SHOP Chart
About

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.

Fundamentals
Scroll to Statements
Sector Technology Industry Software - Application Market Cap 174.23B
Enterprise Value 168.44B Income 1.23B Sales 11.56B
Book/sh 10.33 Cash/sh 4.48 Dividend Yield —
Payout 0.00% Employees 7600 IPO —
P/E 143.55 Forward P/E 58.28 PEG —
P/S 15.08 P/B 12.92 P/C —
EV/EBITDA 87.32 EV/Sales 14.58 Quick Ratio 4.58
Current Ratio 5.96 Debt/Eq 1.40 LT Debt/Eq —
EPS (ttm) 0.94 EPS next Y 2.29 EPS Growth -42.30%
Revenue Growth 30.60% Earnings 2026-05-07 ROA 8.15%
ROE 9.84% ROIC — Gross Margin 48.07%
Oper. Margin 20.29% Profit Margin 10.65% Shs Outstand 1.23B
Shs Float 1.22B Short Float 1.18% Short Ratio 0.91
Short Interest — 52W High 182.19 52W Low 69.84
Beta 2.90 Avg Volume 11.39M Volume 9.33M
Target Price $160.07 Recom Buy Prev Close $130.20
Price $133.50 Change 2.53%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$160.07
Mean price target
2. Current target
$133.50
Latest analyst target
3. DCF / Fair value
$18.88
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$133.50
Low
$110.00
High
$200.00
Mean
$160.07

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-09 main Jefferies Hold → Hold $150
2026-02-17 main Jefferies Hold → Hold $125
2026-02-17 up Truist Securities Hold → Buy $150
2026-02-13 main Citigroup Buy → Buy $172
2026-02-12 main RBC Capital Outperform → Outperform $170
2026-02-12 main UBS Neutral → Neutral $145
2026-02-12 main BMO Capital Outperform → Outperform $160
2026-02-12 main Citizens Market Outperform → Market Outperform $160
2026-02-12 main Cantor Fitzgerald Neutral → Neutral $126
2026-02-12 main Barclays Equal-Weight → Equal-Weight $130
2026-02-12 main Wedbush Outperform → Outperform $160
2026-02-12 main Wells Fargo Overweight → Overweight $191
2026-02-12 main Truist Securities Hold → Hold $110
2026-02-12 up Mizuho Neutral → Outperform $150
2026-02-12 reit Needham Buy → Buy $180
2026-02-10 main Benchmark Buy → Buy $145
2026-02-09 main BMO Capital Outperform → Outperform $150
2026-01-08 up Scotiabank Sector Perform → Sector Outperform $200
2026-01-06 down Wolfe Research Outperform → Peer Perform —
2025-12-17 main Wells Fargo Overweight → Overweight $198
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 682 87350.0 — Disposition in the public market at price 128.08 per share. Niehaus (Jean) Senior Officer of Issuer — 2026-03-04 00:00:00 D
1 23817 nan — — Lutke (Tobias Albin) Director of Issuer — 2026-03-03 00:00:00 D
2 5066 nan — — Hertz (Jessica) Senior Officer of Issuer — 2026-03-02 00:00:00 D
3 2507 298505.0 — Disposition in the public market at price 119.07 per share. Hertz (Jessica) Senior Officer of Issuer — 2026-03-02 00:00:00 D
4 738 nan — — Hertz (Jessica) Senior Officer of Issuer — 2026-03-02 00:00:00 D
5 367 43698.0 — Disposition in the public market at price 119.07 per share. Hertz (Jessica) Senior Officer of Issuer — 2026-03-02 00:00:00 D
6 1644 nan — — Hertz (Jessica) Senior Officer of Issuer — 2026-03-02 00:00:00 D
