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Shopify Valuation Multiples
Discover revenue and EBITDA valuation multiples for Shopify and similar public comparables like MercadoLibre, Corpay, GoDaddy, WEX and more.
Shopify Overview
About Shopify
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.
Founded
2004
HQ
Employees
7.6K
Website
Financials (LTM)
EV
$165B
Shopify Financials
Shopify reported last 12-month revenue of $13B and EBITDA of $2B.
In the same LTM period, Shopify generated $6B in gross profit, $2B in EBITDA, and $2B in net income.
Revenue (LTM)
Shopify P&L
In the most recent fiscal year, Shopify reported revenue of $12B and EBITDA of $2B.
Shopify expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $13B | XXX | $12B | XXX | XXX | XXX |
| Gross Profit | $6B | XXX | $6B | XXX | XXX | XXX |
| Gross Margin | 48% | XXX | 48% | XXX | XXX | XXX |
| EBITDA | $2B | XXX | $2B | XXX | XXX | XXX |
| EBITDA Margin | 18% | XXX | 17% | XXX | XXX | XXX |
| EBIT Margin | 18% | XXX | 17% | XXX | XXX | XXX |
| Net Profit | $2B | XXX | $2B | XXX | XXX | XXX |
| Net Margin | 14% | XXX | 13% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Shopify Stock Performance
Shopify has current market cap of $171B, and enterprise value of $165B.
Market Cap Evolution
Shopify's stock price is $131.15.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $165B | $171B | 0.0% | XXX | XXX | XXX | $1.17 |
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Start Free TrialShopify Valuation Multiples
Shopify trades at 13.2x EV/Revenue multiple, and 75.0x EV/EBITDA.
EV / Revenue (LTM)
Shopify Financial Valuation Multiples
As of April 19, 2026, Shopify has market cap of $171B and EV of $165B.
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 96.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $171B | XXX | $171B | XXX | XXX | XXX |
| EV (current) | $165B | XXX | $165B | XXX | XXX | XXX |
| EV/Revenue | 13.2x | XXX | 14.3x | XXX | XXX | XXX |
| EV/EBITDA | 75.0x | XXX | 82.2x | XXX | XXX | XXX |
| EV/EBIT | 75.0x | XXX | 83.1x | XXX | XXX | XXX |
| EV/Gross Profit | 27.7x | XXX | 29.7x | XXX | XXX | XXX |
| P/E | 96.7x | XXX | 111.9x | XXX | XXX | XXX |
| EV/FCF | 74.2x | XXX | 81.1x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Shopify Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Shopify Margins & Growth Rates
Shopify's revenue in the last 12 month grew by 26%.
Shopify's revenue per employee in the last FY averaged $1.5M, while opex per employee averaged $0.5M for the same period.
Shopify's rule of 40 is 46% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Shopify's rule of X is 87% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Shopify Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 26% | XXX | 28% | XXX | XXX | XXX |
| EBITDA Margin | 18% | XXX | 17% | XXX | XXX | XXX |
| EBITDA Growth | 32% | XXX | 32% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 46% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 87% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.5M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.5M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 14% | XXX | 14% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 3% | XXX | 4% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 11% | XXX | 13% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 32% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Shopify Public Comps
See public comps and valuation multiples for other E-commerce Software and B2B Payments comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Shopify | XXX | XXX | XXX | XXX | XXX | XXX |
| MercadoLibre | XXX | XXX | XXX | XXX | XXX | XXX |
| Corpay | XXX | XXX | XXX | XXX | XXX | XXX |
| GoDaddy | XXX | XXX | XXX | XXX | XXX | XXX |
| WEX | XXX | XXX | XXX | XXX | XXX | XXX |
| MonotaRO | 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 M&A Activity
Shopify acquired XXX companies to date.
Last acquisition by Shopify was on XXXXXXXX, XXXXX. Shopify acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Shopify
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialShopify Investment Activity
Shopify invested in XXX companies to date.
Shopify made its latest investment on XXXXXXXX, XXXXX. Shopify invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Shopify
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Shopify
| 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 over 7K employees. |
| Who is the CEO of Shopify? | Shopify's CEO is Tobias Lutke. |
| Is Shopify publicly listed? | Yes, Shopify is a public company listed on Nasdaq. |
| 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? | Shopify main competitors are MercadoLibre, Corpay, GoDaddy, WEX. |
| What is the current market cap of Shopify? | Shopify's current market cap is $171B. |
| What is the current revenue of Shopify? | Shopify's last 12 months revenue is $13B. |
| What is the current revenue growth of Shopify? | Shopify revenue growth (NTM/LTM) is 26%. |
| What is the current EV/Revenue multiple of Shopify? | Current revenue multiple of Shopify is 13.2x. |
| 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 $2B. |
| What is Shopify's EBITDA margin? | Shopify's last 12 months EBITDA margin is 18%. |
| What is the current EV/EBITDA multiple of Shopify? | Current EBITDA multiple of Shopify is 75.0x. |
| What is the current FCF of Shopify? | Shopify's last 12 months FCF is $2B. |
| 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 74.2x. |
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