Shopify SHOP Ratios & Valuation
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 194.1%-2.0pp | 196.1%-2.3pp | 198.4%-2.3pp | 200.7%-1.2pp | 201.9%-0.3pp | |
| Operating margin | 50.6%+0.6pp | 50%+0.6pp | 49.4%+8.9pp | 40.5%+17.5pp | 22.9%+26.4pp | |
| Net margin | 61.5%-6.4pp | 67.9%-12.1pp | 80%+7.0pp | 73%+23.9pp | 49.1%+19.6pp | |
| Returns | ||||||
| Return on equity | 58.9%-4.8pp | 63.7%-9.7pp | 73.5%— | —— | —— | |
| Liquidity | ||||||
| Current ratio | 19.9×+2.5× | 17.4×+2.3× | 15.2×— | —— | —— | |
| Leverage | ||||||
| Debt-to-equity | 0.2×-0.1× | 0.3×-0.1× | 0.4×— | —— | —— | |
| Net debt / EBITDA | -3.2×-0.9× | -2.3×-0.6× | -1.8×— | —— | —— | |
| Per Share | ||||||
| Book value per share | $38.71+2.8% | $37.65+4.0% | $36.20+5.1% | $34.45+6.8% | $32.24+5.3% | |
| Valuation | ||||||
| Market capitalization | $705.84B+4.6% | $674.78B+12.0% | $602.61B+17.5% | $512.72B+14.1% | $449.37B+5.7% | |
| Price / earnings | 458.1×+39.3× | 418.8×+102× | 316.6×-27.6× | 344.2×— | —— | |
| Price / sales | 63.5×-0.7× | 64.2×+2.7× | 61.5×+4.9× | 56.7×+3.4× | 53.3×-0.7× | |
| Price / book | 55.6×+1.2× | 54.4×+3.7× | 50.8×+5.2× | 45.5×+3.0× | 42.6×0.0× | |
| EV / EBITDA | 490.2×-9.5× | 499.6×+15.6× | 484×— | —— | —— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →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.
