SHOPIFY INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 71.33 USD | +1.11% |
|
+2.38% | -8.43% |
| Apr. 26 | Deutsche Bank Previews Shopify Q1, Says Shopify Plus Momentum "Should" Drive Upside | MT |
| Apr. 22 | RBC on Canadian Tech Calendar Q1 Preview | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 46,086 | 138,858 | 173,001 | 44,154 | 100,187 | 91,882 | - | - |
| Enterprise Value (EV) 1 | 43,631 | 133,228 | 166,144 | 40,015 | 96,095 | 85,845 | 84,233 | 81,525 |
| P/E ratio | -361 x | 437 x | 60.1 x | -12.7 x | 779 x | 102 x | 68.2 x | 47.8 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 29.2 x | 47.4 x | 37.5 x | 7.88 x | 14.2 x | 10.7 x | 8.96 x | 7.33 x |
| EV / Revenue | 27.6 x | 45.5 x | 36 x | 7.15 x | 13.6 x | 10 x | 8.22 x | 6.51 x |
| EV / EBITDA | 612 x | 274 x | 218 x | 933 x | 118 x | 66.2 x | 45.9 x | 30.8 x |
| EV / FCF | 3,149 x | 348 x | 366 x | -215 x | 106 x | 72.4 x | 50.5 x | 40.3 x |
| FCF Yield | 0.03% | 0.29% | 0.27% | -0.47% | 0.94% | 1.38% | 1.98% | 2.48% |
| Price to Book | 14.9 x | 21.1 x | 14.1 x | 5.37 x | 11.1 x | 8.93 x | 7.47 x | 5.96 x |
| Nbr of stocks (in thousands) | 1,159,173 | 1,226,711 | 1,256,003 | 1,272,089 | 1,286,099 | 1,288,129 | - | - |
| Reference price 2 | 39.76 | 113.2 | 137.7 | 34.71 | 77.90 | 71.33 | 71.33 | 71.33 |
| Announcement Date | 2/12/20 | 2/17/21 | 2/16/22 | 2/15/23 | 2/13/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,578 | 2,929 | 4,612 | 5,600 | 7,060 | 8,556 | 10,250 | 12,528 |
| EBITDA 1 | 71.27 | 486.1 | 762.1 | 42.88 | 814 | 1,297 | 1,836 | 2,646 |
| EBIT 1 | 35.62 | 437.4 | 718 | 6.059 | 782 | 1,256 | 1,779 | 2,535 |
| Operating Margin | 2.26% | 14.93% | 15.57% | 0.11% | 11.08% | 14.68% | 17.36% | 20.24% |
| Earnings before Tax (EBT) 1 | -95.82 | 240.4 | 3,141 | -3,623 | 185 | 948.1 | 1,456 | 2,167 |
| Net income 1 | -124.8 | 319.5 | 2,915 | -3,460 | 132 | 881.8 | 1,313 | 1,938 |
| Net margin | -7.91% | 10.91% | 63.2% | -61.79% | 1.87% | 10.31% | 12.81% | 15.47% |
| EPS 2 | -0.1100 | 0.2590 | 2.290 | -2.730 | 0.1000 | 0.6962 | 1.046 | 1.491 |
| Free Cash Flow 1 | 13.86 | 383.2 | 453.6 | -186.5 | 905 | 1,186 | 1,667 | 2,021 |
| FCF margin | 0.88% | 13.08% | 9.84% | -3.33% | 12.82% | 13.87% | 16.26% | 16.13% |
| FCF Conversion (EBITDA) | 19.44% | 78.83% | 59.52% | - | 111.18% | 91.46% | 90.76% | 76.37% |
| FCF Conversion (Net income) | - | 119.94% | 15.56% | - | 685.61% | 134.55% | 126.95% | 104.3% |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 2/12/20 | 2/17/21 | 2/16/22 | 2/15/23 | 2/13/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,124 | 1,380 | 1,204 | 1,295 | 1,366 | 1,735 | 1,508 | 1,694 | 1,714 | 2,144 | 1,845 | 2,021 | 2,088 | 2,608 | 2,255 |
