Stock · SHOP.TO · Technology
Canada · Large Cap · Revenue 12 mo. $13.3B
Price as of 11/05/2026
Shopify Inc., a commerce technology company, provides tools to start, scale, market, and run a business of various sizes in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America.
Shopify Inc., a commerce technology company, provides tools to start, scale, market, and run a business of various sizes in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The Company offers Shopify platform that enables merchants to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics, and reporting and access financing for running their business across all of their sales channels, including web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces. It also provides Shopify Payments, a fully integrated payment processing service that allows merchants to accept and process payment cards online and offline. In addition, the company engages in the sale of themes and apps; shipping labels through Shopify Shipping; point-of-sale hardware; advertising on the Shopify App Store; and Shop Campaigns for buyer acquisitions, as well as registration of domain names. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was incorporated in 2004 and is based in Ottawa, Canada.
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Summary
51.1 of 100
Mean of the six area values. Each area value is the mean of the stock's ranks among the companies in its sector. 50 is the middle of the sector, not a share of companies beaten.
Analysis
What the price requires
If free cash flow stays at €1.8B (2025), it supports €20.2B. The remaining €144.3B of the market value assume it grows 29.4% a year for 10 years and not at all afterwards.
Required FCF growth per year
29.4%
no growth afterwards
Price to operating cash flow 78.6×, within its usual range.
Middle half of 18 quarters: 71.2× to 260.5×, median 84.3×.
Measures only against its own past, not against what the company is worth. Price as of 11/05/2026.
with respect to the priced-in expectation
with respect to the priced-in expectation
Since the last quarter
Q1 → Q2 2026
3 more unchanged: Gross margin, FCF margin, Shares outstanding
Derivation
Each area value is the average of its metrics' ranks within the sector (0 to 100, 50 is the middle). For metrics where lower is better, the rank is mirrored. The overall value is the average of the area values.
Price as of 11/05/2026.
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Return on equity | 9.30% | 14.60% | Rank 33 |
| Return on capital (Greenblatt) | 27.31% | 29.77% | Rank 48 |
| EBIT margin | 16.36% | 17.40% | Rank 48 |
| FCF margin | 17.37% | 18.54% | Rank 48 |
| Gross margin | 47.88% | 48.47% | Rank 48 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Revenue growth, 1 year | 32.41% | 12.70% | Rank 87 |
| Earnings growth, 3 years per yeardoes not count towards the rank | – | 9.54% | |
| Earnings growth, 5 years per year | 29.97% | 14.07% | Rank 81 |
| Sustainable growth (ROE × retained earnings) | 0.22% | 2.87% | Rank 3 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Earnings yield | 0.67% | 2.64% | Rank 19 |
| FCF yield | 1.10% | 3.06% | Rank 20 |
| EV/saleslower is better | 15.28 | 5.18 | Rank 15 |
| EV/EBITlower is better | 93.35 | 26.24 | Rank 14 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Share price, 1 year | −18.28% | −0.59% | Rank 30 |
| Share price, 6 months | 34.03% | −4.46% | Rank 88 |
| Share price, 3 months | 0.33% | −5.84% | Rank 60 |
| Distance from 52-week high | −20.31% | −33.23% | Rank 72 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Accruals (Sloan)lower is better | 2.71% | 1.65% | Rank 43 |
| Change in share countlower is better | 0.26% | −0.17% | Rank 30 |
| Dividend streak in years | – | 8 | Rank 18 |
| Price reaction to results, market-adjusted | 16.51% | −1.57% | Rank 96 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Equity ratio | 88.70% | 53.98% | Rank 98 |
| Net debt/EBITDAlower is better | −2.85 | −0.20 | Rank 88 |
| Debt to equitylower is better | 0.01 | 0.33 | Rank 91 |
| Volatility, 1 yearlower is better | 57.56% | 50.37% | Rank 39 |
Ten years in figures
| Year | Revenue | EBIT margin | FCF | Shares | Net debt |
|---|---|---|---|---|---|
| 2016 | $389.3M | −9.6% | −$12.2M | 840M | −$70.1M |
| 2017 | $673.3M | −7.3% | −$16.4M | 958M | −$125.2M |
| 2018 | $1.1B | −8.6% | −$32.2M | 1.06B | −$385.8M |
| 2019 | $1.6B | −8.9% | $8.2M | 1.13B | −$498.2M |
| 2020 | $2.9B | 3.1% | $383.0M | 1.23B | −$1.8B |
| 2021 | $4.6B | 5.8% | $453.6M | 1.27B | −$1.3B |
| 2022 | $5.6B | −14.7% | −$186.0M | 1.27B | −$252.7M |
| 2023 | $7.1B | 3.7% | $905.0M | 1.30B | −$263.0M |
| 2024 | $8.9B | 12.1% | $1.6B | 1.30B | −$372.0M |
| 2025 | $11.8B | 16.4% | $2.0B | 1.30B | −$1.3B |
1 of 7 StockScorer Score rules met · How the score is built
Shopify Inc mainly meets criteria in the Growth category. Result from 18 strategies checked.
Shopify Inc is rated here with the StockScorer Score strategy, the flagship rule set. It compares return and cash-flow metrics with the median of the company's own sector and checks growth and price trend.
1 of 7 rules met
2 of 11 points
Detail data
Excerpt from 18 strategies checked. The full evaluation is visible after a free sign-up.
With a free account, you can see the match across all strategies checked in one complete overview.
Selected fundamental metrics for Shopify Inc.
| Metric | Stock | Sector |
|---|---|---|
| P/E ratio | 150.0 | 35.1 |
| P/B ratio | 13.9 | 5.5 |
| Return on equity (ROE) | 9.3% | 14.6% |
| Equity ratio | 88.7% | 54.0% |
| Debt-to-equity (D/E) | 0.01 | 0.33 |
| Dividend yield | 0.0% | 0.9% |
How comparable stocks in the same sector score in the StockScorer model.
| Symbol | Company | Rating |
|---|---|---|
| SHOP.TO | Shopify Incthis page | |
| CSU.TO | Constellation Software Inc. | locked |
| CRM | Salesforce.com Inc | High6.4 |
| UBER | Uber Technologies Inc | High8.2 |
| ADP | Automatic Data Processing Inc | locked |
| NOW | ServiceNow Inc | locked |
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Learn more about the metrics in the metrics glossary or all rated stocks in the stock overview.
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