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

SHOP • • Industrial / General

TechnologyApplication SoftwareMarketing & Customer EngagementMarketing Automation

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 $8.88B +25.8%
EBITDA $1.11B +182.4%
Net Income $2.02B +1429.5%
EPS (Diluted) 1.55 +1450.0%
Gross Margin 50.36% +1.2%
EBITDA Margin 12.51% +165.5%
Operating Margin 12.11% +160.3%
Net Margin 22.74% +1116.1%
ROE 19.58% +1183.4%
ROIC 8.07% +163.7%
Debt/Equity 0.10 -23.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 18.0% free cash flow margin
✓Momentum leader: RS Rating 81 (top 19%)
✓Strong 5Y sales CAGR of 41.3%

✗Weaknesses

✗Expensive at 18.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y55.85%

5Y41.27%

3Y24.41%

TTM30.25%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-11.52%

TTM28.78%

EPS CAGR

10Y-

5Y-

3Y-11.94%

TTM27.1%

ROCE

10Y Avg-4.96%

5Y Avg-1.45%

3Y Avg-3.88%

Latest9.61%

Peer Comparison

Marketing Automation

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HUBSHubSpot, Inc.	18.8B	358.89	4018.93	21.07%	-0.12%	-0.19%	2.98%	0.39
SHOPShopify Inc.	204.71B	167.44	108.03	25.78%	16.65%	14.25%	0.78%	0.10
CRMSalesforce, Inc.	225.87B	241.06	37.90	8.72%	17.91%	12.03%	5.5%	0.19
SAGTSAGTEC GLOBAL Ltd	23.46M	1.84	3.35	77.59%	13.32%	50.19%	3.71%	0.20
BNZIBanzai International, Inc.	15.91M	1.51	-0.22	-0.73%	-547.65%	-108.58%
SOPASociety Pass Incorporated	18.41M	2.42	-0.70	-13.05%	-77.41%	-40.8%	13.28%
BMBLBumble Inc.	408.12M	3.62	-0.79	1.88%	-19.82%	-19.17%	23.69%	0.47
PHUNPhunware, Inc.	39.57M	1.96	-2.09	-34%	-5.05%	-12.11%		0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	205.23M	389.33M	673.3M	1.07B	1.58B	2.93B	4.61B	5.6B	7.06B	8.88B
Revenue Growth %	0.95%	0.9%	0.73%	0.59%	0.47%	0.86%	0.57%	0.21%	0.26%	0.26%
Cost of Goods Sold+	94.16M	179.84M	293.05M	476.96M	712.53M	1.39B	2.13B	2.85B	3.54B	4.41B
COGS % of Revenue	0.46%	0.46%	0.44%	0.44%	0.45%	0.47%	0.46%	0.51%	0.5%	0.5%
Gross Profit+	111.07M	209.5M	380.25M	596.27M	865.64M	1.54B	2.48B	2.75B	3.52B	4.47B
Gross Margin %	0.54%	0.54%	0.56%	0.56%	0.55%	0.53%	0.54%	0.49%	0.5%	0.5%
Gross Profit Growth %	0.8%	0.89%	0.82%	0.57%	0.45%	0.78%	0.61%	0.11%	0.28%	0.27%
Operating Expenses+	128.83M	246.66M	429.41M	688.19M	1.01B	1.45B	2.21B	3.58B	4.93B	3.4B
OpEx % of Revenue	0.63%	0.63%	0.64%	0.64%	0.64%	0.5%	0.48%	0.64%	0.7%	0.38%
Selling, General & Admin	89.11M	172.32M	293.41M	457.51M	626.61M	847.39M	1.28B	1.94B	1.71B	1.8B
SG&A % of Revenue	0.43%	0.44%	0.44%	0.43%	0.4%	0.29%	0.28%	0.35%	0.24%	0.2%
Research & Development	39.72M	74.34M	136M	230.67M	355.01M	552.13M	854.38M	1.5B	1.73B	1.37B
R&D % of Revenue	0.19%	0.19%	0.2%	0.21%	0.22%	0.19%	0.19%	0.27%	0.25%	0.15%
Other Operating Expenses	0	0	-199K	-410K	25.17M	51.85M	81.72M	135M	1.49B	227M
Operating Income+	-17.76M	-37.16M	-49.16M	-91.92M	-141.15M	90.15M	268.64M	-822M	-1.42B	1.07B
Operating Margin %	-0.09%	-0.1%	-0.07%	-0.09%	-0.09%	0.03%	0.06%	-0.15%	-0.2%	0.12%
Operating Income Growth %	0.18%	-1.09%	-0.32%	-0.87%	-0.54%	1.64%	1.98%	-4.06%	-0.73%	1.76%
EBITDA+	-10.52M	-23.2M	-25.77M	-64.87M	-105.5M	160.21M	334.95M	-729M	-1.35B	1.11B
EBITDA Margin %	-0.05%	-0.06%	-0.04%	-0.06%	-0.07%	0.05%	0.07%	-0.13%	-0.19%	0.13%
EBITDA Growth %	0.38%	-1.21%	-0.11%	-1.52%	-0.63%	2.52%	1.09%	-3.18%	-0.85%	1.82%
D&A (Non-Cash Add-back)	7.24M	13.97M	23.38M	27.05M	35.65M	70.06M	66.31M	93M	70M	36M
EBIT	-17.76M	-37.16M	-49.16M	-91.92M	-95.81M	248.94M	3.14B	-687M	74M	1.3B
Net Interest Income+	200K	1.54M	7.85M	29.44M	48.18M	15.11M	11.86M	75M	241M	308M
Interest Income	200K	1.54M	7.85M	29.44M	48.18M	24.67M	15.36M	76M	241M	308M
Interest Expense	0	0	0	0	0	9.56M	3.46M	1.15M	0	0
Other Income/Expense	-1.03M	1.81M	9.16M	27.37M	45.33M	150.21M	2.87B	-2.8B	1.6B	1.15B
Pretax Income+	-18.79M	-35.35M	-39.99M	-64.55M	-95.81M	240.36M	3.14B	-3.62B	185M	2.23B
Pretax Margin %	-0.09%	-0.09%	-0.06%	-0.06%	-0.06%	0.08%	0.68%	-0.65%	0.03%	0.25%
Income Tax+	0	0	0	0	29.03M	-79.14M	225.93M	-163M	53M	209M
Effective Tax Rate %	1%	1%	1%	1%	1.3%	1.33%	0.93%	0.96%	0.71%	0.91%
Net Income+	-18.79M	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B
Net Margin %	-0.09%	-0.09%	-0.06%	-0.06%	-0.08%	0.11%	0.63%	-0.62%	0.02%	0.23%
Net Income Growth %	0.16%	-0.88%	-0.13%	-0.61%	-0.93%	3.56%	8.12%	-2.19%	1.04%	14.3%
Net Income (Continuing)	-18.79M	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B
