649.92M	2.7B	2.5B	1.65B	1.41B	1.5B	1.54B
Short-Term Investments	308.4M	796.36M	1.56B	1.81B	3.68B	5.27B	3.4B	3.6B	3.98B	4.23B
Accounts Receivable	21.5M	69.04M	133.22M	240.7M	421.54M	667.05M	857.48M	1.16B	1.66B	500M
Days Sales Outstanding	20.15	37.43	45.31	55.67	52.52	52.79	55.89	59.71	68.03	15.79
Inventory	0	0	0	0	0	0	0	19M	26M	0
Days Inventory Outstanding	-	-	-	-	-	-	-	1.96	2.15	-
Other Current Assets	563K	6.12M	3.68M	12.64M	33.82M	12.5M	30M	7M	0	0
Total Non-Current Assets+	67.66M	87.89M	125.7M	747.25M	885.15M	4.8B	4.71B	5.02B	6.67B	1.67B
Property, Plant & Equipment	45.72M	50.36M	61.61M	246.17M	211.48M	301.91M	486M	147M	140M	141M
Fixed Asset Turnover	8.52x	13.37x	17.42x	6.41x	13.85x	15.28x	11.52x	48.03x	63.43x	81.96x
Goodwill	15.5M	20.32M	38.02M	311.87M	311.87M	356.53M	1.84B	427M	452M	491M
Intangible Assets	6.44M	17.21M	26.07M	167.28M	135.68M	138.5M	390M	29M	22M	30M
Long-Term Investments	0	0	0	2.5M	173.45M	3.96B	1.95B	4.38B	6B	975M
Other Non-Current Assets	0	0	0	0	0	0	0	0	21M	0
Total Assets+	490.56M	1.11B	2.25B	3.49B	7.76B	13.34B	10.76B	11.3B	13.92B	15.19B
Asset Turnover	0.79x	0.60x	0.48x	0.45x	0.38x	0.35x	0.52x	0.62x	0.64x	0.76x
Asset Growth %	101.29%	127%	102.48%	54.76%	122.47%	71.85%	-19.36%	5.04%	23.23%	9.09%
Total Current Liabilities+	66.53M	94.75M	138.69M	316.38M	438.33M	702.73M	856M	898M	1.96B	488M
Accounts Payable	34.32M	44.33M	61.27M	90.52M	168.72M	284.01M	364M	364M	360M	0
Days Payables Outstanding	69.66	55.22	46.89	46.37	44.37	48.65	46.68	37.48	29.81	-
Short-Term Debt	0	0	0	0	0	0	0	0	918M	188M
Deferred Revenue (Current)	20.16M	30.69M	39.18M	56.69M	107.81M	216.79M	296M	302M	283M	300M
Other Current Liabilities	5.79M	5.77M	26.54M	32.37M	61.89M	77.83M	84M	58M	112M	0
Current Ratio	6.36x	10.82x	15.35x	8.67x	15.69x	12.15x	7.07x	6.99x	3.71x	12.86x
Quick Ratio	6.36x	10.82x	15.35x	8.67x	15.69x	12.15x	7.07x	6.97x	3.70x	12.86x
Cash Conversion Cycle	-	-	-	-	-	-	-	24.19	40.37	-
Total Non-Current Liabilities+	13.55M	17.71M	25.33M	157.36M	923.85M	1.5B	1.66B	1.33B	410M	1.23B
Long-Term Debt	0	0	0	0	758.01M	910.96M	913M	916M	0	0
Capital Lease Obligations	12.63M	14.97M	22.32M	142.64M	144.84M	246.78M	465M	217M	190M	0
Deferred Tax Liabilities	0	1.39M	1.13M	8.75M	0	183.43M	16M	6M	73M	55M
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	1.17B
Total Liabilities	80.08M	112.46M	164.02M	473.75M	1.36B	2.21B	2.52B	2.23B	2.37B	1.72B
Total Debt+	13.94M	16.45M	24.87M	151.71M	912.89M	1.17B	1.4B	1.15B	1.13B	188M
Net Debt	-70.07M	-125.22M	-385.81M	-498.21M	-1.79B	-1.33B	-253M	-263M	-372M	-1.36B
Debt / Equity	0.03x	0.02x	0.01x	0.05x	0.14x	0.11x	0.17x	0.13x	0.10x	0.01x
Debt / EBITDA	-	-	-	-	5.70x	3.50x	-	-	1.01x	0.13x
Net Debt / EBITDA	-	-	-	-	-11.18x	-3.97x	-	-	-0.33x	-0.91x
Interest Coverage	-	-	-	-	9.43x	77.60x	-714.78x	-	-	-
Total Equity+	410.48M	1B	2.09B	3.02B	6.4B	11.13B	8.24B	9.07B	11.56B	13.47B
Equity Growth %	110.16%	143.89%	108.85%	44.24%	112.24%	73.94%	-26%	10.04%	27.49%	16.57%
Book Value per Share	0.49	1.05	1.98	2.67	5.18	8.74	6.51	7.00	8.88	10.32
Total Shareholders' Equity	410.48M	1B	2.09B	3.02B	6.4B	11.13B	8.24B	9.07B	11.56B	13.47B
Common Stock	468.49M	1.08B	2.22B	3.26B	6.12B	8.04B	8.75B	9.2B	9.63B	10.38B
