Shopify (SHOP) EV to FCF (2024 - 2026)
Shopify's (SHOP) EV to FCF stood at 69.94 in Q3 2026, down 28.8% from 98.19 a year earlier but up 15.1% from the prior quarter.
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Analysis
Shopify (SHOP) EV to FCF (2024 - 2026) Analysis & Trends
On a TTM basis, Shopify's EV to FCF came in at 63.75 as of Sep 30, 2026, down 28.7% year-over-year; for FY2025, it was 101.30, up 22.9% from FY2024.
- Across earlier years, EV to FCF came in at 82.45 in FY2024 (-21.3%), 104.78 in FY2023 and 341.59 in FY2021 (-1.1%).
- Quarterly EV to FCF has ranged from 60.77 in Q2 2026 to 101.30 in Q4 2025 over the past five years.
- On a year-over-year basis, EV to FCF rose in two of the last four quarters, with an average decline of 6.6%.
- Per Business Quant, the preceding three quarters came in at 60.77 (Q2 2026), 70.22 (Q1 2026) and 101.30 (Q4 2025).
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 | 69.94 |
| Jun 30, 2026 | 60.77 |
| Mar 31, 2026 | 70.22 |
| Dec 31, 2025 | 101.30 |
| Sep 30, 2025 | 98.19 |
| Jun 30, 2025 | 79.18 |
| Mar 31, 2025 | 68.38 |
| Dec 31, 2024 | 82.45 |
API Access
Shopify EV to FCF 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-fcf&ticker=SHOP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-fcf", "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-fcf&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();