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Shopify Inc.
SHOPTechnologyGenerated Jul 5, 2026, 08:10 PM UTC
SHOP (Shopify Inc.) analytical snapshot. Revenue grew +26.1% YoY to $7.06B. Net margin at 1.87%. Return on equity 1.60%, ROA 0.95%, ROIC -17.21%. Valuation could not be computed. Risk: Low. Macro: Risk-on · Supportive. Composite analytical score 5 (data confidence 62%). Descriptive analytics from public filings — not investment advice.
Price
$119.46
NMS
Revenue (FY)
$7.06B
YoY +26.1%
Net margin
1.87%
Free cash flow
$905.0M
12.82% margin
Risk level
Low
Free SEC analysis
— computed from SEC filings, free to readFree previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 30Improving
80% conf
Revenue grew +26.1% YoY to $7.06B. Net margin at 1.87%. Return on equity 1.60%, ROA 0.95%, ROIC -17.21%.
- Revenue grew +26.1% YoY to $7.06B.
- Net margin at 1.87%.
- Return on equity 1.60%, ROA 0.95%, ROIC -17.21%.
- Gross margin 49.79%, operating margin -20.08%.
- Free cash flow margin 12.82% ($905.0M).
- Net income up ▲ +103.8% YoY.
- Asset turnover 0.50 — capital efficiency.
Revenue (FY)
$7.06B
YoY +26.1%
Net margin
1.87%
ROE
1.60%
ROA 0.95%
ROIC
-17.21%
EPS (diluted)
$0.10
FY2025
Free cash flow
$905.0M
12.82% margin
Debt / equity
—
Cash $1.85B
Current ratio
6.20
Equity $12.50B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2015 | — | — | — | — | — | -$2.1M | -26.92 |
| 2016 | — | — | — | — | — | -$769.0K | -27.74 |
| 2017 | — | — | — | — | — | -$9.8M | -18.10 |
| 2018 | — | — | — | — | — | -$12.1M | -9.74 |
| 2019 | — | — | — | — | — | -$18.6M | -6.45 |
| 2020 | — | — | — | — | — | $13.9M | -5.97 |
| 2021 | — | — | — | — | — | $383.2M | 10.59 |
| 2022 | — | — | — | — | — | -$186.0M | -31.08 |
| 2024 | $5.60B | — | 49.18 | -14.68 | -61.79 | -$186.0M | -31.08 |
| 2025 | $7.06B | +26.1% | 49.79 | -20.08 | 1.87 | $905.0M | 1.60 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Mar 31, 2025 | $2.36B | +26.8% | — | -28.90% |
| Jun 30, 2025 | $5.04B | +29.0% | +113.6% | 4.44% |
| Jun 30, 2025 | $2.68B | -31.4% | -46.8% | 8.36% |
| Sep 30, 2025 | $7.88B | +29.9% | +194.2% | 6.19% |
| Sep 30, 2025 | $2.84B | -53.1% | -63.9% | 17.16% |
| Mar 31, 2026 | $3.17B | +34.3% | +11.5% | -18.33% |
Revenue (annual, SEC 10-K)
2015: 0
2016: 0
2017: 0
2018: 0
2019: 0
2020: 0
2021: 0
2022: 0
2024: 5,600
2025: 7,060
2015
2016
2017
2018
2019
2020
2021
2022
2024
2025
Profitability trends (%)
GrossOperatingNet
Free cash flow (annual)
2015: -2
2016: -1
2017: -10
2018: -12
2019: -19
2020: 14
2021: 383
2022: -186
2024: -186
2025: 905
2015
2016
2017
2018
2019
2020
2021
2022
2024
2025
Sources:SEC EDGAR — Company Facts (XBRL)
Free previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 15Improving
80% conf
Latest annual report (10-K) filed Feb 11, 2026. Latest quarterly report (10-Q) filed May 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 May 5, 2026.
- 16 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- 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
May 5, 2026
8-K (recent)
16
Insider net
—
0B/0S
13F filers
—
Activist 13D
2
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| 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 |
| Nov 4, 2025 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -21Deteriorating
64% conf
1 risk signal(s), 2 positive signal(s), 3 watch item(s) detected from XBRL filing diff analysis. Strong cash conversion (OCF > NI) combined with growing deferred revenue provides high forward visibility. The business model appears to generate sustainable, recurring cash flows — a positive structural indicator.
- NEW: Material weakness in internal controls in latest filing: The term "material weakness" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 2 filing(s).