7 818 97398.0 — Disposition in the public market at price 119.07 per share. Hertz (Jessica) Senior Officer of Issuer — 2026-03-02 00:00:00 D
8 4156 nan — — Hoffmeister (Jeff J.) Senior Officer of Issuer — 2026-03-02 00:00:00 D
9 1968 234327.0 — Disposition in the public market at price 119.07 per share. Hoffmeister (Jeff J.) Senior Officer of Issuer — 2026-03-02 00:00:00 D
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems-122.73M71.06M-20.59M-135.47M
TaxRateForCalcs0.180.090.290.04
NormalizedEBITDA2.58B582.00M216.00M2.42B
TotalUnusualItems-667.00M756.00M-72.00M-3.01B
TotalUnusualItemsExcludingGoodwill-667.00M756.00M-72.00M-3.01B
NetIncomeFromContinuingOperationNetMinorityInterest1.23B2.02B132.00M-3.46B
ReconciledDepreciation31.00M36.00M70.00M93.00M
ReconciledCostOfRevenue6.00B4.41B3.54B2.85B
EBITDA1.92B1.34B144.00M-594.00M
EBIT1.89B1.30B74.00M-687.00M
NetInterestIncome331.00M308.00M241.00M75.00M
InterestExpense1.15M1.15M
InterestIncome331.00M308.00M241.00M75.00M
NormalizedIncome1.78B1.33B183.41M-584.47M
NetIncomeFromContinuingAndDiscontinuedOperation1.23B2.02B132.00M-3.46B
TotalExpenses9.67B7.58B6.99B6.29B
TotalOperatingIncomeAsReported1.47B1.07B-1.42B-822.00M
DilutedAverageShares1.29B1.30B1.27B1.27B
BasicAverageShares1.29B1.28B1.27B1.25B
DilutedEPS1.560.10-2.732.29
BasicEPS1.560.10-2.732.34
DilutedNIAvailtoComStockholders1.23B2.02B132.00M-3.46B
AverageDilutionEarnings0.001.00M0.002.57M
NetIncomeCommonStockholders1.23B2.02B132.00M-3.46B
NetIncome1.23B2.02B132.00M-3.46B
NetIncomeIncludingNoncontrollingInterests1.23B2.02B132.00M-3.46B
NetIncomeContinuousOperations1.23B2.02B132.00M-3.46B
TaxProvision278.00M209.00M53.00M-163.00M
PretaxIncome1.51B2.23B185.00M-3.62B
OtherIncomeExpense-707.00M618.00M-130.00M-3.01B
SpecialIncomeCharges-417.00M-227.00M-1.49B-135.00M
WriteOff0.000.001.34B0.00
RestructuringAndMergernAcquisition417.00M227.00M152.00M135.00M
EarningsFromEquityInterest-40.00M-138.00M-58.00M0.00
GainOnSaleOfSecurity-250.00M983.00M1.42B-2.88B
NetNonOperatingInterestIncomeExpense331.00M308.00M241.00M75.00M
TotalOtherFinanceCost2.35M2.34M
InterestExpenseNonOperating1.15M1.15M
InterestIncomeNonOperating331.00M308.00M241.00M75.00M
OperatingIncome1.89B1.30B74.00M-687.00M
OperatingExpense3.67B3.17B3.44B3.44B
OtherOperatingExpenses227.00M152.00M135.00M81.72M
ResearchAndDevelopment1.54B1.37B1.73B1.50B
SellingGeneralAndAdministration2.13B1.80B1.71B1.94B
SellingAndMarketingExpense1.66B1.39B1.22B1.23B
GeneralAndAdministrativeExpense471.00M410.00M491.00M708.00M
OtherGandA471.00M410.00M491.00M708.00M
GrossProfit5.55B4.47B3.52B2.75B
CostOfRevenue6.00B4.41B3.54B2.85B
TotalRevenue11.56B8.88B7.06B5.60B
OperatingRevenue11.56B8.88B7.06B5.60B
Line Item2023-12-31
TreasurySharesNumber0.00
OrdinarySharesNumber1.30B1.29B1.29B1.28B
ShareIssued1.30B1.29B1.29B1.28B
TotalDebt188.00M1.13B1.15B1.40B
TangibleBookValue12.95B11.08B8.61B6.01B
InvestedCapital13.47B12.48B9.98B9.15B
WorkingCapital6.90B5.30B5.38B5.19B
NetTangibleAssets12.95B11.08B8.61B6.01B
CapitalLeaseObligations188.00M208.00M234.00M483.00M
