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$152.90
Market Capi
$197B
Growth-adj P/E (2-yr hist)i
0.8x
Growth-adj P/E (3-yr proj)i
1.2x
P/S 26Ei
13x
P/S 28Ei
8.2x
EV/EBIT 26Ei
68x
EV/EBIT 28Ei
38x
P/E 26Ei
95x
P/E 28Ei
53x
P/S 26Ei
13x
EV/EBIT 26Ei
68x
P/E 26Ei
95x
P/S 28Ei
8.2x
EV/EBIT 28Ei
38x
P/E 28Ei
53x
Revenue
2026E
$15B
Gross Margini
48%
Hist. CAGRi
27%
Proj. CAGRi
26%
EBIT
2026E
$2.6B
Op. Margini
16%
Hist. CAGRi
170%
Proj. CAGRi
35%
Net profit
2026E
$1.2B
Net Margini
11%
Hist. CAGRi
205%
Proj. CAGRi
43%
Business Model
Recent Developments
Average Targeti
$148.39+20%
Consensusi
Buy
51 analysts covering
Net cashi
$6.0B
Div. Yieldi
n/a
Dilutioni
0.8%
Market Capi
$197B
P/E 26Ei
95x
Adj. P/E (fwd.)i
1.2x
Revenue 26E
$15B
Proj. CAGRi
26%
Gross Margini
48%
EBIT 26E
$2.6B
Proj. CAGRi
35%
Op. Margini
16%
Net Profit 26E
$1.2B
Proj. CAGRi
43%
Net Margini
11%
Average Targeti
$148.39+20%
Consensusi
Buy
51 analysts covering
Profile
Shopify is a global commerce operating system — it provides the software infrastructure, payment rails, and financial services that merchants use to sell across every channel: online storefronts, physical retail, social platforms, and AI shopping surfaces. Revenue falls into two segments:
Industry
Shopify serves merchants across the full size spectrum — from solo-preneurs launching their first product to mid-market brands (Shopify Plus) and globally recognized names like Glossier, Steve Madden, and Stanley. The platform operates in 175 countries, with North America as the largest geography. The broader e-commerce enablement market is competitive (WooCommerce, BigCommerce, Salesforce Commerce Cloud) but Shopify holds a dominant share of direct-to-consumer brand infrastructure, particularly among growth-stage and digitally native businesses.
Key metrics
Economic moat
Shopify's moat rests on switching costs and ecosystem depth: merchants build their entire commercial operation — inventory, payments, customer data, shipping, lending — on Shopify, making migration increasingly painful as they grow. The app ecosystem (10,000+ integrations) and partner developer network create a self-reinforcing flywheel. The early integration into AI shopping channels (ChatGPT, Google AI Mode, Copilot) now adds a distribution moat that legacy platforms cannot easily replicate — Shopify's catalog infrastructure is becoming the connective tissue between merchants and AI-native commerce.
Tobias Lütke
Lütke founded Shopify in 2006 after building his own snowboard shop online and finding existing e-commerce tools inadequate — the platform itself was his solution. He has served as CEO continuously since 2008 and as Chairman since 2015, making him one of the longest-tenured founder-CEOs among major tech companies. His engineering background and product instincts have consistently shaped Shopify's platform-first, developer-friendly identity, and his public commentary on AI and agentic commerce signals where the company is heading strategically.
Harley Finkelstein
Finkelstein has been President since October 2020 and is the public face of Shopify's merchant and partner relationships. He joined the company early and has been central to building out the Plus tier and enterprise strategy. His operational role complements Lütke's product focus, with Finkelstein driving commercial expansion and ecosystem partnerships.
Jeff Hoffmeister
Hoffmeister joined as Chief Financial Officer in October 2022, bringing prior investment banking experience. He has overseen Shopify's shift toward disciplined free cash flow generation after the company's post-pandemic restructuring, and launched a $2 billion share repurchase program alongside the Q4 2025 results.
Mikhail Parakhin
Parakhin joined as CTO in August 2024, bringing a high-profile AI background — he previously served as CEO of Advertising and Web Services at Microsoft, where he led Bing and Microsoft's AI search integration. His hire signals that Shopify is treating the agentic commerce buildout as a core technical priority, not a feature layer.
P/S Ratioi
EV/EBITiEV/EBIT values for 2022 were omitted from this chart because negative or above 250x values usually occur around break-even earnings and would distort the scale. The raw values remain in the table below.
P/E RatioiP/E values for 2022, 2023, and 2025 were omitted from this chart because negative or above 150x values usually occur around break-even earnings and would distort the scale. The raw values remain in the table below.
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBITEBIT year-over-year growth labels for 2023 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAGR (hist. 2-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profitNet profit year-over-year growth labels for 2023 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAGR (hist. 2-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash FlowFree cash flow year-over-year growth labels for 2023 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Shopify's fiscal second quarter, reported August 5, 2026, showed revenue up 34% year-over-year to $3.58 billion, ahead of Street estimates.
Earnings of $0.42 per share beat the $0.39 consensus estimate, extending a run of profitability outpacing revenue growth.
Gross merchandise volume rose 32% to $115.6 billion, with merchant solutions revenue up 37% to $2.78 billion outpacing subscription solutions' 22% gain to $802 million; international GMV grew 37% and B2B GMV jumped 76% year-over-year.
Management guided third-quarter revenue growth to the low-thirties percent range and a free cash flow margin in the high-teens to low-twenties.
Recent developments
Shopify launched a new partner earnings structure effective August 10, 2026, paying partners 20% of subscription revenue plus a GMV share for four years on referred merchants, aimed at growing its agency and app ecosystem.
A delivery partnership with DoorDash, opened to merchants in mid-July 2026, lets retailers offer on-demand local delivery directly from their storefront with real-time inventory syncing.
Alongside earnings, management said AI-referred store traffic and orders roughly tripled year-over-year, with half of those sessions landing directly on product pages.
Debate & sentiment
Optimists frame Shopify as core infrastructure for agentic AI commerce, pointing to Sidekick usage up roughly 3.6 times among merchants and its role powering sales inside several competing AI assistants at once.
Skeptics counter that AI-referral growth hasn't yet proven itself as durable checkout volume, and that consumer AI platforms building their own small-business commerce tools compete directly with services Shopify sells.
That split shows in diverging analyst views: a downgrade after the quarter cited erosion of Shopify's merchant "system of record" role as AI reshapes product discovery, while others raised expectations.
Bulls also cite payments penetration reaching 68% of GMV, up three points year-over-year, as room for take-rate gains even as subscription growth lags merchant solutions.
Consensusi
Buy
Average targeti
$148.39+20%
Highest targeti
$200.00+62%
Lowest targeti
$105.00-15%
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