- Operating cash flow exceeds net income: OCF is 7.15x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Deferred revenue growing — future revenue visibility: Deferred revenue grew +58.4% to $20.2M, providing forward revenue visibility. This is a positive leading indicator for subscription or contract-based businesses.
- R&D intensity declining: R&D as % of revenue fell from 26.8% to 24.5%. 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: Strong cash conversion (OCF > NI) combined with growing deferred revenue provides high forward visibility. The business model appears to generate sustainable, recurring cash flows — a positive structural indicator.
- 6 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 3 new risk-language term(s) detected in filing text: Material weakness in internal controls, Restructuring, Off-balance sheet arrangements.
Revenue
$7.06B
+26.1% YoY
Gross profit
$3.52B
+27.6% YoY
Operating income
$-1.42B
-72.5% YoY
Net income
$132.0M
+103.8% YoY
Operating cash flow
$944.0M
+794.1% YoY
Capex
$39.0M
-22.0% YoY
Total assets
$13.92B
+23.2% YoY
Cash & equivalents
$1.50B
+6.0% YoY
Filing quality score
80/100
6 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $5.60B | $7.06B | $1.46B | +26.1% |
| Gross profit | $2.75B | $3.52B | $761.0M | +27.6% |
| Operating income | $-822.0M | $-1.42B | $-596.0M | -72.5% |
| Net income | $-3.46B | $132.0M | $3.59B | +103.8% |
| Operating cash flow | $-136.0M | $944.0M | $1.08B | +794.1% |
| Capex | $50.0M | $39.0M | $-11.0M | -22.0% |
| Total assets | $11.30B | $13.92B | $2.63B | +23.2% |
| Cash & equivalents | $1.41B | $1.50B | $85.0M | +6.0% |
| Stockholders equity | $11.13B | $8.24B | $-2.89B | -26.0% |
| Inventory | $19.0M | $26.0M | $7.0M | +36.8% |
| R&D expense | $1.50B | $1.73B | $227.0M | +15.1% |
| Interest expense | $9.1M | $3.5M | $-5.6M | -61.6% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear, PaymentsForRepurchaseOfCommonStock, 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 |
|---|---|---|---|---|
| Material weakness in internal controls | high | 2 | 0 | NEW |
| Restructuring | medium | 2 | 0 | NEW |
| Off-balance sheet arrangements | medium | 6 | 0 | NEW |
| Related party transactions | low | 2 | 0 | NEW |
Filing signal breakdown
Red flags: 1
Positive: 2
Watch: 3
Red flags
Positive
Watch
Unlock the rest
- ProValuationMarket price (Yahoo) or shares outstanding (SEC DEI) unavailable; multiples could not be computed.
- ProPrice & TechnicalsPrice $119.46 — downtrend (below 200-DMA); 1-month momentum positive.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: Low.
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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
16.59
Fed funds
3.63%
CPI YoY
+4.2%
Analytical read
deterministic previewRevenue grew **+26.1%** YoY to $7.06B..
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 |
|---|---|---|
| Airbnb Inc. ABNB | 30 | Supportive |
| Nike Inc. NKE | 28 | Supportive |
| Marathon Petroleum MPC | 25 | Supportive |
| Datadog Inc. DDOG | 16 | Supportive |
| Deere & Co. DE | 12 | Supportive |
| ASML Holding NV ASML | 10 | Supportive |
| Marriott International MAR | 10 | Supportive |
| GE Aerospace GE | 10 | Supportive |
| United Parcel Service UPS | 9 | Supportive |
| NVIDIA Corp. NVDA | 7 | Supportive |
| Alphabet Inc. GOOGL | 7 | Supportive |
| Booking Holdings BKNG | 6 | Supportive |
| Shopify Inc. SHOP● you | 5 | Supportive |
| Amazon.com Inc. AMZN | 4 | Supportive |
| Warner Bros Discovery WBD | 3 | Supportive |
| Adobe Inc. ADBE | 3 | Supportive |
| Intuit Inc. INTU | 2 | Supportive |
