Shopify Inc. - Class A Subordinate Voting Shares: stock overview

SHOPNASDAQTechnology · Services-Prepackaged Software

Price

$147.09

November 13, 2026Market cap $191B

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  • The full history: 9 fiscal years, from 2017
  • The estimated fair value, with its range and its certainty
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In short

Shopify Inc. - Class A Subordinate Voting Shares had revenue of $14.2B over the last 12 months and net income of $2.1B, a net margin of 15.0%. Revenue grew by 31.6% a year on average over the last 5 years. At $147.09 the shares trade at a P/E of 89.9. It holds more cash than debt, by $4.7B. It pays no dividend.

From its SEC filings (latest fiscal year to December 31, 2025) and the price of November 13, 2026.

Its SEC filings
Market cap
$191B
1.30B shares
P/E
89.9
Revenue, 12 months
$14.2B
+31.6% a year over 5 years
Net margin
15.0%
2025: 10.7%, above 73% of its industry

Worth knowing

What a holder would want to hear from the company's SEC filings of the last three years. Each with its filing, without comment.

3 fiscal years in figures

Each fiscal year's figures as the company filed them, and the share price at its end.

2023–2025 fiscal years

+27.9% a year over 2 years

  • 202510-K
    Revenue$11.6B
  • 202410-K
    Revenue$8.9B
  • 202340-F
    Revenue$7.1B

Fiscal years in figures

SHOP's revenue, profit, cash flow and dividend with each year-end price, from 2017 to 2022, 6 more fiscal years

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Key figures

The company's current figures in five groups. Each term is explained behind its ⓘ.

Valuation

Market cap 3-year median: $137B
$191B
Enterprise value 
$186B
P/E 
89.9
EV / EBIT 
90.1
EV / Revenue 
13.2
P/B 3-year median: 11.9
15.0
FCF yield 3-year median: 1.0%
1.4%
Earnings yield 3-year median: 0.6%
1.1%

Profitability

Gross margin 
47.5%
Operating margin 
14.6%
Net margin 3-year median: 10.7%
15.0%
ROIC 
12.1%
ROIC, 5-year average 
-0.2%
ROE 
16.6%

Growth

Revenue, yearly change 
+30.1%
EPS, yearly change 
-39.4%
FCF, yearly change 
+25.7%
Revenue, average a year 
+31.6%
EPS, average a year 
+29.4%

The yearly change compares FY2025 with FY2024.

Balance sheet

Cash 
$4.7B
Total debt 
$188M
Of which operating leases 
$188M
Net cash 
$4.7B
Net debt / EBITDA 
-2.3x
Interest cover 
–
Current ratio 
4.86

Balance sheet of September 30, 2026.

Returns to shareholders

Dividend yield 
0.00%
Buybacks 
–
Total returned 
0.00%
Shares, yearly change 
+0.7%
Valuation against its own pastEach fiscal year's P/E, P/FCF and P/B beside today's, and the DCF calculator for the company.Valuation

Against its industry

Where its margins and returns stood in fiscal 2025 among the SEC filers of its industry (SIC code 73).

Gross margin

48.1%

Above 38% of the 293 companies in its industry, and 66% of all.

Operating margin

12.7%

Above 74% of the 462 companies in its industry, and 70% of all.

Net margin

10.7%

Above 73% of the 473 companies in its industry, and 67% of all.

ROE

9.1%

Above 61% of the 398 companies in its industry, and 57% of all.

ROA

8.1%

Above 79% of the 462 companies in its industry, and 83% of all.

Revenue growth

30.1%

Above 89% of the 461 companies in its industry, and 89% of all.

From the yearly figures every company files with the SEC, for those with revenue of at least $25 million. The industry is the first two digits of the SIC code.

The company at the SEC

How it is registered and when its fiscal year ends.

Name at the SEC
SHOPIFY INC.
CIK
1594805
Exchange
NASDAQ
Industry (SIC)
7372 · Services-Prepackaged Software
Fiscal year ends
December 31
Latest annual report
December 31, 2025
Reporting currency
USD
Shares
1.30B

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The full analysis

What do Shopify Inc. - Class A Subordinate Voting Shares's filings show?

These are Shopify Inc. - Class A Subordinate Voting Shares's figures. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

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  • Insider and institutional moves
  • The case for and the case against

Questions about SHOP

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What is SHOP's market cap?

Shopify Inc. - Class A Subordinate Voting Shares's market cap is $191B, at a price of $147.09 on November 13, 2026 and 1.30B shares.

What is SHOP's P/E?

SHOP's P/E is 89.9, on earnings per share of $1.64 over the last 12 months.

How much revenue does SHOP have?

Shopify Inc. - Class A Subordinate Voting Shares had revenue of $14.2B over the last 12 months. Over the last 5 years it changed by +31.6% a year on average.

Does SHOP pay a dividend?

No. Shopify Inc. - Class A Subordinate Voting Shares paid no regular dividend over the last 12 months.

Where do the figures come from?

From Shopify Inc. - Class A Subordinate Voting Shares's SEC filings (10-K and 10-Q) and the share price. They hold no analyst estimates and no score, and they are not a recommendation.

Related pages

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.