The company has achieved a robust financial position with a debt-to-equity ratio of 0.01 and a current ratio of 12.38 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 6.19B | 8.3B | 7.25B | 6.28B | 6.05B | 8.54B | 6.88B | 2.74B | 2.13B | 1.03B | 422.9M | 202.47M | 68.38M | 88M |
| Cash & Short-Term Investments | 5.74B | 5.77B | 5.48B | 5.01B | 5.05B | 7.77B | 6.39B | 2.46B | 1.97B | 938.04M | 392.41M | 190.17M | 59.66M | 83.53M |
| Cash Only | 1.85B | 1.53B | 1.5B | 1.41B | 1.65B | 2.5B | 2.7B | 649.92M | 410.68M | 141.68M | 84.01M | 110.07M | 41.95M | 83.53M |
| Short-Term Investments | 3.9B | 4.23B | 3.98B | 3.6B | 3.4B | 5.27B | 3.68B | 1.81B | 1.56B | 796.36M | 308.4M | 80.1M | 17.71M | 0 |
| Accounts Receivable | 449M | 2.37B | 1.66B | 1.16B | 857.48M | 667.05M | 421.54M | 240.7M | 133.22M | 69.04M | 21.5M | 6.09M | 7.23M | 3.39M |
| Days Sales Outstanding | 50.9 | 74.86 | 68.03 | 59.71 | 55.89 | 52.79 | 52.52 | 55.67 | 45.31 | 37.43 | 20.15 | 10.83 | 25.12 | 24.63 |
| Inventory | 0 | 21M | 26M | 19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 0.3 | 1.28 | 2.15 | 1.96 | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 14M | 0 | 7M | 30M | 12.5M | 33.82M | 12.64M | 3.68M | 6.12M | 563K | 1.55M | 297K | 219K |
| Total Non-Current Assets | 1.48B | 6.89B | 6.67B | 5.02B | 4.71B | 4.8B | 885.15M | 747.25M | 125.7M | 87.89M | 67.66M | 41.25M | 26.81M | 7.79M |
| Property, Plant & Equipment | 138M | 141M | 140M | 147M | 486M | 301.91M | 211.48M | 246.17M | 61.61M | 50.36M | 45.72M | 33.05M | 21.73M | 4.49M |
| Fixed Asset Turnover | 87.21x | 81.96x | 63.43x | 48.03x | 11.52x | 15.28x | 13.85x | 6.41x | 17.42x | 13.37x | 8.52x | 6.21x | 4.83x | 11.20x |
| Goodwill | 491M | 491M | 452M | 427M | 1.84B | 356.53M | 311.87M | 311.87M | 38.02M | 20.32M | 15.5M | 2.37M | 2.37M | 2.37M |
| Intangible Assets | 28M | 30M | 22M | 29M | 390M | 138.5M | 135.68M | 167.28M | 26.07M | 17.21M | 6.44M | 5.83M | 2.71M | 926K |
| Long-Term Investments | 18.32B | 6.16B | 6B | 4.38B | 1.95B | 3.96B | 173.45M | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 39M | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 14.12B | 15.19B | 13.92B | 11.3B | 10.76B | 13.34B | 7.76B | 3.49B | 2.25B | 1.11B | 490.56M | 243.71M | 95.19M | 95.79M |
| Asset Turnover | 0.84x | 0.76x | 0.64x | 0.62x | 0.52x | 0.35x | 0.38x | 0.45x | 0.48x | 0.60x | 0.79x | 0.84x | 1.10x | 0.52x |
| Asset Growth % | 64.95% | 9.09% | 23.23% | 5.04% | -19.36% | 71.85% | 122.47% | 54.76% | 102.48% | 127% | 101.29% | 156.02% | -0.62% | - |
| Total Current Liabilities | 500M | 1.39B | 1.96B | 898M | 856M | 702.73M | 438.33M | 316.38M | 138.69M | 94.75M | 66.53M | 37.24M | 19.77M | 10.04M |
| Accounts Payable | 1.03B | 570M | 360M | 364M | 364M | 284.01M | 168.72M | 90.52M | 61.27M | 44.33M | 34.32M | 18.45M | 8.19M | 3.29M |
| Days Payables Outstanding | 48.38 | 34.67 | 29.81 | 37.48 | 46.68 | 48.65 | 44.37 | 46.37 | 46.89 | 55.22 | 69.66 | 71.53 | 69.13 | 88.73 |
| Short-Term Debt | 179M | 0 | 918M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.22B | 300M | 283M | 302M | 296M | 216.79M | 107.81M | 56.69M | 39.18M | 30.69M | 20.16M | 12.73M | 6.78M | 4.15M |
| Other Current Liabilities | 0 | 169M | 112M | 58M | 84M | 77.83M | 61.89M | 32.37M | 26.54M | 5.77M | 5.79M | 1.15M | 539K | 1.52M |