Retained Earnings	-83.21M	-123.2M	-187.76M	-304.22M	15.29M	2.94B	-522M	-390M	1.63B	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.82M	3.44M	-12.22M	1.05M	8.77M	-5.97M	-16M	4M	-10M	1M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	14.02M	7.9M	9.32M	70.61M	424.96M	535.71M	-136M	944M	1.62B	2.03B
Operating CF Margin %	3.6%	1.17%	0.87%	4.47%	14.51%	11.62%	-2.43%	13.37%	18.2%	17.59%
Operating CF Growth %	-11.04%	-43.63%	18.01%	657.35%	501.8%	26.06%	-125.39%	794.12%	71.19%	25.8%
Net Income	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B	1.23B
Depreciation & Amortization	13.97M	23.38M	27.05M	35.65M	70.06M	66.31M	93M	70M	36M	31M
Stock-Based Compensation	22.9M	49.16M	95.72M	158.46M	246.94M	330.76M	549M	615M	430M	449M
Deferred Taxes	0	0	0	-37.92M	-44.8M	190.96M	-187M	-1M	78M	-14M
Other Non-Cash Items	261K	1M	7.19M	21.13M	-73.03M	-2.84B	2.97B	-67M	-781M	453M
Working Capital Changes	12.25M	-25.65M	-56.09M	18.14M	-93.72M	-129.64M	-99M	195M	-166M	-117M
Change in Receivables	-15.28M	-50.85M	-83.34M	-56.18M	-29.15M	-307.09M	-128M	116M	-230M	-360M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	262M
Cash from Investing+	-269.69M	-527.17M	-810.63M	-569.48M	-1.93B	-2.38B	-719M	-1.24B	-1.59B	-1.19B
Capital Expenditures	-23.77M	-20.04M	-27.95M	-56.76M	-41.73M	-50.79M	-50M	-39M	-19M	-26M
CapEx % of Revenue	6.11%	2.98%	2.6%	3.6%	1.42%	1.1%	0.89%	0.55%	0.21%	0.22%
Acquisitions	-14.11M	-15.72M	-19.4M	-265.51M	-11.05M	-709.86M	-2.39B	-395M	-167M	-56M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.46M	-4.22M	-13.6M	-5.64M	-262K	-31.28M	-159M	-559M	-461M	-521M
Cash from Financing+	228.59M	574.83M	1.07B	736.35M	3.56B	1.65B	18M	60M	61M	-811M
Debt Issued (Net)	0	0	0	0	907.95M	0	0	0	0	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	0	0	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	4.16M	14.77M	30.49M	48.34M	70.81M	108.59M	18M	60M	2.93M	-811M
Net Change in Cash	-26.06M	57.66M	269.01M	239.23M	2.05B	-200.6M	-854M	-236M	85M	47M
Free Cash Flow+	-12.22M	-16.36M	-32.22M	8.22M	382.96M	484.92M	-186M	905M	1.6B	2.01B
FCF Margin %	-3.14%	-2.43%	-3%	0.52%	13.07%	10.51%	-3.32%	12.82%	17.98%	17.37%
FCF Growth %	-131.42%	-33.9%	-96.94%	125.51%	4560.05%	26.62%	-138.36%	586.56%	76.46%	25.67%
FCF per Share	-0.01	-0.02	-0.03	0.01	0.31	0.38	-0.15	0.70	1.23	1.54
FCF Conversion (FCF/Net Income)	-0.40x	-0.20x	-0.14x	-0.57x	1.33x	0.18x	0.04x	7.15x	0.80x	1.65x
Interest Paid	0	0	0	0	0	1.29M	1M	1M	1M	0
Taxes Paid	0	0	0	0	0	10.47M	27M	50M	116M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-11.67%	-5.67%	-4.18%	-4.89%	6.79%	33.25%	-35.72%	1.53%	19.58%	9.84%
Return on Invested Capital (ROIC)	-12.76%	-6.06%	-5.34%	-5.01%	1.9%	2.8%	-6.93%	-12.67%	8.07%	9.45%
Gross Margin	53.81%	56.48%	55.56%	54.85%	52.62%	53.8%	49.18%	49.79%	50.36%	48.07%
Net Margin	-9.08%	-5.94%	-6.01%	-7.91%	10.91%	63.2%	-61.79%	1.87%	22.74%	10.65%
Debt / Equity	0.03x	0.02x	0.01x	0.05x	0.14x	0.11x	0.17x	0.13x	0.10x	0.01x
Interest Coverage	-	-	-	-	9.43x	77.60x	-714.78x	-	-	-
FCF Conversion	-0.40x	-0.20x	-0.14x	-0.57x	1.33x	0.18x	0.04x	7.15x	0.80x	1.65x
Revenue Growth	89.7%	72.94%	59.4%	47.05%	85.63%	57.43%	21.43%	26.07%	25.78%	30.14%

