View ValuationShopify 향후 성장Future 기준 점검 5/6Shopify (는) 각각 연간 27.9% 및 18.4% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 28.1% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 20.3% 로 예상됩니다.핵심 정보27.9%이익 성장률28.07%EPS 성장률IT 이익 성장16.5%매출 성장률18.4%향후 자기자본이익률20.33%애널리스트 커버리지Good마지막 업데이트07 May 2026최근 향후 성장 업데이트공지 • May 07Shopify Provides Earnings Guidance for the the Second Quarter of 2026Shopify provided earnings guidance for the the second quarter of 2026. For the period, the company expects Revenue to grow at a high-twenties percentage rate on a year-over-year basis.공지 • Feb 12Shopify Inc. Provides Earnings Guidance for the First Quarter of 2026Shopify Inc. provided earnings guidance for the first quarter of 2026. for the quarter, the company expects Revenue to grow at a low-thirties percentage rate on a year-over-year basis, similar to Fourth Quarter 2025.공지 • Nov 05Shopify Inc. Provides Earnings Guidance for the Fourth Quarter of 2025Shopify Inc. provided earnings guidance for the fourth quarter of 2025. The company expects Fourth Quarter revenue growth to be in the mid to high 20s year-over-year.공지 • Feb 13Shopify Inc. Provides Earnings Guidance for the First Quarter of 2025Shopify Inc. provided earnings guidance for the first quarter of 2025. Revenue to grow at a mid-twenties percentage rate on a year-over-year basis.공지 • Aug 07Shopify Inc. Provides Earnings Guidance for the Third Quarter of 2024Shopify Inc. provided earnings guidance for the third quarter of 2024. For the quarter, the company expects revenue to grow at a low-to-mid-twenties percentage rate on a year-over-year basis.공지 • May 09Shopify Inc. Provides Revenue Guidance for the Second Quarter of 2024Shopify Inc. provided revenue guidance for the second quarter of 2024. For the quarter, the company expects Revenue to grow at a high-teens percentage rate on a year-over-year basis, which translates into a year-over-year growth rate in the low-to-mid-twenties when adjusting for the 300 to 400 basis points impact from the sale of logistics businesses.모든 업데이트 보기Recent updates공지 • May 07Shopify Provides Earnings Guidance for the the Second Quarter of 2026Shopify provided earnings guidance for the the second quarter of 2026. For the period, the company expects Revenue to grow at a high-twenties percentage rate on a year-over-year basis.Reported Earnings • May 06First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2026 results: US$0.45 loss per share (improved from US$0.53 loss in 1Q 2025). Revenue: US$3.17b (up 34% from 1Q 2025). Net loss: US$581.0m (loss narrowed 15% from 1Q 2025). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth.Buy Or Sell Opportunity • Apr 15Now 25% overvaluedOver the last 90 days, the stock has fallen 20% to CA$175. The fair value is estimated to be CA$140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.공지 • Apr 15Shopify Inc. to Report Q1, 2026 Results on May 05, 2026Shopify Inc. announced that they will report Q1, 2026 results Pre-Market on May 05, 2026공지 • Mar 25Shopify Inc., Annual General Meeting, Jun 16, 2026Shopify Inc., Annual General Meeting, Jun 16, 2026.Buy Or Sell Opportunity • Mar 23Now 22% overvaluedOver the last 90 days, the stock has fallen 28% to CA$166. The fair value is estimated to be CA$136, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 25% per annum over the same time period.Recent Insider Transactions • Mar 12Chief Operating Officer recently sold CA$1.0m worth of stockOn the 9th of March, Jessica Hertz sold around 6k shares on-market at roughly CA$176 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jessica has been a net seller over the last 12 months, reducing personal holdings by CA$12m.Buy Or Sell Opportunity • Feb 26Now 23% overvaluedOver the last 90 days, the stock has fallen 23% to CA$172. The fair value is estimated to be CA$140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.New Risk • Feb 12New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 23% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Significant insider selling over the past 3 months (CA$13m sold).Reported Earnings • Feb 12Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: US$0.95 (down from US$1.57 in FY 2024). Revenue: US$11.6b (up 30% from FY 2024). Net income: US$1.23b (down 39% from FY 2024). Profit margin: 11% (down from 23% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 12% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth.공지 • Feb 12Shopify Inc. Provides Earnings Guidance for the First Quarter of 2026Shopify Inc. provided earnings guidance for the first quarter of 2026. for the quarter, the company expects Revenue to grow at a low-thirties percentage rate on a year-over-year basis, similar to Fourth Quarter 2025.공지 • Feb 11Shopify Inc. (NasdaqGS:SHOP) announces an Equity Buyback for 5% of its issued share capital, for $2,000 million.Shopify Inc. (NasdaqGS:SHOP) announces a share repurchase program. Under the program, the company will repurchase up to $2,000 million worth of its Class A subordinate voting shares, not exceeding 5% of it's issued and outstanding Class A subordinate voting shares. The program has no fixed expiration date.Buy Or Sell Opportunity • Jan 29Now 21% overvaluedOver the last 90 days, the stock has fallen 21% to CA$194. The fair value is estimated to be CA$160, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 21% per annum over the same time period.공지 • Jan 28Shopify Inc. to Report Q4, 2025 Results on Feb 11, 2026Shopify Inc. announced that they will report Q4, 2025 results Pre-Market on Feb 11, 2026Recent Insider Transactions • Dec 16Chief Operating Officer recently sold CA$9.3m worth of stockOn the 11th of December, Jessica Hertz sold around 41k shares on-market at roughly CA$225 per share. This transaction amounted to 95% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jessica has been a net seller over the last 12 months, reducing personal holdings by CA$11m.공지 • Nov 05Shopify Inc. Provides Earnings Guidance for the Fourth Quarter of 2025Shopify Inc. provided earnings guidance for the fourth quarter of 2025. The company expects Fourth Quarter revenue growth to be in the mid to high 20s year-over-year.Reported Earnings • Nov 05Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2025 results: EPS: US$0.20 (down from US$0.64 in 3Q 2024). Revenue: US$2.84b (up 32% from 3Q 2024). Net income: US$264.0m (down 68% from 3Q 2024). Profit margin: 9.3% (down from 38% in 3Q 2024). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 73% per year, which means it is significantly lagging earnings growth.공지 • Oct 14Shopify Inc. to Report Q3, 2025 Results on Nov 04, 2025Shopify Inc. announced that they will report Q3, 2025 results Pre-Market on Nov 04, 2025공지 • Oct 10Shopify Inc. Appoints Jessica Hertz as Chief Operating Officer, Effective October 9, 2025On October 9, 2025, Shopify Inc. announced the appointment of Jessica Hertz as the Chief Operating Officer of the Company, effective October 9, 2025. Prior to her appointment as COO, Ms. Hertz, age 43, served as Shopify’s General Counsel and has been with the Company since 2021. As General Counsel, Ms. Hertz oversaw Shopify’s global legal, communications, policy, talent, and trust teams. Prior to joining Shopify, Ms. Hertz held roles in the White House and previously served in positions at Facebook and at the law firm of Jenner & Block LLP. Ms. Hertz holds a J.D. from the University of Chicago Law School and an A.B. from Harvard College.Recent Insider Transactions • Aug 10VP of Product & COO recently sold CA$17m worth of stockOn the 7th of August, Kasra Nejatian sold around 81k shares on-market at roughly CA$211 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Kasra has been a net seller over the last 12 months, reducing personal holdings by CA$35m.Reported Earnings • Aug 06Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: US$0.70 (up from US$0.13 in 2Q 2024). Revenue: US$2.68b (up 31% from 2Q 2024). Net income: US$906.0m (up 430% from 2Q 2024). Profit margin: 34% (up from 8.4% in 2Q 2024). Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 11% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth.Buy Or Sell Opportunity • Jul 16Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 41% to CA$164. The fair value is estimated to be CA$133, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 21% per annum over the same time period.공지 • Jul 16Shopify Inc. to Report Q2, 2025 Results on Aug 06, 2025Shopify Inc. announced that they will report Q2, 2025 results Pre-Market on Aug 06, 2025공지 • Jul 11Shopify Inc. (NasdaqGS:SHOP) acquired Ritual Technologies Inc. from Georgian, Insight Partners, Mantella Venture Partners, and Greylock Partners.Shopify Inc. (NasdaqGS:SHOP) acquired Ritual Technologies Inc. from Georgian, Insight Partners, Mantella Venture Partners, and Greylock Partners recently. Jason Myler of Brown Gibbons Lang & Company acted as financial advisor to Ritual Technologies Inc.Buy Or Sell Opportunity • Jun 24Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 1.5% to CA$151. The fair value is estimated to be CA$125, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 21% per annum over the same time period.