| Current Ratio | 12.38x | 5.96x | 3.71x | 6.99x | 7.07x | 12.15x | 15.69x | 8.67x | 15.35x | 10.82x | 6.36x | 5.44x | 3.46x | 8.76x |
| Quick Ratio | 12.38x | 5.94x | 3.70x | 6.97x | 7.07x | 12.15x | 15.69x | 8.67x | 15.35x | 10.82x | 6.36x | 5.44x | 3.46x | 8.76x |
| Cash Conversion Cycle | 2.81 | 41.47 | 40.37 | 24.19 | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.12B | 324M | 410M | 1.33B | 1.66B | 1.5B | 923.85M | 157.36M | 25.33M | 17.71M | 13.55M | 11.16M | 7.69M | 366K |
| Long-Term Debt | 0 | 0 | 0 | 916M | 913M | 910.96M | 758.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 710.98M | 171M | 190M | 217M | 465M | 246.78M | 144.84M | 142.64M | 22.32M | 14.97M | 12.63M | 10.5M | 7.29M | 156K |
| Deferred Tax Liabilities | 120.08M | 55M | 73M | 6M | 16M | 183.43M | 0 | 8.75M | 1.13M | 1.39M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.12B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.62B | 1.72B | 2.37B | 2.23B | 2.52B | 2.21B | 1.36B | 473.75M | 164.02M | 112.46M | 80.08M | 48.4M | 27.46M | 10.41M |
| Total Debt | 179M | 188M | 1.13B | 1.15B | 1.4B | 1.17B | 912.89M | 151.71M | 24.87M | 16.45M | 13.94M | 11.32M | 7.78M | 486K |
| Net Debt | -1.67B | -1.35B | -372M | -263M | -253M | -1.33B | -1.79B | -498.21M | -385.81M | -125.22M | -70.07M | -98.75M | -34.17M | -83.04M |
| Debt / Equity | 0.01x | 0.01x | 0.10x | 0.13x | 0.17x | 0.11x | 0.14x | 0.05x | 0.01x | 0.02x | 0.03x | 0.06x | 0.11x | 0.01x |
| Debt / EBITDA | 0.11x | 0.13x | 1.01x | - | - | 3.50x | 5.70x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.00x | -0.90x | -0.33x | - | - | -3.97x | -11.18x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -597.39x | 907.49x | 26.03x | - | - | - | - | - | - | - |
| Total Equity | 12.5B | 13.47B | 11.56B | 9.07B | 8.24B | 11.13B | 6.4B | 3.02B | 2.09B | 1B | 410.48M | 195.32M | 67.73M | 85.38M |
| Equity Growth % | 85.7% | 16.57% | 27.49% | 10.04% | -26% | 73.94% | 112.24% | 44.24% | 108.85% | 143.89% | 110.16% | 188.37% | -20.67% | - |
| Book Value per Share | 9.59 | 10.32 | 8.88 | 7.00 | 6.51 | 8.74 | 5.18 | 2.67 | 1.98 | 1.05 | 0.49 | 0.32 | 0.10 | 0.13 |
| Total Shareholders' Equity | 12.5B | 13.47B | 11.56B | 9.07B | 8.24B | 11.13B | 6.4B | 3.02B | 2.09B | 1B | 410.48M | 195.32M | 67.73M | 85.38M |
| Common Stock | 9.97B | 10.38B | 9.63B | 9.2B | 8.75B | 8.04B | 6.12B | 3.26B | 2.22B | 1.08B | 468.49M | 231.45M | 4.05M | 3.01M |
| Retained Earnings | 2.29B | 2.86B | 1.63B | -390M | -522M | 2.94B | 15.29M | -304.22M | -187.76M | -123.2M | -83.21M | -47.85M | -29.06M | -6.75M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4M | 1M | -10M | 4M | -16M | -5.97M | 8.77M | 1.05M | -12.22M | 3.44M | -1.82M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Consumer discretionary spending sensitivity
As reported in financial statements, Shopify's equity base has expanded significantly to $12.5 billion in 2026Q1, reflecting a successful transition from the net losses observed in 2024 to consistent positive retained earnings, which now stand at $2.3 billion, signaling a maturing and increasingly self-sustaining financial position.
The shift from negative retained earnings in early 2024 to a positive balance indicates that the company has successfully moved past its most aggressive cash-burning phase. This trajectory suggests that the business model is now generating sufficient internal capital to support operations without relying on external financing.