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Shopify Inc. (SHOP) 10-Year Financial Performance & Capital Metrics

SHOP •

TechnologyApplication SoftwareE-commerce platforms and retail enablement

Revenue $11.56B +30.1%
EBITDA $1.5B +34.9%
Net Income $1.23B -39.0%
EPS (Diluted) 0.94 -39.4%
Gross Margin 48.07% -4.5%
EBITDA Margin 12.97% +3.7%
Operating Margin 12.7% +4.9%
Net Margin 10.65% -53.1%
ROE 9.84% -49.8%
ROIC 9.45% +17.1%
Debt/Equity 0.01 -85.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 31.0%
✓FCF machine: 17.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 31.6%

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Expensive at 11.7x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y49.64%

5Y31.58%

3Y27.31%

TTM30.14%

Profit (Net Income) CAGR

10Y-

5Y30.96%

3Y-

TTM-39.03%

EPS CAGR

10Y-

5Y29.31%

3Y-

TTM-39.74%

ROCE

10Y Avg-2.6%

5Y Avg0.41%

3Y Avg2.22%

Latest11.01%

Peer Comparison

E-commerce platforms and retail enablement

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SHOPShopify Inc.	157.42B	120.73	128.44	30.14%	10.65%	9.14%	1.27%	0.01
GRABGrab Holdings Limited	16.75B	4.22	66.25	20.49%	7.92%	3.95%	0.8%	0.30
VTEXVtex	333.29M	3.43	54.97	12.5%	7.03%	6.81%	7.56%	0.01
MANHManhattan Associates, Inc.	8.1B	135.43	37.62	3.75%	20.34%	69.88%	4.61%	0.36
TRAKReposiTrak, Inc.	158.44M	8.70	24.86	10.53%	30.92%	14.62%	5.3%	0.01
MAPSWM Technology, Inc.	32.97M	0.67	8.49	-1.85%	4.4%	5.83%	75.94%	0.25
STECSantech Holdings Limited	1.06B	12.60	1.52	7.71%	5.75%	10.73%	47.6%	0.15
FTFTFuture FinTech Group Inc.	30.03M	1.49	-0.09	-90.05%	-15.27%	-63.79%		0.09