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)+	-0.03	-0.04	-0.04	-0.06	-0.11	0.26	2.27	-2.73	0.10	1.55
EPS Growth %	0.09%	-0.38%	0.01%	-0.46%	-0.8%	3.36%	7.73%	-2.2%	1.04%	14.5%
EPS (Basic)	-0.03	-0.04	-0.04	-0.06	-0.11	0.27	2.32	-2.73	0.10	1.56
Diluted Shares Outstanding	617.16M	839.89M	957.75M	1.06B	1.13B	1.23B	1.27B	1.27B	1.3B	1.3B
Basic Shares Outstanding	617.16M	839.89M	957.75M	1.06B	1.13B	1.2B	1.25B	1.27B	1.28B	1.29B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	202.47M	422.9M	1.03B	2.13B	2.74B	6.88B	8.54B	6.05B	6.28B	7.25B
Cash & Short-Term Investments	190.17M	392.41M	938.04M	1.97B	2.46B	6.39B	7.77B	5.05B	5.01B	5.48B
Cash Only	110.07M	84.01M	141.68M	410.68M	649.92M	2.7B	2.5B	1.65B	1.41B	1.5B
Short-Term Investments	80.1M	308.4M	796.36M	1.56B	1.81B	3.68B	5.27B	3.4B	3.6B	3.98B
Accounts Receivable	6.09M	21.5M	69.04M	133.22M	240.7M	421.54M	667.05M	857.48M	1.16B	1.66B
Days Sales Outstanding	10.83	20.15	37.43	45.31	55.67	52.52	52.79	55.89	59.71	68.03
Inventory	0	0	0	0	0	0	0	0	19M	26M
Days Inventory Outstanding	-	-	-	-	-	-	-	-	1.96	2.15
Other Current Assets	1.55M	563K	6.12M	3.68M	12.64M	33.82M	12.5M	30M	7M	0
Total Non-Current Assets+	41.25M	67.66M	87.89M	125.7M	747.25M	885.15M	4.8B	4.71B	5.02B	6.67B
Property, Plant & Equipment	33.05M	45.72M	50.36M	61.61M	246.17M	211.48M	301.91M	486M	147M	140M
Fixed Asset Turnover	6.21x	8.52x	13.37x	17.42x	6.41x	13.85x	15.28x	11.52x	48.03x	63.43x
Goodwill	2.37M	15.5M	20.32M	38.02M	311.87M	311.87M	356.53M	1.84B	427M	452M
Intangible Assets	5.83M	6.44M	17.21M	26.07M	167.28M	135.68M	138.5M	390M	29M	22M
Long-Term Investments	0	0	0	0	2.5M	173.45M	3.96B	1.95B	4.38B	6B
Other Non-Current Assets	0	0	0	0	0	0	0	0	0	21M
Total Assets+	243.71M	490.56M	1.11B	2.25B	3.49B	7.76B	13.34B	10.76B	11.3B	13.92B
Asset Turnover	0.84x	0.79x	0.60x	0.48x	0.45x	0.38x	0.35x	0.52x	0.62x	0.64x
Asset Growth %	1.56%	1.01%	1.27%	1.02%	0.55%	1.22%	0.72%	-0.19%	0.05%	0.23%
Total Current Liabilities+	37.24M	66.53M	94.75M	138.69M	316.38M	438.33M	702.73M	856M	898M	1.96B
Accounts Payable	18.45M	34.32M	44.33M	61.27M	90.52M	168.72M	284.01M	364M	364M	360M
Days Payables Outstanding	71.53	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	0	918M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.15M	5.79M	5.77M	26.54M	32.37M	61.89M	77.83M	84M	58M	112M
Current Ratio	5.44x	6.36x	10.82x	15.35x	8.67x	15.69x	12.15x	7.07x	6.99x	3.71x
Quick Ratio	5.44x	6.36x	10.82x	15.35x	8.67x	15.69x	12.15x	7.07x	6.97x	3.70x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	24.19	40.37
Total Non-Current Liabilities+	11.16M	13.55M	17.71M	25.33M	157.36M	923.85M	1.5B	1.66B	1.33B	410M
Long-Term Debt	0	0	0	0	0	758.01M	910.96M	913M	916M	0
Capital Lease Obligations	10.5M	12.63M	14.97M	22.32M	142.64M	144.84M	246.78M	465M	217M	190M
Deferred Tax Liabilities	0	0	1.39M	1.13M	8.75M	0	183.43M	16M	6M	73M
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	48.4M	80.08M	112.46M	164.02M	473.75M	1.36B	2.21B	2.52B	2.23B	2.37B
Total Debt+	11.32M	13.94M	16.45M	24.87M	151.71M	912.89M	1.17B	1.4B	1.15B	1.13B
Net Debt	-98.75M	-70.07M	-125.22M	-385.81M	-498.21M	-1.79B	-1.33B	-253M	-263M	-372M
Debt / Equity	0.06x	0.03x	0.02x	0.01x	0.05x	0.14x	0.11x	0.17x	0.13x	0.10x
Debt / EBITDA	-	-	-	-	-	5.70x	3.50x	-	-	1.01x
Net Debt / EBITDA	-	-	-	-	-	-11.18x	-3.97x	-	-	-0.33x
Interest Coverage	-	-	-	-	-	9.43x	77.60x	-714.78x	-	-
Total Equity+	195.32M	410.48M	1B	2.09B	3.02B	6.4B	11.13B	8.24B	9.07B	11.56B
Equity Growth %	1.88%	1.1%	1.44%	1.09%	0.44%	1.12%	0.74%	-0.26%	0.1%	0.27%
Book Value per Share	0.32	0.49	1.05	1.98	2.67	5.18	8.74	6.51	7.00	8.88
Total Shareholders' Equity	195.32M	410.48M	1B	2.09B	3.02B	6.4B	11.13B	8.24B	9.07B	11.56B
Common Stock	231.45M	468.49M	1.08B	2.22B	3.26B	6.12B	8.04B	8.75B	9.2B	9.63B
Retained Earnings	-47.85M	-83.21M	-123.2M	-187.76M	-304.22M	15.29M	2.94B	-522M	-390M	1.63B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	-1.82M	3.44M	-12.22M	1.05M	8.77M	-5.97M	-16M	4M	-10M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	15.76M	14.02M	7.9M	9.32M	70.61M	424.96M	535.71M	-136M	944M	1.62B
Operating CF Margin %	0.08%	0.04%	0.01%	0.01%	0.04%	0.15%	0.12%	-0.02%	0.13%	0.18%
Operating CF Growth %	20.67%	-0.11%	-0.44%	0.18%	6.57%	5.02%	0.26%	-1.25%	7.94%	0.71%
Net Income	-18.79M	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B
Depreciation & Amortization	7.24M	13.97M	23.38M	27.05M	35.65M	70.06M	66.31M	93M	70M	36M
