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Shopify SHOP Debt-to-equity

Debt-to-equity at other companies

Adobe logo
AdobeADBE
0.6×0.0×
eBay logo
eBayEBAY
1.8×+0.2×
Salesforce logo
SalesforceCRM
1.2×+1.0×
Global Payments logo
Global PaymentsGPN
0.9×+0.2×
Block logo
BlockXYZ
0.3×0.0×
Affirm Holdings, Inc. logo
Affirm Holdings, Inc.AFRM
2.5×-0.3×

Other financials

Income statement

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Revenue$3.2B+34.3%
Gross profit$1.5B+32.3%
Operating income$382.0M+88.2%
Net income-$581.0M+14.8%
EPS (diluted)-$0.45+15.1%

Balance sheet

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Cash & equivalents$1.8B+41.2%
Total debt$179.0M-84.3%
Total equity$12.5B+13.1%
Total assets$14.1B+5.4%

Cash flow

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Operating cash flow$481.0M+31.1%
CapEx$5.0M+25.0%
Free cash flow$476.0M+31.1%

Valuation

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Market cap$140.26B+25.1%
Enterprise value$138.59B+23.9%
P/E105.3×+35.7×
P/S11.3×-0.6×

Profitability

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Gross margin48%-2.0pp
Operating margin13.3%+0.6pp
Net margin10.8%-6.4pp

Returns & leverage

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Return on equity11.3%-4.8pp
Current ratio6.2×+2.5×

Where this comes from

Calculated from Shopify’s reported figures.

Based on the most recent quarter.

The official record: Shopify’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Shopify's debt-to-equity?
Shopify (SHOP) reported debt-to-equity of 0× in Q1 2026.
How has Shopify's debt-to-equity changed year-over-year?
Shopify's debt-to-equity decreased by 86.1% year-over-year, from 0.1× to 0×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.