Shopify (SHOP) Return on Capital Employed [ROCE] (2025 - 2026)
Shopify's Return on Capital Employed [ROCE] was 15.96% in Q3 2026, up 5.61 percentage points from 10.34% a year earlier and up 1.59 percentage points from the prior quarter.
Shopify (SHOP) Return on Capital Employed [ROCE] (2025 - 2026) Analysis & Trends
For FY2025, Return on Capital Employed [ROCE] at Shopify came in at 11.15%, up 1.06 percentage points from FY2024.
- Return on Capital Employed [ROCE] shows a five-year change of +9.41 percentage points (FY2020 to FY2025).
- In earlier years, Return on Capital Employed [ROCE] was 10.09% in FY2024 (+24.09 pp), -14.00% in FY2023 (-6.65 pp), -7.34% in FY2022 (-10.07 pp) and 2.73% in FY2021 (+0.99 pp).
- Compared with a year earlier, Return on Capital Employed [ROCE] has increased for three straight quarters.
- Per Business Quant data, SHOP's Return on Capital Employed [ROCE] in the three quarters before Q3 2026 was 14.37% (Q2 2026), 12.40% (Q1 2026) and 10.70% (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,462.85 Bn | 3,197.75 Bn | 76.16 Bn | 18.96% |
| 2 | Meta Platforms | 1,559.43 Bn | 1,223.94 Bn | 51.23 Bn | 19.78% |
| 3 | Netflix | 262.12 Bn | 223.42 Bn | 6.80 Bn | 33.64% |
| 4 | Alibaba Group Holding | 253.57 Bn | 67.20 Bn | 15.16 Bn | 2.15% |
| 5 | Shopify | 191.77 Bn | 170.57 Bn | 1.78 Bn | 15.96% |
| 6 | Uber Technologies | 139.89 Bn | 110.71 Bn | 6.42 Bn | 13.04% |
| 7 | AppLovin | 130.31 Bn | 118.84 Bn | 1.94 Bn | 85.44% |
| 8 | Spotify Technology | 123.80 Bn | 80.72 Bn | 1.89 Bn | 20.03% |
| 9 | Booking Holdings | 120.61 Bn | 54.35 Bn | - | 96.01% |
| 10 | PDD Holdings | 116.11 Bn | -127.94 Bn | 9.48 Bn | 22.60% |
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 15.96% |
| Jun 30, 2026 | 14.37% |
| Mar 31, 2026 | 12.40% |
| Dec 31, 2025 | 10.70% |
| Sep 30, 2025 | 10.34% |
| Jun 30, 2025 | 10.43% |
| Mar 31, 2025 | 10.23% |
Shopify Return on Capital Employed [ROCE] 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=return-on-capital-employed-%5Broce%5D&ticker=SHOP&period=max&api_key=YOUR_API_KEY
import requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "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=return-on-capital-employed-%5Broce%5D&ticker=SHOP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();