Stock-Based Compensation	7.8M	22.9M	49.16M	95.72M	158.46M	246.94M	330.76M	549M	615M	430M
Deferred Taxes	0	0	0	0	-37.92M	-44.8M	190.96M	-187M	-1M	78M
Other Non-Cash Items	2.18M	261K	1M	7.19M	21.13M	-73.03M	-2.84B	2.97B	-67M	-781M
Working Capital Changes	17.32M	12.25M	-25.65M	-56.09M	18.14M	-93.72M	-129.64M	-99M	195M	-166M
Change in Receivables	1.18M	-15.28M	-50.85M	-83.34M	-56.18M	-29.15M	-307.09M	-128M	116M	-230M
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	0
Cash from Investing+	-83.84M	-269.69M	-527.17M	-810.63M	-569.48M	-1.93B	-2.38B	-719M	-1.24B	-1.59B
Capital Expenditures	-16.52M	-23.77M	-20.04M	-27.95M	-56.76M	-41.73M	-50.79M	-50M	-39M	-19M
CapEx % of Revenue	0.08%	0.06%	0.03%	0.03%	0.04%	0.01%	0.01%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.51M	-2.46M	-4.22M	-13.6M	-5.64M	-262K	-31.28M	-159M	-559M	-461M
Cash from Financing+	137.85M	228.59M	574.83M	1.07B	736.35M	3.56B	1.65B	18M	60M	61M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.6M	4.16M	14.77M	30.49M	48.34M	70.81M	108.59M	18M	60M	2.93M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-5.28M	-12.22M	-16.36M	-32.22M	8.22M	382.96M	484.92M	-186M	905M	1.6B
FCF Margin %	-0.03%	-0.03%	-0.02%	-0.03%	0.01%	0.13%	0.11%	-0.03%	0.13%	0.18%
FCF Growth %	0.78%	-1.31%	-0.34%	-0.97%	1.26%	45.6%	0.27%	-1.38%	5.87%	0.76%
FCF per Share	-0.01	-0.01	-0.02	-0.03	0.01	0.31	0.38	-0.15	0.70	1.23
FCF Conversion (FCF/Net Income)	-0.84x	-0.40x	-0.20x	-0.14x	-0.57x	1.33x	0.18x	0.04x	7.15x	0.80x
Interest Paid	0	0	0	0	0	0	1.29M	1M	1M	1M
Taxes Paid	0	0	0	0	0	0	10.47M	27M	50M	116M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-14.29%	-11.67%	-5.67%	-4.18%	-4.89%	6.79%	33.25%	-35.72%	1.53%	19.58%
Return on Invested Capital (ROIC)	-20.47%	-12.76%	-6.06%	-5.34%	-5.01%	1.9%	2.8%	-6.93%	-12.67%	8.07%
Gross Margin	54.12%	53.81%	56.48%	55.56%	54.85%	52.62%	53.8%	49.18%	49.79%	50.36%
Net Margin	-9.16%	-9.08%	-5.94%	-6.01%	-7.91%	10.91%	63.2%	-61.79%	1.87%	22.74%
Debt / Equity	0.06x	0.03x	0.02x	0.01x	0.05x	0.14x	0.11x	0.17x	0.13x	0.10x
Interest Coverage	-	-	-	-	-	9.43x	77.60x	-714.78x	-	-
FCF Conversion	-0.84x	-0.40x	-0.20x	-0.14x	-0.57x	1.33x	0.18x	0.04x	7.15x	0.80x
Revenue Growth	95.43%	89.7%	72.94%	59.4%	47.05%	85.63%	57.43%	21.43%	26.07%	25.78%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	-	-	-	-	6.53B
Service Growth	-	-	-	-	-	-	-	-	-	-
Subscription and Circulation	-	-	-	-	-	-	-	-	-	2.35B
Subscription and Circulation Growth	-	-	-	-	-	-	-	-	-	-
Merchant Solutions	-	-	376.34M	577.21M	957.69M	2.13B	3.24B	3.95B	5.32B	-
Merchant Solutions Growth	-	-	-	53.38%	65.92%	122.15%	52.33%	21.86%	34.68%	-
Subscription Solutions	-	-	321.18M	441.28M	657.17M	956.76M	1.33B	1.43B	1.87B	-
Subscription Solutions Growth	-	-	-	37.39%	48.92%	45.59%	39.06%	7.39%	30.93%	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	-	-	495.49M	716.93M	1.1B	2.06B	2.95B	3.57B	4.73B	5.43B
United States Growth	-	-	-	44.69%	54.08%	86.25%	43.28%	21.18%	32.53%	14.78%
EMEA	-	-	-	-	-	-	792.57M	880.78M	1.28B	1.63B
EMEA Growth	-	-	-	-	-	-	-	11.13%	45.10%	27.15%
APAC	-	-	-	-	-	-	462.9M	531.44M	711.82M	842.51M
APAC Growth	-	-	-	-	-	-	-	14.81%	33.94%	18.36%
Canada	-	-	49.84M	67.16M	98.4M	202.9M	313.91M	332.21M	395.12M	459.81M
Canada Growth	-	-	-	34.77%	46.51%	106.19%	54.71%	5.83%	18.94%	16.37%
Latin America	-	-	-	-	-	38.07M	54.13M	61.45M	70.27M	92.34M
Latin America Growth	-	-	-	-	-	-	42.20%	13.52%	14.35%	31.42%
Other Europe, Middle East and Africa	-	-	-	-	-	267.89M	-	-	-	-
Other Europe, Middle East and Africa Growth	-	-	-	-	-	-	-	-	-	-
United Kingdom	-	-	46.19M	66.05M	105.9M	210.38M	-	-	-	-
United Kingdom Growth	-	-	-	42.98%	60.35%	98.65%	-	-	-	-
Other Asia Pacific	-	-	-	-	-	179.23M	-	-	-	-
Other Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-
Australia	-	-	32.76M	45.49M	70.17M	128.45M	-	-	-	-
Australia Growth	-	-	-	38.86%	54.24%	83.07%	-	-	-	-
Foreign	-	-	73.24M	122.87M	235.77M	-	-	-	-	-
Foreign Growth	-	-	-	67.76%	91.90%	-	-	-	-	-
UNITED STATES	144.75M	284.1M	-	-	-	-	-	-	-	-
UNITED STATES Growth	-	96.27%	-	-	-	-	-	-	-	-
Other Countries	19.83M	34.22M	-	-	-	-	-	-	-	-
Other Countries Growth	-	72.60%	-	-	-	-	-	-	-	-
CANADA	14.69M	26.89M	-	-	-	-	-	-	-	-
CANADA Growth	-	83.06%	-	-	-	-	-	-	-	-
AUSTRALIA	10.53M	18.16M	-	-	-	-	-	-	-	-
AUSTRALIA Growth	-	72.47%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Shopify Inc. (SHOP) has a price-to-earnings (P/E) ratio of 108.0x. This suggests investors expect higher future growth.

