SHOPIFY INC.
$147.09
+0.31 (+0.21%) · delayed · Nov 13, 2026
Five-year price
52w $94.00 to $180.88
- Market cap
- $191.9B
- Enterprise value
- $190.4B
- P/E
- 156.5×
- 170.4× on 3y avg EPS
- EV / EBIT
- 129.7×
- FCF yield
- 1.0%
- ROIC
- 10.0%
- Debt / equity
- —
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
25
- ○ROIC > 12% (5y avg)5y avg ROIC -0.8%
- ○ROE > 15% (5y avg)5y avg ROE -3.5%
- ○Stable operating marginsMargin volatility 15.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 309% (5y avg)
- –Growing revenueRevenue CAGR 5y n/a
- –Shrinking share countDiluted shares n/a over 5y
Value
0
- ○P/E below 15P/E 156.5
- ○EV/EBIT below 12EV/EBIT 129.7
- ○FCF yield above 6%FCF yield 1.0%
- ○Price below Graham NumberGraham Number $14.78
- ○P/B below 3P/B 14.2
Safety
100
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-1.5B
- ●Interest coverage > 8xCoverage 1468.0x
- ●Current ratio > 1.5Current ratio 5.96
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $11.6B
- ●Strong condition (current ratio ≥ 2)Current ratio 5.96
- –Earnings stability (no loss, 10y)4 years of data
- –Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 170.4
- ○P/E × P/B ≤ 22.5Product 2427.3
Valuation lab
What do you have to believe?
At $147.09, the market is pricing in about 26.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$1.5B · 1305M shares
Intrinsic value
$32.76
Price
$147.09
Premium paid
349%
What the price implies
The market is paying for 26.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | 5,600 | 7,060 | 8,880 | 11,556 |
| Gross profit | 2,754 | 3,515 | 4,472 | 5,555 |
| Operating income | (822) | (1,418) | 1,075 | 1,468 |
| Operating margin | -14.7% | -20.1% | 12.1% | 12.7% |
| Pre-tax income | — | 185 | 2,228 | 1,509 |
| Income tax | (163) | 53 | 209 | 278 |
| Net income | (3,460) | 132 | 2,019 | 1,231 |
| EPS (diluted) | -2.73 | 0.10 | 1.55 | 0.94 |
| Diluted shares | 1,266 | 1,296 | 1,302 | 1,305 |
Who owns it
Superinvestors
Filings wire