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Shopify SHOP Net debt / EBITDA

Net debt / EBITDA at other companies

Adobe logo
AdobeADBE
0.2×0.0×
eBay logo
eBayEBAY
1.4×0.0×
Salesforce logo
SalesforceCRM
2.7×+2.6×
Global Payments logo
Global PaymentsGPN
5.2×+1.7×
Block logo
BlockXYZ
-4.7×-0.7×
Affirm Holdings, Inc. logo
Affirm Holdings, Inc.AFRM
9.4×-788×

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
Debt / equity0×-0.1×
Current ratio6.2×+2.5×

Where this comes from

Calculated from Shopify’s reported figures.

net debt/ebitda=-1×

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 net debt / EBITDA?
Shopify (SHOP) reported net debt / EBITDA of -1× in Q1 2026.
How has Shopify's net debt / EBITDA changed year-over-year?
Shopify's net debt / EBITDA decreased by 613.4% year-over-year, from -0.1× to -1×.
What does net debt / EBITDA mean?
How many years of operating earnings it would take to pay off the company's net debt.
How do you interpret net debt / EBITDA?
Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.
How does net debt / EBITDA compare across companies?
A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.