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$123.56
Market Capi
$163B
Growth-adj P/E (2-yr hist)i
0.8x
Growth-adj P/E (3-yr proj)i
1.0x
P/S 26Ei
11x
P/S 28Ei
7.1x
EV/EBIT 26Ei
59x
EV/EBIT 28Ei
30x
P/E 26Ei
143x
P/E 28Ei
45x
P/S 26Ei
11x
EV/EBIT 26Ei
59x
P/E 26Ei
143x
P/S 28Ei
7.1x
EV/EBIT 28Ei
30x
P/E 28Ei
45x
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
$148.22+24%
Consensusi
Buy
51 analysts covering
Net cashi
$7.1B
Div. Yieldi
n/a
Dilutioni
0.8%
Market Capi
$163B
P/E 26Ei
143x
Adj. P/E (fwd.)i
1.0x
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
$148.22+24%
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
Q1 2026 revenue grew 34% year-over-year, with gross merchandise volume crossing $101 billion for the second consecutive quarter — a milestone that underscores the scale of commerce flowing through the platform.
Free cash flow margins came in at 15%, a step back from the 19% posted in Q4 2025, which management attributed to seasonal investment cycles rather than structural deterioration.
Guidance for the full year calls for revenue growth in the high-twenties percentage range, with gross profit dollars growing at a mid-twenties rate — a slight deceleration from the current pace that tempered near-term enthusiasm.
Recent developments
Shopify launched Agentic Storefronts in early 2026, giving merchants centralized access to AI shopping channels including ChatGPT, Microsoft Copilot, Google AI Mode, and the Gemini app — all managed from the Shopify Admin dashboard.
The Winter '26 Edition released over 150 product updates, with AI-powered merchant tools, an expanded Sidekick assistant, and a new Agentic plan that opens the Shopify Catalog to brands not currently hosted on Shopify.
Shopify co-developed the Universal Commerce Protocol (UCP) with Google, an open standard designed to bring commerce interoperability to AI agents at scale — a move that positions Shopify as infrastructure rather than just a storefront builder.
Debate & sentiment
Bulls point to the agentic commerce buildout as a structural re-rating catalyst: if AI becomes the primary commerce discovery surface, Shopify's early integration with ChatGPT, Google, and Copilot gives it disproportionate access to a new distribution layer with no legacy competitors.
Bears focus on the valuation multiple, which remains elevated relative to near-term earnings. The growth deceleration implied in full-year guidance — combined with a steep YTD drawdown — suggests the market is repricing what growth rate this business can sustain at scale.
The key swing factor is take rate expansion: Shopify's payments and financial services attach rate is rising, and if Merchant Solutions continues to grow faster than Subscriptions, unit economics improve significantly — but execution risk on the payments side in international markets remains a live concern.
Consensusi
Buy
Average targeti
$148.22+24%
Highest targeti
$200.00+67%
Lowest targeti
$105.00-12%
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