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 44,154 100,187 137,389 209,558 198,555 - -
Change - -74.48% 126.9% 37.13% 52.53% -5.25% - -
Enterprise Value (EV) 1 166,144 40,015 96,095 132,828 203,780 192,509 190,152 187,890
Change - -75.92% 140.15% 38.23% 53.42% -5.53% -1.22% -1.19%
P/E 60.1x -12.7x 779x 68.6x 171x 95.9x 75x 53.7x
PBR 14.1x 5.37x 11.1x 11.2x 15.6x 14.8x 12.1x 10.8x
PEG - 0x -8x 0x -4.3x 1.3x 2.7x 1.4x
Capitalization / Revenue 37.5x 7.88x 14.2x 15.5x 18.1x 13x 10.4x 8.29x
EV / Revenue 36x 7.15x 13.6x 15x 17.6x 12.6x 9.98x 7.84x
EV / EBITDA 218x 933x 118x 87.2x 101x 68x 51.3x 38.3x
EV / EBIT 231x 6,604x 123x 89.3x 103x 69.1x 52.3x 38.5x
EV / FCF 366x -215x 106x 83.2x 102x 67.1x 52.6x 37.8x
FCF Yield 0.27% -0.47% 0.94% 1.2% 0.98% 1.49% 1.9% 2.65%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 2.29 -2.73 0.1 1.55 0.94 1.61 2.057 2.873
Distribution rate - - - - - - - -
Net sales 1 4,612 5,600 7,060 8,880 11,556 15,238 19,053 23,959
EBITDA 1 762.1 42.88 814 1,523 2,009 2,830 3,707 4,910
EBIT 1 718 6.059 782 1,487 1,978 2,785 3,633 4,886
Net income 1 2,915 -3,460 132 2,019 1,231 2,084 2,662 3,680
Net Debt 1 -6,857 -4,140 -4,092 -4,561 -5,778 -6,046 -8,403 -10,665
Reference price 2 137.74 34.71 77.90 106.33 160.97 154.32 154.32 154.32
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.($)
21.23x1.53x10.84x0.88% 282B
95.87x12.63x68.02x-.--% 199B
9x0.73x3.25x-.--% 121B
48.15x1.93x19.83x-.--% 93.51B
-44.1x0.91x50.09x-.--% 68.58B
23.34x4.06x13.47x1.19% 45.9B
19.99x5.35x12.96x - 29.26B
30.11x3.49x11.7x1.53% 15.6B
35.28x4.87x22.28x-.--% 7.12B
Average 26.54x 3.94x 23.60x 0.45% 95.74B
Weighted average by Cap. 34.79x 4.30x 27.38x 0.39%

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