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Shopify Inc.
SHOPTechnologyGenerated Aug 19, 2026, 09:42 PM UTC
SHOP (Shopify Inc.) analytical snapshot. Revenue grew +30.1% YoY to $11.56B. Net margin at 10.65% (expanding ▲). Return on equity 9.14%, ROA 8.10%, ROIC 10.90%. Valuation could not be computed. Risk: Low. Macro: Risk-on · Supportive. Composite analytical score 30 (data confidence 62%). Descriptive analytics from public filings — not investment advice.
Price
$146.58
NMS
Revenue (FY)
$11.56B
YoY +30.1%
Net margin
10.65%
▲ 72.45pp
Free cash flow
$2.01B
17.37% margin
Risk level
Low
Free SEC analysis
— computed from SEC filings, free to readFree previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 30Improving
80% conf
Latest annual report (10-K) filed Feb 11, 2026. Latest quarterly report (10-Q) filed Aug 5, 2026. 16 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 11, 2026.
- Latest quarterly report (10-Q) filed Aug 5, 2026.
- 16 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Shopify Inc.; broad institutional reporting.
- Recent filers include QUENTEC ASSET MANAGEMENT LLC, Adams Wealth Management, Parallax Volatility Advisers, L.P..
- 2 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 18 recent 13G passive institutional ownership notices.
Latest 10-K
Feb 11, 2026
Annual report
Latest 10-Q
Aug 5, 2026
8-K (recent)
16
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
2
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| QUENTEC ASSET MANAGEMENT LLC | 13F-HR | Aug 14, 2017 |
| Adams Wealth Management | 13F-HR | Nov 2, 2021 |
| Parallax Volatility Advisers, L.P. | 13F-HR | Feb 14, 2022 |
| QUENTEC ASSET MANAGEMENT LLC | 13F-HR | May 15, 2017 |
| Pariax, LLC | 13F-HR | Apr 26, 2022 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Aug 5, 2026 | 8-K | 8-K |
| Jul 2, 2026 | 8-K | 8-K |
| Jun 16, 2026 | 8-K | 8-K |
| Jun 2, 2026 | 8-K | 8-K |
| May 8, 2026 | 8-K | 8-K |
| May 5, 2026 | 8-K | 8-K |
| Feb 11, 2026 | 8-K | 8-K |
| Dec 2, 2025 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -17Deteriorating
64% conf
1 risk signal(s), 1 positive signal(s), 3 watch item(s) detected from XBRL filing diff analysis. 1 positive signal(s) versus 1 risk signal(s). The filing exhibits more constructive indicators than concerns, though individual risk factors should still be monitored.
- Gross margin compression: Gross margin contracted +2.3%pp (from 50.4% to 48.1%). This may reflect input cost inflation, pricing pressure, or product mix shift toward lower-margin segments.
- Operating cash flow exceeds net income: OCF is 1.65x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- R&D intensity declining: R&D as % of revenue fell from 15.4% to 13.3%. This may signal reduced innovation investment — potentially impacting long-term competitive position. Compare with peer R&D trends.
- NEW: Restructuring: Restructuring appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- NEW: Off-balance sheet arrangements: Off-balance sheet arrangements appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: 1 positive signal(s) versus 1 risk signal(s). The filing exhibits more constructive indicators than concerns, though individual risk factors should still be monitored.
- 10 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 2 new risk-language term(s) detected in filing text: Restructuring, Off-balance sheet arrangements.
Revenue
$11.56B
+30.1% YoY
Gross profit
$5.55B
+24.2% YoY
Operating income
$1.47B
+36.6% YoY
Net income
$1.23B
-39.0% YoY
Operating cash flow
$2.03B
+25.8% YoY
Capex
$26.0M
+36.8% YoY
Total assets
$15.19B
+9.1% YoY
Cash & equivalents
$1.54B
+3.1% YoY
Filing quality score
80/100
10 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $8.88B | $11.56B | $2.68B | +30.1% |
| Gross profit | $4.47B | $5.55B | $1.08B | +24.2% |
| Operating income | $1.07B | $1.47B | $393.0M | +36.6% |
| Net income | $2.02B | $1.23B | $-788.0M | -39.0% |
| Operating cash flow | $1.62B | $2.03B | $417.0M | +25.8% |
| Capex | $19.0M | $26.0M | $7.0M | +36.8% |
| Total assets | $13.92B | $15.19B | $1.26B | +9.1% |
| Cash & equivalents | $1.50B | $1.54B | $47.0M | +3.1% |
| Stockholders equity | $11.56B | $13.47B | $1.92B | +16.6% |
| Inventory | $26.0M | $21.0M | $-5.0M | -19.2% |
| R&D expense | $1.37B | $1.54B | $169.0M | +12.4% |
| Interest expense | $3.5M | $3.5M | $6000 | +0.2% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | AllowanceForNotesAndLoansReceivableCurrent, FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery, FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear, OperatingLeaseImpairmentLoss, PaymentsForRepurchaseOfCommonStock, ProvisionForLoanLossesExpensed, StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1, StockRepurchasedDuringPeriodShares, StockRepurchasedDuringPeriodValue, TreasuryStockAcquiredAverageCostPerShare |
| Removed | AccountsPayableTradeCurrent, AccruedIncomeTaxesCurrent, AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment, AdvertisingExpense, AllowanceForDoubtfulAccountsReceivableCurrent, AmortizationOfIntangibleAssets, CapitalizedContractCostNetCurrent, ConvertibleDebtCurrent, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Restructuring | medium | 2 | 0 | NEW |
| Off-balance sheet arrangements | medium | 5 | 0 | NEW |
| Related party transactions | low | 2 | 0 | NEW |
Filing signal breakdown
Red flags: 1
Positive: 1
Watch: 3
Red flags
Positive
Watch
Free previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 75Improving
80% conf
Revenue grew +30.1% YoY to $11.56B. Net margin at 10.65% (expanding ▲). Return on equity 9.14%, ROA 8.10%, ROIC 10.90%.