공지 • Jun 19Shopify Inc. Elects Joe Natale as DirectorShopify Inc. at its annual meeting of shareholders held on June 17, 2025 elected Joe Natale as Director.공지 • Jun 10Sezzle Files Antitrust Action Against ShopifySezzle Inc. announced that it has filed a lawsuit against Shopify Inc. in the U.S. District Court for the District of Minnesota asserting federal and state antitrust violations. The lawsuit alleges that Shopify has been engaging and continues to engage in monopolistic and anticompetitive business practices in order to stifle competition for “buy now, pay later” service options on Shopify’s e-commerce platform. Sezzle is seeking an injunction to prevent Shopify from continuing its anticompetitive conduct that limits consumer choice and stifles fair market competition. The suit filed by the Company seeks treble damages.Buy Or Sell Opportunity • Jun 06Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 6.1% to CA$153. The fair value is estimated to be CA$125, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 21% per annum over the same time period.Recent Insider Transactions • May 16General Counsel recently sold CA$1.6m worth of stockOn the 14th of May, Jessica Hertz sold around 10k shares on-market at roughly CA$156 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$38m more than they bought in the last 12 months.Reported Earnings • May 09First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2025 results: US$0.53 loss per share (further deteriorated from US$0.21 loss in 1Q 2024). Revenue: US$2.36b (up 27% from 1Q 2024). Net loss: US$682.0m (loss widened 150% from 1Q 2024). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth.Board Change • Apr 30High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director David Hansson was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.Valuation Update With 7 Day Price Move • Apr 25Investor sentiment improves as stock rises 16%After last week's 16% share price gain to CA$135, the stock trades at a forward P/E ratio of 86x. Average forward P/E is 17x in the IT industry in North America. Total returns to shareholders of 145% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$131 per share.공지 • Apr 17Shopify Inc. to Report Q1, 2025 Results on May 08, 2025Shopify Inc. announced that they will report Q1, 2025 results Pre-Market on May 08, 2025Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to CA$110, the stock trades at a forward P/E ratio of 68x. Average forward P/E is 18x in the IT industry in North America. Total returns to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$141 per share.Buy Or Sell Opportunity • Apr 04Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 31% to CA$109. The fair value is estimated to be CA$141, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period.공지 • Mar 28Shopify Inc., Annual General Meeting, Jun 17, 2025Shopify Inc., Annual General Meeting, Jun 17, 2025.Valuation Update With 7 Day Price Move • Mar 25Investor sentiment improves as stock rises 17%After last week's 17% share price gain to CA$157, the stock trades at a forward P/E ratio of 97x. Average forward P/E is 19x in the IT industry in North America. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$140 per share.공지 • Mar 15Shopify Inc. (NYSE:SHOP) acquired Vantage Discovery, Inc.Shopify Inc. (NYSE:SHOP) acquired Vantage Discovery, Inc. on March 14, 2025. Shopify Inc. (NYSE:SHOP) completed the acquisition of Vantage Discovery, Inc. on March 14, 2025.Recent Insider Transactions • Feb 14VP of Product & COO recently sold CA$8.6m worth of stockOn the 12th of February, Kasra Nejatian sold around 50k shares on-market at roughly CA$173 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Kasra has been a net seller over the last 12 months, reducing personal holdings by CA$22m.공지 • Feb 13Shopify Inc. Provides Earnings Guidance for the First Quarter of 2025Shopify Inc. provided earnings guidance for the first quarter of 2025. Revenue to grow at a mid-twenties percentage rate on a year-over-year basis.Reported Earnings • Feb 12Third quarter 2024 earnings released: EPS: US$0.64 (vs US$0.56 in 3Q 2023)Third quarter 2024 results: EPS: US$0.64 (up from US$0.56 in 3Q 2023). Revenue: US$2.16b (up 26% from 3Q 2023). Net income: US$828.0m (up 15% from 3Q 2023). Profit margin: 38% (down from 42% in 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 4 years, compared to a 9.5% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings.Buy Or Sell Opportunity • Feb 11Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 9.5% to CA$177. The fair value is estimated to be CA$145, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 19% per annum over the same time period.Recent Insider Transactions • Dec 17General Counsel & Corporate Secretary recently sold CA$828k worth of stockOn the 12th of December, Jessica Hertz sold around 5k shares on-market at roughly CA$167 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$4.8m. Insiders have been net sellers, collectively disposing of CA$19m more than they bought in the last 12 months.Buy Or Sell Opportunity • Dec 07Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 84% to CA$168. The fair value is estimated to be CA$137, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 18% per annum over the same time period.Recent Insider Transactions • Nov 15VP of Product & COO recently sold CA$4.7m worth of stockOn the 13th of November, Kasra Nejatian sold around 31k shares on-market at roughly CA$150 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Kasra has been a net seller over the last 12 months, reducing personal holdings by CA$9.0m.New Risk • Nov 14New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company.Reported Earnings • Nov 13Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: US$0.64 (up from US$0.56 in 3Q 2023). Revenue: US$2.16b (up 26% from 3Q 2023). Net income: US$828.0m (up 15% from 3Q 2023). Profit margin: 38% (down from 42% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings.Buy Or Sell Opportunity • Nov 12Now 34% overvalued after recent price riseOver the last 90 days, the stock has risen 55% to CA$152. The fair value is estimated to be CA$114, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 18% per annum over the same time period.공지 • Oct 22Shopify Inc. to Report Q3, 2024 Results on Nov 12, 2024Shopify Inc. announced that they will report Q3, 2024 results Pre-Market on Nov 12, 2024Buy Or Sell Opportunity • Sep 06Now 22% undervaluedOver the last 90 days, the stock has risen 7.3% to CA$90.89. The fair value is estimated to be CA$117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 20% per annum over the same time period.Board Change • Sep 02High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Director James Scott was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.New Risk • Aug 11New minor risk - Insider sellingThere has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$4.4m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (CA$4.4m sold).Recent Insider Transactions • Aug 11VP of Product & COO recently sold CA$4.3m worth of stockOn the 8th of August, Kasra Nejatian sold around 48k shares on-market at roughly CA$89.13 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Kasra's only on-market trade for the last 12 months.Reported Earnings • Aug 08Second quarter 2024 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2024 results: EPS: US$0.13 (up from US$1.02 loss in 2Q 2023). Revenue: US$2.05b (up 21% from 2Q 2023). Net income: US$171.0m (up US$1.48b from 2Q 2023). Profit margin: 8.4% (up from net loss in 2Q 2023). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings.공지 • Aug 07Shopify Inc. Provides Earnings Guidance for the Third Quarter of 2024Shopify Inc. provided earnings guidance for the third quarter of 2024. For the quarter, the company expects revenue to grow at a low-to-mid-twenties percentage rate on a year-over-year basis.Buy Or Sell Opportunity • Jul 24Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 15% to CA$81.87. The fair value is estimated to be CA$103, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making.공지 • Jul 17Shopify Inc. to Report Q2, 2024 Results on Aug 07, 2024Shopify Inc. announced that they will report Q2, 2024 results Pre-Market on Aug 07, 2024공지 • Jun 08Shopify Inc. acquired Threads Inc.Shopify Inc. acquired Threads Inc. on June 6, 2024.Shopify Inc. completed the acquisition of Threads Inc. on June 6, 2024.