Shopify SHOP Ratios & Valuation
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 194.1%-7.8pp | 196.1%-6.1pp | 198.4%-3.2pp | 200.7%+0.5pp | 201.9%+2.7pp | |
| Operating margin | 50.6%+27.7pp | 50%+53.4pp | 49.4%+85.0pp | 40.5%+98.3pp | 22.9%+93.3pp | |
| Net margin | 61.5%+12.4pp | 67.9%+38.4pp | 80%+71.3pp | 73%+85.5pp | 49.1%+87.4pp | |
| EBITDA margin | 51.7%+26.7pp | 51.2%+52.1pp | 50.8%+83.2pp | 42.1%+96.2pp | 25%+91.1pp | |
| Free cash flow margin | 70.4%+4.9pp | 71.7%+11.9pp | 72.3%+17.6pp | 70%+21.4pp | 65.6%+24.9pp | |
| Returns | ||||||
| Return on equity | 58.9%— | 63.7%— | 73.5%— | —— | —— | |
| Liquidity | ||||||
| Current ratio | 19.9×— | 17.4×— | 15.2×— | —— | —— | |
| Quick ratio | 19.9×— | 17.4×— | 15.2×— | —— | —— | |
| Cash ratio | 4.3×— | 3.6×— | 3.3×— | —— | —— | |
| Leverage | ||||||
| Debt-to-equity | 0.2×— | 0.3×— | 0.4×— | —— | —— | |
| Debt-to-assets | 0.2×— | 0.2×— | 0.3×— | —— | —— | |
| Net debt / EBITDA | -3.2×— | -2.3×— | -1.8×— | —— | —— | |
| Per Share | ||||||
| Book value per share | $38.71+20.1% | $37.65+23.0% | $36.20+26.0% | $34.45— | $32.24— | |
| Valuation | ||||||
| Market capitalization | $705.84B+57.1% | $674.78B+58.7% | $602.61B+55.3% | $512.72B+44.3% | $449.37B+27.2% | |
| Enterprise value | $701.11B— | $671.55B— | $600.36B— | —— | —— | |
| Price / earnings | 458.1×— | 418.8×— | 316.6×— | 344.2×— | —— | |
| Price / sales | 63.5×+10.2× | 64.2×+10.2× | 61.5×+8.8× | 56.7×+6.6× | 53.3×+1.5× | |
| Price / book | 55.6×+13.1× | 54.4×+11.9× | 50.8×+9.0× | 45.5×— | 42.6×— | |
| EV / EBITDA | 490.2×— | 499.6×— | 484×— | —— | —— | |
| EV / sales | 63.1×— | 63.9×— | 61.3×— | —— | —— | |
| Free cash flow yield | 4.5%-0.4pp | 4.6%+0.1pp | 4.8%+0.6pp | 5%+1.0pp | 4.9%+1.8pp | |
| Earnings yield | 4%+0.5pp | 4.4%+2.4pp | 5.3%+4.6pp | 5.1%+6.3pp | 3.5%+6.6pp |
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.