CommonStockEquity13.47B11.56B9.07B8.24B
TotalCapitalization13.47B11.56B9.98B9.15B
TotalEquityGrossMinorityInterest13.47B11.56B9.07B8.24B
StockholdersEquity13.47B11.56B9.07B8.24B
GainsLossesNotAffectingRetainedEarnings1.00M-10.00M4.00M-16.00M
OtherEquityAdjustments1.00M-10.00M4.00M-16.00M
RetainedEarnings2.86B1.63B-390.00M-522.00M
AdditionalPaidInCapital236.00M305.00M251.00M30.00M
CapitalStock10.38B9.63B9.20B8.75B
CommonStock10.38B9.63B9.20B8.75B
TotalLiabilitiesNetMinorityInterest1.72B2.37B2.23B2.52B
TotalNonCurrentLiabilitiesNetMinorityInterest324.00M410.00M1.33B1.66B
NonCurrentDeferredLiabilities153.00M220.00M202.00M284.00M
NonCurrentDeferredRevenue98.00M147.00M196.00M268.00M
NonCurrentDeferredTaxesLiabilities55.00M73.00M6.00M16.00M
LongTermDebtAndCapitalLeaseObligation171.00M190.00M1.13B1.38B
LongTermCapitalLeaseObligation171.00M190.00M217.00M465.00M
LongTermDebt916.00M913.00M910.96M
CurrentLiabilities1.39B1.96B898.00M856.00M
OtherCurrentLiabilities1.00M13.00M3.00M16.00M
CurrentDeferredLiabilities300.00M283.00M302.00M296.00M
CurrentDeferredRevenue300.00M283.00M302.00M296.00M
CurrentDebtAndCapitalLeaseObligation17.00M936.00M17.00M18.00M
CurrentCapitalLeaseObligation17.00M18.00M17.00M18.00M
CurrentDebt918.00M
OtherCurrentBorrowings918.00M
PensionandOtherPostRetirementBenefitPlansCurrent102.00M99.00M55.00M68.00M
CurrentProvisions66.00M48.00M30.00M
PayablesAndAccruedExpenses906.00M577.00M491.00M458.00M
CurrentAccruedExpenses48.00M30.00M
Payables906.00M577.00M491.00M458.00M
OtherPayable19.00M38.00M36.00M38.00M
TotalTaxPayable317.00M179.00M91.00M56.00M
IncomeTaxPayable156.00M58.00M18.00M9.00M
AccountsPayable570.00M360.00M364.00M364.00M
TotalAssets15.19B13.92B11.30B10.76B
TotalNonCurrentAssets6.89B6.67B5.02B4.71B
OtherNonCurrentAssets39.00M21.00M-74.00K
NonCurrentDeferredAssets33.00M37.00M44.00M41.00M
NonCurrentDeferredTaxesAssets33.00M37.00M44.00M41.00M
FinancialAssets205.88M
InvestmentsAndAdvances6.16B6.00B4.38B1.95B
OtherInvestments3.60B1.95B
InvestmentinFinancialAssets975.00M709.00M115.00M220.99M
AvailableForSaleSecurities975.00M709.00M115.00M220.99M
LongTermEquityInvestment5.18B5.29B4.26B1.95B
GoodwillAndOtherIntangibleAssets521.00M474.00M456.00M2.23B
OtherIntangibleAssets30.00M22.00M29.00M390.00M
Goodwill491.00M452.00M427.00M1.84B
NetPPE141.00M140.00M147.00M486.00M
AccumulatedDepreciation-175.00M-170.00M-156.00M-153.00M
GrossPPE316.00M310.00M303.00M639.00M
Leases159.00M149.00M142.00M182.00M
OtherProperties88.00M93.00M98.00M389.00M
MachineryFurnitureEquipment69.00M68.00M63.00M68.00M
Properties0.000.000.000.00
CurrentAssets8.30B7.25B6.28B6.05B
OtherCurrentAssets1.00M29.00M10.68M
HedgingAssetsCurrent3.00M0.006.00M1.00M
RestrictedCash11.00M9.00M8.00M
PrepaidAssets124.00M94.00M86.00M82.00M
Inventory21.00M26.00M19.00M
OtherInventories26.00M19.00M
Receivables2.37B1.66B1.16B885.00M
OtherReceivables306.00M254.00M206.00M124.00M
TaxesReceivable143.00M81.00M56.00M36.00M
AccruedInterestReceivable39.00M19.00M15.00M16.00M
LoansReceivable1.46B1.02B672.00M209.00M
