SHOP
SHOPIFY INC.
Technology • CIK: 0001594805
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Market Cap
$192.66B
P/E (TTM)
107.7x
Rev Growth (TTM)
—
Net Margin (TTM)
16.7%
FCF Yield (TTM)
1.0%
FCF Margin (TTM)
17.8%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$1.9B
Q3 '25
$507M+20%
Q2 '25
$422M+16%
FCF Margin
TTM17.8%
Q3 '2517.8%+13%
Sector: 14.5%Above Avg
OCF Margin18.0%
OCF/NI1.08x
CapEx Coverage96.2x
FCF Yield1.0%
FCF Growth (2Y)–
Cash Conversion Cycle
12 days
DSO: 12+DIO: 0−DPO: 0
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$1.9B
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
9.9%
Stable
+7.1%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
10.6%
Asset Turnover
0.76x
8Q: 0.67x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 8.1% ≈ 9.9% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
260.09x
8Q:–
Invested Cap Turn
1.93x
8Q:–
CapEx Intensity
0.4%
8Q:–
CapEx/Depreciation
0.63x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 7 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|
Revenue | $10.7B | $2.8B↑6.1% | $2.7B↑13.6% | $2.4B↓16.1% | $2.8B↑30.1% | $2.2B↑5.7% | $2.0B↑9.9% | $1.9B |
Operating Income | $1.3B | $343.0M↑17.9% | $291.0M↑43.3% | $203.0M↓56.3% | $465.0M↑64.3% | $283.0M↑17.4% | $241.0M↑180.2% | $86.0M |
Net Income | $1.8B | $264.0M↓70.9% | $906.0M↑232.8% | $-682.0M↓152.7% | $1.3B↑56.2% | $828.0M↑384.2% | $171.0M↑162.6% | $-273.0M |
Operating Cash Flow | $1.9B | $513.0M↑19.9% | $428.0M↑16.6% | $367.0M↓40.3% | $615.0M↑45.4% | $423.0M↑24.4% | $340.0M↑42.9% | $238.0M |
Free Cash Flow | $1.9B | $507.0M↑20.1% | $422.0M↑16.3% | $363.0M↓40.6% | $611.0M↑45.1% | $421.0M↑26.4% | $333.0M↑43.5% | $232.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
107.7x
Valuation Lenses
Earnings
107.7x
vs – sector
Cash Flow
41.9x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
10.9P/E per %ROIC
ROIC: 9.9%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$192.66B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
78/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
15.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
9.9%
8Q:–
+7.1%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 10.6%
Asset Turnover: 0.76x
Earnings Quality
Cash Conversion
1.08x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin48.7%
Capital Efficiency
Invested Capital Turnover1.93x
Working Capital
Cash Conversion Cycle12 days
Growth Quality & Momentum
Growth Rates
Revenue Growth YoY
N/A
OpInc Growth YoY
21.2%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
48.7%
Operating
12.2%
Above Avg in sector
Net
16.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1.1 pts
FCF: 17.8% | Net: 16.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $6.35B
Interest Coverage
–
+Net cash position: $6.35B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis