What is Shopify's return on assets?

Shopify (SHOP) reported return on assets of 9.7% in Q1 2026.

What does return on assets mean?

How much profit the company squeezes out of everything it owns.

How do you interpret return on assets?

Higher means more productive assets. Unlike ROE, it is unaffected by leverage, so a wide ROE-minus-ROA gap flags a heavily levered balance sheet.

How does return on assets compare across companies?

Best compared within an industry — asset intensity varies enormously across sectors. Not meaningful for banks, whose assets are largely financial.

Shopify SHOP Return on assets

Return on assets at other companies

AdobeADBE

24.9%+1.3pp

eBayEBAY

11.1%+1.0pp

SalesforceCRM

7.8%+1.4pp

Global PaymentsGPN

-1.3%-4.4pp

BlockXYZ

2.1%-5.1pp

Affirm Holdings, Inc.AFRM

3.2%+2.8pp

Other financials

Income statement

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Revenue$3.2B+34.3%

Gross profit$1.5B+32.3%

Operating income$382.0M+88.2%

Net income-$581.0M+14.8%

EPS (diluted)-$0.45+15.1%

Balance sheet

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Cash & equivalents$1.8B+41.2%

Total debt$179.0M-84.3%

Total equity$12.5B+13.1%

Total assets$14.1B+5.4%

Cash flow

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Operating cash flow$481.0M+31.1%

CapEx$5.0M+25.0%

Free cash flow$476.0M+31.1%

Valuation

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Market cap$140.26B+25.1%

Enterprise value$138.59B+23.9%

P/E105.3×+35.7×

P/S11.3×-0.6×

Profitability

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Gross margin48%-2.0pp

Operating margin13.3%+0.6pp

Net margin10.8%-6.4pp

Returns & leverage

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Return on equity11.3%-4.8pp

Debt / equity0×-0.1×

Current ratio6.2×+2.5×

Where this comes from

Calculated from Shopify’s reported figures.

net income/total assets=9.7%

Based on trailing twelve months.

The official record: Shopify’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Shopify's return on assets?: Shopify (SHOP) reported return on assets of 9.7% in Q1 2026.
What does return on assets mean?: How much profit the company squeezes out of everything it owns.
How do you interpret return on assets?: Higher means more productive assets. Unlike ROE, it is unaffected by leverage, so a wide ROE-minus-ROA gap flags a heavily levered balance sheet.
How does return on assets compare across companies?: Best compared within an industry — asset intensity varies enormously across sectors. Not meaningful for banks, whose assets are largely financial.