공지 • Jun 06Shopify Inc. Approves Board ElectionsShopify Inc. announced at annual meeting of shareholders of held on June 4, 2024, the shareholders elected Prashanth Mahendra-Rajah and Lulu Cheng Meservey as directors of the company.Buy Or Sell Opportunity • May 14Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 28% to CA$79.19. The fair value is estimated to be CA$99.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making.공지 • May 09Shopify Inc. Provides Revenue Guidance for the Second Quarter of 2024Shopify Inc. provided revenue guidance for the second quarter of 2024. For the quarter, the company expects Revenue to grow at a high-teens percentage rate on a year-over-year basis, which translates into a year-over-year growth rate in the low-to-mid-twenties when adjusting for the 300 to 400 basis points impact from the sale of logistics businesses.Reported Earnings • May 08First quarter 2024 earnings: EPS misses analyst expectationsFirst quarter 2024 results: US$0.21 loss per share (down from US$0.053 profit in 1Q 2023). Revenue: US$1.86b (up 23% from 1Q 2023). Net loss: US$273.0m (down US$341.0m from profit in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the IT industry in North America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.Buy Or Sell Opportunity • Apr 29Now 20% overvaluedOver the last 90 days, the stock has fallen 10% to CA$99.03. The fair value is estimated to be CA$82.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 35% per annum over the same time period.Buy Or Sell Opportunity • Apr 23Now 22% overvaluedOver the last 90 days, the stock has fallen 7.5% to CA$101. The fair value is estimated to be CA$82.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 35% per annum over the same time period.공지 • Apr 10E House Studio, LLC, Shopify Inc. (NYSE:SHOP) and Recharge Partner Agency acquired Commerce12, LLC.E House Studio, LLC, Shopify Inc. (NYSE:SHOP) and Recharge Partner Agency acquired Commerce12, LLC on April 10, 2024. Periscope Equity supported the transaction with an investment. E House Studio, LLC, Shopify Inc. (NYSE:SHOP) and Recharge Partner Agency completed the acquisition of Commerce12, LLC on April 10, 2024.공지 • Mar 23Shopify Inc., Annual General Meeting, Jun 04, 2024Shopify Inc., Annual General Meeting, Jun 04, 2024.Reported Earnings • Feb 14Full year 2023 earnings: EPS and revenues exceed analyst expectationsFull year 2023 results: EPS: US$0.10 (up from US$2.73 loss in FY 2022). Revenue: US$7.06b (up 26% from FY 2022). Net income: US$132.0m (up US$3.59b from FY 2022). Profit margin: 1.9% (up from net loss in FY 2022). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 10% growth forecast for the IT industry in North America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.공지 • Jan 24Shopify Inc. to Report Q4, 2023 Results on Feb 13, 2024Shopify Inc. announced that they will report Q4, 2023 results Pre-Market on Feb 13, 2024New Risk • Nov 26New minor risk - Insider sellingThere has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$22m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company.Recent Insider Transactions • Nov 26Director recently sold CA$22m worth of stockOn the 22nd of November, Toby Shannan sold around 236k shares on-market at roughly CA$95.25 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$23m more than they bought in the last 12 months.Reported Earnings • Nov 02Third quarter 2023 earnings: EPS and revenues exceed analyst expectationsThird quarter 2023 results: EPS: US$0.56 (up from US$0.13 loss in 3Q 2022). Revenue: US$1.71b (up 26% from 3Q 2022). Net income: US$718.0m (up US$876.4m from 3Q 2022). Profit margin: 42% (up from net loss in 3Q 2022). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the IT industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance.New Risk • Oct 17New major risk - Revenue and earnings growthEarnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company.공지 • Oct 13Shopify Inc. to Report Q3, 2023 Results on Nov 02, 2023Shopify Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 02, 2023공지 • Aug 05Shopify Inc. Provides Earnings Guidance for the Third Quarter 2023Shopify Inc. provided earnings guidance for the third quarter 2023. For the third quarter, revenue to grow at a low-twenties percentage rate on a year-over-year basis, which translates into a year over-year growth rate in the mid-twenties, when adjusting for the 300 to 400 basis points headwind from the sale of logistics businesses; Gross margin percentage to be approximately two to three percentage points higher than the second quarter 2023 gross margin of 49.3%.Reported Earnings • Aug 03Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2023 results: US$1.02 loss per share (further deteriorated from US$0.95 loss in 2Q 2022). Revenue: US$1.69b (up 31% from 2Q 2022). Net loss: US$1.31b (loss widened 8.9% from 2Q 2022). Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 169%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the IT industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.공지 • Jul 13Shopify Inc. to Report Q2, 2023 Results on Aug 02, 2023Shopify Inc. announced that they will report Q2, 2023 results on Aug 02, 2023공지 • Jun 07Flexport, Inc. completed the acquisition of an unknown majority stake in Shopify Fulfillment Network from Shopify Inc. (NYSE:SHOP).Flexport, Inc. entered into securities purchase agreement to acquire an unknown majority stake in Shopify Fulfillment Network from Shopify Inc. (NYSE:SHOP) on May 3, 2023. Under the terms of the agreement, Shopify will receive stock representing a 13% equity interest in Flexport, on top of its existing equity interest. In a related transaction, Shopify also entered into an agreement to sell 6RS, part of its logistics business. Employees related to the logistics business will also join Flexport. The transaction is subject to receipt of regulatory approval and is expected to close in the second quarter of 2023. Morgan Stanley & Co. LLC acted as financial advisor to Shopify Inc. (NYSE:SHOP). Stuart Rogers of ALSTON & BIRD LLP acted as legal advisor for Morgan Stanley. Christopher M Barlow and Ryan J Dzierniejko of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor for Shopify Fulfillment Network. Flexport, Inc. completed the acquisition of an unknown majority stake in Shopify Fulfillment Network from Shopify Inc. (NYSE:SHOP) on June 6, 2023. In connection with the sale, Shopify received stock representing a 13% equity interest in Flexport, which is incremental to its existing equity interest in Flexport.공지 • May 31Samfiru Tumarkin LLP Launches $130 Million Class Action Against Shopify for Breach of Contract on Severance PaySamfiru Tumarkin LLP initiated a $130-million class action lawsuit against global e-commerce giant Shopify, following allegations of the company's illegal attempt to slash severance packages after a nationwide mass layoff.On May 4, Shopify CEO Tobi Lutke announced a significant reduction in the workforce, resulting in the termination of 23% of its employees. Shopify initially assured the affected employees of generous severance packages, which many accepted. However, to the shock and disappointment of those impacted, Shopify advised employees that, despite accepting a severance package, the company would not honour the agreed-upon terms. The company then presented outgoing staff with a second severance offer, substantially reducing the agreed-upon severance amounts, often by tens of thousands of dollars. Iain Russell, the lead plaintiff in the class action, who dedicated over seven years to Shopify, was one of the 2,000 employees unexpectedly impacted by the company's downsizing. After accepting an initial severance package that appeared to meet Shopify's legal obligations, Russell was later informed that the company would not abide by the terms he accepted. Instead, he was instructed to agree to a second offer with a potential reduction of more than $50,000.공지 • May 06Flexport, Inc. entered into securities purchase agreement to acquire an unknown majority stake in Shopify Fulfillment Network from Shopify Inc. (NYSE:SHOP).Flexport, Inc. entered into securities purchase agreement to acquire an unknown majority stake in Shopify Fulfillment Network from Shopify Inc. (NYSE:SHOP) on May 3, 2023. Under the terms of the agreement, Shopify will receive stock representing a 13% equity interest in Flexport, on top of its existing equity interest. In a related transaction, Shopify also entered into an agreement to sell 6RS, part of its logistics business. Employees related to the logistics business will also join Flexport. The transaction is subject to receipt of regulatory approval and is expected to close in the second quarter of 2023.Reported Earnings • May 06First quarter 2023 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2023 results: EPS: US$0.053 (up from US$1.17 loss in 1Q 2022). Revenue: US$1.51b (up 25% from 1Q 2022). Net income: US$68.0m (up US$1.54b from 1Q 2022). Profit margin: 4.5% (up from net loss in 1Q 2022). Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the IT industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.Reported Earnings • Feb 17Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: US$2.73 loss per share (down from US$2.34 profit in FY 2021). Revenue: US$5.60b (up 21% from FY 2021). Net loss: US$3.46b (down 219% from profit in FY 2021). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the IT industry in Canada. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.공지 • Feb 17Shopify Inc. Provides Financial Guidance for the First Quarter of 2023Shopify Inc. provided financial guidance for the first quarter of 2023. For the quarter, the company expects revenue growth in the high-teen percentages on a year over year basis.공지 • Jan 26Shopify Inc. to Report Q4, 2022 Results on Feb 15, 2023Shopify Inc. announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 15, 2023Recent Insider Transactions • Dec 09President recently sold CA$213k worth of stockOn the 5th of December, Harley Finkelstein sold around 4k shares on-market at roughly CA$58.84 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Harley has been a net buyer over the last 12 months, purchasing a net total of CA$1.6m worth of shares.Board Change • Nov 16Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Fidji Simo was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Recent Insider Transactions • Nov 09Founder recently bought CA$14m worth of stockOn the 31st of October, Tobias Lütke bought around 283k shares on-market at roughly CA$48.20 per share. This transaction amounted to 81% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tobias has been a buyer over the last 12 months, purchasing a net total of CA$27m worth in shares.Reported Earnings • Oct 27Third quarter 2022 earnings: EPS and revenues exceed analyst expectationsThird quarter 2022 results: US$0.13 loss per share (down from US$0.92 profit in 3Q 2021). Revenue: US$1.37b (up 22% from 3Q 2021). Net loss: US$158.4m (down 114% from profit in 3Q 2021). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 54%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the IT industry in Canada. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.Reported Earnings • Jul 28Second quarter 2022 earnings: EPS and revenues miss analyst expectationsSecond quarter 2022 results: US$0.95 loss per share (down from US$0.71 profit in 2Q 2021). Revenue: US$1.30b (up 16% from 2Q 2021). Net loss: US$1.20b (down 237% from profit in 2Q 2021). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 714%. Over the next year, revenue is forecast to grow 28%, compared to a 12% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.Buying Opportunity • Jul 26Now 23% undervalued after recent price dropOver the last 90 days, the stock is down 24%. The fair value is estimated to be CA$52.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings is also forecast to grow by 106% per annum over the same time period.Buying Opportunity • Jun 13Now 26% undervalued after recent price dropOver the last 90 days, the stock is down 43%. The fair value is estimated to be CA$545, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings is also forecast to grow by 97% per annum over the same time period.Buying Opportunity • May 21Now 24% undervalued after recent price dropOver the last 90 days, the stock is down 44%. The fair value is estimated to be CA$616, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings is also forecast to grow by 97% per annum over the same time period.Reported Earnings • May 06First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: US$11.70 loss per share (down from US$10.21 profit in 1Q 2021). Revenue: US$1.20b (up 22% from 1Q 2021). Net loss: US$1.47b (down 217% from profit in 1Q 2021). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 2,004%. Over the next year, revenue is forecast to grow 32%, compared to a 17% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.Buying Opportunity • May 05Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 53%. The fair value is estimated to be CA$668, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings is forecast to decline by 62% per annum over the same time period.Board Change • Apr 27Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Fidji Simo was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Valuation Update With 7 Day Price Move • Apr 21Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to CA$605, the stock trades at a trailing P/E ratio of 20.8x. Average forward P/E is 24x in the IT industry in Canada. Total returns to shareholders of 105% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$642 per share.Valuation Update With 7 Day Price Move • Mar 23Investor sentiment improved over the past weekAfter last week's 29% share price gain to CA$913, the stock trades at a trailing P/E ratio of 31.4x. Average forward P/E is 28x in the IT industry in Canada. Total returns to shareholders of 234% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$528 per share.Valuation Update With 7 Day Price Move • Mar 08Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to CA$719, the stock trades at a trailing P/E ratio of 24.2x. Average forward P/E is 25x in the IT industry in Canada. Total returns to shareholders of 168% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$545 per share.Reported Earnings • Feb 18Full year 2021 earnings: EPS misses analyst expectationsFull year 2021 results: EPS: US$23.38 (up from US$2.67 in FY 2020). Revenue: US$4.61b (up 57% from FY 2020). Net income: US$2.91b (up US$2.60b from FY 2020). Profit margin: 63% (up from 11% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 32%, compared to a 20% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Feb 17Investor sentiment deteriorated over the past weekAfter last week's 20% share price decline to CA$939, the stock trades at a forward P/E ratio of 81x. Average forward P/E is 27x in the IT industry in North America. Total returns to shareholders of 297% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$1,063 per share.Board Change • Feb 03Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Director Fidji Simo was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.이익 및 매출 성장 예측TSX:SHOP - 애널리스트 향후 추정치 및 과거 재무 데이터 (USD Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202822,9393,6484,8274,5061912/31/202718,3052,6033,4223,4594512/31/202614,7851,2242,6252,710393/31/202612,3661,3322,1202,147N/A12/31/202511,5561,2312,0072,033N/A9/30/202510,6961,7811,9031,923N/A6/30/202510,0142,3451,8171,833N/A3/31/20259,3791,6101,7281,745N/A12/31/20248,8802,0191,5971,616N/A9/30/20248,2121,3831,4321,449N/A6/30/20247,7641,2731,2871,304N/A3/31/20247,413-2091,0511,082N/A12/31/20237,060132905944N/A9/30/20236,651-1,148549594N/A6/30/20236,303-2,025125182N/A3/31/20235,904-1,918-59-11N/A12/31/20225,600-3,460-186-136N/A9/30/20225,245-3,208-1058N/A6/30/20225,003-1,901168234N/A3/31/20224,827182313375N/A12/31/20214,6122,915485536N/A9/30/20214,2103,410458489N/A6/30/20213,8532,452507537N/A3/31/20213,4481,609615646N/A12/31/20202,929320383425N/A9/30/20202,457196183232N/A6/30/20202,080-6758113N/A3/31/20201,728-132-107-39N/A12/31/20191,578-125N/A71N/A9/30/20191,417-127N/A27N/A6/30/20191,296-78N/A60N/A3/31/20191,179-73N/A36N/A12/31/20181,073-65N/A9N/A9/30/2018952-66N/A19N/A6/30/2018854-52N/A10N/A3/31/2018760-42N/A2N/A12/31/2017673-40N/A8N/A9/30/2017581-46N/A-4N/A6/30/2017509-46N/A3N/A3/31/2017444-40N/A17N/A12/31/2016389-35N/A14N/A9/30/2016329-33N/A12N/A6/30/2016282-28N/A11N/A3/31/2016241-23N/A12N/A12/31/2015205-19N/A16N/A9/30/2015170-17N/A15N/A6/30/2015145-17N/A13N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: SHOP 의 연간 예상 수익 증가율(27.9%)이 saving rate(3%)보다 높습니다.수익 vs 시장: SHOP 의 연간 수익(27.9%)이 Canadian 시장(10.8%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: SHOP 의 수입은 향후 3년 동안 상당히 증가할 것으로 예상됩니다.수익 대 시장: SHOP 의 수익(연간 18.4%)이 Canadian 시장(연간 4.9%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: SHOP 의 수익(연간 18.4%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: SHOP의 자본 수익률은 3년 후 20.3%로 높을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YSoftware 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/07 22:31종가2026/05/07 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Shopify Inc.는 82명의 분석가가 다루고 있습니다. 이 중 45명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Harshit GuptaAccountability Research CorporationRichard KramerArete Research Services LLPOliver LesterArete Research Services LLP79명의 분석가 더 보기
공지 • May 07Shopify Provides Earnings Guidance for the the Second Quarter of 2026Shopify provided earnings guidance for the the second quarter of 2026. For the period, the company expects Revenue to grow at a high-twenties percentage rate on a year-over-year basis.
