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Earnings transcript
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SHOP
Shopify Inc.
$148.09
-8.13
(-5.2%)
| Exchange: | NASDAQ |
| Market Cap: | 192.169B |
| Shares Outstanding: | 660.995M |
Delayed data
About The Company
| Sector: | TechnologyView sector performance | |||||
| Industry: | Software – ApplicationView industry performance | |||||
| CEO: | Tobias Lutke | |||||
| Full Time Employees: | 7600 | |||||
| Address: |
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| Website: | https://www.shopify.com |
Shopify Inc. functions as a premier commerce technology company, providing an extensive platform and associated services to empower businesses worldwide. Its reach extends across Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific region, and Latin America. The company’s robust platform equips merchants to effectively display, organize, market, and sell their merchandise through a multitude of sales avenues. These include digital storefronts accessible via web and mobile, traditional brick-and-mortar stores, temporary pop-up locations, integrated social media channels, proprietary mobile applications, embeddable “buy buttons,” and established online marketplaces. Beyond sales, the platform streamlines crucial business operations such as product and inventory management, order and payment processing, fulfillment and shipping logistics, attracting new customers and fostering client relationships, product sourcing, analytical reporting, financial administration encompassing cash, payments, and transactions, and facilitating access to working capital. Additionally, Shopify offers supplementary services like the sale of custom website themes and applications, alongside domain name registration. Its merchant-focused solutions also cover payment acceptance, efficient shipping and order fulfillment, and aid in securing necessary operating funds. Founded in 2004 under the initial name Jaded Pixel Technologies Inc., the company officially rebranded to Shopify Inc. in November 2011. Its global headquarters are located in Ottawa, Canada.
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Revenue Segmentation
Revenue by type
Revenue by region
SHOP 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…
EPS
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Earnings Call
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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 | 1,283,000 | 1,929,000 |
| 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 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 32,519,593.935 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 37,288,159.898 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 34,378,968.018 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 7,645,495.359 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 9,105,705.474 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 8,214,866.557 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 6,502,489.457 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 7,763,687.384 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 6,994,260.995 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 8,148,723.195 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 9,343,625.079 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 8,614,643.057 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 5.360 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 5.950 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 4.980 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 14 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 11 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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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 $74.34 – $116.75 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
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Daily snapshot
-5.2
Trading Metrics:
| Open: | 136.22 | Previous Close: | 156.22 | |
| Day Low: | 135.65 | Day High: | 148.5 | |
| Year Low: | 94 | Year High: | 180.88 | |
| Price Avg 50: | 152.92 | Price Avg 200: | 129.88 | |
| Volume: | 16.664M | Average Volume: | 9.089M |
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