Shopify Inc. — SHOP

Close PriceMarket CapP/E RatioForward P/E RatioImplied Growth*Implied Forward Growth*DividendP/B Ratio
$118.71$154.04B116.450.932.3%22.1%-12.4

Latest Headlines

Revenue & Net Income

Revenue & Net Income
Date Revenue Net_Income EPS Last_Updated Revenue_Change Net_Income_Change EPS_Change
0 2020-12-31 $2,929M $320M $0.27 2024-05-08 21:43:24 N/A N/A N/A
1 2021-12-31 $5,600M $-3,460M $2.34 2026-05-29 09:14:42 91.2% -1182.9% 775.7%
2 2022-12-31 $5,600M $-3,460M $-2.73 2026-05-29 09:14:42 0.0% 0.0% -216.8%
3 2023-12-31 $7,060M $132M $0.10 2026-05-29 09:14:42 26.1% -103.8% -103.7%
4 2024-12-31 $8,880M $2,019M $1.56 2026-05-29 09:14:42 25.8% 1429.5% 1459.6%
5 2025-12-31 $11,556M $1,231M $1.56 2026-05-29 09:14:42 30.1% -39.0% 0.0%
6 TTM 2026-03-31 $12,366M $1,332M $1.02 2026-05-11 09:15:26 7.0% 8.2% -34.6%

EPS

EPS

Forecasts

Revenue/Net Income Forecast EPS Forecast

Y/Y % Change

Revenue YoY Change EPS YoY Change
YoY Growth Rates

SHOP Year-over-Year Growth

  2020 2021 2022 2023 2024 2025 2026 2027 Average
Revenue Growth (%) 91.2% 0.0% 26.1% 25.8% 30.1% 28.0% 23.8% 32.1%
Revenue Analysts (#) 0 0 0 0 0 0 44 45
EPS Growth (%) -1182.9% 0.0% -103.8% 1429.5% -39.0% 93.6% 27.0% 32.1%
EPS Analysts (#) 0 0 0 0 0 0 40 38

Forward Estimate History

How the next-FY EPS and revenue estimates have drifted over time. One line per fiscal year – past lines end when that FY became current.

Forward EPS projection history by FY Forward revenue projection history by FY

Expenses

Revenue vs Expenses
Year Revenue ($) Cost of Revenue ($) R&D ($) Sales & Marketing ($) G&A ($) SG&A ($) Facilities / D&A ($)
2022 $5.6B $2.8B $1.5B $1.2B $708.0M $1.9B $93.0M
2023 $7.1B $3.5B $1.7B $1.2B $491.0M $1.7B $70.0M
2024 $8.9B $4.4B $1.4B $1.4B $410.0M $1.8B $36.0M
2025 $11.6B $6.0B $1.5B $1.7B $471.0M $2.1B $31.0M
TTM $12.4B $6.4B $1.6B $1.8B $477.0M $2.2B $30.0M
Expenses % of Revenue
Year Revenue Change (%) Cost of Revenue Change (%) R&D Change (%) Sales & Marketing Change (%) G&A Change (%) SG&A Change (%) Facilities / D&A Change (%)
2023 26.07 26.23 15.10 -0.81 -30.65 -11.71 -24.73
2024 25.78 25.81 -20.98 14.18 -16.50 5.38 -48.57
2025 30.14 36.55 12.36 19.38 14.88 18.36 -13.89
TTM 7.01 7.27 3.91 5.47 1.27 4.55 -3.23
No unmapped expenses.

Segment Performance

axis1_SHOP_Service.png axis1_SHOP_Subscription_And_Circulation.png
SEGMENTS v2025-09-09 · 2026-05-29 09:14 UTC — Units: $B. Rows list fiscal years (last 3 + TTM) with revenue for each segment; the final row shows the TTM revenue mix (operating income columns display “—” where mix is not applicable).
Year Services Rev Subscription And Circulation Rev Total Rev
2023 5.22B 1.84B 7.06B
2024 6.53B 2.35B 8.88B
2025 8.80B 2.75B 11.6B
TTM 19.5B 6.47B 26B
% of Total (TTM) 75.1% 24.9% 100%

Balance Sheet

Balance Sheet
  Metric Value
0 Total Assets $14,121M
1 Cash $1,848M
2 Total Liabilities $1,620M
3 Total Debt $179M
4 Total Equity $12,501M
5 Debt to Equity Ratio 0.01

EPS & Dividend

EPS & Dividend

Valuation

Valuation
Share Price Treasury Yield Estimates Fair Value (P/E) Fair Value (P/S) Current P/S Current P/E
$118.71 4.5% Nicks Growth: 14%
Nick's Expected Margin: 10%
FINVIZ Growth: 31%
Nicks: 25
Finviz: 102
Nick's: 2.489 12.5 116.4
Basis Year Nicks Valuation Nicks vs Share Price Finviz Valuation Finviz vs Share Price
$1.02 EPS TTM $25.39 -78.6% $104.25 -12.2%
$1.84 EPS 2026 $45.71 -61.5% $187.70 58.1%
$2.33 EPS 2027 $58.04 -51.1% $238.31 100.8%

Implied Growth

Implied Growth
Average Median Std Dev Current Percentile
TTM Forward TTM Forward TTM Forward TTM Forward TTM Forward
Timeframe
1 Year 30.57% 25.46% 30.57% 26.59% 2.28% 2.70% 31.87% 21.76% 64.4% 11.3%
3 Years 30.57% 25.46% 30.57% 26.59% 2.28% 2.70% 31.87% 21.76% 64.4% 11.3%
5 Years 30.57% 25.46% 30.57% 26.59% 2.28% 2.70% 31.87% 21.76% 64.4% 11.3%
10 Years 30.57% 25.46% 30.57% 26.59% 2.28% 2.70% 31.87% 21.76% 64.4% 11.3%

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