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	389.33M	673.3M	1.07B	1.58B	2.93B	4.61B	5.6B	7.06B	8.88B	11.56B
Revenue Growth %	89.7%	72.94%	59.4%	47.05%	85.63%	57.43%	21.43%	26.07%	25.78%	30.14%
Cost of Goods Sold+	179.84M	293.05M	476.96M	712.53M	1.39B	2.13B	2.85B	3.54B	4.41B	6B
COGS % of Revenue	46.19%	43.52%	44.44%	45.15%	47.38%	46.2%	50.82%	50.21%	49.64%	51.93%
Gross Profit+	209.5M	380.25M	596.27M	865.64M	1.54B	2.48B	2.75B	3.52B	4.47B	5.55B
Gross Margin %	53.81%	56.48%	55.56%	54.85%	52.62%	53.8%	49.18%	49.79%	50.36%	48.07%
Gross Profit Growth %	88.61%	81.51%	56.81%	45.18%	78.08%	60.95%	11%	27.63%	27.23%	24.22%
Operating Expenses+	246.66M	429.41M	688.19M	1.01B	1.45B	2.21B	3.58B	4.93B	3.4B	4.09B
OpEx % of Revenue	63.35%	63.78%	64.12%	63.79%	49.54%	47.97%	63.86%	69.87%	38.25%	35.37%
Selling, General & Admin	172.32M	293.41M	457.51M	626.61M	847.39M	1.28B	1.94B	1.71B	1.8B	2.13B
SG&A % of Revenue	44.26%	43.58%	42.63%	39.7%	28.93%	27.68%	34.61%	24.24%	20.3%	18.47%
Research & Development	74.34M	136M	230.67M	355.01M	552.13M	854.38M	1.5B	1.73B	1.37B	1.54B
R&D % of Revenue	19.09%	20.2%	21.49%	22.5%	18.85%	18.53%	26.84%	24.5%	15.39%	13.29%
Other Operating Expenses	0	-199K	-410K	25.17M	51.85M	81.72M	135M	1.49B	227M	417M
Operating Income+	-37.16M	-49.16M	-91.92M	-141.15M	90.15M	268.64M	-822M	-1.42B	1.07B	1.47B
Operating Margin %	-9.55%	-7.3%	-8.56%	-8.94%	3.08%	5.83%	-14.68%	-20.09%	12.11%	12.7%
Operating Income Growth %	-109.31%	-32.27%	-86.99%	-53.55%	163.87%	197.99%	-405.98%	-72.51%	175.81%	36.56%
EBITDA+	-23.2M	-25.77M	-64.87M	-105.5M	160.21M	334.95M	-729M	-1.35B	1.11B	1.5B
EBITDA Margin %	-5.96%	-3.83%	-6.04%	-6.68%	5.47%	7.26%	-13.02%	-19.09%	12.51%	12.97%
EBITDA Growth %	-120.51%	-11.11%	-151.67%	-62.63%	251.87%	109.07%	-317.64%	-84.91%	182.42%	34.92%
D&A (Non-Cash Add-back)	13.97M	23.38M	27.05M	35.65M	70.06M	66.31M	93M	70M	36M	31M
EBIT	-37.16M	-49.16M	-91.92M	-95.81M	248.94M	3.14B	-687M	74M	1.3B	1.47B
Net Interest Income+	1.54M	7.85M	29.44M	48.18M	15.11M	11.86M	75M	241M	308M	331M
Interest Income	1.54M	7.85M	29.44M	48.18M	24.67M	15.36M	76M	241M	308M	331M
Interest Expense	0	0	0	0	9.56M	3.46M	1.15M	0	0	0
Other Income/Expense	1.81M	9.16M	27.37M	45.33M	150.21M	2.87B	-2.8B	1.6B	1.15B	41M
Pretax Income+	-35.35M	-39.99M	-64.55M	-95.81M	240.36M	3.14B	-3.62B	185M	2.23B	1.51B
Pretax Margin %	-9.08%	-5.94%	-6.01%	-6.07%	8.21%	68.1%	-64.7%	2.62%	25.09%	13.06%
Income Tax+	0	0	0	29.03M	-79.14M	225.93M	-163M	53M	209M	278M
Effective Tax Rate %	100%	100%	100%	130.29%	132.93%	92.81%	95.5%	71.35%	90.62%	81.58%
Net Income+	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B	1.23B
