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Earnings transcript
Read the complete earnings call transcript.
SHOP
Shopify Inc.
$118.25
-0.27
(-0.23%)
Delayed data
| Exchange: | NASDAQ |
| Market Cap: | 154.326B |
| Shares Outstanding: | 660.995M |
About The Company
| Sector: | Technology | |||||
| Industry: | Software – Application | |||||
| CEO: | Tobias Lutke | |||||
| Full Time Employees: | 8100 | |||||
| Address: |
| |||||
| Website: | https://www.shopify.com |
Shopify Inc., a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing. It also sells custom themes and apps, and registration of domain names; and merchant solutions, which include accepting payments, shipping and fulfillment, and securing working capital. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was incorporated in 2004 and is headquartered in Ottawa, Canada.
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Revenue Segmentation
EPS
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Earnings Call
AI summary
Key takeaways
Short, structured highlights from the call so you can focus on what matters.
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 7,060,000 | 8,880,000 | 11,556,000 |
| Gross Profit | 3,515,000 | 4,472,000 | 5,555,000 |
| EBITDA | 144,000 | 1,338,000 | 1,499,000 |
| Operating Income | -1,418,000 | 1,075,000 | 1,468,000 |
| Net Income | 132,000 | 2,019,000 | 1,231,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 11,299,000 | 13,924,000 | 15,189,000 |
| Total Liabilities | 2,233,000 | 2,366,000 | 1,716,000 |
| Total Stockholders Equity | 9,066,000 | 11,558,000 | 13,473,000 |
| Total Debt | 1,150,000 | 1,126,000 | 188,000 |
| Cash and Cash Equivalents | 1,413,000 | 1,498,000 | 1,545,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 944,000 | 1,616,000 | 2,033,000 |
| Capital Expenditure | -39,000 | -19,000 | -26,000 |
| Free Cash Flow | 905,000 | 1,597,000 | 2,007,000 |
| Net Income | 132,000 | 2,019,000 | 1,231,000 |
| Net Change in Cash | -236,000 | 85,000 | 47,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 28,641,040.439 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 32,487,073.643 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 30,610,878.035 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 5,099,974.478 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 5,784,819.402 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 5,450,734.133 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 4,972,092.775 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 5,858,351.606 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 5,426,007.627 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 7,176,839.631 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 8,140,574.297 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 7,670,439.316 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 4.160 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 4.490 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 3.810 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 16 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 4 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Revenue Growth: Shopify reported a 31% year-over-year revenue increase in Q4 2024, as highlighted in the earnings call transcript, reflecting strong demand for its e-commerce platform and merchant solutions. This growth outpaces many peers in the software and e-commerce industry.
- Operational Efficiency and Profitability: Key financial metrics indicate a healthy gross profit margin (TTM) and positive net income trends, supported by the Q4 2024 earnings call summary, which emphasized improved operational efficiencies through AI-driven processes.
- Strong Cash Position: Balance sheet data shows substantial cash and cash equivalents, providing Shopify with financial flexibility for innovation and strategic investments. Positive free cash flow (TTM) further underscores its ability to self-fund growth initiatives.
- Market Leadership in E-commerce: As per the company profile, Shopify maintains a dominant position in the e-commerce software sector, supported by a large market cap and a global merchant base, enhancing its brand and competitive edge.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates SHOP intrinsic value between $18.05 – $216.77 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about SHOP valuation
Is Shopify Inc. (SHOP) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Shopify Inc. (SHOP) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is SHOP a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether SHOP trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is SHOP’s P/E ratio?
You can see SHOP’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for SHOP?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is SHOP a good long-term investment?
Whether SHOP fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
SHOP
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
Daily snapshot
-0.23
Trading Metrics:
| Open: | [ms_cell_or_dash table='trading_quote' column='open'] | Previous Close: | [ms_cell_or_dash table='trading_quote' column='previousClose'] | |
| Day Low: | [ms_cell_or_dash table='trading_quote' column='dayLow'] | Day High: | [ms_cell_or_dash table='trading_quote' column='dayHigh'] | |
| Year Low: | 69.84 | Year High: | 182.19 | |
| Price Avg 50: | 123.42 | Price Avg 200: | 141.02 | |
| Volume: | 6.995M | Average Volume: | 11.393M |
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Login — it's freeSHOP full analysis
Welcome to MARKETSNAP’s SWOT analysis for Shopify, one of the heavyweights in the e-commerce space. If you’re a long-term investor looking to build wealth, you’ve likely got Shopify on your radar, so let’s dive straight into what makes this company tick, where it’s been lately, and what could shape its future. Today, we’re breaking it down with a full SWOT analysis—strengths, weaknesses, opportunities, and threats—while keeping an eye on both short-term trends and the big-picture potential for your portfolio. First…
