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Shopify offers an e-commerce platform primarily to small and medium-size businesses. The firm has two segments. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company’s website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. The merchant solutions segment offers add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital.
2004
8.1K+
LTM Revenue $10.7B
LTM EBITDA $1.8B
$200B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
As of September 2025, Shopify reported last 12-month revenue of $10.7B and EBITDA of $1.8B.
In the same period, Shopify generated $5.3B in LTM gross profit and $1.8B in net income.
See Shopify valuation multiples based on analyst estimatesIn the most recent fiscal year, Shopify reported revenue of $6.3B and EBITDA of $953M.
Shopify expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Shopify valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $10.7B | XXX | $6.3B | XXX | XXX | XXX |
| Gross Profit | $5.3B | XXX | $3.2B | XXX | XXX | XXX |
| Gross Margin | 49% | XXX | 50% | XXX | XXX | XXX |
| EBITDA | $1.8B | XXX | $953M | XXX | XXX | XXX |
| EBITDA Margin | 17% | XXX | 15% | XXX | XXX | XXX |
| EBIT | $1.8B | XXX | $927M | XXX | XXX | XXX |
| EBIT Margin | 16% | XXX | 15% | XXX | XXX | XXX |
| Net Profit | $1.8B | XXX | $1.4B | XXX | XXX | XXX |
| Net Margin | 16% | XXX | 23% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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Shopify has current market cap of CAD 287B (or $205B), and EV of CAD 281B (or $200B).
As of October 17, 2025, Shopify's stock price is CAD 221 (or $157).
See Shopify trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $200B | $205B | XXX | XXX | XXX | XXX | $1.39 |
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Start Free TrialShopify's trades at 31.6x EV/Revenue multiple, and 209.7x EV/EBITDA.
See valuation multiples for Shopify and 15K+ public compsAs of October 17, 2025, Shopify has market cap of $205B and EV of $200B.
Equity research analysts estimate Shopify's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Shopify has a P/E ratio of 116.7x.
| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $205B | XXX | $205B | XXX | XXX | XXX |
| EV (current) | $200B | XXX | $200B | XXX | XXX | XXX |
| EV/Revenue | 18.7x | XXX | 31.6x | XXX | XXX | XXX |
| EV/EBITDA | 111.5x | XXX | 209.7x | XXX | XXX | XXX |
| EV/EBIT | 113.5x | XXX | 215.5x | XXX | XXX | XXX |
| EV/Gross Profit | 38.0x | XXX | n/a | XXX | XXX | XXX |
| P/E | 116.7x | XXX | 142.2x | XXX | XXX | XXX |
| EV/FCF | 103.6x | XXX | 175.7x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialShopify's last 12 month revenue growth is 23%
Shopify's revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $0.3M for the same period.
Shopify's rule of 40 is 25% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Shopify's rule of X is 74% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for Shopify and other 15K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 23% | XXX | 47% | XXX | XXX | XXX |
| EBITDA Margin | 17% | XXX | 15% | XXX | XXX | XXX |
| EBITDA Growth | 33% | XXX | 327% | XXX | XXX | XXX |
| Rule of 40 | 25% | XXX | 38% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 74% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.8M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.3M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | 16% | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | 15% | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 36% | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Netbay | XXX | XXX | XXX | XXX | XXX | XXX |
| Infracommerce Caxaas | XXX | XXX | XXX | XXX | XXX | XXX |
| Locaweb | XXX | XXX | XXX | XXX | XXX | XXX |
| Intershop Communications | XXX | XXX | XXX | XXX | XXX | XXX |
| Platform Group | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Shopify acquired XXX companies to date.
Last acquisition by Shopify was XXXXXXXX, XXXXX XXXXX XXXXXX . Shopify acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Start Free Trial| When was Shopify founded? | Shopify was founded in 2004. |
| Where is Shopify headquartered? | Shopify is headquartered in Canada. |
| How many employees does Shopify have? | As of today, Shopify has 8.1K+ employees. |
| Who is the CEO of Shopify? | Shopify's CEO is Mr. Tobias Lutke. |
| Is Shopify publicy listed? | Yes, Shopify is a public company listed on TSE. |
| What is the stock symbol of Shopify? | Shopify trades under SHOP ticker. |
| When did Shopify go public? | Shopify went public in 2015. |
| Who are competitors of Shopify? | Similar companies to Shopify include e.g. Netbay, Infracommerce Caxaas, Locaweb, Intershop Communications. |
| What is the current market cap of Shopify? | Shopify's current market cap is $205B |
| What is the current revenue of Shopify? | Shopify's last 12 months revenue is $10.7B. |
| What is the current revenue growth of Shopify? | Shopify revenue growth (NTM/LTM) is 23%. |
| What is the current EV/Revenue multiple of Shopify? | Current revenue multiple of Shopify is 18.7x. |
| Is Shopify profitable? | Yes, Shopify is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Shopify? | Shopify's last 12 months EBITDA is $1.8B. |
| What is Shopify's EBITDA margin? | Shopify's last 12 months EBITDA margin is 17%. |
| What is the current EV/EBITDA multiple of Shopify? | Current EBITDA multiple of Shopify is 111.5x. |
| What is the current FCF of Shopify? | Shopify's last 12 months FCF is $1.9B. |
| What is Shopify's FCF margin? | Shopify's last 12 months FCF margin is 18%. |
| What is the current EV/FCF multiple of Shopify? | Current FCF multiple of Shopify is 103.6x. |
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