Net Margin %	-9.08%	-5.94%	-6.01%	-7.91%	10.91%	63.2%	-61.79%	1.87%	22.74%	10.65%
Net Income Growth %	-88.16%	-13.12%	-61.4%	-93.39%	355.93%	812.23%	-218.71%	103.81%	1429.55%	-39.03%
Net Income (Continuing)	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B	1.23B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.04	-0.04	-0.06	-0.11	0.26	2.27	-2.73	0.10	1.55	0.94
EPS Growth %	-38.49%	0.71%	-46.17%	-80.03%	336.36%	773.08%	-220.26%	103.66%	1450%	-39.35%
EPS (Basic)	-0.04	-0.04	-0.06	-0.11	0.27	2.32	-2.73	0.10	1.56	0.95
Diluted Shares Outstanding	839.89M	957.75M	1.06B	1.13B	1.23B	1.27B	1.27B	1.3B	1.3B	1.3B
Basic Shares Outstanding	839.89M	957.75M	1.06B	1.13B	1.2B	1.25B	1.27B	1.28B	1.29B	1.3B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	422.9M	1.03B	2.13B	2.74B	6.88B	8.54B	6.05B	6.28B	7.25B	6.28B
Cash & Short-Term Investments	392.41M	938.04M	1.97B	2.46B	6.39B	7.77B	5.05B	5.01B	5.48B	5.78B
Cash Only	84.01M	141.68M	410.68M	649.92M	2.7B	2.5B	1.65B	1.41B	1.5B	1.54B
Short-Term Investments	308.4M	796.36M	1.56B	1.81B	3.68B	5.27B	3.4B	3.6B	3.98B	4.23B
Accounts Receivable	21.5M	69.04M	133.22M	240.7M	421.54M	667.05M	857.48M	1.16B	1.66B	500M
Days Sales Outstanding	20.15	37.43	45.31	55.67	52.52	52.79	55.89	59.71	68.03	15.79
Inventory	0	0	0	0	0	0	0	19M	26M	0
Days Inventory Outstanding	-	-	-	-	-	-	-	1.96	2.15	-
Other Current Assets	563K	6.12M	3.68M	12.64M	33.82M	12.5M	30M	7M	0	0
Total Non-Current Assets+	67.66M	87.89M	125.7M	747.25M	885.15M	4.8B	4.71B	5.02B	6.67B	1.67B
Property, Plant & Equipment	45.72M	50.36M	61.61M	246.17M	211.48M	301.91M	486M	147M	140M	141M
Fixed Asset Turnover	8.52x	13.37x	17.42x	6.41x	13.85x	15.28x	11.52x	48.03x	63.43x	81.96x
Goodwill	15.5M	20.32M	38.02M	311.87M	311.87M	356.53M	1.84B	427M	452M	491M
Intangible Assets	6.44M	17.21M	26.07M	167.28M	135.68M	138.5M	390M	29M	22M	30M
Long-Term Investments	0	0	0	2.5M	173.45M	3.96B	1.95B	4.38B	6B	975M
Other Non-Current Assets	0	0	0	0	0	0	0	0	21M	0
Total Assets+	490.56M	1.11B	2.25B	3.49B	7.76B	13.34B	10.76B	11.3B	13.92B	15.19B
Asset Turnover	0.79x	0.60x	0.48x	0.45x	0.38x	0.35x	0.52x	0.62x	0.64x	0.76x
Asset Growth %	101.29%	127%	102.48%	54.76%	122.47%	71.85%	-19.36%	5.04%	23.23%	9.09%
Total Current Liabilities+	66.53M	94.75M	138.69M	316.38M	438.33M	702.73M	856M	898M	1.96B	488M
Accounts Payable	34.32M	44.33M	61.27M	90.52M	168.72M	284.01M	364M	364M	360M	0
Days Payables Outstanding	69.66	55.22	46.89	46.37	44.37	48.65	46.68	37.48	29.81	-
Short-Term Debt	0	0	0	0	0	0	0	0	918M	188M
Deferred Revenue (Current)	20.16M	30.69M	39.18M	56.69M	107.81M	216.79M	296M	302M	283M	300M