- Revenue grew +30.1% YoY to $11.56B.
- Net margin at 10.65% (expanding ▲).
- Return on equity 9.14%, ROA 8.10%, ROIC 10.90%.
- Gross margin 48.07%, operating margin 12.70%.
- Free cash flow margin 17.37% ($2.01B).
- Net income down ▼ +39.0% YoY.
- Asset turnover 0.80 — capital efficiency.
Revenue (FY)
$11.56B
YoY +30.1%
Net margin
10.65%
▲ 72.45pp
ROE
9.14%
ROA 8.10%
ROIC
10.90%
EPS (diluted)
$0.94
FY2025
Free cash flow
$2.01B
17.37% margin
Debt / equity
—
Cash $1.66B
Current ratio
5.35
Equity $12.68B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $8.88B | +25.8% | 50.36 | 12.11 | 22.74 | $1.60B | 17.47 |
| 2025 | $11.56B | +30.1% | 48.07 | 12.70 | 10.65 | $2.01B | 9.14 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Sep 30, 2024 | $2.16B | — | — | 38.30% |
| Mar 31, 2025 | $2.36B | +26.8% | +9.2% | -28.90% |
| Jun 30, 2025 | $2.68B | +31.1% | +13.6% | 33.81% |
| Sep 30, 2025 | $2.84B | +31.5% | +6.1% | 9.28% |
| Mar 31, 2026 | $3.17B | +34.3% | +11.5% | -18.33% |
| Jun 30, 2026 | $3.58B | +33.7% | +13.0% | 41.92% |
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Valuation Analyst
score 0Stable
10% conf
Valuation could not be computed.
- Market price (Yahoo) or shares outstanding (SEC DEI) unavailable; multiples could not be computed.
ProFull breakdown & reasoning locked
Price & Technicals
Technical Analyst
score 65Improving
85% conf
Price $146.58 — uptrend (above 200-DMA); 1-month momentum positive. RSI(14) 67.68.
- Price $146.58 — uptrend (above 200-DMA); 1-month momentum positive.
Price
$146.58
NMS
RSI(14)
67.68
50-DMA
$125.03
200-DMA
$131.84
Volatility (ann.)
57.64%
52w range
$94.00–$182.19
-19.5% from high
ProFull breakdown & reasoning locked
Macro & Rates
Macro Analyst
score 30Improving
80% conf
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.
- Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.71%
10Y−2Y
0.46pp
Unemployment
4.10%
ProFull breakdown & reasoning locked
Risk Scorecard
Risk Analyst
score 7Stable
67% conf
Composite risk Low. Liquidity current ratio 5.35 (adequate). Earnings stability: net-margin stdev 8.79pp over 9y.
- Composite risk: Low.
Risk level
Low
Debt / equity
—
Current ratio
5.35
Margin stdev
8.79pp
Cash / assets
11.44%
Liab / assets
—
ProFull breakdown & reasoning locked
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Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. Shopify Inc. is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
15.84
Fed funds
3.63%
CPI YoY
+3.3%
Analytical read
deterministic previewRevenue grew **+30.1%** YoY to $11.56B..
