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Shopify

NSQ:SHOP · CA82509L1076
IT ServicesX-Large

360

74
EV / EBIT9
Price / Owner Earnings3
Owner Earnings Yield22
Dividend Yield1
Price/Sales3
EV / Gross Profit14
Price/Book13
Return on Capital55
Cash Return on Capital37
Return on Equity34
EBIT Margin78
Gross Profitability82
Cash Conversion62
Accruals74
Owner Earnings Margin56
Sales growth96
Profit Growth92
Long-Term EPS Growth88
Owner Earnings Growth9
Reinvestment55
Price momentum74
Debt load98
Refinancing65
Debt Payback100
Liquidity4
Analyst ratings61
Opinion Changes50
Price Target Upside70
Market mood83
Value Creation16/20strong value creator
  • Creates more value than its capital costs
  • Owner earnings growing
  • Owner earnings per share growing
  • Reinvests at strong returns
  • Solid earnings base

What this means

Shopify generates returns well above its cost of capital, the foundation of durable shareholder value.

Profile

CountryCanada
IndustryIT Services
SizeX-Large
TypePublic Company
ExchangeNASDAQGS
Founded2004
Employees14,395
Websiteshopify.com
ISINCA82509L1076
Last UpdateApr 2, 2026
Indices
NASDAQ 100 (USA)NASDAQ (USA)TSX Composite (Canada)
Themes
Web DevelopmentOnline PaymentsProcess AutomationPayment Facilitator EnablersSoftware DevelopmentFintechMachine LearningArtificial IntelligenceDeveloper ToolsE-CommerceE-Commerce PlatformsEnterprise SoftwareSaaSSoftware

Description

Shopify Inc. (Shopify) provides essential internet infrastructure for commerce. Shopify's all-in-one platform makes it easier to start, run, and grow a business, powering sales online, in store, and everywhere in between. Shopify’s business is desi…

Analysis

Hope premium

Shopify Inc. is priced well ahead of what the underlying numbers justify, a pattern we describe as a hope premium.

On valuation, the picture is expensive. The owner-earnings multiple stands at 107.4×; owner earnings: the cash an owner could take out each year. The implied growth embedded in that price is around 29% a year, against analyst forecasts of 26%. The price, in other words, assumes less than the experts do.

Growth is solid; the safety picture is sturdy. The company scores 16/20 on our value-creation score: strong value creator.

No flags apply to this company at this time: accounts, balance sheet, and cash quality all pass. A clean bill of health is meaningful, not just the absence of a warning. This analysis describes numbers; it is not investment advice.

360° rank · history

1007550250
77
2023202420252026

All-time high

77

Mar 2026

All-time low

25

Mar 2024

Average rank

69

across all years

Detailed & Historical Ranks

Deep dive into 15 detailed ranks and 3 years of history.

Current202520242023
Price/Sales
3
1
14
7
Price/Earnings
7
8
14
15
Price/Book
13
15
25
26
Dividend Yield
1
1
100
1
Value (overall)
1
1
33
7

Cells are coloured by rank band (red weak → green strong). Sentiment & 360° history begins 2023.

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Make Sense of the Ranks

Every rank runs 1–100 against true peers. Higher is always better.

360° View
1 · Watch OutGood· 100
Value
1 · ExpensiveGood Value· 100
Quality
1 · Weak FundamentalsHigh Quality· 100
Growth
1 · Tough TimesHigh Growth· 100
Safety
1 · High LeverageWell-Financed· 100
Sentiment
1 · SkepticismPositive· 100
Learn More →