| General Dynamics GD | 1 | Supportive |
| Micron Technology MU | 0 | Supportive |
| Lockheed Martin LMT | 0 | Supportive |
| Boeing Co. BA | 0 | Supportive |
| Starbucks Corp. SBUX | 0 | Supportive |
| EOG Resources EOG | -2 | Supportive |
| IBM Corp. IBM | -3 | Supportive |
| Energy Transfer ET | -3 | Supportive |
| Meta Platforms Inc. META | -4 | Supportive |
| Uber Technologies UBER | -4 | Supportive |
| Caterpillar Inc. CAT | -5 | Supportive |
| Alibaba Group BABA | -5 | Supportive |
| Schlumberger N.V. SLB | -7 | Supportive |
| McDonald's Corp. MCD | -7 | Supportive |
| Delta Air Lines DAL | -8 | Supportive |
| Linde plc LIN | -9 | Supportive |
| Home Depot Inc. HD | -10 | Supportive |
| Sherwin-Williams SHW | -10 | Supportive |
| Old Dominion Freight ODFL | -10 | Supportive |
| Salesforce Inc. CRM | -11 | Supportive |
| Netflix Inc. NFLX | -12 | Supportive |
| Air Products & Chemicals APD | -13 | Supportive |
| Tesla Inc. TSLA | -14 | Supportive |
| Exxon Mobil Corp. XOM | -14 | Supportive |
| Palo Alto Networks PANW | -14 | Supportive |
| Apple Inc. AAPL | -15 | Supportive |
| ConocoPhillips COP | -15 | Supportive |
| Occidental Petroleum OXY | -15 | Supportive |
| Cisco Systems Inc. CSCO | -16 | Supportive |
| Microsoft Corp. MSFT | -16 | Supportive |
| Walt Disney Co. DIS | -17 | Supportive |
| ON Semiconductor Corp. ON | -18 | Supportive |
| Oracle Corp. ORCL | -18 | Supportive |
| CrowdStrike Holdings CRWD | -18 | Supportive |
| Mosaic Co. MOS | -18 | Supportive |
| RTX Corp. RTX | -19 | Supportive |
| Advanced Micro Devices AMD | -19 | Supportive |
| Freeport-McMoRan FCX | -20 | Supportive |
| Chevron Corp. CVX | -22 | Supportive |
| T-Mobile US Inc. TMUS | -23 | Supportive |
| Lowe's Cos. LOW | -24 | Supportive |
| Texas Instruments TXN | -24 | Supportive |
| Honeywell International HON | -24 | Supportive |
| Qualcomm Inc. QCOM | -25 | Supportive |
| Intel Corp. INTC | -31 | Supportive |
| Verizon Communications VZ | -31 | Supportive |
| ServiceNow Inc. NOW | -33 | Supportive |
| Broadcom Inc. AVGO | -37 | Supportive |
| Phillips 66 PSX | — | Supportive |
| Valero Energy VLO | — | Supportive |
| Newmont Corp. NEM | — | Supportive |
| Nucor Corp. NUE | — | Supportive |
| 3M Co. MMM | — | Supportive |
| Union Pacific Corp. UNP | — | Supportive |
| CSX Corp. CSX | — | Supportive |
| General Motors Co. GM | — | Supportive |
| MercadoLibre Inc. MELI | — | Supportive |
| Snowflake Inc. SNOW | — | Supportive |
| Cloudflare Inc. NET | — | Supportive |
| Zscaler Inc. ZS | — | Supportive |
| Okta Inc. OKTA | — | Supportive |
| Workday Inc. WDAY | — | Supportive |
| Autodesk Inc. ADSK | — | Supportive |
| Marvell Technology MRVL | — | Supportive |
| Microchip Technology MCHP | — | Supportive |
| Lam Research Corp. LRCX | — | Supportive |
| Applied Materials Inc. AMAT | — | Supportive |
| Comcast Corp. CMCSA | — | Supportive |
| Spotify Technology SPOT | — | Supportive |
| Roku Inc. ROKU | — | Supportive |
| Pinterest Inc. PINS | — | Supportive |
| TJX Cos. TJX | — | Supportive |
| Dollar General Corp. DG | — | Supportive |
| Ulta Beauty Inc. ULTA | — | Supportive |
| Yum Brands Inc. YUM | — | Supportive |
| Chipotle Mexican Grill CMG | — | Supportive |
| Royal Caribbean Group RCL | — | Supportive |
| Hess Corp. HES | — | Supportive |
| Kinder Morgan KMI | — | Supportive |
| Devon Energy DVN | — | Supportive |
| Albemarle Corp. ALB | — | Supportive |
| CF Industries CF | — | Supportive |
| Dow Inc. DOW | — | Supportive |
| Norfolk Southern NSC | — | Supportive |
| United Airlines Holdings UAL | — | Supportive |
| Eaton Corp. ETN | — | Supportive |