Growth & Financials

Shopify Inc. (SHOP) reported $10.70B in revenue for fiscal year 2024. This represents a 21185% increase from $50.3M in 2013.

Shopify Inc. (SHOP) grew revenue by 25.8% over the past year. This is strong growth.

Yes, Shopify Inc. (SHOP) is profitable, generating $1.78B in net income for fiscal year 2024 (22.7% net margin).

Dividend & Returns

Shopify Inc. (SHOP) has a return on equity (ROE) of 19.6%. This is reasonable for most industries.

Shopify Inc. (SHOP) generated $1.91B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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

SHOP • • Industrial / General

TechnologyApplication SoftwareMarketing & Customer EngagementMarketing Automation

Revenue $8.88B +25.8%
EBITDA $1.11B +182.4%
Net Income $2.02B +1429.5%
EPS (Diluted) 1.55 +1450.0%
Gross Margin 50.36% +1.2%
EBITDA Margin 12.51% +165.5%
Operating Margin 12.11% +160.3%
Net Margin 22.74% +1116.1%
ROE 19.58% +1183.4%
ROIC 8.07% +163.7%
Debt/Equity 0.10 -23.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓FCF machine: 18.0% free cash flow margin
✓Momentum leader: RS Rating 81 (top 19%)
✓Strong 5Y sales CAGR of 41.3%

