Last 46 quarters of trend data · Technology · Software - Application
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
EV/EBITDA has compressed 31.6% YoY to 100.1x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 112.17 | — | 69.38 | 185.76 | 41.79 | — | 26.58 | 31.30 | 127.02 | — | 38.19 | 24.80 | — |
| — | — | +161.0% | +493.4% | -67.1% | — | -30.4% | +26.2% | — | — | — | — | — | |
| P/S Ratio | 11.85 | 12.19 | 14.30 | 17.15 | 14.09 | 13.10 | 12.24 | 12.06 | 10.50 | 13.35 | 11.78 | 10.31 | 12.21 |
| — | -6.9% | +16.9% | +42.2% | +34.2% | -1.8% | +3.9% | +16.9% | -14.0% | +30.0% | +85.0% | +64.8% | +60.4% | |
| P/B Ratio | 10.21 | 12.37 | 15.59 | 15.61 | 12.43 | 11.19 | 11.91 | 10.31 | 9.36 | 11.17 | 11.15 | 8.54 | 11.08 |
| — | +10.5% | +30.9% | +51.4% | +32.7% | +0.2% | +6.8% | +20.8% | -15.5% | +52.6% | +107.8% | +117.0% | +145.1% | |
| P/FCF | 68.21 | — | 73.45 | 96.21 | 87.80 | 85.18 | 56.32 | 61.94 | 64.46 | 107.05 | 56.65 | 64.05 | 213.18 |
| — | — | +30.4% | +55.3% | +36.2% | -20.4% | -0.6% | -3.3% | -69.8% | -40.5% | +27.0% | — | — | |
| EV / EBITDA | 90.43 | 100.09 | 81.78 | 138.04 | 125.91 | 146.34 | 72.56 | 89.30 | 85.11 | 257.47 | 84.28 | 130.65 | — |
| — | -31.6% | +12.7% | +54.6% | +47.9% | -43.2% | -13.9% | -31.6% | — | — | — | — | — | |
| EV / EBIT | 92.34 | 100.09 | 102.11 | 157.31 | 101.47 | 111.07 | 63.44 | 76.21 | 75.49 | 287.41 | 87.19 | 144.57 | — |
| — | -9.9% | +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 12.1% in Q1 2026, down 5.1 pp QoQ and up 3.4 pp YoY.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.1% | 48.8% | 46.1% | 48.9% | 48.6% | 49.5% | 48.1% | 51.7% | 51.1% | 51.4% | 49.5% | 52.6% | 49.3% |
| — | -1.5% | -4.1% | -5.4% | -4.9% | -3.7% | -2.9% | -1.6% | +3.7% | +8.2% | +7.6% | +8.5% | -2.7% | |
| Operating Margin | 12.7% | 12.1% | 17.2% | 12.1% | 10.9% | 8.6% | 16.5% | 13.1% | 11.8% | 4.6% | 13.5% | 7.1% | -96.6% |
| — | +40.1% | +3.9% | -7.9% | -7.9% | +86.1% | +22.7% | +83.9% | +112.2% | +136.1% | +223.9% | +128.1% | -558.2% | |
| Net Margin | 10.7% | -18.3% | 20.2% | 9.3% | 33.8% | -28.9% | 46.0% | 38.3% | 8.4% | -14.7% | 30.6% | 41.9% | -77.4% |
| — | +36.6% | -56.0% | -75.8% | +304.3% | -97.0% | +50.1% | -8.6% | +110.8% | -425.3% | +185.2% | +459.9% | +16.8% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.8% | -4.5% | 5.7% | 2.1% | 7.8% | -6.0% | 11.9% | 8.6% | 1.9% | -3.0% | 7.6% | 9.1% | -16.5% |
| — | +25.8% | -52.0% | -75.0% | +312.5% | -98.4% | +57.5% | -5.9% | +111.5% | -473.2% | +202.8% | +599.3% | -26.6% | |
| ROA | 8.5% | -4.0% | 4.9% | 1.8% | 6.5% | -5.0% | 9.9% | 7.0% | 1.5% | -2.4% | 6.0% | 7.1% | -12.7% |
| — | +20.6% | -50.1% | -74.5% | +325.1% | -104.9% | +63.1% | -1.8% | +112.0% | -489.1% | +206.3% | +591.5% | -19.0% | |
| ROIC | 9.4% | 2.5% | 4.1% | 2.2% | 1.9% | 1.4% | 3.3% | 2.3% | 2.1% | 0.7% | 2.6% | 1.2% | -16.2% |
| — | +80.9% | +21.8% | -2.2% | -8.3% | +84.2% | +30.0% | +89.2% | +112.9% | +141.7% | +250.2% | +135.4% | -760.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Shopify Inc.'s Debt/EBITDA ratio is 0.5x, up from 0.3x last quarter — comfortably within a safe range. The current ratio has improved 234.2% YoY to 12.38x, strengthening the short-term liquidity position.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 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 |
| — | -86.1% | -85.7% | -20.9% | -24.2% | -20.0% | -23.2% | -16.7% | -18.4% | -22.2% | -25.1% | -9.4% | +11.1% | |
| Debt / EBITDA | 0.13 | 0.47 | 0.29 | 3.18 | 3.82 | 5.39 | 2.38 | 3.92 | 4.53 | 11.93 | 3.85 | 8.31 | — |
| — | -91.3% | -87.6% | -19.0% | -15.7% | -54.8% | -38.1% | -52.8% | — | — | — | — | — | |
| Current Ratio | 5.96 | 12.38 | 5.96 | 3.93 | 3.85 | 3.71 | 3.71 | 7.10 | 7.32 | 7.14 | 6.99 | 7.23 | 6.71 |
| — | +234.2% | +60.7% | -44.6% | -47.4% | -48.1% | -46.9% | -1.8% | +9.1% | +6.4% | -1.1% | +8.9% | -39.9% | |
| Quick Ratio | 5.94 | 12.38 | 5.94 | 3.93 | 3.85 | 3.71 | 3.70 | 7.10 | 7.32 | 7.14 | 6.97 | 7.23 | 6.71 |
| — | +234.2% | +60.9% | -44.6% | -47.4% | -48.1% | -47.0% | -1.8% | +9.1% | +6.4% | -1.4% | +8.9% | -39.9% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 46 years · Updated daily
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorDCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare business quality, growth, and profitability against top sector peers.
Start ComparisonQuick answers to the most common questions about buying SHOP stock.
Shopify Inc.'s current P/E is 112.2x. 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.