공지 • Feb 12Shopify Inc. Provides Earnings Guidance for the First Quarter of 2026Shopify Inc. provided earnings guidance for the first quarter of 2026. for the quarter, the company expects Revenue to grow at a low-thirties percentage rate on a year-over-year basis, similar to Fourth Quarter 2025.
공지 • Nov 05Shopify Inc. Provides Earnings Guidance for the Fourth Quarter of 2025Shopify Inc. provided earnings guidance for the fourth quarter of 2025. The company expects Fourth Quarter revenue growth to be in the mid to high 20s year-over-year.
공지 • Feb 13Shopify Inc. Provides Earnings Guidance for the First Quarter of 2025Shopify Inc. provided earnings guidance for the first quarter of 2025. Revenue to grow at a mid-twenties percentage rate on a year-over-year basis.
공지 • Aug 07Shopify Inc. Provides Earnings Guidance for the Third Quarter of 2024Shopify Inc. provided earnings guidance for the third quarter of 2024. For the quarter, the company expects revenue to grow at a low-to-mid-twenties percentage rate on a year-over-year basis.
공지 • May 09Shopify Inc. Provides Revenue Guidance for the Second Quarter of 2024Shopify Inc. provided revenue guidance for the second quarter of 2024. For the quarter, the company expects Revenue to grow at a high-teens percentage rate on a year-over-year basis, which translates into a year-over-year growth rate in the low-to-mid-twenties when adjusting for the 300 to 400 basis points impact from the sale of logistics businesses.
공지 • May 07Shopify Provides Earnings Guidance for the the Second Quarter of 2026Shopify provided earnings guidance for the the second quarter of 2026. For the period, the company expects Revenue to grow at a high-twenties percentage rate on a year-over-year basis.
Reported Earnings • May 06First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2026 results: US$0.45 loss per share (improved from US$0.53 loss in 1Q 2025). Revenue: US$3.17b (up 34% from 1Q 2025). Net loss: US$581.0m (loss narrowed 15% from 1Q 2025). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth.
Buy Or Sell Opportunity • Apr 15Now 25% overvaluedOver the last 90 days, the stock has fallen 20% to CA$175. The fair value is estimated to be CA$140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.
공지 • Apr 15Shopify Inc. to Report Q1, 2026 Results on May 05, 2026Shopify Inc. announced that they will report Q1, 2026 results Pre-Market on May 05, 2026
공지 • Mar 25Shopify Inc., Annual General Meeting, Jun 16, 2026Shopify Inc., Annual General Meeting, Jun 16, 2026.
Buy Or Sell Opportunity • Mar 23Now 22% overvaluedOver the last 90 days, the stock has fallen 28% to CA$166. The fair value is estimated to be CA$136, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 25% per annum over the same time period.
Recent Insider Transactions • Mar 12Chief Operating Officer recently sold CA$1.0m worth of stockOn the 9th of March, Jessica Hertz sold around 6k shares on-market at roughly CA$176 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jessica has been a net seller over the last 12 months, reducing personal holdings by CA$12m.
Buy Or Sell Opportunity • Feb 26Now 23% overvaluedOver the last 90 days, the stock has fallen 23% to CA$172. The fair value is estimated to be CA$140, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 24% per annum over the same time period.
New Risk • Feb 12New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 23% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Significant insider selling over the past 3 months (CA$13m sold).
Reported Earnings • Feb 12Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: US$0.95 (down from US$1.57 in FY 2024). Revenue: US$11.6b (up 30% from FY 2024). Net income: US$1.23b (down 39% from FY 2024). Profit margin: 11% (down from 23% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 12% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth.
공지 • Feb 12Shopify Inc. Provides Earnings Guidance for the First Quarter of 2026Shopify Inc. provided earnings guidance for the first quarter of 2026. for the quarter, the company expects Revenue to grow at a low-thirties percentage rate on a year-over-year basis, similar to Fourth Quarter 2025.
공지 • Feb 11Shopify Inc. (NasdaqGS:SHOP) announces an Equity Buyback for 5% of its issued share capital, for $2,000 million.Shopify Inc. (NasdaqGS:SHOP) announces a share repurchase program. Under the program, the company will repurchase up to $2,000 million worth of its Class A subordinate voting shares, not exceeding 5% of it's issued and outstanding Class A subordinate voting shares. The program has no fixed expiration date.
Buy Or Sell Opportunity • Jan 29Now 21% overvaluedOver the last 90 days, the stock has fallen 21% to CA$194. The fair value is estimated to be CA$160, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 21% per annum over the same time period.
공지 • Jan 28Shopify Inc. to Report Q4, 2025 Results on Feb 11, 2026Shopify Inc. announced that they will report Q4, 2025 results Pre-Market on Feb 11, 2026
Recent Insider Transactions • Dec 16Chief Operating Officer recently sold CA$9.3m worth of stockOn the 11th of December, Jessica Hertz sold around 41k shares on-market at roughly CA$225 per share. This transaction amounted to 95% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jessica has been a net seller over the last 12 months, reducing personal holdings by CA$11m.
공지 • Nov 05Shopify Inc. Provides Earnings Guidance for the Fourth Quarter of 2025Shopify Inc. provided earnings guidance for the fourth quarter of 2025. The company expects Fourth Quarter revenue growth to be in the mid to high 20s year-over-year.
Reported Earnings • Nov 05Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2025 results: EPS: US$0.20 (down from US$0.64 in 3Q 2024). Revenue: US$2.84b (up 32% from 3Q 2024). Net income: US$264.0m (down 68% from 3Q 2024). Profit margin: 9.3% (down from 38% in 3Q 2024). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 73% per year, which means it is significantly lagging earnings growth.
