Last 47 quarters of trend data · Technology · Software - Application
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 180.34 | 24.61 | — | 69.38 | 185.76 | 41.79 | — | 26.58 | 31.30 | 127.02 | — | 38.19 | 24.80 | — | 227.85 | — | — | — | — | — | 37.66 |
| — | -41.1% | — | +161.0% | +493.4% | -67.1% | — | -30.4% | +26.2% | — | — | — | — | — | — | — | — | — | — | — | -77.9% | |
| P/S Ratio | 19.04 | 10.34 | 12.19 | 14.30 | 17.15 | 14.09 | 13.10 | 12.24 | 12.06 | 10.50 | 13.35 | 11.78 | 10.31 | 12.21 | 10.27 | 6.37 | 6.26 | 7.61 | 17.69 | 31.37 | 38.49 |
| — | -26.6% | -6.9% | +16.9% | +42.2% | +34.2% | -1.8% | +3.9% | +16.9% | -14.0% | +30.0% | +85.0% | +64.8% | +60.4% | -42.0% | -79.7% | -83.7% | -81.7% | -50.1% | -13.6% | -7.5% | |
| P/B Ratio | 16.42 | 11.68 | 12.33 | 15.59 | 15.61 | 12.43 | 11.19 | 11.91 | 10.31 | 9.36 | 11.17 | 11.15 | 8.54 | 11.08 | 7.32 | 5.36 | 3.93 | 4.52 | 8.70 | 15.56 | 15.22 |
| — | -6.0% | +10.1% | +30.9% | +51.4% | +32.7% | +0.2% | +6.8% | +20.8% | -15.5% | +52.6% | +107.8% | +117.0% | +145.1% | -15.8% | -65.5% | -74.1% | -75.4% | -43.2% | -29.9% | -26.4% | |
| P/FCF | 109.61 | 56.65 | 81.20 | 73.45 | 96.21 | 87.80 | 85.18 | 56.32 | 61.94 | 64.46 | 107.05 | 56.65 | 64.05 | 213.18 | 180.01 | 44.60 | — | — | — | 184.65 | 1418.04 |
| — | -35.5% | -4.7% | +30.4% | +55.3% | +36.2% | -20.4% | -0.6% | -3.3% | -69.8% | -40.5% | +27.0% | — | — | — | -75.8% | — | — | — | +24.3% | +252.1% | |
| EV / EBITDA | 145.85 | 74.10 | 98.28 | 81.78 | 138.04 | 125.91 | 146.34 | 72.56 | 89.30 | 85.11 | 257.47 | 84.28 | 130.65 | — | — | — | — | — | — | 1172.44 | 4523.15 |
| — | -41.1% | -32.8% | +12.7% | +54.6% | +47.9% | -43.2% | -13.9% | -31.6% | — | — | — | — | — | — | — | — | — | — | +336.3% | +885.8% | |
| EV / EBIT | 148.93 | — | — | 102.11 | 157.31 | 101.47 | 111.07 | 63.44 | 76.21 | 75.49 | — | 87.19 | 144.57 | — | — | — | — | — | — | — | 32.06 |
| — | — | — | +61.0% | +106.4% | +34.4% | — | -27.2% | -47.3% | — | — | — | — | — | — | — | — | — | — | — | -80.8% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.1% | 47.7% | 48.8% | 46.1% | 48.9% | 48.6% | 49.5% | 48.1% | 51.7% | 51.1% | 51.4% | 49.5% | 52.6% | 49.3% | 47.5% | 46.0% | 48.5% | 50.7% | 53.0% | 50.2% | 54.2% |
| — | -1.9% | -1.5% | -4.1% | -5.4% | -4.9% | -3.7% | -2.9% | -1.6% | +3.7% | +8.2% | +7.6% | +8.5% | -2.7% | -10.3% | -8.3% | -10.6% | -8.7% | -6.2% | -2.7% | +2.6% | |
| Operating Margin | 12.7% | 13.6% | 12.1% | 17.2% | 12.1% | 10.9% | 8.6% | 16.5% | 13.1% | 11.8% | 4.6% | 13.5% | 7.1% | -96.6% | -12.8% | -10.9% | -25.3% | -14.7% | -8.1% | 1.0% | -0.4% |
| — | +25.4% | +40.1% | +3.9% | -7.9% | -7.9% | +86.1% | +22.7% | +83.9% | +112.2% | +136.1% | +223.9% | +128.1% | -558.2% | -57.2% | -1142.3% | -6841.5% | -217.8% | -167.7% | -90.9% | -105.5% | |
| Net Margin | 10.7% | 41.9% | -18.3% | 20.2% | 9.3% | 33.8% | -28.9% | 46.0% | 38.3% | 8.4% | -14.7% | 30.6% | 41.9% | -77.4% | 4.5% | -35.9% | -11.6% | -93.0% | -122.4% | -26.9% | 102.2% |
