Shopify (SHOP) Stock Overview
A commerce technology company, provides tools to start, scale, market, and run a business of various sizes in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. More details
| Snowflake Score | |
|---|---|
| Valuation | 1/6 |
| Future Growth | 6/6 |
| Past Performance | 2/6 |
| Financial Health | 6/6 |
| Dividends | 0/6 |
SHOP Community Fair Values
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Analyst Price Targets
Top Community Narratives
Shopify Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$128.79 |
| 52 Week High | US$182.19 |
| 52 Week Low | US$94.00 |
| Beta | 2.62 |
| 1 Month Change | -14.37% |
| 3 Month Change | 18.99% |
| 1 Year Change | -10.18% |
| 3 Year Change | 106.46% |
| 5 Year Change | -13.35% |
| Change since IPO | 4,915.19% |
Recent News & Updates
Seeking Alpha • Sep 09
Shopify Is Dominating But May Run Out Of Steam (Downgrade)
Summary Shopify is delivering exceptional growth, leveraging AI to deepen customer integration and accelerate market share gains. SHOP posted 34% YoY revenue growth and positive GAAP operating income, with management guiding for continued low-thirties revenue growth next quarter. AI initiatives, notably Sidekick, are driving merchant adoption and reinforcing SHOP’s competitive position against Amazon. Despite operational strength, I downgrade SHOP to neutral due to valuation concerns and limited margin of safety at 78x earnings. Read the full article on Seeking Alpha
New Narrative • Sep 04
The Default Platform for Entrepreneurs that Keeps Compounding
I’ve owned Shopify for many years, and my conviction originally came from seeing the product work in the real world. While working at an agency, one of our clients migrated their business to Shopify.
Narrative Update • Sep 03
SHOP: AI Commerce And Global Fintech Partnerships Will Support Durable Upside
Shopify's analyst price target has been revised higher from $160.59 to $171.15 as analysts factor in stronger modeled revenue growth, a slightly higher assumed P/E multiple, and ongoing support from recent research that highlights the company's role in AI driven commerce and its position as a leading e commerce software provider. Analyst Commentary Recent research on Shopify gives you a mixed but detailed picture of how professionals see the stock today.Recent updates
Seeking Alpha • Sep 09
Shopify Is Dominating But May Run Out Of Steam (Downgrade)
Summary Shopify is delivering exceptional growth, leveraging AI to deepen customer integration and accelerate market share gains. SHOP posted 34% YoY revenue growth and positive GAAP operating income, with management guiding for continued low-thirties revenue growth next quarter. AI initiatives, notably Sidekick, are driving merchant adoption and reinforcing SHOP’s competitive position against Amazon. Despite operational strength, I downgrade SHOP to neutral due to valuation concerns and limited margin of safety at 78x earnings. Read the full article on Seeking AlphaNew Narrative • Sep 04
The Default Platform for Entrepreneurs that Keeps Compounding
I’ve owned Shopify for many years, and my conviction originally came from seeing the product work in the real world. While working at an agency, one of our clients migrated their business to Shopify.Narrative Update • Sep 03
SHOP: AI Commerce And Global Fintech Partnerships Will Support Durable Upside
Shopify's analyst price target has been revised higher from $160.59 to $171.15 as analysts factor in stronger modeled revenue growth, a slightly higher assumed P/E multiple, and ongoing support from recent research that highlights the company's role in AI driven commerce and its position as a leading e commerce software provider. Analyst Commentary Recent research on Shopify gives you a mixed but detailed picture of how professionals see the stock today.
Narrative Update • Aug 20
SHOP: AI And Agentic Commerce Euphoria Will Pressure Future Return Multiples
Shopify's analyst fair value estimate has been updated from $105.00 to about $123.66 as analysts factor in stronger modeled revenue growth and a slightly higher future P/E multiple, while acknowledging some pressure on projected profit margins and using a higher discount rate. Analyst Commentary Recent research coverage on Shopify points to generally constructive sentiment, with many firms lifting price targets after the latest quarterly results.Narrative Update • Aug 05
SHOP: AI Commerce Adoption And Buybacks Will Support Durable Upside Into 2026
Shopify's updated fair value estimate has increased to $160.59 from $148.22 as analysts raise price targets to a range of $175 to $192, citing broad-based growth across enterprise, international, and payments; faster AI-related adoption such as Sidekick; and a view that the platform remains well positioned in agentic commerce with solid defensibility against AI-driven software displacement. Analyst Commentary Recent research on Shopify shows a mix of optimism and caution as analysts refresh their models after the latest results and AI product updates.
Narrative Update • Jul 06
SHOP: AI Commerce And Buybacks Will Support Future Earnings Power
Analysts have lowered the Shopify price target by about $5 to $192.40. This change reflects a slightly higher discount rate, while modeled revenue growth, profit margins, and future P/E assumptions remain relatively constructive.Analysis Article • Jun 22
Shopify (SHOP) Stock Could Be 56.8% Undervalued After Sidekick AI Expansion
Shopify (SHOP) has been in focus after rolling out Sidekick App Extensions, opening its AI assistant to third party apps such as in store analytics platform Avia, while the stock remains well below its recent highs. See our latest analysis for Shopify. Against that backdrop, Shopify’s 1 month share price return of 5.68% suggests some near term optimism is creeping back in, even though the share price is still down 30.76% year to date and the 90 day share price return is down 10.12%. At the...Narrative Update • Jun 18
SHOP: AI Commerce Adoption And Buybacks Will Support Measured Upside Into 2026
Analysts have trimmed their average price target on Shopify stock by about $31 to $148, citing slightly softer revenue growth assumptions, a modestly higher discount rate, and a reset to a lower future P/E multiple, even as projected profit margins move higher in updated models. Analyst Commentary Recent research on Shopify centers on how to balance solid margin progress with more tempered expectations for revenue growth and valuation, which is why you are seeing a cluster of price target cuts across the Street.Narrative Update • Jun 04
SHOP: AI Commerce Infrastructure And Buybacks Will Support Higher Earnings Power
Shopify's updated analyst price target has moved lower to about $198 from roughly $218, as analysts factor in slightly softer revenue growth expectations, a somewhat lower discount rate, higher anticipated profit margins, and a reduced future P/E multiple. Analyst Commentary Recent research on Shopify reflects a mixed backdrop, but there is still a clear group of bullish analysts highlighting what they see as durable strengths in the business, particularly around its role in global e-commerce infrastructure and its positioning in emerging areas like agentic commerce.Narrative Update • May 19
SHOP: AI Commerce Optionality And Multiple Compression Will Shape Forward Returns
Analysts have trimmed the Shopify price target from $110 to $105 as they incorporate more moderate revenue growth assumptions, a lower future P/E of about 60x, and slightly higher long run profit margin expectations, while Street research has broadly reset targets lower across the stock. Analyst Commentary Street research around Shopify has turned more cautious, with several bearish analysts cutting price targets and flagging risks around growth assumptions, valuation, and execution.Analysis Article • May 14
There May Be Reason For Hope In Shopify's (NASDAQ:SHOP) Disappointing Earnings
Investors were disappointed with the weak earnings posted by Shopify Inc. ( NASDAQ:SHOP ). However, our analysis...Analysis Article • May 07
Shopify Inc. Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
It's been a sad week for Shopify Inc. ( NASDAQ:SHOP ), who've watched their investment drop 13% to US$105 in the week...Narrative Update • Apr 29
SHOP: AI Disintermediation Fears And Sector Multiple Compression Will Pressure Returns
Analysts maintained Shopify’s fair value estimate at $110.00 and made modest adjustments to underlying assumptions, citing a mix of reduced price targets from several brokers and renewed support from others who emphasize Shopify’s role as core e-commerce infrastructure and its potential in agentic commerce and AI-powered tools. Analyst Commentary The latest round of research on Shopify reflects a split view, with some firms trimming price targets and others lifting ratings or setting higher targets.Narrative Update • Apr 15
SHOP: Agentic Commerce Role Will Face Tighter Multiples And AI Disintermediation Tests
Shopify's analyst price targets have recently moved both up and down around the $150 to $165 range, with changes often tied to views on AI driven commerce opportunities, competitive positioning after OpenAI's checkout rollback, and a reassessment of sector valuation multiples. Analyst Commentary Recent research on Shopify points to a mixed but increasingly debated outlook, with bullish views on its role in AI enabled commerce set against a wave of more conservative price target resets clustered in the $150 to $165 range.Narrative Update • Apr 01
SHOP: Agentic Commerce Role Will Confront Sector Multiple Compression And High Expectations
Analysts kept Shopify's fair value estimate steady at $110, while modestly refining their assumptions for discount rate, revenue growth, margin profile and future P/E. This reflects a mix of recent price target increases tied to Shopify's role in agentic commerce and infrastructure, along with resets from other firms that cite valuation and sector multiple compression.Narrative Update • Mar 17
SHOP: Agentic Commerce Optimism Will Face Test As Expectations Stay Elevated
Shopify's analyst fair value estimate has been modestly adjusted from $111.12 to $110.00 as analysts factor in updated assumptions around discount rates, revenue growth, profit margins, and a slightly lower future P/E. Recent research highlights both rising price targets from bulls focused on AI and agentic commerce potential, and reductions from others citing valuation reset and sector multiple compression.Narrative Update • Mar 03
SHOP: Rich Multiple And Agentic Commerce Promise Will Shape Near-Term Trading
The analyst price target for Shopify in our model edges up from $110.00 to about $111.12 as analysts weigh a mix of recent target cuts and upgrades, with many still highlighting growth in agentic commerce, AI supported monetization, and the stock's pullback as key parts of their thesis. Analyst Commentary Recent research on Shopify reflects a split view, with some firms upgrading on the stock's pullback and AI and agentic commerce potential, while others are trimming targets or stepping to the sidelines after a strong run.Narrative Update • Feb 17
SHOP: Rich Multiple And Mixed Sentiment Will Likely Cap Near-Term Upside
Analysts have trimmed our Shopify fair value estimate to $110 from about $139. This reflects lower price targets across the Street as models reset for softer revenue growth assumptions, slightly reduced margin expectations, and lower sector P/E multiples despite generally solid recent results.Analysis Article • Feb 13
The Price Is Right For Shopify Inc. (NASDAQ:SHOP) Even After Diving 34%
Shopify Inc. ( NASDAQ:SHOP ) shareholders won't be pleased to see that the share price has had a very rough month...Narrative Update • Feb 03
SHOP: AI Efficiencies And Q4 Execution Will Support Higher Earnings Power
The analyst fair value estimate for Shopify has increased from US$200 to about US$218, reflecting updated assumptions on revenue growth, profitability and future P/E following recent research highlighting Q4 fundamentals, AI driven operating leverage and a series of price target revisions and rating changes across the Street. Analyst Commentary Street research around Shopify has skewed constructive, with several bullish analysts revisiting their models and resetting price targets and ratings after recent earnings and product updates.Narrative Update • Jan 20
SHOP: AI Monetization And Operating Leverage Will Support Measured Upside Into 2026
Analysts have nudged our implied fair value for Shopify to about US$179.49 per share, up roughly US$4 from the prior US$175.43. This reflects Street research that highlights stronger top line potential, rising AI related monetization and operating leverage, partially offset by more cautious views on valuation, margins and already high expectations.Narrative Update • Jan 06
SHOP: Lofty Multiples And Soft Cash Flow Will Restrain Near-Term Upside
Analysts increased their Shopify fair value estimate from about US$116 to roughly US$139, citing stronger expected revenue growth, a slightly higher assumed future P/E, and recent price target hikes across the Street. They attribute these changes to what they view as solid Q3 execution, despite some concerns around valuation and free cash flow.Narrative Update • Dec 17
SHOP: AI Partnerships And Margin Expansion Will Drive Measured Upside Into 2025
Analysts have nudged our Shopify price target higher to approximately $175, up modestly from about $170. This reflects slightly faster expected profit margin expansion and durable post Q3 growth momentum that they believe supports the stock's premium valuation.Narrative Update • Dec 03
SHOP: Future AI Commerce Momentum Will Drive Premium Re-Rating Into 2025
Analysts have modestly raised their Shopify price target by about $20 to roughly $190, as stronger growth, improving profit margins, and continued estimate revisions following solid Q3 results support a higher fair value despite ongoing concerns around valuation and near term cash flow softness. Analyst Commentary Recent Street research on Shopify reflects a constructive but more balanced stance, with most revisions skewing higher on price targets while calls for restraint grow louder around valuation and cash flow visibility.
