Shopify Inc. (SHOP) Key Metrics
SHOP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $219.98B
- Enterprise value
- $178.37B
- P/E (TTM)
- 114.5 10-yr median 170.6
- Forward P/E
- 58.8
- PEG ratio
- 1.73
- Price / sales
- 16.6 10-yr median 15.0
- Price / book
- 14.4 10-yr median 11.6
- EV / EBITDA
- 74.6 10-yr median 106.0
- Dividend yield
- —
- Beta
- 2.62
SHOP key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSHOP valuation Price multiples at each fiscal year-end price.
SHOP returns How much profit the business earns on the capital it uses.
SHOP per-share figures Results divided by the shares outstanding at year-end.
SHOP financial health Debt, liquidity and how easily interest is covered.
SHOP efficiency & capital use Working capital cycle and where the cash goes.
SHOP valuation history
SHOP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SHOP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SHOP price vs earnings per share
SHOP key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $210.06B | $138.39B | $100.92B | $43.95B | $175.43B | $139.75B | $44.94B | $14.63B | $9.67B | $3.60B |
| Enterprise value | $204.48B | $134.04B | $97.06B | $40.30B | $168.84B | $134.28B | $42.63B | $12.69B | $8.75B | $3.22B |
| P/E ratio | 170.6 | 68.5 | 764.5 | — | 60.2 | 437.4 | — | — | — | — |
| Price / sales | 18.2 | 15.6 | 14.3 | 7.8 | 38.0 | 47.7 | 28.5 | 13.6 | 14.4 | 9.2 |
| Price / book | 15.6 | 12.0 | 11.1 | 5.3 | 15.8 | 21.8 | 14.9 | 7.0 | 9.7 | 8.8 |
| Price / free cash flow | 104.7 | 86.7 | 111.5 | — | 361.8 | 364.9 | — | — | — | — |
| Price / operating cash flow | 103.3 | 85.6 | 106.9 | — | 327.5 | 328.9 | 636.4 | — | — | 256.9 |
| EV / sales | 17.7 | 15.1 | 13.7 | 7.2 | 36.6 | 45.8 | 27.0 | 11.8 | 13.0 | 8.3 |
| EV / EBITDA | 106.0 | 104.5 | 674.0 | — | 52.6 | 420.9 | — | — | — | — |
| EV / free cash flow | 101.9 | 83.9 | 107.3 | — | 348.2 | 350.6 | — | — | — | — |
| Earnings yield | 0.6% | 1.5% | 0.1% | −7.9% | 1.7% | 0.2% | −0.3% | −0.4% | −0.4% | −1.0% |
| Free cash flow yield | 1.0% | 1.2% | 0.9% | −0.4% | 0.3% | 0.3% | 0.0% | −0.2% | −0.2% | −0.3% |
| Shareholder yield (dividends + buybacks) | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $160.97 | $106.33 | $77.90 | $34.71 | $137.74 | $113.19 | $39.76 | $13.85 | $10.10 | $4.29 |
| Per share | ||||||||||
| Revenue per share | $8.86 | $6.82 | $5.45 | $4.42 | $3.62 | $2.37 | $1.40 | $1.02 | $0.70 | $0.46 |
| Earnings per share | $0.94 | $1.55 | $0.10 | −$2.73 | $2.29 | $0.26 | −$0.11 | −$0.06 | −$0.04 | −$0.04 |
| Operating cash flow per share | $1.56 | $1.24 | $0.73 | −$0.11 | $0.42 | $0.34 | $0.06 | $0.01 | $0.01 | $0.02 |
| Free cash flow per share | $1.54 | $1.23 | $0.70 | −$0.15 | $0.38 | $0.31 | $0.01 | −$0.03 | −$0.02 | −$0.01 |
| Cash per share | $4.42 | $4.21 | $3.87 | $3.99 | $6.10 | $5.17 | $2.17 | $1.86 | $0.98 | $0.47 |
| Book value per share | $10.32 | $8.88 | $7.00 | $6.51 | $8.74 | $5.18 | $2.67 | $1.98 | $1.05 | $0.49 |
| Tangible book value per share | $9.93 | $8.52 | $6.65 | $4.75 | $8.35 | $4.82 | $2.24 | $1.92 | $1.01 | $0.46 |
| Capex per share | $0.02 | $0.01 | $0.03 | $0.04 | $0.04 | $0.03 | $0.06 | $0.04 | $0.03 | $0.03 |
| Debt per share | $0.14 | $0.87 | $0.89 | $1.10 | $0.92 | $0.74 | $0.13 | $0.02 | $0.02 | $0.02 |