Based on reported figures, Shopify maintains a conservative debt-to-equity ratio of 0.01 as of 2026Q1, with total debt reduced to $179 million from a peak of $1.1 billion, demonstrating a strategic commitment to maintaining a clean balance sheet that minimizes interest rate sensitivity.
The substantial reduction in debt levels suggests that management is prioritizing financial independence and reducing the risk of refinancing in volatile credit markets. This low leverage profile provides the company with significant optionality to pursue strategic investments or further capital returns without the burden of debt service obligations.
According to recent SEC filings, the company's current ratio surged to 12.38 in 2026Q1, providing a substantial liquidity cushion that far exceeds the requirements for its operational scale and effectively insulating the firm against potential short-term shocks in consumer discretionary spending patterns.
This elevated current ratio appears to be driven by a combination of cash accumulation and a lean liability structure, suggesting that the company is well-positioned to navigate seasonal fluctuations in merchant activity. Investors should monitor whether this liquidity is deployed toward further share repurchases or if it remains as a defensive buffer.
As indicated by the provided data, the company's equity quality has improved markedly, with retained earnings reaching $2.3 billion in 2026Q1, a sharp reversal from the $663 million deficit recorded in 2024Q1, which underscores the transition toward sustainable, profit-driven growth rather than reliance on external capital.
The accumulation of retained earnings serves as a strong indicator of the company's ability to convert its platform dominance into tangible shareholder value. This trend suggests that the business is successfully scaling its operations while maintaining the discipline necessary to build a durable equity base.
Based on an analysis of the balance sheet, the $491 million in goodwill represents a potential area of future impairment risk, as reported in recent filings, which could impact book value if the underlying acquisitions fail to meet long-term growth expectations in a competitive e-commerce environment.
While the current goodwill balance is relatively modest compared to total assets, any future strategic missteps in integrating acquired technologies could lead to non-cash charges that distort earnings. Investors should remain cautious regarding the valuation of these intangible assets, particularly as the company pivots its focus toward higher-margin software solutions.
Quick answers to the most common questions about buying SHOP stock.
As of 2025, Shopify Inc. (SHOP) had total assets of $15.19B including $8.30B in current assets.
Shopify Inc. (SHOP) carries total debt of $188.0M, offset by $5.77B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Shopify Inc. (SHOP) has total shareholders' equity (book value) of $13.47B ($10.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Shopify Inc. (SHOP) reported a current ratio of 5.96x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.