✗Weaknesses

✗Expensive at 18.9x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y55.85%

5Y41.27%

3Y24.41%

TTM30.25%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-11.52%

TTM28.78%

EPS CAGR

10Y-

5Y-

3Y-11.94%

TTM27.1%

ROCE

10Y Avg-4.96%

5Y Avg-1.45%

3Y Avg-3.88%

Latest9.61%

Peer Comparison

Marketing Automation

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HUBSHubSpot, Inc.	18.8B	358.89	4018.93	21.07%	-0.12%	-0.19%	2.98%	0.39
SHOPShopify Inc.	204.71B	167.44	108.03	25.78%	16.65%	14.25%	0.78%	0.10
CRMSalesforce, Inc.	225.87B	241.06	37.90	8.72%	17.91%	12.03%	5.5%	0.19
SAGTSAGTEC GLOBAL Ltd	23.46M	1.84	3.35	77.59%	13.32%	50.19%	3.71%	0.20
BNZIBanzai International, Inc.	15.91M	1.51	-0.22	-0.73%	-547.65%	-108.58%
SOPASociety Pass Incorporated	18.41M	2.42	-0.70	-13.05%	-77.41%	-40.8%	13.28%
BMBLBumble Inc.	408.12M	3.62	-0.79	1.88%	-19.82%	-19.17%	23.69%	0.47
PHUNPhunware, Inc.	39.57M	1.96	-2.09	-34%	-5.05%	-12.11%		0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	205.23M	389.33M	673.3M	1.07B	1.58B	2.93B	4.61B	5.6B	7.06B	8.88B
Revenue Growth %	0.95%	0.9%	0.73%	0.59%	0.47%	0.86%	0.57%	0.21%	0.26%	0.26%
Cost of Goods Sold+	94.16M	179.84M	293.05M	476.96M	712.53M	1.39B	2.13B	2.85B	3.54B	4.41B
COGS % of Revenue	0.46%	0.46%	0.44%	0.44%	0.45%	0.47%	0.46%	0.51%	0.5%	0.5%
Gross Profit+	111.07M	209.5M	380.25M	596.27M	865.64M	1.54B	2.48B	2.75B	3.52B	4.47B
Gross Margin %	0.54%	0.54%	0.56%	0.56%	0.55%	0.53%	0.54%	0.49%	0.5%	0.5%
Gross Profit Growth %	0.8%	0.89%	0.82%	0.57%	0.45%	0.78%	0.61%	0.11%	0.28%	0.27%
Operating Expenses+	128.83M	246.66M	429.41M	688.19M	1.01B	1.45B	2.21B	3.58B	4.93B	3.4B
OpEx % of Revenue	0.63%	0.63%	0.64%	0.64%	0.64%	0.5%	0.48%	0.64%	0.7%	0.38%
Selling, General & Admin	89.11M	172.32M	293.41M	457.51M	626.61M	847.39M	1.28B	1.94B	1.71B	1.8B
SG&A % of Revenue	0.43%	0.44%	0.44%	0.43%	0.4%	0.29%	0.28%	0.35%	0.24%	0.2%
Research & Development	39.72M	74.34M	136M	230.67M	355.01M	552.13M	854.38M	1.5B	1.73B	1.37B
R&D % of Revenue	0.19%	0.19%	0.2%	0.21%	0.22%	0.19%	0.19%	0.27%	0.25%	0.15%
Other Operating Expenses	0	0	-199K	-410K	25.17M	51.85M	81.72M	135M	1.49B	227M
Operating Income+	-17.76M	-37.16M	-49.16M	-91.92M	-141.15M	90.15M	268.64M	-822M	-1.42B	1.07B
Operating Margin %	-0.09%	-0.1%	-0.07%	-0.09%	-0.09%	0.03%	0.06%	-0.15%	-0.2%	0.12%
Operating Income Growth %	0.18%	-1.09%	-0.32%	-0.87%	-0.54%	1.64%	1.98%	-4.06%	-0.73%	1.76%
EBITDA+	-10.52M	-23.2M	-25.77M	-64.87M	-105.5M	160.21M	334.95M	-729M	-1.35B	1.11B
EBITDA Margin %	-0.05%	-0.06%	-0.04%	-0.06%	-0.07%	0.05%	0.07%	-0.13%	-0.19%	0.13%
EBITDA Growth %	0.38%	-1.21%	-0.11%	-1.52%	-0.63%	2.52%	1.09%	-3.18%	-0.85%	1.82%
D&A (Non-Cash Add-back)	7.24M	13.97M	23.38M	27.05M	35.65M	70.06M	66.31M	93M	70M	36M
EBIT	-17.76M	-37.16M	-49.16M	-91.92M	-95.81M	248.94M	3.14B	-687M	74M	1.3B
Net Interest Income+	200K	1.54M	7.85M	29.44M	48.18M	15.11M	11.86M	75M	241M	308M
Interest Income	200K	1.54M	7.85M	29.44M	48.18M	24.67M	15.36M	76M	241M	308M
Interest Expense	0	0	0	0	0	9.56M	3.46M	1.15M	0	0
Other Income/Expense	-1.03M	1.81M	9.16M	27.37M	45.33M	150.21M	2.87B	-2.8B	1.6B	1.15B
Pretax Income+	-18.79M	-35.35M	-39.99M	-64.55M	-95.81M	240.36M	3.14B	-3.62B	185M	2.23B
Pretax Margin %	-0.09%	-0.09%	-0.06%	-0.06%	-0.06%	0.08%	0.68%	-0.65%	0.03%	0.25%
