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 44,154 100,187 137,389 209,558 183,025 - -
Change - -74.48% 126.9% 37.13% 52.53% -12.66% - -
Enterprise Value (EV) 1 166,144 40,015 96,095 132,828 203,780 177,056 174,696 172,480
Change - -75.92% 140.15% 38.23% 53.42% -13.11% -1.33% -1.27%
P/E 60.1x -12.7x 779x 68.6x 171x 88.5x 69.1x 49.3x
PBR 14.1x 5.37x 11.1x 11.2x 15.6x 13.7x 11.1x 9.93x
PEG - 0x -8x 0x -4.3x 1.2x 2.5x 1.2x
Capitalization / Revenue 37.5x 7.88x 14.2x 15.5x 18.1x 12x 9.54x 7.57x
EV / Revenue 36x 7.15x 13.6x 15x 17.6x 11.6x 9.11x 7.13x
EV / EBITDA 218x 933x 118x 87.2x 101x 62.4x 47.1x 35x
EV / EBIT 231x 6,604x 123x 89.3x 103x 63.7x 47.8x 34.4x
EV / FCF 366x -215x 106x 83.2x 102x 61.8x 48.2x 35.1x
FCF Yield 0.27% -0.47% 0.94% 1.2% 0.98% 1.62% 2.08% 2.85%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 2.29 -2.73 0.1 1.55 0.94 1.607 2.059 2.888
Distribution rate - - - - - - - -
Net sales 1 4,612 5,600 7,060 8,880 11,556 15,245 19,179 24,176
EBITDA 1 762.1 42.88 814 1,523 2,009 2,839 3,712 4,928
EBIT 1 718 6.059 782 1,487 1,978 2,779 3,652 5,007
Net income 1 2,915 -3,460 132 2,019 1,231 2,083 2,672 3,707
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 77.90 106.33 160.97 142.25 142.25 142.25
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.($)
21.47x1.55x10.68x0.99% 273B
88.52x11.61x62.37x-.--% 183B
7.95x0.87x3.77x-.--% 110B
46.33x1.86x19.24x-.--% 88.85B
-88.93x0.65x25.07x-.--% 56.37B
24.32x4.23x14.06x1.14% 48.02B
17.45x4.54x11.01x - 25.54B
29.48x3.43x11.51x1.56% 15.28B
4.19x0.22x2.46x4.55% 6.85B
Average 16.75x 3.22x 17.80x 1.03% 89.68B
Weighted average by Cap. 29.90x 3.99x 23.56x 0.49%

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