Shopify (SHOP) EV to FCF (2024 - 2026)
Shopify (SHOP) posted EV to FCF of 218.56 for Q2 2026, down 30.11% on a QoQ basis from 312.73 in Q1 2026, and down 35.89% year-over-year from 340.94 in Q2 2025.
Powered by 
Analysis
Shopify (SHOP) EV to FCF (2024 - 2026) Analysis & Trends
Shopify has reported EV to FCF for 3 years, with the latest figure at 218.56 in Q2 2026.
- On a quarterly basis, EV to FCF fell 35.89% year-over-year to 218.56 in Q2 2026; TTM through Jun 2026 was 60.77, a 23.25% decrease from a year earlier, with the FY2025 full-year figure at 101.3, up 22.87% from the prior year.
- EV to FCF was 218.56 for Q2 2026 at Shopify, down from 312.73 in the prior quarter.
- The five-year high for EV to FCF was 428.47 in Q1 2024, with the low at 215.49 in Q4 2024.
- Average EV to FCF over 3 years is 299.64, with a median of 298.55 recorded in 2026.
- The sharpest annual moves came in 2025 and 2026: EV to FCF soared 49.88% in 2025, then sank 35.89% in 2026.
- Over 3 years, EV to FCF stood at 215.49 in 2024, then jumped by 31.96% to 284.36 in 2025, then slipped by 23.14% to 218.56 in 2026.
- The last three EV to FCF figures came in at 218.56 (Q2 2026), 312.73 (Q1 2026), and 284.36 (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Alphabet | 4,144.46 Bn | 3,901.99 Bn | 73.85 Bn |
| 2 | Meta Platforms | 1,981.30 Bn | 1,683.82 Bn | 49.47 Bn |
| 3 | Netflix | 296.22 Bn | 256.42 Bn | 6.52 Bn |
| 4 | Alibaba Group Holding | 254.92 Bn | 72.79 Bn | 15.11 Bn |
| 5 | Shopify | 184.25 Bn | 161.43 Bn | 1.71 Bn |
| 6 | Uber Technologies | 142.00 Bn | 113.98 Bn | 6.38 Bn |
| 7 | Booking Holdings | 123.19 Bn | 56.24 Bn | - |
| 8 | PDD Holdings | 110.41 Bn | -141.52 Bn | 9.45 Bn |
| 9 | Spotify Technology | 104.89 Bn | 62.12 Bn | 1.86 Bn |
| 10 | AppLovin | 104.19 Bn | 94.23 Bn | 1.70 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| 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();