공지 • Oct 14Shopify Inc. to Report Q3, 2025 Results on Nov 04, 2025Shopify Inc. announced that they will report Q3, 2025 results Pre-Market on Nov 04, 2025
공지 • Oct 10Shopify Inc. Appoints Jessica Hertz as Chief Operating Officer, Effective October 9, 2025On October 9, 2025, Shopify Inc. announced the appointment of Jessica Hertz as the Chief Operating Officer of the Company, effective October 9, 2025. Prior to her appointment as COO, Ms. Hertz, age 43, served as Shopify’s General Counsel and has been with the Company since 2021. As General Counsel, Ms. Hertz oversaw Shopify’s global legal, communications, policy, talent, and trust teams. Prior to joining Shopify, Ms. Hertz held roles in the White House and previously served in positions at Facebook and at the law firm of Jenner & Block LLP. Ms. Hertz holds a J.D. from the University of Chicago Law School and an A.B. from Harvard College.
Recent Insider Transactions • Aug 10VP of Product & COO recently sold CA$17m worth of stockOn the 7th of August, Kasra Nejatian sold around 81k shares on-market at roughly CA$211 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Kasra has been a net seller over the last 12 months, reducing personal holdings by CA$35m.
Reported Earnings • Aug 06Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: US$0.70 (up from US$0.13 in 2Q 2024). Revenue: US$2.68b (up 31% from 2Q 2024). Net income: US$906.0m (up 430% from 2Q 2024). Profit margin: 34% (up from 8.4% in 2Q 2024). Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 11% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth.
Buy Or Sell Opportunity • Jul 16Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 41% to CA$164. The fair value is estimated to be CA$133, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 21% per annum over the same time period.
공지 • Jul 16Shopify Inc. to Report Q2, 2025 Results on Aug 06, 2025Shopify Inc. announced that they will report Q2, 2025 results Pre-Market on Aug 06, 2025
공지 • Jul 11Shopify Inc. (NasdaqGS:SHOP) acquired Ritual Technologies Inc. from Georgian, Insight Partners, Mantella Venture Partners, and Greylock Partners.Shopify Inc. (NasdaqGS:SHOP) acquired Ritual Technologies Inc. from Georgian, Insight Partners, Mantella Venture Partners, and Greylock Partners recently. Jason Myler of Brown Gibbons Lang & Company acted as financial advisor to Ritual Technologies Inc.
Buy Or Sell Opportunity • Jun 24Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 1.5% to CA$151. The fair value is estimated to be CA$125, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 21% per annum over the same time period.
공지 • Jun 19Shopify Inc. Elects Joe Natale as DirectorShopify Inc. at its annual meeting of shareholders held on June 17, 2025 elected Joe Natale as Director.
공지 • Jun 10Sezzle Files Antitrust Action Against ShopifySezzle Inc. announced that it has filed a lawsuit against Shopify Inc. in the U.S. District Court for the District of Minnesota asserting federal and state antitrust violations. The lawsuit alleges that Shopify has been engaging and continues to engage in monopolistic and anticompetitive business practices in order to stifle competition for “buy now, pay later” service options on Shopify’s e-commerce platform. Sezzle is seeking an injunction to prevent Shopify from continuing its anticompetitive conduct that limits consumer choice and stifles fair market competition. The suit filed by the Company seeks treble damages.
Buy Or Sell Opportunity • Jun 06Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 6.1% to CA$153. The fair value is estimated to be CA$125, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 21% per annum over the same time period.
Recent Insider Transactions • May 16General Counsel recently sold CA$1.6m worth of stockOn the 14th of May, Jessica Hertz sold around 10k shares on-market at roughly CA$156 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$38m more than they bought in the last 12 months.
Reported Earnings • May 09First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2025 results: US$0.53 loss per share (further deteriorated from US$0.21 loss in 1Q 2024). Revenue: US$2.36b (up 27% from 1Q 2024). Net loss: US$682.0m (loss widened 150% from 1Q 2024). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth.
Board Change • Apr 30High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director David Hansson was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.
Valuation Update With 7 Day Price Move • Apr 25Investor sentiment improves as stock rises 16%After last week's 16% share price gain to CA$135, the stock trades at a forward P/E ratio of 86x. Average forward P/E is 17x in the IT industry in North America. Total returns to shareholders of 145% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$131 per share.
공지 • Apr 17Shopify Inc. to Report Q1, 2025 Results on May 08, 2025Shopify Inc. announced that they will report Q1, 2025 results Pre-Market on May 08, 2025
Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to CA$110, the stock trades at a forward P/E ratio of 68x. Average forward P/E is 18x in the IT industry in North America. Total returns to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$141 per share.
Buy Or Sell Opportunity • Apr 04Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 31% to CA$109. The fair value is estimated to be CA$141, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period.
공지 • Mar 28Shopify Inc., Annual General Meeting, Jun 17, 2025Shopify Inc., Annual General Meeting, Jun 17, 2025.
Valuation Update With 7 Day Price Move • Mar 25Investor sentiment improves as stock rises 17%After last week's 17% share price gain to CA$157, the stock trades at a forward P/E ratio of 97x. Average forward P/E is 19x in the IT industry in North America. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$140 per share.
공지 • Mar 15Shopify Inc. (NYSE:SHOP) acquired Vantage Discovery, Inc.Shopify Inc. (NYSE:SHOP) acquired Vantage Discovery, Inc. on March 14, 2025. Shopify Inc. (NYSE:SHOP) completed the acquisition of Vantage Discovery, Inc. on March 14, 2025.
Recent Insider Transactions • Feb 14VP of Product & COO recently sold CA$8.6m worth of stockOn the 12th of February, Kasra Nejatian sold around 50k shares on-market at roughly CA$173 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Kasra has been a net seller over the last 12 months, reducing personal holdings by CA$22m.
공지 • Feb 13Shopify Inc. Provides Earnings Guidance for the First Quarter of 2025Shopify Inc. provided earnings guidance for the first quarter of 2025. Revenue to grow at a mid-twenties percentage rate on a year-over-year basis.
Reported Earnings • Feb 12Third quarter 2024 earnings released: EPS: US$0.64 (vs US$0.56 in 3Q 2023)Third quarter 2024 results: EPS: US$0.64 (up from US$0.56 in 3Q 2023). Revenue: US$2.16b (up 26% from 3Q 2023). Net income: US$828.0m (up 15% from 3Q 2023). Profit margin: 38% (down from 42% in 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 4 years, compared to a 9.5% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings.
Buy Or Sell Opportunity • Feb 11Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 9.5% to CA$177. The fair value is estimated to be CA$145, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 19% per annum over the same time period.
Recent Insider Transactions • Dec 17General Counsel & Corporate Secretary recently sold CA$828k worth of stockOn the 12th of December, Jessica Hertz sold around 5k shares on-market at roughly CA$167 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth CA$4.8m. Insiders have been net sellers, collectively disposing of CA$19m more than they bought in the last 12 months.
Buy Or Sell Opportunity • Dec 07Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 84% to CA$168. The fair value is estimated to be CA$137, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 18% per annum over the same time period.
Recent Insider Transactions • Nov 15VP of Product & COO recently sold CA$4.7m worth of stockOn the 13th of November, Kasra Nejatian sold around 31k shares on-market at roughly CA$150 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Kasra has been a net seller over the last 12 months, reducing personal holdings by CA$9.0m.
New Risk • Nov 14New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company.
Reported Earnings • Nov 13Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: US$0.64 (up from US$0.56 in 3Q 2023). Revenue: US$2.16b (up 26% from 3Q 2023). Net income: US$828.0m (up 15% from 3Q 2023). Profit margin: 38% (down from 42% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings.