Income Tax+	0	0	0	0	29.03M	-79.14M	225.93M	-163M	53M	209M
Effective Tax Rate %	1%	1%	1%	1%	1.3%	1.33%	0.93%	0.96%	0.71%	0.91%
Net Income+	-18.79M	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B
Net Margin %	-0.09%	-0.09%	-0.06%	-0.06%	-0.08%	0.11%	0.63%	-0.62%	0.02%	0.23%
Net Income Growth %	0.16%	-0.88%	-0.13%	-0.61%	-0.93%	3.56%	8.12%	-2.19%	1.04%	14.3%
Net Income (Continuing)	-18.79M	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B
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)+	-0.03	-0.04	-0.04	-0.06	-0.11	0.26	2.27	-2.73	0.10	1.55
EPS Growth %	0.09%	-0.38%	0.01%	-0.46%	-0.8%	3.36%	7.73%	-2.2%	1.04%	14.5%
EPS (Basic)	-0.03	-0.04	-0.04	-0.06	-0.11	0.27	2.32	-2.73	0.10	1.56
Diluted Shares Outstanding	617.16M	839.89M	957.75M	1.06B	1.13B	1.23B	1.27B	1.27B	1.3B	1.3B
Basic Shares Outstanding	617.16M	839.89M	957.75M	1.06B	1.13B	1.2B	1.25B	1.27B	1.28B	1.29B
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	202.47M	422.9M	1.03B	2.13B	2.74B	6.88B	8.54B	6.05B	6.28B	7.25B
Cash & Short-Term Investments	190.17M	392.41M	938.04M	1.97B	2.46B	6.39B	7.77B	5.05B	5.01B	5.48B
Cash Only	110.07M	84.01M	141.68M	410.68M	649.92M	2.7B	2.5B	1.65B	1.41B	1.5B
Short-Term Investments	80.1M	308.4M	796.36M	1.56B	1.81B	3.68B	5.27B	3.4B	3.6B	3.98B
Accounts Receivable	6.09M	21.5M	69.04M	133.22M	240.7M	421.54M	667.05M	857.48M	1.16B	1.66B
Days Sales Outstanding	10.83	20.15	37.43	45.31	55.67	52.52	52.79	55.89	59.71	68.03
Inventory	0	0	0	0	0	0	0	0	19M	26M
Days Inventory Outstanding	-	-	-	-	-	-	-	-	1.96	2.15
Other Current Assets	1.55M	563K	6.12M	3.68M	12.64M	33.82M	12.5M	30M	7M	0
Total Non-Current Assets+	41.25M	67.66M	87.89M	125.7M	747.25M	885.15M	4.8B	4.71B	5.02B	6.67B
Property, Plant & Equipment	33.05M	45.72M	50.36M	61.61M	246.17M	211.48M	301.91M	486M	147M	140M
Fixed Asset Turnover	6.21x	8.52x	13.37x	17.42x	6.41x	13.85x	15.28x	11.52x	48.03x	63.43x
Goodwill	2.37M	15.5M	20.32M	38.02M	311.87M	311.87M	356.53M	1.84B	427M	452M
Intangible Assets	5.83M	6.44M	17.21M	26.07M	167.28M	135.68M	138.5M	390M	29M	22M
Long-Term Investments	0	0	0	0	2.5M	173.45M	3.96B	1.95B	4.38B	6B
Other Non-Current Assets	0	0	0	0	0	0	0	0	0	21M
Total Assets+	243.71M	490.56M	1.11B	2.25B	3.49B	7.76B	13.34B	10.76B	11.3B	13.92B
Asset Turnover	0.84x	0.79x	0.60x	0.48x	0.45x	0.38x	0.35x	0.52x	0.62x	0.64x
Asset Growth %	1.56%	1.01%	1.27%	1.02%	0.55%	1.22%	0.72%	-0.19%	0.05%	0.23%
Total Current Liabilities+	37.24M	66.53M	94.75M	138.69M	316.38M	438.33M	702.73M	856M	898M	1.96B
Accounts Payable	18.45M	34.32M	44.33M	61.27M	90.52M	168.72M	284.01M	364M	364M	360M
Days Payables Outstanding	71.53	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	0	918M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.15M	5.79M	5.77M	26.54M	32.37M	61.89M	77.83M	84M	58M	112M
Current Ratio	5.44x	6.36x	10.82x	15.35x	8.67x	15.69x	12.15x	7.07x	6.99x	3.71x
Quick Ratio	5.44x	6.36x	10.82x	15.35x	8.67x	15.69x	12.15x	7.07x	6.97x	3.70x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	24.19	40.37
Total Non-Current Liabilities+	11.16M	13.55M	17.71M	25.33M	157.36M	923.85M	1.5B	1.66B	1.33B	410M
Long-Term Debt	0	0	0	0	0	758.01M	910.96M	913M	916M	0
Capital Lease Obligations	10.5M	12.63M	14.97M	22.32M	142.64M	144.84M	246.78M	465M	217M	190M
Deferred Tax Liabilities	0	0	1.39M	1.13M	8.75M	0	183.43M	16M	6M	73M