Other Current Liabilities	5.79M	5.77M	26.54M	32.37M	61.89M	77.83M	84M	58M	112M	0
Current Ratio	6.36x	10.82x	15.35x	8.67x	15.69x	12.15x	7.07x	6.99x	3.71x	12.86x
Quick Ratio	6.36x	10.82x	15.35x	8.67x	15.69x	12.15x	7.07x	6.97x	3.70x	12.86x
Cash Conversion Cycle	-	-	-	-	-	-	-	24.19	40.37	-
Total Non-Current Liabilities+	13.55M	17.71M	25.33M	157.36M	923.85M	1.5B	1.66B	1.33B	410M	1.23B
Long-Term Debt	0	0	0	0	758.01M	910.96M	913M	916M	0	0
Capital Lease Obligations	12.63M	14.97M	22.32M	142.64M	144.84M	246.78M	465M	217M	190M	0
Deferred Tax Liabilities	0	1.39M	1.13M	8.75M	0	183.43M	16M	6M	73M	55M
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	1.17B
Total Liabilities	80.08M	112.46M	164.02M	473.75M	1.36B	2.21B	2.52B	2.23B	2.37B	1.72B
Total Debt+	13.94M	16.45M	24.87M	151.71M	912.89M	1.17B	1.4B	1.15B	1.13B	188M
Net Debt	-70.07M	-125.22M	-385.81M	-498.21M	-1.79B	-1.33B	-253M	-263M	-372M	-1.36B
Debt / Equity	0.03x	0.02x	0.01x	0.05x	0.14x	0.11x	0.17x	0.13x	0.10x	0.01x
Debt / EBITDA	-	-	-	-	5.70x	3.50x	-	-	1.01x	0.13x
Net Debt / EBITDA	-	-	-	-	-11.18x	-3.97x	-	-	-0.33x	-0.91x
Interest Coverage	-	-	-	-	9.43x	77.60x	-714.78x	-	-	-
Total Equity+	410.48M	1B	2.09B	3.02B	6.4B	11.13B	8.24B	9.07B	11.56B	13.47B
Equity Growth %	110.16%	143.89%	108.85%	44.24%	112.24%	73.94%	-26%	10.04%	27.49%	16.57%
Book Value per Share	0.49	1.05	1.98	2.67	5.18	8.74	6.51	7.00	8.88	10.32
Total Shareholders' Equity	410.48M	1B	2.09B	3.02B	6.4B	11.13B	8.24B	9.07B	11.56B	13.47B
Common Stock	468.49M	1.08B	2.22B	3.26B	6.12B	8.04B	8.75B	9.2B	9.63B	10.38B
Retained Earnings	-83.21M	-123.2M	-187.76M	-304.22M	15.29M	2.94B	-522M	-390M	1.63B	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.82M	3.44M	-12.22M	1.05M	8.77M	-5.97M	-16M	4M	-10M	1M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	14.02M	7.9M	9.32M	70.61M	424.96M	535.71M	-136M	944M	1.62B	2.03B
Operating CF Margin %	3.6%	1.17%	0.87%	4.47%	14.51%	11.62%	-2.43%	13.37%	18.2%	17.59%
Operating CF Growth %	-11.04%	-43.63%	18.01%	657.35%	501.8%	26.06%	-125.39%	794.12%	71.19%	25.8%
Net Income	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B	1.23B
Depreciation & Amortization	13.97M	23.38M	27.05M	35.65M	70.06M	66.31M	93M	70M	36M	31M
Stock-Based Compensation	22.9M	49.16M	95.72M	158.46M	246.94M	330.76M	549M	615M	430M	449M
Deferred Taxes	0	0	0	-37.92M	-44.8M	190.96M	-187M	-1M	78M	-14M
Other Non-Cash Items	261K	1M	7.19M	21.13M	-73.03M	-2.84B	2.97B	-67M	-781M	453M
Working Capital Changes	12.25M	-25.65M	-56.09M	18.14M	-93.72M	-129.64M	-99M	195M	-166M	-117M
Change in Receivables	-15.28M	-50.85M	-83.34M	-56.18M	-29.15M	-307.09M	-128M	116M	-230M	-360M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	262M