| — | +24.0% | +36.6% | -56.0% | -75.8% | +304.3% | -97.0% | +50.1% | -8.6% | +110.8% | -425.3% | +185.2% | +459.9% | +16.8% | +103.7% | -33.6% | -111.4% | -218.4% | -196.2% | -312.4% | +310.5% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.8% | 11.9% | -4.5% | 5.7% | 2.1% | 7.8% | -6.0% | 11.9% | 8.6% | 1.9% | -3.0% | 7.6% | 9.1% | -16.5% | 0.8% | -7.4% | -1.8% | -13.0% | -14.1% | -3.3% | 10.7% |
| — | +52.5% | +26.0% | -52.0% | -75.0% | +312.5% | -98.4% | +57.5% | -5.9% | +111.5% | -473.2% | +202.8% | +599.3% | -26.6% | +105.8% | -123.2% | -117.1% | -242.6% | -187.0% | -267.5% | +202.2% | |
| ROA | 8.5% | 10.5% | -4.0% | 4.9% | 1.8% | 6.5% | -5.0% | 9.9% | 7.0% | 1.5% | -2.4% | 6.0% | 7.1% | -12.7% | 0.6% | -5.7% | -1.4% | -10.7% | -11.7% | -2.8% | 9.0% |
| — | +62.1% | +20.7% | -50.1% | -74.5% | +325.1% | -104.9% | +63.1% | -1.8% | +112.0% | -489.1% | +206.3% | +591.5% | -19.0% | +105.3% | -105.6% | -116.1% | -238.2% | -186.5% | -269.8% | +196.2% | |
| ROIC | 9.4% | 3.3% | 2.5% | 4.1% | 2.2% | 1.9% | 1.4% | 3.3% | 2.3% | 2.1% | 0.7% | 2.6% | 1.2% | -16.2% | -1.8% | -1.7% | -3.4% | -1.9% | -0.8% | 0.1% | -0.0% |
| — | +71.9% | +80.6% | +21.8% | -2.2% | -8.3% | +84.2% | +30.0% | +89.2% | +112.9% | +141.7% | +250.2% | +135.4% | -760.4% | -124.3% | -1685.1% | -10523.3% | -246.9% | -154.1% | -94.5% | -102.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.09 | 0.09 | 0.10 | 0.10 | 0.11 | 0.12 | 0.13 | 0.13 | 0.14 | 0.15 | 0.17 | 0.17 | 0.15 | 0.14 | 0.12 | 0.11 | 0.10 |
| — | -85.1% | -86.1% | -85.7% | -20.9% | -24.2% | -20.0% | -23.2% | -16.7% | -18.4% | -22.2% | -25.1% | -9.4% | +11.1% | +35.5% | +60.8% | +54.4% | +28.5% | +3.5% | -26.1% | -33.8% | |
| Debt / EBITDA | 0.13 | 0.36 | 0.46 | 0.29 | 3.18 | 3.82 | 5.39 | 2.38 | 3.92 | 4.53 | 11.93 | 3.85 | 8.31 | — | — | — | — | — | — | 32.02 | 115.77 |
| — | -90.6% | -91.4% | -87.6% | -19.0% | -15.7% | -54.8% | -38.1% | -52.8% | — | — | — | — | — | — | — | — | — | — | +357.5% | +777.4% | |
| Current Ratio | 5.96 | 5.35 | 6.20 | 5.96 | 3.93 | 3.85 | 3.71 | 3.71 | 7.10 | 7.32 | 7.14 | 6.99 | 7.23 | 6.71 | 6.71 | 7.07 | 6.64 | 11.17 | 11.84 | 12.15 | 13.97 |
| — | +39.0% | +67.2% | +60.7% | -44.6% | -47.4% | -48.1% | -46.9% | -1.8% | +9.1% | +6.4% | -1.1% | +8.9% | -39.9% | -43.3% | -41.8% | -52.4% | -32.5% | -30.9% | -22.6% | -21.8% | |
| Quick Ratio | 5.94 | 5.35 | 6.20 | 5.94 | 3.93 | 3.85 | 3.71 | 3.70 | 7.10 | 7.32 | 7.14 | 6.97 | 7.23 | 6.71 | 6.71 | 7.07 | 6.64 | 11.17 | 11.84 | 12.15 | 13.97 |
| — | +39.0% | +67.2% | +60.9% | -44.6% | -47.4% | -48.1% | -47.0% | -1.8% | +9.1% | +6.4% | -1.4% | +8.9% | -39.9% | -43.3% | -41.8% | -52.4% | -32.5% | -30.9% | -22.6% | -21.8% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | -697.83 | -418.01 | -220.52 | -110.77 | -560.18 | 1537.54 |
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Includes 30+ ratios · 47 years · Updated daily
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Quick answers to the most common questions about buying SHOP stock.
Shopify Inc.'s current P/E is 180.3x. The average P/E over the last 3 quarters is 93.3x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Shopify Inc.'s current operating margin is 12.7%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Shopify Inc.'s business trajectory between earnings reports.