13 years of historical data (2013–2025) · Technology · Software - Application
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Shopify Inc. trades at 128.4x earnings, 52% below its 5-year average of 269.9x, sitting at the 67th percentile of its historical range. Compared to the Technology sector median P/E of 25.2x, the stock trades at a premium of 409%. On a free-cash-flow basis, the stock trades at 78.4x P/FCF, 53% below the 5-year average of 166.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $157.4B | $210.1B | $138.4B | $100.9B | $44.0B | $175.4B | $139.8B | $44.9B | $14.6B | $9.7B | $3.6B |
| Enterprise Value | $156.1B | $208.7B | $138.0B | $100.7B | $43.7B | $174.1B | $138.0B | $44.4B | $14.2B | $9.5B | $3.5B |
| P/E Ratio → | 128.44 | 171.24 | 68.60 | 779.00 | — | 60.68 | 435.37 | — | — | — | — |
| P/S Ratio | 13.62 | 18.18 | 15.58 | 14.29 | 7.85 | 38.04 | 47.71 | 28.47 | 13.63 | 14.37 | 9.25 |
| P/B Ratio | 11.69 | 15.59 | 11.97 | 11.13 | 5.33 | 15.76 | 21.83 | 14.90 | 7.00 | 9.66 | 8.77 |
| P/FCF | 78.44 | 104.66 | 86.66 | 111.51 | — | 361.77 | 364.93 | 5468.12 | — | — | — |
| P/OCF | 77.43 | 103.32 | 85.64 | 106.91 | — | 327.47 | 328.87 | 636.37 | 1569.10 | 1224.31 | 256.87 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Shopify Inc.'s enterprise value stands at 104.1x EBITDA, 60% below its 5-year average of 261.1x. The Technology sector median is 15.7x, placing the stock at a 561% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 18.06 | 15.54 | 14.26 | 7.80 | 37.75 | 47.09 | 28.16 | 13.27 | 14.18 | 9.07 |
| EV / EBITDA | 104.11 | 139.23 | 124.23 | — | — | 519.78 | 861.13 | — | — | — | — |
| EV / EBIT | 106.31 | 142.17 | 106.00 | 1360.23 | — | 55.42 | 554.21 | — | — | — | — |
| EV / FCF | — | 103.99 | 86.42 | 111.22 | — | 359.03 | 360.25 | 5407.50 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Shopify Inc. earns an operating margin of 12.7%. Operating margins have expanded from -20.1% to 12.7% over the past 3 years, signaling improving operational efficiency. ROE of 9.8% is modest. ROIC of 9.4% represents adequate returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.1% | 48.1% | 50.4% | 49.8% | 49.2% | 53.8% | 52.6% | 54.9% | 55.6% | 56.5% | 53.8% |
| Operating Margin | 12.7% | 12.7% | 12.1% | -20.1% | -14.7% | 5.8% | 3.1% | -8.9% | -8.6% | -7.3% | -9.5% |
| Net Profit Margin | 10.7% | 10.7% | 22.7% | 1.9% | -61.8% | 63.2% | 10.9% | -7.9% | -6.0% | -5.9% | -9.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.8% | 9.8% | 19.6% | 1.5% | -35.7% | 33.2% | 6.8% | -4.9% | -4.2% | -5.7% | -11.7% |
| ROA | 8.5% | 8.5% | 16.0% | 1.2% | -28.7% | 27.6% | 5.7% | -4.3% | -3.8% | -5.0% | -9.6% |
| ROIC | 9.4% | 9.4% | 8.1% | -12.7% | -6.9% | 2.8% | 1.9% | -5.0% | -5.3% | -6.1% | -12.8% |
| ROCE | 11.0% | 11.0% | 9.6% | -14.0% | -7.3% | 2.7% | 1.7% | -5.3% | -5.9% | -6.8% | -11.8% |
Solvency and debt-coverage ratios — lower is generally safer
Shopify Inc. carries a Debt/EBITDA ratio of 0.1x, which is very conservative (96% below the sector average of 3.0x). The company holds a net cash position — cash of $1.5B exceeds total debt of $188M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.10 | 0.13 | 0.17 | 0.11 | 0.14 | 0.05 | 0.01 | 0.02 | 0.03 |
| Debt / EBITDA | 0.13 | 0.13 | 1.01 | — | — | 3.50 | 5.70 | — | — | — | — |