Cash from Investing+	-269.69M	-527.17M	-810.63M	-569.48M	-1.93B	-2.38B	-719M	-1.24B	-1.59B	-1.19B
Capital Expenditures	-23.77M	-20.04M	-27.95M	-56.76M	-41.73M	-50.79M	-50M	-39M	-19M	-26M
CapEx % of Revenue	6.11%	2.98%	2.6%	3.6%	1.42%	1.1%	0.89%	0.55%	0.21%	0.22%
Acquisitions	-14.11M	-15.72M	-19.4M	-265.51M	-11.05M	-709.86M	-2.39B	-395M	-167M	-56M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.46M	-4.22M	-13.6M	-5.64M	-262K	-31.28M	-159M	-559M	-461M	-521M
Cash from Financing+	228.59M	574.83M	1.07B	736.35M	3.56B	1.65B	18M	60M	61M	-811M
Debt Issued (Net)	0	0	0	0	907.95M	0	0	0	0	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	0	0	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	4.16M	14.77M	30.49M	48.34M	70.81M	108.59M	18M	60M	2.93M	-811M
Net Change in Cash	-26.06M	57.66M	269.01M	239.23M	2.05B	-200.6M	-854M	-236M	85M	47M
Free Cash Flow+	-12.22M	-16.36M	-32.22M	8.22M	382.96M	484.92M	-186M	905M	1.6B	2.01B
FCF Margin %	-3.14%	-2.43%	-3%	0.52%	13.07%	10.51%	-3.32%	12.82%	17.98%	17.37%
FCF Growth %	-131.42%	-33.9%	-96.94%	125.51%	4560.05%	26.62%	-138.36%	586.56%	76.46%	25.67%
FCF per Share	-0.01	-0.02	-0.03	0.01	0.31	0.38	-0.15	0.70	1.23	1.54
FCF Conversion (FCF/Net Income)	-0.40x	-0.20x	-0.14x	-0.57x	1.33x	0.18x	0.04x	7.15x	0.80x	1.65x
Interest Paid	0	0	0	0	0	1.29M	1M	1M	1M	0
Taxes Paid	0	0	0	0	0	10.47M	27M	50M	116M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-11.67%	-5.67%	-4.18%	-4.89%	6.79%	33.25%	-35.72%	1.53%	19.58%	9.84%
Return on Invested Capital (ROIC)	-12.76%	-6.06%	-5.34%	-5.01%	1.9%	2.8%	-6.93%	-12.67%	8.07%	9.45%
Gross Margin	53.81%	56.48%	55.56%	54.85%	52.62%	53.8%	49.18%	49.79%	50.36%	48.07%
Net Margin	-9.08%	-5.94%	-6.01%	-7.91%	10.91%	63.2%	-61.79%	1.87%	22.74%	10.65%
Debt / Equity	0.03x	0.02x	0.01x	0.05x	0.14x	0.11x	0.17x	0.13x	0.10x	0.01x
Interest Coverage	-	-	-	-	9.43x	77.60x	-714.78x	-	-	-
FCF Conversion	-0.40x	-0.20x	-0.14x	-0.57x	1.33x	0.18x	0.04x	7.15x	0.80x	1.65x
Revenue Growth	89.7%	72.94%	59.4%	47.05%	85.63%	57.43%	21.43%	26.07%	25.78%	30.14%

Shopify Inc. (SHOP) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare SHOP vs Peers

vs GRAB

vs MANH

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Profit & Loss

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Dividend History

Earnings History

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Revenue History

Financial Ratios

Shopify Inc. (SHOP) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare SHOP vs Peers

vs GRAB

vs MANH

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios