SHOPIFY INC.
SHOP · Services-Prepackaged Software · 1.30B shares · +2%/yr ↑ shares · EDGAR filings ↗
Grade
A84Profitable e-commerce platform pairing high growth with huge free cash flow and a fortress balance sheet.
Strengths
- Strong growth with scale — revenue +30.1% (86th)
- Huge free cash flow — FCF $2.01B (93rd)
- Profitable, very liquid — operating margin 12.7%, ROA 8.1% (80th), current ratio 5.96 (92nd)
Risks
- Lower gross margin — 48.1% (11th) on payments mix
- Earnings comp distorted — net income -39.0% vs prior-year gains
- Premium valuation tied to GMV growth — per 10-K
Notable findings
- Customer concentration~38% of revenue from one customer/distributor — Cost of Revenues Years ended December 31, 2025 % Change 2024 % Change 2023 (in US $ millions, except percentages) Cost of revenues Cost of subscription solutions 520 20 % 434 23 % 354 Cos
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Strong balance sheetStrong balance sheet — $6.8B cash & investments
- Revenue declineRevenue -13.7% YoY
- Notable holderHeld by 5 notable fund(s): FMR LLC, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
48.1%
Operating margin
12.7%
Net margin
10.7%
Return on equity
9.1%
Return on assets
8.1%
Revenue growth (QoQ)
-13.7%
Net-income growth
-39.0%
Current ratio
6.0×
Free cash flow
$2.0B
EBITDA
$1.5B
Tangible book value
$13.0B
Cash & investments
$6.8B
Stock comp / revenue
3.9%
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-16 | 0001594805-26-000030 ↗ |
| 8-K | 2026-06-02 | 2026-06-02 | 0001594805-26-000028 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001594805-26-000022 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001594805-26-000018 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001594805-26-000019 ↗ |
| 10-K/A | 2026-04-29 | 2025-12-31 | 0001594805-26-000011 ↗ |
| 10-K | 2026-02-11 | 2025-12-31 | 0001594805-26-000007 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001594805-26-000006 ↗ |
| 8-K | 2025-12-02 | 2025-12-02 | 0001594805-25-000090 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001594805-25-000089 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001594805-25-000088 ↗ |
| 8-K | 2025-10-09 | 2025-10-09 | 0001594805-25-000083 ↗ |