| Shares outstanding | 1.30B | 1.30B | 1.30B | 1.27B | 1.27B | 1.23B | 1.13B | 1.06B | 957.7M | 839.9M |
| Change in shares outstanding | +0.3% | +0.5% | +2.3% | −0.6% | +3.2% | +9.2% | +7.0% | +10.3% | +14.0% | +36.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.8% | 19.6% | 1.5% | −35.7% | 33.2% | 6.8% | −4.9% | −4.2% | −5.7% | −11.7% |
| Return on invested capital (ROIC) | 15.9% | 15.7% | −20.7% | −14.2% | 9.1% | 11.0% | −26.0% | −64.4% | −69.6% | −121.2% |
| Return on assets (ROA) | 8.5% | 16.0% | 1.2% | −28.7% | 27.6% | 5.7% | −4.3% | −3.8% | −5.0% | −9.6% |
| Return on tangible assets | 8.4% | 15.0% | 1.2% | −40.6% | 22.7% | 4.4% | −4.1% | −2.9% | −3.7% | −7.5% |
| Free cash flow margin | 17.4% | 18.0% | 12.8% | −3.3% | 10.5% | 13.1% | 0.5% | −3.0% | −2.4% | −3.1% |
| Income quality (OCF / net income) | 1.65 | 0.80 | 7.15 | — | 0.18 | 1.33 | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $188.0M | $1.13B | $1.15B | $1.40B | $1.17B | $912.9M | $151.7M | $24.9M | $16.5M | $13.9M |
| Cash & short-term investments | $5.77B | $5.48B | $5.01B | $5.05B | $7.77B | $6.39B | $2.46B | $1.97B | $938.0M | $392.4M |
| Net debt | −$5.58B | −$4.35B | −$3.86B | −$3.66B | −$6.59B | −$5.48B | −$2.30B | −$1.94B | −$921.6M | −$378.5M |
| Debt / equity | 0.01 | 0.10 | 0.13 | 0.17 | 0.11 | 0.14 | 0.05 | 0.01 | 0.02 | 0.03 |
| Debt / assets | 0.01 | 0.08 | 0.10 | 0.13 | 0.09 | 0.12 | 0.04 | 0.01 | 0.01 | 0.03 |
| Net debt / EBITDA | −2.89 | −3.39 | −26.79 | — | −2.06 | −17.16 | — | — | — | — |
| Current ratio | 5.96 | 3.71 | 6.99 | 7.07 | 12.15 | 15.69 | 8.67 | 15.35 | 10.82 | 6.36 |
| Quick ratio | 5.94 | 3.70 | 6.97 | 7.07 | 12.15 | 15.69 | 8.67 | 15.19 | 10.82 | 6.36 |
| Interest coverage | — | — | — | -714.8 | 77.6 | 9.4 | -3.1 | — | — | — |
| Working capital | $6.90B | $5.30B | $5.38B | $5.19B | $7.84B | $6.44B | $2.43B | $1.99B | $930.9M | $356.4M |
| Invested capital | $7.89B | $7.21B | $5.21B | $4.58B | $4.54B | $925.7M | $712.2M | $146.0M | $79.5M | $32.0M |
| Tangible asset value | $12.95B | $11.08B | $8.61B | $6.01B | $10.64B | $5.95B | $2.54B | $2.03B | $963.6M | $388.5M |
| Net current asset value | $6.58B | $4.89B | $4.04B | $3.53B | $6.33B | $5.52B | $2.27B | $1.97B | $913.2M | $342.8M |
| Graham number | $14.80 | $17.61 | $4.01 | — | $21.22 | $5.49 | — | — | — | — |
| Graham net-net per share | $4.47 | $3.36 | $2.82 | $2.51 | $4.76 | $4.33 | $1.91 | $1.81 | $0.92 | $0.39 |
| Capital allocation | ||||||||||
| Share buybacks (net) | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends + buybacks / free cash flow | — | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | — | — | — |
| Capex / revenue | 0.2% | 0.2% | 0.6% | 0.9% | 1.1% | 1.4% | 4.0% | 3.9% | 3.6% | 6.7% |
| Capex / operating cash flow | 1.3% | 1.2% | 4.1% | — | 9.5% | 9.9% | 88.4% | 445.6% | 307.1% | 187.2% |
| Capex / depreciation | 0.84 | 0.53 | 0.56 | 0.54 | 0.77 | 0.60 | 1.75 | 1.54 | 1.04 | 1.88 |
| Stock-based compensation / revenue | 3.9% | 4.8% | 8.7% | 9.8% | 7.2% | 8.4% | 10.0% | 8.9% | 7.3% | 5.9% |
| R&D / revenue | 13.3% | 15.4% | 24.5% | 26.8% | 18.5% | 18.8% | 22.5% | 21.5% | 20.2% | 19.1% |