Risk
Low
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow SHOP stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| CF Industries CF | 33 | Supportive |
| Newmont Corp. NEM | 32 | Supportive |
| Booking Holdings BKNG | 32 | Supportive |
| Uber Technologies UBER | 32 | Supportive |
| Shopify Inc. SHOP● you | 30 | Supportive |
| Alphabet Inc. GOOGL | 29 | Supportive |
| Intuit Inc. INTU | 28 | Supportive |
| Pinterest Inc. PINS | 28 | Supportive |
| Salesforce Inc. CRM | 27 | Supportive |
| Workday Inc. WDAY | 20 | Supportive |
| Microsoft Corp. MSFT | 19 | Supportive |
| MercadoLibre Inc. MELI | 18 | Supportive |
| Adobe Inc. ADBE | 18 | Supportive |
| NVIDIA Corp. NVDA | 17 | Supportive |
| Netflix Inc. NFLX | 17 | Supportive |
| Roku Inc. ROKU | 15 | Supportive |
| Okta Inc. OKTA | 15 | Supportive |
| Comcast Corp. CMCSA | 15 | Supportive |
| Cloudflare Inc. NET | 14 | Supportive |
| Meta Platforms Inc. META | 14 | Supportive |
| Datadog Inc. DDOG | 14 | Supportive |
| Marvell Technology MRVL | 12 | Supportive |
| Amazon.com Inc. AMZN | 11 | Supportive |
| Airbnb Inc. ABNB | 10 | Supportive |
| Delta Air Lines DAL | 9 | Supportive |
| Eaton Corp. ETN | 9 | Supportive |
| T-Mobile US Inc. TMUS | 9 | Supportive |
| Energy Transfer ET | 8 | Supportive |
| ConocoPhillips COP | 8 | Supportive |
| Spotify Technology SPOT | 8 | Supportive |
| Exxon Mobil Corp. XOM | 8 | Supportive |
| GE Aerospace GE | 7 | Supportive |
| Zscaler Inc. ZS | 7 | Supportive |
| Snowflake Inc. SNOW | 7 | Supportive |
| IBM Corp. IBM | 6 | Supportive |
| General Dynamics GD | 6 | Supportive |
| United Airlines Holdings UAL | 5 | Supportive |
| Boeing Co. BA | 5 | Supportive |
| Oracle Corp. ORCL | 5 | Supportive |
| Lam Research Corp. LRCX | 5 | Supportive |
| Valero Energy VLO | 5 | Supportive |
| Qualcomm Inc. QCOM | 5 | Supportive |
| ASML Holding NV ASML | 4 | Supportive |
| Kinder Morgan KMI | 4 | Supportive |
| Verizon Communications VZ | 4 | Supportive |
| Alibaba Group BABA | 3 | Supportive |
| Honeywell International HON | 3 | Supportive |
| Dollar General Corp. DG | 3 | Supportive |
| Advanced Micro Devices AMD | 1 | Supportive |
| Ulta Beauty Inc. ULTA | 1 | Supportive |
| Devon Energy DVN | 1 | Supportive |
| Hess Corp. HES | 0 | Supportive |
| Walt Disney Co. DIS | 0 | Supportive |
| Occidental Petroleum OXY | -1 | Supportive |
| Royal Caribbean Group RCL | -1 | Supportive |
| General Motors Co. GM | -2 | Supportive |
| Apple Inc. AAPL | -3 | Supportive |
| Union Pacific Corp. UNP | -4 | Supportive |
| Applied Materials Inc. AMAT | -4 | Supportive |
| EOG Resources EOG | -4 | Supportive |
| CrowdStrike Holdings CRWD | -5 | Supportive |
| Chipotle Mexican Grill CMG | -5 | Supportive |
| Nucor Corp. NUE | -5 | Supportive |
| Lowe's Cos. LOW | -5 | Supportive |
| RTX Corp. RTX | -6 | Supportive |
| Schlumberger N.V. SLB | -6 | Supportive |
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| Nike Inc. NKE | -13 | Supportive |
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| 3M Co. MMM | -16 | Supportive |
| Broadcom Inc. AVGO | -16 | Supportive |
| Yum Brands Inc. YUM | -16 | Supportive |
| United Parcel Service UPS | -17 | Supportive |
| Caterpillar Inc. CAT | -17 | Supportive |
| Air Products & Chemicals APD | -18 | Supportive |
| Dow Inc. DOW | -18 | Supportive |
| Mosaic Co. MOS | -19 | Supportive |
| Chevron Corp. CVX | -19 | Supportive |
| Microchip Technology MCHP | -20 | Supportive |
| Intel Corp. INTC | -20 | Supportive |
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| Albemarle Corp. ALB | -21 | Supportive |
| Marriott International MAR | -21 | Supportive |
| Home Depot Inc. HD | -22 | Supportive |
| Warner Bros Discovery WBD | -27 | Supportive |
| Starbucks Corp. SBUX | -29 | Supportive |
| Deere & Co. DE | -30 | Supportive |
| ON Semiconductor Corp. ON | -37 | Supportive |
| Tesla Inc. TSLA | -47 | Supportive |