Buy Or Sell Opportunity • Nov 12Now 34% overvalued after recent price riseOver the last 90 days, the stock has risen 55% to CA$152. The fair value is estimated to be CA$114, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 18% per annum over the same time period.
공지 • Oct 22Shopify Inc. to Report Q3, 2024 Results on Nov 12, 2024Shopify Inc. announced that they will report Q3, 2024 results Pre-Market on Nov 12, 2024
Buy Or Sell Opportunity • Sep 06Now 22% undervaluedOver the last 90 days, the stock has risen 7.3% to CA$90.89. The fair value is estimated to be CA$117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 20% per annum over the same time period.
Board Change • Sep 02High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Director James Scott was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.
New Risk • Aug 11New minor risk - Insider sellingThere has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$4.4m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (CA$4.4m sold).
Recent Insider Transactions • Aug 11VP of Product & COO recently sold CA$4.3m worth of stockOn the 8th of August, Kasra Nejatian sold around 48k shares on-market at roughly CA$89.13 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Kasra's only on-market trade for the last 12 months.
Reported Earnings • Aug 08Second quarter 2024 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2024 results: EPS: US$0.13 (up from US$1.02 loss in 2Q 2023). Revenue: US$2.05b (up 21% from 2Q 2023). Net income: US$171.0m (up US$1.48b from 2Q 2023). Profit margin: 8.4% (up from net loss in 2Q 2023). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the IT industry in North America. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings.
공지 • Aug 07Shopify Inc. Provides Earnings Guidance for the Third Quarter of 2024Shopify Inc. provided earnings guidance for the third quarter of 2024. For the quarter, the company expects revenue to grow at a low-to-mid-twenties percentage rate on a year-over-year basis.
Buy Or Sell Opportunity • Jul 24Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 15% to CA$81.87. The fair value is estimated to be CA$103, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making.
공지 • Jul 17Shopify Inc. to Report Q2, 2024 Results on Aug 07, 2024Shopify Inc. announced that they will report Q2, 2024 results Pre-Market on Aug 07, 2024
공지 • Jun 08Shopify Inc. acquired Threads Inc.Shopify Inc. acquired Threads Inc. on June 6, 2024.Shopify Inc. completed the acquisition of Threads Inc. on June 6, 2024.
공지 • Jun 06Shopify Inc. Approves Board ElectionsShopify Inc. announced at annual meeting of shareholders of held on June 4, 2024, the shareholders elected Prashanth Mahendra-Rajah and Lulu Cheng Meservey as directors of the company.
Buy Or Sell Opportunity • May 14Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 28% to CA$79.19. The fair value is estimated to be CA$99.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making.
공지 • May 09Shopify Inc. Provides Revenue Guidance for the Second Quarter of 2024Shopify Inc. provided revenue guidance for the second quarter of 2024. For the quarter, the company expects Revenue to grow at a high-teens percentage rate on a year-over-year basis, which translates into a year-over-year growth rate in the low-to-mid-twenties when adjusting for the 300 to 400 basis points impact from the sale of logistics businesses.
Reported Earnings • May 08First quarter 2024 earnings: EPS misses analyst expectationsFirst quarter 2024 results: US$0.21 loss per share (down from US$0.053 profit in 1Q 2023). Revenue: US$1.86b (up 23% from 1Q 2023). Net loss: US$273.0m (down US$341.0m from profit in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the IT industry in North America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.
Buy Or Sell Opportunity • Apr 29Now 20% overvaluedOver the last 90 days, the stock has fallen 10% to CA$99.03. The fair value is estimated to be CA$82.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 35% per annum over the same time period.
Buy Or Sell Opportunity • Apr 23Now 22% overvaluedOver the last 90 days, the stock has fallen 7.5% to CA$101. The fair value is estimated to be CA$82.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 35% per annum over the same time period.
공지 • Apr 10E House Studio, LLC, Shopify Inc. (NYSE:SHOP) and Recharge Partner Agency acquired Commerce12, LLC.E House Studio, LLC, Shopify Inc. (NYSE:SHOP) and Recharge Partner Agency acquired Commerce12, LLC on April 10, 2024. Periscope Equity supported the transaction with an investment. E House Studio, LLC, Shopify Inc. (NYSE:SHOP) and Recharge Partner Agency completed the acquisition of Commerce12, LLC on April 10, 2024.
공지 • Mar 23Shopify Inc., Annual General Meeting, Jun 04, 2024Shopify Inc., Annual General Meeting, Jun 04, 2024.
Reported Earnings • Feb 14Full year 2023 earnings: EPS and revenues exceed analyst expectationsFull year 2023 results: EPS: US$0.10 (up from US$2.73 loss in FY 2022). Revenue: US$7.06b (up 26% from FY 2022). Net income: US$132.0m (up US$3.59b from FY 2022). Profit margin: 1.9% (up from net loss in FY 2022). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 10% growth forecast for the IT industry in North America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.
공지 • Jan 24Shopify Inc. to Report Q4, 2023 Results on Feb 13, 2024Shopify Inc. announced that they will report Q4, 2023 results Pre-Market on Feb 13, 2024
New Risk • Nov 26New minor risk - Insider sellingThere has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$22m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company.
Recent Insider Transactions • Nov 26Director recently sold CA$22m worth of stockOn the 22nd of November, Toby Shannan sold around 236k shares on-market at roughly CA$95.25 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$23m more than they bought in the last 12 months.
Reported Earnings • Nov 02Third quarter 2023 earnings: EPS and revenues exceed analyst expectationsThird quarter 2023 results: EPS: US$0.56 (up from US$0.13 loss in 3Q 2022). Revenue: US$1.71b (up 26% from 3Q 2022). Net income: US$718.0m (up US$876.4m from 3Q 2022). Profit margin: 42% (up from net loss in 3Q 2022). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the IT industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance.
New Risk • Oct 17New major risk - Revenue and earnings growthEarnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company.
공지 • Oct 13Shopify Inc. to Report Q3, 2023 Results on Nov 02, 2023Shopify Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 02, 2023
공지 • Aug 05Shopify Inc. Provides Earnings Guidance for the Third Quarter 2023Shopify Inc. provided earnings guidance for the third quarter 2023. For the third quarter, revenue to grow at a low-twenties percentage rate on a year-over-year basis, which translates into a year over-year growth rate in the mid-twenties, when adjusting for the 300 to 400 basis points headwind from the sale of logistics businesses; Gross margin percentage to be approximately two to three percentage points higher than the second quarter 2023 gross margin of 49.3%.
Reported Earnings • Aug 03Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2023 results: US$1.02 loss per share (further deteriorated from US$0.95 loss in 2Q 2022). Revenue: US$1.69b (up 31% from 2Q 2022). Net loss: US$1.31b (loss widened 8.9% from 2Q 2022). Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 169%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the IT industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.
공지 • Jul 13Shopify Inc. to Report Q2, 2023 Results on Aug 02, 2023Shopify Inc. announced that they will report Q2, 2023 results on Aug 02, 2023
공지 • Jun 07Flexport, Inc. completed the acquisition of an unknown majority stake in Shopify Fulfillment Network from Shopify Inc. (NYSE:SHOP).Flexport, Inc. entered into securities purchase agreement to acquire an unknown majority stake in Shopify Fulfillment Network from Shopify Inc. (NYSE:SHOP) on May 3, 2023. Under the terms of the agreement, Shopify will receive stock representing a 13% equity interest in Flexport, on top of its existing equity interest. In a related transaction, Shopify also entered into an agreement to sell 6RS, part of its logistics business. Employees related to the logistics business will also join Flexport. The transaction is subject to receipt of regulatory approval and is expected to close in the second quarter of 2023. Morgan Stanley & Co. LLC acted as financial advisor to Shopify Inc. (NYSE:SHOP). Stuart Rogers of ALSTON & BIRD LLP acted as legal advisor for Morgan Stanley. Christopher M Barlow and Ryan J Dzierniejko of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor for Shopify Fulfillment Network. Flexport, Inc. completed the acquisition of an unknown majority stake in Shopify Fulfillment Network from Shopify Inc. (NYSE:SHOP) on June 6, 2023. In connection with the sale, Shopify received stock representing a 13% equity interest in Flexport, which is incremental to its existing equity interest in Flexport.
