Shopify (SHOP) EV to EBITDA (2024 - 2026)
Shopify's EV to EBITDA came in at 88.75 for Q3 2026, down 36.6% from 140.07 a year earlier but up 16.3% from the prior quarter.
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Analysis
Shopify (SHOP) EV to EBITDA (2024 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Shopify reported EV to EBITDA of 80.90, down 36.5% year-over-year; for FY2025, it came in at 135.63, up 14.4% from FY2024.
- Going back by year, EV to EBITDA was 118.51 in FY2024 and 491.09 in FY2021 (-37.3%).
- The five-year range for quarterly EV to EBITDA is 76.32 (Q2 2026) to 140.07 (Q3 2025).
- Year-over-year, EV to EBITDA has declined for three consecutive quarters, with an average decline of 15.6% over the last four quarters.
- Business Quant data shows SHOP's EV to EBITDA at 76.32 (Q2 2026), 88.77 (Q1 2026) and 135.63 (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 88.75 |
| Jun 30, 2026 | 76.32 |
| Mar 31, 2026 | 88.77 |
| Dec 31, 2025 | 135.63 |
| Sep 30, 2025 | 140.07 |
| Jun 30, 2025 | 112.93 |
| Mar 31, 2025 | 96.39 |
| Dec 31, 2024 | 118.51 |
API Access
Shopify EV to EBITDA API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ev-to-ebitda&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-ebitda", "ticker": "SHOP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ev-to-ebitda&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();