Stock SHOP SHOPIFY INC.
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Financials Shopify Inc.

Equities

SHOP

CA82509L1076

Internet Services

Market Closed - Nyse
Other stock markets
 04:00:01 2024-05-28 pm EDT 		5-day change 1st Jan Change
58.19 USD +2.14% Intraday chart for Shopify Inc. +2.05% -25.30%
May. 27 ANALYST RECOMMENDATIONS : Boeing, Dell, Merck, RyanAir... Our Logo
May. 24 TSX Brief: Leaves Index Down Over the Week (Even After Hitting All Time Record Highs on Tuesday; But Up More Than 2% For Month of May So Far MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 46,086 138,858 173,001 44,154 100,187 73,415 - -
Enterprise Value (EV) 1 43,631 133,228 166,144 40,015 96,095 67,746 66,121 63,410
P/E ratio -361 x 437 x 60.1 x -12.7 x 779 x 175 x 60.2 x 41 x
Yield - - - - - - - -
Capitalization / Revenue 29.2 x 47.4 x 37.5 x 7.88 x 14.2 x 8.6 x 7.16 x 5.8 x
EV / Revenue 27.6 x 45.5 x 36 x 7.15 x 13.6 x 7.93 x 6.45 x 5.01 x
EV / EBITDA 612 x 274 x 218 x 933 x 118 x 55.9 x 38.4 x 23.4 x
EV / FCF 3,149 x 348 x 366 x -215 x 106 x 54.4 x 39.4 x 26.9 x
FCF Yield 0.03% 0.29% 0.27% -0.47% 0.94% 1.84% 2.54% 3.72%
Price to Book 14.9 x 21.1 x 14.1 x 5.37 x 11.1 x 7.52 x 6.27 x 5 x
Nbr of stocks (in thousands) 1,159,173 1,226,711 1,256,003 1,272,089 1,286,099 1,288,655 - -
Reference price 2 39.76 113.2 137.7 34.71 77.90 56.97 56.97 56.97
Announcement Date 2/12/20 2/17/21 2/16/22 2/15/23 2/13/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,578 2,929 4,612 5,600 7,060 8,538 10,249 12,650
EBITDA 1 71.27 486.1 762.1 42.88 814 1,212 1,724 2,711
EBIT 1 35.62 437.4 718 6.059 782 1,157 1,642 2,391
Operating Margin 2.26% 14.93% 15.57% 0.11% 11.08% 13.55% 16.02% 18.9%
Earnings before Tax (EBT) 1 -95.82 240.4 3,141 -3,623 185 646.2 1,419 2,263
Net income 1 -124.8 319.5 2,915 -3,460 132 409.8 1,208 1,906
Net margin -7.91% 10.91% 63.2% -61.79% 1.87% 4.8% 11.79% 15.06%
EPS 2 -0.1100 0.2590 2.290 -2.730 0.1000 0.3255 0.9464 1.391
Free Cash Flow 1 13.86 383.2 453.6 -186.5 905 1,246 1,677 2,356
FCF margin 0.88% 13.08% 9.84% -3.33% 12.82% 14.59% 16.37% 18.62%
FCF Conversion (EBITDA) 19.44% 78.83% 59.52% - 111.18% 102.75% 97.3% 86.89%
FCF Conversion (Net income) - 119.94% 15.56% - 685.61% 304.01% 138.86% 123.63%
Dividend per Share 2 - - - - - - - -
Announcement Date 2/12/20 2/17/21 2/16/22 2/15/23 2/13/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 1,380 1,204 1,295 1,366 1,735 1,508 1,694 1,714 2,144 1,861 2,010 2,070 2,591 2,252 2,412
EBITDA 1 146 41.89 -32.69 -36.61 70.29 -23 154 280 402 207 248.6 282.4 460.5 312 365.1
EBIT 1 130.2 31.91 -41.77 -45.08 60.99 -31 146 271 396 201 235.5 270.1 443.2 303.5 347.3
Operating Margin 9.43% 2.65% -3.23% -3.3% 3.52% -2.06% 8.62% 15.81% 18.47% 10.8% 11.72% 13.05% 17.11% 13.48% 14.4%
Earnings before Tax (EBT) 1 -488.7 -1,653 -1,198 -157.1 -614.6 76 -1,301 728 682 -256 146.1 194.5 363.3 200.6 248
Net income 1 -371.3 -1,474 -1,204 -158.4 -623.7 68 -1,311 718 657 -273 134.5 181.9 345.6 195.9 236.6
Net margin -26.91% -122.5% -92.96% -11.59% -35.95% 4.51% -77.39% 41.89% 30.64% -14.67% 6.69% 8.78% 13.34% 8.7% 9.81%
EPS 2 -0.2950 -1.170 -0.9500 -0.1200 -0.4900 0.0500 -1.020 0.5500 0.5100 -0.2100 0.1051 0.1422 0.2700 0.1514 0.1793
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 2/16/22 5/5/22 7/27/22 10/27/22 2/15/23 5/4/23 8/2/23 11/2/23 2/13/24 5/8/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 2,455 5,630 6,857 4,140 4,092 5,669 7,294 10,005
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 13.9 383 454 -186 905 1,246 1,677 2,356
ROE (net income / shareholders' equity) 1.34% 10.4% 9.29% 0.49% 10.9% 14.3% 17.4% 18.3%
ROA (Net income/ Total Assets) 1.19% 8.73% 27.6% 0.39% 8.59% 12.5% 17.7% -
Assets 1 -10,491 3,659 10,552 -876,277 1,537 3,278 6,825 -
Book Value Per Share 2 2.670 5.350 9.770 6.460 7.050 7.580 9.090 11.40
Cash Flow per Share 2 0.0600 0.3400 0.4000 -0.1100 0.7300 1.050 1.520 2.020
Capex 1 56.8 41.7 50.8 50 39 21.9 38.1 41.1
Capex / Sales 3.6% 1.42% 1.1% 0.89% 0.55% 0.26% 0.37% 0.32%
Announcement Date 2/12/20 2/17/21 2/16/22 2/15/23 2/13/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Shopify Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
45
Last Close Price
56.97 USD
Average target price
76.78 USD
Spread / Average Target
+34.78%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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E-commerce & Auction Services
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