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Shopify SHOP Ratios & Valuation

Income StatementBalance SheetCash FlowRatiosSegments
QuarterlyAnnualTTM
YoYQoQ
SimplifiedDetailed
Q1 '26Q4 '25Q3 '25Q2 '25Q1 '25
Profitability
Gross margin48%-0.1pp48.1%-0.7pp48.7%-0.6pp49.3%-0.6pp49.9%-0.4pp
Operating margin13.3%+0.6pp12.7%+0.5pp12.2%-0.2pp12.4%-0.3pp12.7%+0.6pp
Net margin10.8%+0.1pp10.7%-6.0pp16.7%-6.8pp23.4%+6.3pp17.2%-5.6pp
EBITDA margin13.6%+0.6pp13%+0.5pp12.5%-0.3pp12.7%-0.3pp13.1%+0.6pp
Free cash flow margin17.1%-0.2pp17.4%-0.4pp17.8%-0.4pp18.1%-0.3pp18.4%+0.4pp
Returns
Return on equity11.3%+1.5pp9.8%-5.9pp15.7%-6.3pp22%+5.9pp16.1%-3.4pp
Return on assets9.7%+1.2pp8.5%———————
Return on invested capital15.2%+4.9pp10.3%———————
Efficiency
Asset turnover0.9×+0.1×0.8×———————
Liquidity
Current ratio6.2×+0.2×6×+2.0×3.9×+0.1×3.9×+0.1×3.7×0.0×
Quick ratio6.2×+0.2×6×+2.0×3.9×+0.1×3.9×+0.1×3.7×0.0×
Cash ratio1.3×+0.2×1.1×0.0×1.1×+0.3×0.7×+0.1×0.7×-0.1×
Leverage
Debt-to-equity0×0.0×0×-0.1×0.1×0.0×0.1×0.0×0.1×0.0×
Debt-to-assets0×0.0×0×-0.1×0.1×0.0×0.1×0.0×0.1×0.0×
Net debt / EBITDA-1×-0.1×-0.9×+0.1×-1×-0.7×-0.3×-0.2×-0.1×+0.2×
Per Share
Book value per share$9.59-7.1%$10.32+8.3%$9.53+2.9%$9.26+8.6%$8.53-3.9%
Valuation
Market capitalization$154.69B-26.2%$209.56B+8.5%$193.14B+30.1%$148.45B+20.1%$123.63B-10.0%
Enterprise value$153.02B-26.5%$208.2B+8.5%$191.84B+29.6%$148.04B+19.9%$123.46B-9.9%
Price / earnings116.1×-54.1×170.2×+61.8×108.4×+45.1×63.3×-13.5×76.8×+8.7×
Price / sales12.5×-5.6×18.1×+0.1×18.1×+3.2×14.8×+1.6×13.2×-2.3×
Price / book12.4×-3.2×15.6×+0.1×15.4×+3.2×12.2×+1.1×11.2×-0.7×
EV / EBITDA91.2×-47.6×138.9×-4.9×143.8×+27.6×116.2×+15.5×100.7×-22.6×
EV / sales12.4×-5.6×18×+0.1×17.9×+3.2×14.8×+1.6×13.2×-2.3×
Free cash flow yield1.4%+0.4pp1%0.0pp1%-0.2pp1.2%-0.2pp1.4%+0.2pp
Earnings yield0.9%+0.3pp0.6%-0.3pp0.9%-0.7pp1.6%+0.3pp1.3%-0.2pp

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Questions, answered.

What are Shopify's profit margins?
Shopify (SHOP) runs a 48.0% gross margin and a 13.3% operating margin, with a 10.8% net margin.
Where do Shopify's ratios come from?
Every ratio is computed from Shopify's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.