| EBITDA 1 | 147.8 | 146 | 41.89 | -32.69 | -36.61 | 70.29 | -23 | 154 | 280 | 402 | 190.8 | 287.5 | 331.4 | 514.2 | 363.8 |
| EBIT 1 | 140.2 | 130.2 | 31.91 | -41.77 | -45.08 | 60.99 | -31 | 146 | 271 | 396 | 186.8 | 268.3 | 310.2 | 483.1 | 327.7 |
| Operating Margin | 12.47% | 9.43% | 2.65% | -3.23% | -3.3% | 3.52% | -2.06% | 8.62% | 15.81% | 18.47% | 10.13% | 13.28% | 14.85% | 18.52% | 14.53% |
| Earnings before Tax (EBT) 1 | 1,340 | -488.7 | -1,653 | -1,198 | -157.1 | -614.6 | 76 | -1,301 | 728 | 682 | 116 | 179.3 | 245.5 | 411.9 | 226.1 |
| Net income 1 | 1,148 | -371.3 | -1,474 | -1,204 | -158.4 | -623.7 | 68 | -1,311 | 718 | 657 | 102.7 | 159.8 | 215.6 | 368.9 | 216 |
| Net margin | 102.2% | -26.91% | -122.5% | -92.96% | -11.59% | -35.95% | 4.51% | -77.39% | 41.89% | 30.64% | 5.57% | 7.91% | 10.32% | 14.14% | 9.58% |
| EPS 2 | 0.9000 | -0.2950 | -1.170 | -0.9500 | -0.1200 | -0.4900 | 0.0500 | -1.020 | 0.5500 | 0.5100 | 0.0823 | 0.1327 | 0.1771 | 0.2982 | 0.1957 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 10/28/21 | 2/16/22 | 5/5/22 | 7/27/22 | 10/27/22 | 2/15/23 | 5/4/23 | 8/2/23 | 11/2/23 | 2/13/24 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 2,455 | 5,630 | 6,857 | 4,140 | 4,092 | 6,037 | 7,649 | 10,357 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 13.9 | 383 | 454 | -186 | 905 | 1,186 | 1,667 | 2,021 |
| ROE (net income / shareholders' equity) | 1.34% | 10.4% | 9.29% | 0.49% | 10.9% | 13.6% | 16.4% | 16.7% |
| ROA (Net income/ Total Assets) | 1.19% | 8.73% | 27.6% | 0.39% | 8.59% | 13.3% | 16.9% | - |
| Assets 1 | -10,491 | 3,659 | 10,552 | -876,277 | 1,537 | 6,630 | 7,768 | - |
| Book Value Per Share 2 | 2.670 | 5.350 | 9.770 | 6.460 | 7.050 | 7.990 | 9.550 | 12.00 |
| Cash Flow per Share 2 | 0.0600 | 0.3400 | 0.4000 | -0.1100 | 0.7300 | 1.110 | 1.650 | 1.980 |
| Capex 1 | 56.8 | 41.7 | 50.8 | 50 | 39 | 39.8 | 44.9 | 52.2 |
| Capex / Sales | 3.6% | 1.42% | 1.1% | 0.89% | 0.55% | 0.47% | 0.44% | 0.42% |
| Announcement Date | 2/12/20 | 2/17/21 | 2/16/22 | 2/15/23 | 2/13/24 | - | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
48
Last Close Price
71.33
USD
Average target price
82.78
USD
Spread / Average Target
+16.05%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -8.43% | 91.88B | |
| -2.53% | 184B | |
| +41.15% | 91.6B | |
| -10.53% | 71.28B | |
| +13.73% | 53.58B | |
| +19.26% | 26.35B | |
| +17.48% | 10.05B | |
| -11.43% | 8.53B | |
| -15.19% | 5.59B | |
| -14.39% | 3.7B |
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- Financials Shopify Inc.