| Net Debt / Equity | — | -0.10 | -0.03 | -0.03 | -0.03 | -0.12 | -0.28 | -0.17 | -0.18 | -0.13 | -0.17 |
| Net Debt / EBITDA | -0.91 | -0.91 | -0.33 | — | — | -3.97 | -11.18 | — | — | — | — |
| Debt / FCF | — | -0.68 | -0.23 | -0.29 | — | -2.74 | -4.68 | -60.62 | — | — | — |
| Interest Coverage | — | — | — | — | -714.78 | 77.60 | 9.43 | — | — | — | — |
Net cash position: cash ($1.5B) exceeds total debt ($188M)
Short-term solvency ratios and asset-utilisation metrics
Shopify Inc.'s current ratio of 12.86x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 6.99x to 12.86x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.86 | 12.86 | 3.71 | 6.99 | 7.07 | 12.15 | 15.69 | 8.67 | 15.35 | 10.82 | 6.36 |
| Quick Ratio | 12.86 | 12.86 | 3.70 | 6.97 | 7.07 | 12.15 | 15.69 | 8.67 | 15.35 | 10.82 | 6.36 |
| Cash Ratio | 11.84 | 11.84 | 2.80 | 5.58 | 5.90 | 11.05 | 14.57 | 7.76 | 14.20 | 9.90 | 5.90 |
| Asset Turnover | — | 0.76 | 0.64 | 0.62 | 0.52 | 0.35 | 0.38 | 0.45 | 0.48 | 0.60 | 0.79 |
| Inventory Turnover | 169.54 | — | 169.54 | 186.58 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 15.79 | 68.03 | 59.71 | 55.89 | 52.79 | 52.52 | 55.67 | 45.31 | 37.43 | 20.15 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Shopify Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 0.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 0.6% | 1.5% | 0.1% | — | 1.6% | 0.2% | — | — | — | — |
| FCF Yield | 1.3% | 1.0% | 1.2% | 0.9% | — | 0.3% | 0.3% | 0.0% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.2B | $1.1B | $1.1B | $958M | $840M |
Compare SHOP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| SHOPYou | $157B | 128.4 | 104.1 | 78.4 | 48.1% | 12.7% | 9.8% | 9.4% | 0.1 |
| GRAB | $17B | 66.2 | 40.6 | 125.0 | 43.2% | 6.0% | 4.1% | 3.3% | 5.4 |
| MANH | $8B | 37.6 | 27.3 | 21.7 | 55.7% | 26.1% | 71.7% | 236.8% | 0.4 |
| STUB | $3B | -63.8 | 27.1 | 12.0 | 81.1% | 7.8% | -0.2% | 3.6% | 14.3 |
| PTRN | $2B | -8.6 | 14.5 | 32.6 | 43.5% | 4.9% | 19.6% | 29.8% | 0.3 |
| STEC | $1B | 1.5 | 1.5 | 2.1 | 41.2% | 9.4% | 10.7% | 28.6% | 0.7 |
| VTEX | $333M | 55.0 | 22.0 | 13.2 | 73.8% | 4.5% | 4.8% | 3.3% | 0.2 |
| CMRC | $226M | -11.6 | — | 12.0 | 78.7% | -4.7% | -53.2% | -7.5% | — |
| AZ | $219M | -6.5 | — | — | 27.7% | -204.2% | -749.5% | — | — |
| TRAK | $158M | 24.9 | 17.4 | 18.9 | 83.7% | 27.5% | 14.5% | 21.4% | 0.1 |
| EB | $69M | -26.0 | — | 2.0 | 69.7% | -9.5% | -8.6% | -76.5% | — |
| Technology Median | — | 25.2 | 15.7 | 17.3 | 49.8% | -0.9% | 1.1% | 2.9% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 13 years · Updated daily
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Start ComparisonShopify Inc.'s current P/E ratio is 128.4x. The historical average is 100.2x. This places it at the 67th percentile of its historical range.
Shopify Inc.'s current EV/EBITDA is 104.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Shopify Inc.'s return on equity (ROE) is 9.8%. The historical average is -3.1%.
Based on historical data, Shopify Inc. is trading at a P/E of 128.4x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Shopify Inc. has 48.1% gross margin and 12.7% operating margin. Operating margin between 10-20% is typical for established companies.
Shopify Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.