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	48.4M	80.08M	112.46M	164.02M	473.75M	1.36B	2.21B	2.52B	2.23B	2.37B
Total Debt+	11.32M	13.94M	16.45M	24.87M	151.71M	912.89M	1.17B	1.4B	1.15B	1.13B
Net Debt	-98.75M	-70.07M	-125.22M	-385.81M	-498.21M	-1.79B	-1.33B	-253M	-263M	-372M
Debt / Equity	0.06x	0.03x	0.02x	0.01x	0.05x	0.14x	0.11x	0.17x	0.13x	0.10x
Debt / EBITDA	-	-	-	-	-	5.70x	3.50x	-	-	1.01x
Net Debt / EBITDA	-	-	-	-	-	-11.18x	-3.97x	-	-	-0.33x
Interest Coverage	-	-	-	-	-	9.43x	77.60x	-714.78x	-	-
Total Equity+	195.32M	410.48M	1B	2.09B	3.02B	6.4B	11.13B	8.24B	9.07B	11.56B
Equity Growth %	1.88%	1.1%	1.44%	1.09%	0.44%	1.12%	0.74%	-0.26%	0.1%	0.27%
Book Value per Share	0.32	0.49	1.05	1.98	2.67	5.18	8.74	6.51	7.00	8.88
Total Shareholders' Equity	195.32M	410.48M	1B	2.09B	3.02B	6.4B	11.13B	8.24B	9.07B	11.56B
Common Stock	231.45M	468.49M	1.08B	2.22B	3.26B	6.12B	8.04B	8.75B	9.2B	9.63B
Retained Earnings	-47.85M	-83.21M	-123.2M	-187.76M	-304.22M	15.29M	2.94B	-522M	-390M	1.63B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	-1.82M	3.44M	-12.22M	1.05M	8.77M	-5.97M	-16M	4M	-10M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	15.76M	14.02M	7.9M	9.32M	70.61M	424.96M	535.71M	-136M	944M	1.62B
Operating CF Margin %	0.08%	0.04%	0.01%	0.01%	0.04%	0.15%	0.12%	-0.02%	0.13%	0.18%
Operating CF Growth %	20.67%	-0.11%	-0.44%	0.18%	6.57%	5.02%	0.26%	-1.25%	7.94%	0.71%
Net Income	-18.79M	-35.35M	-39.99M	-64.55M	-124.84M	319.51M	2.91B	-3.46B	132M	2.02B
Depreciation & Amortization	7.24M	13.97M	23.38M	27.05M	35.65M	70.06M	66.31M	93M	70M	36M
Stock-Based Compensation	7.8M	22.9M	49.16M	95.72M	158.46M	246.94M	330.76M	549M	615M	430M
Deferred Taxes	0	0	0	0	-37.92M	-44.8M	190.96M	-187M	-1M	78M
Other Non-Cash Items	2.18M	261K	1M	7.19M	21.13M	-73.03M	-2.84B	2.97B	-67M	-781M
Working Capital Changes	17.32M	12.25M	-25.65M	-56.09M	18.14M	-93.72M	-129.64M	-99M	195M	-166M
Change in Receivables	1.18M	-15.28M	-50.85M	-83.34M	-56.18M	-29.15M	-307.09M	-128M	116M	-230M
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	0
Cash from Investing+	-83.84M	-269.69M	-527.17M	-810.63M	-569.48M	-1.93B	-2.38B	-719M	-1.24B	-1.59B
Capital Expenditures	-16.52M	-23.77M	-20.04M	-27.95M	-56.76M	-41.73M	-50.79M	-50M	-39M	-19M
CapEx % of Revenue	0.08%	0.06%	0.03%	0.03%	0.04%	0.01%	0.01%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.51M	-2.46M	-4.22M	-13.6M	-5.64M	-262K	-31.28M	-159M	-559M	-461M
Cash from Financing+	137.85M	228.59M	574.83M	1.07B	736.35M	3.56B	1.65B	18M	60M	61M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.6M	4.16M	14.77M	30.49M	48.34M	70.81M	108.59M	18M	60M	2.93M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-5.28M	-12.22M	-16.36M	-32.22M	8.22M	382.96M	484.92M	-186M	905M	1.6B
FCF Margin %	-0.03%	-0.03%	-0.02%	-0.03%	0.01%	0.13%	0.11%	-0.03%	0.13%	0.18%
FCF Growth %	0.78%	-1.31%	-0.34%	-0.97%	1.26%	45.6%	0.27%	-1.38%	5.87%	0.76%
FCF per Share	-0.01	-0.01	-0.02	-0.03	0.01	0.31	0.38	-0.15	0.70	1.23
FCF Conversion (FCF/Net Income)	-0.84x	-0.40x	-0.20x	-0.14x	-0.57x	1.33x	0.18x	0.04x	7.15x	0.80x
Interest Paid	0	0	0	0	0	0	1.29M	1M	1M	1M
Taxes Paid	0	0	0	0	0	0	10.47M	27M	50M	116M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-14.29%	-11.67%	-5.67%	-4.18%	-4.89%	6.79%	33.25%	-35.72%	1.53%	19.58%
