Last 46 quarters of trend data · Technology · Software - Application
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Shopify Inc.'s quarterly P/E stands at 69.4x, up 161.0% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 12.7% YoY to 81.8x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 128.44 | 69.38 | 185.76 | 41.79 | — | 26.58 | 31.30 | 127.02 | — | 38.19 | 24.80 | — | 227.85 |
| — | +161.0% | +493.4% | -67.1% | — | -30.4% | +26.2% | — | — | — | — | — | — | |
| P/S Ratio | 13.62 | 14.30 | 17.15 | 14.09 | 13.10 | 12.24 | 12.06 | 10.50 | 13.35 | 11.78 | 10.31 | 12.21 | 10.27 |
| — | +16.9% | +42.2% | +34.2% | -1.8% | +3.9% | +16.9% | -14.0% | +30.0% | +85.0% | +64.8% | +60.4% | -42.0% | |
| P/B Ratio | 11.69 | 15.59 | 15.61 | 12.43 | 11.19 | 11.91 | 10.31 | 9.36 | 11.17 | 11.15 | 8.54 | 11.08 | 7.32 |
| — | +30.9% | +51.4% | +32.7% | +0.2% | +6.8% | +20.8% | -15.5% | +52.6% | +107.8% | +117.0% | +145.1% | -15.8% | |
| P/FCF | 78.44 | 73.45 | 96.21 | 87.80 | 85.18 | 56.32 | 61.94 | 64.46 | 107.05 | 56.65 | 64.05 | 213.18 | 180.01 |
| — | +30.4% | +55.3% | +36.2% | -20.4% | -0.6% | -3.3% | -69.8% | -40.5% | +27.0% | — | — | — | |
| EV / EBITDA | 104.11 | 81.78 | 138.04 | 125.91 | 146.34 | 72.56 | 89.30 | 85.11 | 257.47 | 84.28 | 130.65 | — | — |
| — | +12.7% | +54.6% | +47.9% | -43.2% | -13.9% | -31.6% | — | — | — | — | — | — | |
| EV / EBIT | 106.31 | 102.10 | 157.31 | 101.47 | 111.07 | 63.44 | 76.21 | 75.49 | 287.41 | 87.19 | 144.57 | — | — |
| — | +61.0% | +106.4% | +34.4% | -61.4% | -27.2% | -47.3% | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Shopify Inc.'s operating margin was 17.2% in Q4 2025, up 5.1 pp QoQ and up 0.6 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 12.2% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 4.1% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.1% | 46.1% | 48.9% | 48.6% | 49.5% | 48.1% | 51.7% | 51.1% | 51.4% | 49.5% | 52.6% | 49.3% | 47.5% |
| — | -4.1% | -5.4% | -4.9% | -3.7% | -2.9% | -1.6% | +3.7% | +8.2% | +7.6% | +8.5% | -2.7% | -10.3% | |
| Operating Margin | 12.7% | 17.2% | 12.1% | 10.9% | 8.6% | 16.5% | 13.1% | 11.8% | 4.6% | 13.5% | 7.1% | -96.6% | -12.8% |
| — | +3.9% | -7.9% | -7.9% | +86.1% | +22.7% | +83.9% | +112.2% | +136.1% | +223.9% | +128.1% | -558.2% | -57.2% | |
| Net Margin | 10.7% | 20.2% | 9.3% | 33.8% | -28.9% | 46.0% | 38.3% | 8.4% | -14.7% | 30.6% | 41.9% | -77.4% | 4.5% |
| — | -56.0% | -75.8% | +304.3% | -97.0% | +50.1% | -8.6% | +110.8% | -425.3% | +185.2% | +459.9% | +16.8% | +103.7% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.8% | 5.7% | 2.1% | 7.8% | -6.0% | 11.9% | 8.6% | 1.9% | -3.0% | 7.6% | 9.1% | -16.5% | 0.8% |
| — | -52.0% | -75.0% | +312.5% | -98.4% | +57.5% | -5.9% | +111.5% | -473.2% | +202.8% | +599.3% | -26.6% | +105.8% | |
| ROA | 8.5% | 4.9% | 1.8% | 6.5% | -5.0% | 9.9% | 7.0% | 1.5% | -2.4% | 6.0% | 7.1% | -12.7% | 0.6% |
| — | -50.1% | -74.5% | +325.1% | -104.9% | +63.1% | -1.8% | +112.0% | -489.1% | +206.3% | +591.5% | -19.0% | +105.3% | |
| ROIC | 9.4% | 4.1% | 2.2% | 1.9% | 1.4% | 3.3% | 2.3% | 2.1% | 0.7% | 2.6% | 1.2% | -16.2% | -1.8% |
| — | +21.8% | -2.2% | -8.3% | +84.2% | +30.0% | +89.2% | +112.9% | +141.7% | +250.2% | +135.4% | -760.4% | -124.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Shopify Inc.'s Debt/EBITDA ratio is 0.3x, down from 3.2x last quarter — comfortably within a safe range. The current ratio has improved 246.9% YoY to 12.86x, strengthening the short-term liquidity position. Debt/Equity has declined for 4 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 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 |
| — | -85.7% | -20.9% | -24.2% | -20.0% | -23.2% | -16.7% | -18.4% | -22.2% | -25.1% | -9.4% | +11.1% | +35.5% | |
| Debt / EBITDA | 0.13 | 0.29 | 3.18 | 3.82 | 5.39 | 2.38 | 3.92 | 4.53 | 11.93 | 3.85 | 8.31 | — | — |
| — | -87.6% | -19.0% | -15.7% | -54.8% | -38.1% | -52.8% | — | — | — | — | — | — | |
| Current Ratio | 12.86 | 12.86 | 3.93 | 3.85 | 3.71 | 3.71 | 7.10 | 7.32 | 7.14 | 6.99 | 7.23 | 6.71 | 6.71 |
| — | +246.9% | -44.6% | -47.4% | -48.1% | -46.9% | -1.8% | +9.1% | +6.4% | -1.1% | +8.9% | -39.9% | -43.3% | |
| Quick Ratio | 12.86 | 12.86 | 3.93 | 3.85 | 3.71 | 3.70 | 7.10 | 7.32 | 7.14 | 6.97 | 7.23 | 6.71 | 6.71 |
| — | +248.1% | -44.6% | -47.4% | -48.1% | -47.0% | -1.8% | +9.1% | +6.4% | -1.4% | +8.9% | -39.9% | -43.3% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 46 years · Updated daily
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Start ComparisonShopify Inc.'s current P/E is 128.4x. The average P/E over the last 3 quarters is 99.0x. 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.