Narrative Update • Nov 21
Resilient performance despite tariff and consumer sentiment pressure
Shopify’s Q3 2025 results (reported 4 Nov 2025) showed revenue growth of ~32% and GMV up ~32% despite the challenging backdrop. The The Conference Board Consumer Confidence Index shows the expectations component at 71.5 (October 2025) which is below the ~80 level typically seen as a signal of recession risk.Narrative Update • Nov 19
SHOP: Future Revenue Momentum Will Drive Re-Rating Into 2025
Shopify's analyst fair value target has increased from $165.87 to $175.11. Analysts point to stronger-than-expected Q3 results and sustained revenue growth outpacing market expectations as key drivers behind the positive revision.Narrative Update • Nov 03
SHOP: Expansion And AI Integration Will Drive Continued Market Share Gains
Shopify's analyst price target has been raised from $170 to $200. Analysts cite continued strong growth momentum, robust AI innovation, and market share gains as primary drivers behind the updated outlook.Narrative Update • Oct 20
International Expansion And AI Integration Will Open New Global Markets
Shopify's fair value estimate has increased modestly to $164.45 per share. Analysts point to ongoing growth momentum, resilient market share, and enthusiasm around new AI initiatives as factors supporting a higher price target, despite recent executive departures.Narrative Update • Oct 05
International Expansion And AI Integration Will Open New Global Markets
Shopify's analyst fair value price target has increased slightly by $2.04 to $163.15. Analysts cite continued solid growth, successful product expansion, and positive momentum in recent results as factors supporting the company's higher valuation.Narrative Update • Aug 27
International Expansion And AI Integration Will Open New Global Markets
Shopify’s consensus price target was slightly raised to $161.11 as analysts highlighted exceptional Q2 results, accelerating revenue and GMV growth, and expanding international and enterprise momentum, although some caution remains on valuation. Analyst Commentary Bullish analysts cite exceptional Q2 results, highlighted by accelerating gross merchandise volume growth and revenue growth above 30% despite difficult macroeconomic conditions.Narrative Update • Aug 07
International Expansion And AI Integration Will Open New Global Markets
The significant increase in Shopify’s consensus analyst price target reflects higher growth expectations, as evidenced by a rising future P/E ratio, despite a marginal decline in net profit margin, raising the fair value estimate from $118.76 to $135.38. What's in the News FST Corp.New Narrative • Jul 16
Global Entrepreneurship And Online Retail Will Unlock Future Expansion
Global ecommerce trends, international expansion, and platform localization are driving strong merchant growth, revenue diversification, and improved onboarding for Shopify.Shareholder Returns
| SHOP | US IT | US Market | |
|---|---|---|---|
| 7D | -11.2% | -1.0% | -1.0% |
| 1Y | -10.2% | 3.5% | 14.1% |
Return vs Industry: SHOP underperformed the US IT industry which returned 3.5% over the past year.
Return vs Market: SHOP underperformed the US Market which returned 14.1% over the past year.
Price Volatility
| SHOP volatility | |
|---|---|
| SHOP Average Weekly Movement | 8.8% |
| IT Industry Average Movement | 10.7% |
| Market Average Movement | 6.9% |
| 10% most volatile stocks in US Market | 15.3% |
| 10% least volatile stocks in US Market | 2.9% |
Stable Share Price: SHOP has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: SHOP's weekly volatility (9%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2004 | 7,600 | Tobi Lutke | www.shopify.com |
Shopify Inc., a commerce technology company, provides tools to start, scale, market, and run a business of various sizes in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The Company offers Shopify platform that enables merchants to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics, and reporting and access financing for running their business across all of their sales channels, including web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces. It also provides Shopify Payments, a fully integrated payment processing service that allows merchants to accept and process payment cards online and offline.
Shopify Inc. Fundamentals Summary
| SHOP fundamental statistics | |
|---|---|
| Market cap | US$162.89b |
| Earnings (TTM) | US$1.93b |
| Revenue (TTM) | US$13.27b |
85.9x
P/E Ratio12.5x
P/S RatioIs SHOP overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| SHOP income statement (TTM) | |
|---|---|
| Revenue | US$13.27b |
| Cost of Revenue | US$6.93b |
| Gross Profit | US$6.34b |
| Other Expenses | US$4.41b |
| Earnings | US$1.93b |
Last Reported Earnings
Jun 30, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 1.50 |
| Gross Margin | 47.77% |
| Net Profit Margin | 14.53% |
| Debt/Equity Ratio | 0% |
How did SHOP perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/11 06:20 |
| End of Day Share Price | 2026/09/11 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Shopify Inc. is covered by 87 analysts. 50 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Harshit Gupta | Accountability Research Corporation |
| Richard Kramer | Arete Research Services LLP |
| Rocco Strauss | Arete Research Services LLP |