Shopify SHOP Ratios & Valuation
| FY'25 | FY'24 | FY'23 | ||
|---|---|---|---|---|
| Profitability | ||||
| Gross margin | 196.1%-6.1pp | 202.2%+3.9pp | 198.3%— | |
| Operating margin | 50%+53.4pp | -3.4%+69.6pp | -73%— | |
| Net margin | 67.9%+38.4pp | 29.5%+108pp | -78.8%— | |
| EBITDA margin | 51.2%+52.1pp | -0.8%+67.3pp | -68.1%— | |
| Free cash flow margin | 71.7%+11.9pp | 59.9%+30.5pp | 29.4%— | |
| Returns | ||||
| Return on equity | 63.7%— | —— | —— | |
| Liquidity | ||||
| Current ratio | 17.4×— | —— | —— | |
| Quick ratio | 17.4×— | —— | —— | |
| Cash ratio | 3.6×— | —— | —— | |
| Leverage | ||||
| Debt-to-equity | 0.3×— | —— | —— | |
| Debt-to-assets | 0.2×— | —— | —— | |
| Net debt / EBITDA | -2.3×— | —— | —— | |
| Per Share | ||||
| Book value per share | $37.65+23.0% | $30.62— | —— | |
| Valuation | ||||
| Market capitalization | $674.78B+58.7% | $425.17B+34.7% | $315.67B+61.4% | |
| Enterprise value | $671.55B— | —— | —— | |
| Price / earnings | 418.8×— | —— | —— | |
| Price / sales | 64.2×+10.2× | 54×+5.8× | 48.2×— | |
| Price / book | 54.4×+11.9× | 42.6×— | —— | |
| EV / EBITDA | 499.6×— | —— | —— | |
| EV / sales | 63.9×— | —— | —— | |
| Free cash flow yield | 4.6%+0.1pp | 4.4%+2.1pp | 2.4%— | |
| Earnings yield | 4.4%+2.4pp | 2%+9.1pp | -7.1%— |
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.