| SG&A / revenue | 18.5% | 20.3% | 24.2% | 34.6% | 27.7% | 28.9% | 39.7% | 42.6% | 43.6% | 44.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 63.6 | 57.8 | 52.0 | 49.7 | 43.1 | 41.3 | 43.2 | 34.4 | 24.5 | 12.9 |
| Days of inventory on hand | 1.4 | 1.9 | 2.0 | — | 0.0 | 0.0 | 5.8 | 17.2 | — | 0.0 |
| Days payables outstanding | 28.3 | 30.0 | 37.5 | 41.6 | 38.8 | 34.1 | 38.9 | 40.4 | 49.0 | 53.6 |
| Cash conversion cycle (days) | 36.7 | 29.6 | 16.5 | 8.1 | 4.3 | 7.2 | 10.1 | 11.2 | -24.4 | -40.6 |
| Receivables turnover | 5.74 | 6.32 | 7.02 | 7.35 | 8.47 | 8.85 | 8.44 | 10.61 | 14.87 | 28.23 |
| Payables turnover | 12.91 | 12.18 | 9.74 | 8.78 | 9.41 | 10.71 | 9.39 | 9.03 | 7.45 | 6.82 |
| Inventory turnover | 255.36 | 195.91 | 186.58 | — | 2,130,712,000.00 | 1,387,971,000.00 | 63.31 | 21.19 | — | 179,835,000.00 |
| Asset turnover | 0.79 | 0.70 | 0.64 | 0.46 | 0.44 | 0.52 | 0.55 | 0.64 | 0.84 | 1.06 |
| Average receivables | $2.01B | $1.41B | $1.01B | $762.3M | $544.3M | $331.1M | $187.0M | $101.1M | $45.3M | $13.8M |
| Average payables | $465.0M | $362.0M | $364.0M | $324.0M | $226.4M | $129.6M | $75.9M | $52.8M | $39.3M | $26.4M |
| Average inventory | $23.5M | $22.5M | $19.0M | — | $1 | $1 | $11.3M | $22.5M | — | $1 |
| Intangibles / total assets | 3.4% | 3.4% | 4.0% | 20.7% | 3.7% | 5.8% | 13.7% | 2.8% | 3.4% | 4.5% |
Computed from SHOP's annual financial statements (latest annual report filed February 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SHOP valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Shopify traded at 170.6 times earnings, against a 10-year median of 170.6. Based on the latest twelve months, the trailing P/E is 114.5 and the forward P/E is 58.8. Shopify earned a return on equity of 9.8% and a return on invested capital of 15.9% in fiscal 2025. It ended the year with $188.0 million of debt and $5.8 billion in cash and short-term investments, a net cash position of $5.6 billion. The share count rose 55.4% from 839.9M to 1.30B over 9 years.
See the SHOP income statement, the SHOP chart for price history, or the SHOP stock overview for the latest quote and news.
SHOP key metrics FAQ
What is Shopify's P/E ratio?
Shopify's trailing P/E ratio is 114.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 58.8. At the end of fiscal 2025 it was 170.6, compared with a 10-year median of 170.6.
What is Shopify's EV/EBITDA?
Shopify's enterprise value was 106.0 times EBITDA at the end of fiscal 2025 (enterprise value $204.5 billion, EBITDA $1.9 billion); the current EV/EBITDA is 74.6.
What is Shopify's return on equity?
Shopify's return on equity (ROE) was 9.8% in fiscal 2025: net income of $1.2 billion on average shareholders' equity of $12.5 billion.
What is Shopify's ROIC?
Shopify's return on invested capital was 15.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Shopify have?
Shopify had total debt of $188.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
What is Shopify's free cash flow yield?
Shopify generated $2.0 billion of free cash flow in fiscal 2025, a free cash flow yield of 1.0% on its market value at year-end ($210.1 billion).
What is Shopify's current ratio?
Shopify's current ratio was 5.96 at the end of fiscal 2025: current assets were 5.96 times current liabilities.