AccountsReceivable421.00M280.00M206.00M500.00M
AllowanceForDoubtfulAccountsReceivable-35.00M-31.00M-36.00M-49.42M
GrossAccountsReceivable456.00M311.00M242.00M500.36M
CashCashEquivalentsAndShortTermInvestments5.77B5.47B5.00B5.05B
OtherShortTermInvestments4.23B3.98B3.60B3.40B
CashAndCashEquivalents1.53B1.49B1.41B1.65B
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow2.01B1.60B905.00M-186.00M
IssuanceOfDebt0.00
IssuanceOfCapitalStock0.001.54B
CapitalExpenditure-26.00M-19.00M-39.00M-50.00M
InterestPaidSupplementalData1.00M1.00M1.00M1.00M
IncomeTaxPaidSupplementalData194.00M116.00M50.00M27.00M
EndCashPosition1.54B1.50B1.41B1.65B
BeginningCashPosition1.50B1.41B1.65B2.50B
EffectOfExchangeRateChanges15.00M-6.00M4.00M-17.00M
ChangesInCash32.00M91.00M-240.00M-837.00M
FinancingCashFlow-811.00M61.00M60.00M18.00M
CashFlowFromContinuingFinancingActivities-811.00M61.00M60.00M18.00M
NetOtherFinancingCharges-1.04B
ProceedsFromStockOptionExercised232.00M61.00M60.00M18.00M
NetCommonStockIssuance0.001.54B
CommonStockIssuance0.001.54B
NetIssuancePaymentsOfDebt0.00
NetLongTermDebtIssuance0.00
LongTermDebtIssuance0.00
InvestingCashFlow-1.19B-1.59B-1.24B-719.00M
CashFlowFromContinuingInvestingActivities-1.19B-1.59B-1.24B-719.00M
NetOtherInvestingChanges-521.00M-461.00M-559.00M-159.00M
NetInvestmentPurchaseAndSale-488.00M-939.00M-251.00M1.88B
SaleOfInvestment6.55B7.46B5.59B6.89B
PurchaseOfInvestment-7.04B-8.40B-5.84B-5.01B
NetBusinessPurchaseAndSale-155.00M-167.00M-395.00M-2.39B
PurchaseOfBusiness-155.00M-167.00M-395.00M-2.39B
NetIntangiblesPurchaseAndSale0.00
PurchaseOfIntangibles0.00
NetPPEPurchaseAndSale-26.00M-19.00M-39.00M-50.00M
PurchaseOfPPE-26.00M-19.00M-39.00M-50.00M
OperatingCashFlow2.03B1.62B944.00M-136.00M
CashFlowFromContinuingOperatingActivities2.03B1.62B944.00M-136.00M
ChangeInWorkingCapital-117.00M-166.00M195.00M-99.00M
ChangeInOtherWorkingCapital19.00M26.00M60.00M32.00M
ChangeInOtherCurrentAssets-38.00M-72.00M-50.00M-31.00M
ChangeInPayablesAndAccruedExpense262.00M110.00M69.00M28.00M
ChangeInPrepaidAssets-266.08M
ChangeInReceivables-360.00M-230.00M116.00M-128.00M
ChangesInAccountReceivables-360.00M-230.00M116.00M-128.00M
OtherNonCashItems-49.00M-94.00M-158.00M-121.00M
StockBasedCompensation449.00M430.00M615.00M549.00M
ProvisionandWriteOffofAssets230.00M148.00M80.00M74.00M
AssetImpairmentCharge13.00M0.001.38B84.00M
DeferredTax-14.00M78.00M-1.00M-187.00M
DeferredIncomeTax-14.00M78.00M-1.00M-187.00M
DepreciationAmortizationDepletion31.00M36.00M70.00M93.00M
DepreciationAndAmortization31.00M36.00M70.00M93.00M
AmortizationCashFlow14.00M
AmortizationOfIntangibles14.00M
Depreciation22.00M
OperatingGainsLosses259.00M-835.00M-1.37B2.93B
EarningsLossesFromEquityInvestments193.00M-854.00M-1.36B2.92B
GainLossOnInvestmentSecurities123.00M
NetForeignCurrencyExchangeGainLoss-57.00M19.00M-6.00M12.00M
NetIncomeFromContinuingOperations1.23B2.02B132.00M-3.46B
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for SHOP
Date User Asset Broker Type Position Size Entry Price Patterns