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 44,154 100,187 137,389 209,558 152,229 - -
Change - -74.48% 126.9% 37.13% 52.53% -27.36% - -
Enterprise Value (EV) 1 166,144 40,015 96,095 132,828 203,780 145,141 142,636 139,735
Change - -75.92% 140.15% 38.23% 53.42% -28.78% -1.73% -2.03%
P/E 60.1x -12.7x 779x 68.6x 171x 151x 58.2x 42.3x
PBR 14.1x 5.37x 11.1x 11.2x 15.6x 10.7x 9.03x 7.57x
PEG - 0x -8x 0x -4.3x -8.6x 0x 1.1x
Capitalization / Revenue 37.5x 7.88x 14.2x 15.5x 18.1x 10.3x 8.31x 6.6x
EV / Revenue 36x 7.15x 13.6x 15x 17.6x 9.8x 7.78x 6.06x
EV / EBITDA 218x 933x 118x 87.2x 101x 53.1x 40.7x 29.3x
EV / EBIT 231x 6,604x 123x 89.3x 103x 54.5x 41x 28.4x
EV / FCF 366x -215x 106x 83.2x 102x 54.8x 42.1x 28.4x
FCF Yield 0.27% -0.47% 0.94% 1.2% 0.98% 1.83% 2.37% 3.52%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 2.29 -2.73 0.1 1.55 0.94 0.7754 2.01 2.766
Distribution rate - - - - - - - -
Net sales 1 4,612 5,600 7,060 8,880 11,556 14,803 18,326 23,053
EBITDA 1 762.1 42.88 814 1,523 2,009 2,732 3,506 4,761
EBIT 1 718 6.059 782 1,487 1,978 2,662 3,480 4,925
Net income 1 2,915 -3,460 132 2,019 1,231 1,022 2,608 3,611
Net Debt 1 -6,857 -4,140 -4,092 -4,561 -5,778 -7,087 -9,593 -12,493
Reference price 2 137.74 34.71 77.90 106.33 160.97 117.01 117.01 117.01
Nbr of stocks (in thousands) 1,256,003 1,272,089 1,286,099 1,292,100 1,301,843 1,300,987 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
21.83x1.58x11.17x0.86% 290B
9.59x0.84x3.75x-.--% 128B
47.5x2.15x20.95x-.--% 96.26B
-43.73x1x66.15x-.--% 73.55B
24.01x4.29x14.63x1.16% 47.57B
18.56x4.9x11.87x - 27.17B
5.76x0.24x2.54x3.86% 7.47B
35.7x4.71x21.23x-.--% 6.75B
20.87x6.56x11.72x2.87% 5.74B
Average 15.57x 2.92x 18.22x 1.09% 75.91B
Weighted average by Cap. 16.07x 1.84x 17.35x 0.53%

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