Company Valuation: Shopify Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 173,001 44,154 100,187 137,389 209,558 186,679 - -
Change - -74.48% 126.9% 37.13% 52.53% -10.92% - -
Enterprise Value (EV) 1 166,144 40,015 96,095 132,828 203,780 180,710 178,350 176,134
Change - -75.92% 140.15% 38.23% 53.42% -11.32% -1.31% -1.24%
P/E 60.1x -12.7x 779x 68.6x 171x 90.5x 70.5x 50.3x
PBR 14.1x 5.37x 11.1x 11.2x 15.6x 13.9x 11.3x 10.1x
PEG - 0x -8x 0x -4.3x 1.3x 2.5x 1.3x
Capitalization / Revenue 37.5x 7.88x 14.2x 15.5x 18.1x 12.3x 9.76x 7.76x
EV / Revenue 36x 7.15x 13.6x 15x 17.6x 11.9x 9.32x 7.32x
EV / EBITDA 218x 933x 118x 87.2x 101x 63.6x 47.9x 35.5x
EV / EBIT 231x 6,604x 123x 89.3x 103x 64.7x 48.9x 36x
EV / FCF 366x -215x 106x 83.2x 102x 63x 49.3x 35x
FCF Yield 0.27% -0.47% 0.94% 1.2% 0.98% 1.59% 2.03% 2.85%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 2.29 -2.73 0.1 1.55 0.94 1.603 2.059 2.885
Distribution rate - - - - - - - -
Net sales 1 4,612 5,600 7,060 8,880 11,556 15,233 19,129 24,050
EBITDA 1 762.1 42.88 814 1,523 2,009 2,840 3,725 4,967
EBIT 1 718 6.059 782 1,487 1,978 2,792 3,644 4,893
Net income 1 2,915 -3,460 132 2,019 1,231 2,078 2,671 3,694
Net Debt 1 -6,857 -4,140 -4,092 -4,561 -5,778 -5,969 -8,329 -10,545
Reference price 2 137.74 34.71 77.90 106.33 160.97 145.09 145.09 145.09
Nbr of stocks (in thousands) 1,256,003 1,272,089 1,286,099 1,292,100 1,301,843 1,286,644 - -
Announcement Date 2/16/22 2/15/23 2/13/24 2/11/25 2/11/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.01x1.56x10.73x0.98% 274B
90.49x11.86x63.63x-.--% 187B
8.4x0.95x4.13x-.--% 117B
51.67x2.14x22.01x-.--% 100B
-100.74x0.78x30.19x-.--% 64.35B
23.3x4.07x13.53x1.19% 46.02B
21.32x5.76x13.97x - 31.22B
29.86x3.47x11.62x1.54% 15.47B
4.84x0.25x2.98x4.4% 7.3B
Average 16.79x 3.43x 19.20x 1.01% 93.58B
Weighted average by Cap. 29.49x 4.08x 24.59x 0.47%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield