Shopify Ratios (2014-2025) | SHOP

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Ratios Dec2014 Dec2015 Dec2016 Dec2017 Dec2018 Dec2019 Dec2020 Dec2021 Dec2022 Dec2023 Mar2024 Jun2024 Sep2024 Dec2024 Mar2025 Jun2025 Sep2025 Dec2025
Profitability
Gross Margin (Quarter) 51.42%51.10%51.71%48.08%49.53%48.58%48.91%46.11%
EBT Margin (Quarter) -13.76%9.93%39.78%50.53%-32.63%40.26%10.83%24.29%
EBIT Margin (Quarter) 4.62%11.78%13.09%16.54%8.60%10.86%12.06%17.18%
EBITDA Margin (Quarter) -15.10%8.31%38.48%45.66%-28.73%34.22%9.07%20.29%
Operating Margin (Quarter) 4.62%11.78%13.09%16.54%8.60%10.86%12.06%17.18%
Net Margin (Quarter) -14.67%8.36%38.30%45.98%-28.90%33.81%9.28%20.23%
FCF Margin (Quarter) 12.47%16.28%19.47%21.73%15.38%15.75%17.83%19.47%
Efficiency
Assets Average (Quarter) 0.17B0.37B0.80B1.68B2.87B5.63B10.55B12.05B11.03B13.66B13.98B14.80B15.11B
Equity Average (Quarter) 0.13B0.30B0.71B1.55B2.55B4.71B8.77B9.69B8.65B8.98B9.03B9.64B10.84B11.30B11.59B12.32B12.99B
Invested Capital (Quarter) 0.07B0.20B0.41B1.00B2.09B3.02B6.40B11.13B8.24B9.07B8.89B9.17B10.12B12.48B11.97B13.04B13.43B13.47B
Asset Utilization Ratio (Quarter) 0.690.720.720.76
Leverage & Solvency
Debt to Equity (Quarter) 0.080.080.080.07
Debt Ratio (Quarter) 0.070.070.060.06
Equity Ratio (Quarter) 0.710.800.840.900.930.860.820.830.770.800.830.820.830.830.89
Valuation
Enterprise Value (Quarter) -0.06B-0.19B-0.39B-0.94B-1.97B-2.46B-6.39B-7.77B-5.05B-5.01B-5.48B-5.51B-5.82B-6.35B-5.78B
Return Ratios
Return on Sales (Quarter) -0.15%0.08%0.38%0.46%-0.29%0.34%0.09%0.20%
Return on Capital Employed (Quarter) 0.10%0.10%0.10%0.11%
Return on Invested Capital (Quarter) 0.09%0.09%0.09%0.09%0.09%
Return on Assets (Quarter) 0.12%0.17%0.12%0.08%
Return on Equity (Quarter) -0.03%-0.01%0.08%0.19%0.14%0.20%0.14%0.09%