Shopify SHOP Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 48%-2.0pp | 48.1%-2.3pp | 48.7%-2.3pp | 49.3%-1.2pp | 49.9%-0.3pp | |
| Operating margin | 13.3%+0.6pp | 12.7%+0.6pp | 12.2%+8.9pp | 12.4%+17.5pp | 12.7%+26.4pp | |
| Net margin | 10.8%-6.4pp | 10.7%-12.1pp | 16.7%+7.0pp | 23.4%+23.9pp | 17.2%+19.6pp | |
| EBITDA margin | 13.6%+0.5pp | 13%+0.5pp | 12.5%+8.6pp | 12.7%+17.1pp | 13.1%+25.9pp | |
| Free cash flow margin | 17.1%-1.3pp | 17.4%-0.6pp | 17.8%+2.3pp | 18.1%+4.5pp | 18.4%+5.7pp | |
| Returns | ||||||
| Return on equity | 11.3%-4.8pp | 9.8%-9.7pp | 15.7%— | 22%— | 16.1%— | |
| Return on assets | 9.7%— | 8.5%-7.6pp | —— | —— | —— | |
| Return on invested capital | 15.2%— | 10.3%+0.1pp | —— | —— | —— | |
| Efficiency | ||||||
| Asset turnover | 0.9×— | 0.8×+0.1× | —— | —— | —— | |
| Liquidity | ||||||
| Current ratio | 6.2×+2.5× | 6×+2.3× | 3.9×— | 3.9×— | 3.7×— | |
| Quick ratio | 6.2×+2.5× | 6×+2.3× | 3.9×— | 3.9×— | 3.7×— | |
| Cash ratio | 1.3×+0.7× | 1.1×+0.3× | 1.1×— | 0.7×— | 0.7×— | |
| Leverage | ||||||
| Debt-to-equity | 0×-0.1× | 0×-0.1× | 0.1×— | 0.1×— | 0.1×— | |
| Debt-to-assets | 0×-0.1× | 0×-0.1× | 0.1×— | 0.1×— | 0.1×— | |
| Net debt / EBITDA | -1×-0.9× | -0.9×-0.6× | -1×— | -0.3×— | -0.1×— | |
| Per Share | ||||||
| Book value per share | $9.59+12.4% | $10.32+16.3% | $9.53+22.6% | $9.26+31.3% | $8.53+23.5% | |
| Valuation | ||||||
| Market capitalization | $154.69B+25.1% | $209.56B+52.5% | $193.14B+87.1% | $148.45B+74.4% | $123.63B+24.3% | |
| Enterprise value | $153.02B+23.9% | $208.2B+52.0% | $191.84B— | $148.04B— | $123.46B— | |
| Price / earnings | 116.1×+39.3× | 170.2×+102× | 108.4×-27.6× | 63.3×— | 76.8×— | |
| Price / sales | 12.5×-0.7× | 18.1×+2.7× | 18.1×+4.9× | 14.8×+3.4× | 13.2×-0.7× | |
| Price / book | 12.4×+1.2× | 15.6×+3.7× | 15.4×+5.2× | 12.2×+3.0× | 11.2×0.0× | |
| EV / EBITDA | 91.2×-9.5× | 138.9×+15.6× | 143.8×— | 116.2×— | 100.7×— | |
| EV / sales | 12.4×-0.8× | 18×+2.6× | 17.9×— | 14.8×— | 13.2×— | |
| Free cash flow yield | 1.4%0.0pp | 1%-0.2pp | 1%-0.2pp | 1.2%0.0pp | 1.4%+0.5pp | |
| Earnings yield | 0.9%-0.4pp | 0.6%-0.9pp | 0.9%+0.2pp | 1.6%+1.6pp | 1.3%+1.5pp |
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.