공지 • May 31Samfiru Tumarkin LLP Launches $130 Million Class Action Against Shopify for Breach of Contract on Severance PaySamfiru Tumarkin LLP initiated a $130-million class action lawsuit against global e-commerce giant Shopify, following allegations of the company's illegal attempt to slash severance packages after a nationwide mass layoff.On May 4, Shopify CEO Tobi Lutke announced a significant reduction in the workforce, resulting in the termination of 23% of its employees. Shopify initially assured the affected employees of generous severance packages, which many accepted. However, to the shock and disappointment of those impacted, Shopify advised employees that, despite accepting a severance package, the company would not honour the agreed-upon terms. The company then presented outgoing staff with a second severance offer, substantially reducing the agreed-upon severance amounts, often by tens of thousands of dollars. Iain Russell, the lead plaintiff in the class action, who dedicated over seven years to Shopify, was one of the 2,000 employees unexpectedly impacted by the company's downsizing. After accepting an initial severance package that appeared to meet Shopify's legal obligations, Russell was later informed that the company would not abide by the terms he accepted. Instead, he was instructed to agree to a second offer with a potential reduction of more than $50,000.
공지 • May 06Flexport, Inc. entered into securities purchase agreement to acquire an unknown majority stake in Shopify Fulfillment Network from Shopify Inc. (NYSE:SHOP).Flexport, Inc. entered into securities purchase agreement to acquire an unknown majority stake in Shopify Fulfillment Network from Shopify Inc. (NYSE:SHOP) on May 3, 2023. Under the terms of the agreement, Shopify will receive stock representing a 13% equity interest in Flexport, on top of its existing equity interest. In a related transaction, Shopify also entered into an agreement to sell 6RS, part of its logistics business. Employees related to the logistics business will also join Flexport. The transaction is subject to receipt of regulatory approval and is expected to close in the second quarter of 2023.
Reported Earnings • May 06First quarter 2023 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2023 results: EPS: US$0.053 (up from US$1.17 loss in 1Q 2022). Revenue: US$1.51b (up 25% from 1Q 2022). Net income: US$68.0m (up US$1.54b from 1Q 2022). Profit margin: 4.5% (up from net loss in 1Q 2022). Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the IT industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance.
Reported Earnings • Feb 17Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: US$2.73 loss per share (down from US$2.34 profit in FY 2021). Revenue: US$5.60b (up 21% from FY 2021). Net loss: US$3.46b (down 219% from profit in FY 2021). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the IT industry in Canada. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
공지 • Feb 17Shopify Inc. Provides Financial Guidance for the First Quarter of 2023Shopify Inc. provided financial guidance for the first quarter of 2023. For the quarter, the company expects revenue growth in the high-teen percentages on a year over year basis.
공지 • Jan 26Shopify Inc. to Report Q4, 2022 Results on Feb 15, 2023Shopify Inc. announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 15, 2023
Recent Insider Transactions • Dec 09President recently sold CA$213k worth of stockOn the 5th of December, Harley Finkelstein sold around 4k shares on-market at roughly CA$58.84 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Harley has been a net buyer over the last 12 months, purchasing a net total of CA$1.6m worth of shares.
Board Change • Nov 16Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Fidji Simo was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Recent Insider Transactions • Nov 09Founder recently bought CA$14m worth of stockOn the 31st of October, Tobias Lütke bought around 283k shares on-market at roughly CA$48.20 per share. This transaction amounted to 81% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tobias has been a buyer over the last 12 months, purchasing a net total of CA$27m worth in shares.
Reported Earnings • Oct 27Third quarter 2022 earnings: EPS and revenues exceed analyst expectationsThird quarter 2022 results: US$0.13 loss per share (down from US$0.92 profit in 3Q 2021). Revenue: US$1.37b (up 22% from 3Q 2021). Net loss: US$158.4m (down 114% from profit in 3Q 2021). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 54%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the IT industry in Canada. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.
Reported Earnings • Jul 28Second quarter 2022 earnings: EPS and revenues miss analyst expectationsSecond quarter 2022 results: US$0.95 loss per share (down from US$0.71 profit in 2Q 2021). Revenue: US$1.30b (up 16% from 2Q 2021). Net loss: US$1.20b (down 237% from profit in 2Q 2021). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 714%. Over the next year, revenue is forecast to grow 28%, compared to a 12% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.
Buying Opportunity • Jul 26Now 23% undervalued after recent price dropOver the last 90 days, the stock is down 24%. The fair value is estimated to be CA$52.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 25% per annum. Earnings is also forecast to grow by 106% per annum over the same time period.
Buying Opportunity • Jun 13Now 26% undervalued after recent price dropOver the last 90 days, the stock is down 43%. The fair value is estimated to be CA$545, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings is also forecast to grow by 97% per annum over the same time period.
Buying Opportunity • May 21Now 24% undervalued after recent price dropOver the last 90 days, the stock is down 44%. The fair value is estimated to be CA$616, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings is also forecast to grow by 97% per annum over the same time period.
Reported Earnings • May 06First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: US$11.70 loss per share (down from US$10.21 profit in 1Q 2021). Revenue: US$1.20b (up 22% from 1Q 2021). Net loss: US$1.47b (down 217% from profit in 1Q 2021). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 2,004%. Over the next year, revenue is forecast to grow 32%, compared to a 17% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.
Buying Opportunity • May 05Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 53%. The fair value is estimated to be CA$668, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings is forecast to decline by 62% per annum over the same time period.
Board Change • Apr 27Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Fidji Simo was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Valuation Update With 7 Day Price Move • Apr 21Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to CA$605, the stock trades at a trailing P/E ratio of 20.8x. Average forward P/E is 24x in the IT industry in Canada. Total returns to shareholders of 105% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$642 per share.
Valuation Update With 7 Day Price Move • Mar 23Investor sentiment improved over the past weekAfter last week's 29% share price gain to CA$913, the stock trades at a trailing P/E ratio of 31.4x. Average forward P/E is 28x in the IT industry in Canada. Total returns to shareholders of 234% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$528 per share.
Valuation Update With 7 Day Price Move • Mar 08Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to CA$719, the stock trades at a trailing P/E ratio of 24.2x. Average forward P/E is 25x in the IT industry in Canada. Total returns to shareholders of 168% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$545 per share.
Reported Earnings • Feb 18Full year 2021 earnings: EPS misses analyst expectationsFull year 2021 results: EPS: US$23.38 (up from US$2.67 in FY 2020). Revenue: US$4.61b (up 57% from FY 2020). Net income: US$2.91b (up US$2.60b from FY 2020). Profit margin: 63% (up from 11% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 32%, compared to a 20% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Feb 17Investor sentiment deteriorated over the past weekAfter last week's 20% share price decline to CA$939, the stock trades at a forward P/E ratio of 81x. Average forward P/E is 27x in the IT industry in North America. Total returns to shareholders of 297% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$1,063 per share.
Board Change • Feb 03Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Director Fidji Simo was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.