Return on Invested Capital (ROIC)	-20.47%	-12.76%	-6.06%	-5.34%	-5.01%	1.9%	2.8%	-6.93%	-12.67%	8.07%
Gross Margin	54.12%	53.81%	56.48%	55.56%	54.85%	52.62%	53.8%	49.18%	49.79%	50.36%
Net Margin	-9.16%	-9.08%	-5.94%	-6.01%	-7.91%	10.91%	63.2%	-61.79%	1.87%	22.74%
Debt / Equity	0.06x	0.03x	0.02x	0.01x	0.05x	0.14x	0.11x	0.17x	0.13x	0.10x
Interest Coverage	-	-	-	-	-	9.43x	77.60x	-714.78x	-	-
FCF Conversion	-0.84x	-0.40x	-0.20x	-0.14x	-0.57x	1.33x	0.18x	0.04x	7.15x	0.80x
Revenue Growth	95.43%	89.7%	72.94%	59.4%	47.05%	85.63%	57.43%	21.43%	26.07%	25.78%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	-	-	-	-	6.53B
Service Growth	-	-	-	-	-	-	-	-	-	-
Subscription and Circulation	-	-	-	-	-	-	-	-	-	2.35B
Subscription and Circulation Growth	-	-	-	-	-	-	-	-	-	-
Merchant Solutions	-	-	376.34M	577.21M	957.69M	2.13B	3.24B	3.95B	5.32B	-
Merchant Solutions Growth	-	-	-	53.38%	65.92%	122.15%	52.33%	21.86%	34.68%	-
Subscription Solutions	-	-	321.18M	441.28M	657.17M	956.76M	1.33B	1.43B	1.87B	-
Subscription Solutions Growth	-	-	-	37.39%	48.92%	45.59%	39.06%	7.39%	30.93%	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	-	-	495.49M	716.93M	1.1B	2.06B	2.95B	3.57B	4.73B	5.43B
United States Growth	-	-	-	44.69%	54.08%	86.25%	43.28%	21.18%	32.53%	14.78%
EMEA	-	-	-	-	-	-	792.57M	880.78M	1.28B	1.63B
EMEA Growth	-	-	-	-	-	-	-	11.13%	45.10%	27.15%
APAC	-	-	-	-	-	-	462.9M	531.44M	711.82M	842.51M
APAC Growth	-	-	-	-	-	-	-	14.81%	33.94%	18.36%
Canada	-	-	49.84M	67.16M	98.4M	202.9M	313.91M	332.21M	395.12M	459.81M
Canada Growth	-	-	-	34.77%	46.51%	106.19%	54.71%	5.83%	18.94%	16.37%
Latin America	-	-	-	-	-	38.07M	54.13M	61.45M	70.27M	92.34M
Latin America Growth	-	-	-	-	-	-	42.20%	13.52%	14.35%	31.42%
Other Europe, Middle East and Africa	-	-	-	-	-	267.89M	-	-	-	-
Other Europe, Middle East and Africa Growth	-	-	-	-	-	-	-	-	-	-
United Kingdom	-	-	46.19M	66.05M	105.9M	210.38M	-	-	-	-
United Kingdom Growth	-	-	-	42.98%	60.35%	98.65%	-	-	-	-
Other Asia Pacific	-	-	-	-	-	179.23M	-	-	-	-
Other Asia Pacific Growth	-	-	-	-	-	-	-	-	-	-
Australia	-	-	32.76M	45.49M	70.17M	128.45M	-	-	-	-
Australia Growth	-	-	-	38.86%	54.24%	83.07%	-	-	-	-
Foreign	-	-	73.24M	122.87M	235.77M	-	-	-	-	-
Foreign Growth	-	-	-	67.76%	91.90%	-	-	-	-	-
UNITED STATES	144.75M	284.1M	-	-	-	-	-	-	-	-
UNITED STATES Growth	-	96.27%	-	-	-	-	-	-	-	-
Other Countries	19.83M	34.22M	-	-	-	-	-	-	-	-
Other Countries Growth	-	72.60%	-	-	-	-	-	-	-	-
CANADA	14.69M	26.89M	-	-	-	-	-	-	-	-
CANADA Growth	-	83.06%	-	-	-	-	-	-	-	-
AUSTRALIA	10.53M	18.16M	-	-	-	-	-	-	-	-
AUSTRALIA Growth	-	72.47%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Shopify Inc. (SHOP) has a price-to-earnings (P/E) ratio of 108.0x. This suggests investors expect higher future growth.

Growth & Financials

Shopify Inc. (SHOP) reported $10.70B in revenue for fiscal year 2024. This represents a 21185% increase from $50.3M in 2013.

Shopify Inc. (SHOP) grew revenue by 25.8% over the past year. This is strong growth.

Yes, Shopify Inc. (SHOP) is profitable, generating $1.78B in net income for fiscal year 2024 (22.7% net margin).

Dividend & Returns

Shopify Inc. (SHOP) has a return on equity (ROE) of 19.6%. This is reasonable for most industries.

Shopify Inc. (SHOP) generated $1.91B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.