Shopify (SHOP) Return on Capital Employed [ROCE] (2025 - 2026)
Shopify's Return on Capital Employed [ROCE] was 14.37% in Q2 2026, up 3.93 percentage points from 10.43% a year earlier and up 1.97 percentage points from the prior quarter.
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Analysis
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).
- Per Business Quant data, SHOP's Return on Capital Employed [ROCE] in the three quarters before Q2 2026 was 12.40% (Q1 2026), 10.70% (Q4 2025) and 10.34% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,248.48 Bn | 4,006.00 Bn | 73.85 Bn | 21.49% |
| 2 | Meta Platforms | 1,873.50 Bn | 1,576.02 Bn | 49.47 Bn | 23.74% |
| 3 | Netflix | 304.25 Bn | 264.45 Bn | 6.52 Bn | 30.16% |
| 4 | Alibaba Group Holding | 257.83 Bn | 71.60 Bn | 15.11 Bn | 2.13% |
| 5 | Shopify | 230.63 Bn | 207.82 Bn | 1.71 Bn | 14.37% |
| 6 | Uber Technologies | 145.10 Bn | 116.90 Bn | 6.38 Bn | 13.97% |
| 7 | Booking Holdings | 127.39 Bn | 60.44 Bn | - | 121.68% |
| 8 | PDD Holdings | 115.26 Bn | -128.52 Bn | 9.45 Bn | 22.53% |
| 9 | Spotify Technology | 109.42 Bn | 66.92 Bn | 1.86 Bn | 20.20% |
| 10 | Airbnb | 103.26 Bn | 56.49 Bn | 2.98 Bn | 28.23% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| 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% |
API Access
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_KEYimport 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();