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E-commerce software platform letting merchants of any size build online stores, accept payments and manage sales across channels.
E-commerce software platform letting merchants of any size build online stores, accept payments and manage sales across channels.
Earns from monthly subscriptions merchants pay to run their stores and, more importantly, a cut of each sale processed through its payments service plus shipping and merchant loans. Most of the money now comes from those merchant services. In 2023 it sold its logistics business to Flexport to refocus.
In one line: A merged Amazon-seller-tools-and-Stripe hybrid, Canadian-based..
Moat: narrow (switching costs, network effects, distribution). Merchants build storefronts, apps and payment flows on Shopify; migrating off is costly.
Headquarters: Ottawa, Canada · Founded: 2006 · Employees: 7,600
Size Shopify (SHOP.TO) is a Canada Information Technology company (Miscellaneous Commercial Services) with a market value of $193B, the 3rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$210.47 on 6 Nov 2026.
Performance Over six months the shares gained 38.0%, against +13.8% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 31.6% over the last twelve months (peer median +13.8%); the operating margin is 18.1% (peer median 15.6%).
Valuation It trades at 67.4× forward earnings against a peer median of 17.8× (most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 54% a year for seven years (Req g). Recent delivered growth is +33%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.5 points above its cost of capital (15.9% WACC).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$19.7B | C$16.1B | C$12.2B | C$9.53B | C$7.29B |
| Revenue growth | — | +33% | +28% | +31% | — |
| Gross profit | C$9.31B | C$7.73B | C$6.09B | C$4.71B | C$3.54B |
| EBITDA | C$3.60B | C$2.69B | C$1.92B | C$212M | -C$747M |
| Net income | C$2.97B | C$1.72B | C$2.77B | C$180M | -C$4.50B |
| Free cash flow | C$3.69B | C$2.80B | C$2.19B | C$1.22B | -C$243M |
| Capital expenditure | C$29.2M | C$36.3M | C$26.0M | C$52.6M | C$65.1M |
| Total debt | C$267M | C$258M | C$1.62B | C$1.52B | C$1.89B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shopify SHOP.TO | $193B | +38% | +32% | 18% | 67.4× | 54.0% |
| Adobe ADBE | $93.1B | -5% | +12% | 36% | 8.9× | 0.9% |
| Salesforce CRM | $176B | +18% | +11% | 22% | 14.6× | 13.7% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SHOP.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.0% | +10.2% | 4th lowest of 21 |
| 6-month return | +38.0% | +13.8% | 4th highest of 21 |
| Distance from 52-week high | -17.8% | -20.3% | 11th highest of 21 |
| Revenue growth (TTM) | +31.6% | +13.8% | 4th highest of 20 |
| Operating margin | 18.1% | 15.6% | 6th highest of 21 |
| Forward P/E | 67.4× | 17.8× | most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 54.0% | 11.1% | most demanding of 17 |
| Growth delivered (Del g) | +32.7% | +17.2% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | +21.3 pp | -14.0 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | +6.5 pp | +6.0 pp | 10th highest of 20 |
| EV / EBITDA | 73.4× | 14.9× | most expensive of 19 |
| Net debt / EBITDA | -1.8× | 0.1× | 5th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shopify SHOP.TO | Canada | $193B | +38% | +32% | 18% | 67.4× | 54.0% | +32.7% |
| Constellation Software CSU.TO | Canada | $53.3B | +37% | +17% | 16% | 19.7× | 11.2% | +25.0% |
| Celestica CLS.TO | Canada | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% | +17.6% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| Descartes Systems DSG.TO | Canada | $8.10B | +32% | +12% | 33% | 37.9× | 4.4% | +16.8% |
| Topicus.com TOI.V | Canada | $6.25B | +9% | +28% | 15% | 21.3× | 0.7% | +26.5% |
| Open Text OTEX.TO | Canada | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% | +10.8% |
| BlackBerry BB.TO | Canada | $5.16B | +48% | +14% | 16% | 40.8× | 33.6% | -8.6% |
| Lumine LMN.V | Canada | $5.14B | +38% | +15% | 21% | 18.1× | 15.6% | +36.8% |
| MDA Space MDA.TO | Canada | $4.65B | -14% | +38% | 5% | 28.1× | n/a | n/a |
| Kinaxis KXS.TO | Canada | $4.01B | +35% | +16% | 18% | 30.9× | 12.9% | +20.6% |
| Lightspeed Commerce LSPD.TO | Canada | $1.38B | +9% | +11% | -9% | 14.4× | 13.5% | +42.0% |
| Propel PRL.TO | Canada | $830M | +28% | +24% | 17% | 7.6× | n/a | n/a |
| Xanadu Quantum Technologies XNDU.TO | Canada | $815M | -84% | n/a | -1,410% | n/a | n/a | n/a |
| Pason Systems PSI.TO | Canada | $742M | -10% | -2% | 18% | 12.4× | 1.5% | +21.8% |
| Docebo DCBO.TO | Canada | $732M | +44% | +11% | 9% | 17.4× | 14.1% | +32.1% |
| Enghouse Systems ENGH.TO | Canada | $695M | +1% | -5% | 19% | 13.8× | -14.5% | -0.2% |
| Evertz Technologies ET.TO | Canada | $689M | -21% | +4% | 13% | 15.1× | 5.0% | +8.5% |
| Firan Technology FTG.TO | Canada | $585M | +55% | +17% | 12% | 27.9× | 24.6% | +13.0% |
| HIVE Digital Technologies HIVE.TO | Canada | $491M | -36% | +155% | -44% | n/a | n/a | n/a |
| D2L DTOL.TO | Canada | $436M | +19% | +3% | 5% | 20.8× | 15.4% | +12.4% |