SHOP

SHOPIFY INC.·Technology·Services-Prepackaged Software· 7,600

Data as of Dec 31, 2025

Good Fair Concern Neutral

Composite Scores

Overall Health

67/100

Weighted composite of profitability, quality, and safety

Quality Focus

59/100

Earnings quality + cash conversion + capital efficiency

Safety Score

71/100

Balance sheet strength + debt safety + liquidity

Dilution Score

76/100

Higher = less shareholder dilution from SBC

Capital Allocation & Returns

ROIC

8.6%

>15% = high quality

Return on Invested Capital (NOPAT / IC)

ROE

9.1%

>15% = strong

Net Income / Shareholders' Equity

ROA

8.1%

>8% = efficient

Net Income / Total Assets

Reinvestment Rate

294.3%

(CapEx + R&D) / Revenue

Balance Sheet Strength

Net Debt / EBITDA

-1.03x

<2x = conservative

(Total Debt - Cash) / EBITDA

Current Ratio

5.96x

>1.5x = healthy

Current Assets / Current Liabilities

Quick Ratio

5.94x

>1x = liquid

(Current Assets - Inventory) / Current Liab.

Cash Ratio

4.15x

Cash / Current Liabilities

Debt / Equity

0.00x

<0.5x = conservative

Total Debt / Shareholders' Equity

FCF Yield

14.9%

>5% = attractive

FCF / Market Cap

Earnings Quality

Accruals Ratio

-10.6%

Lower is better; >10% = flag

(Net Income - OCF) / Total Assets

Sloan Ratio

50.0%

Cash vs accrual gap

Measures discrepancy between cash and accrual earnings

OCF / Net Income

165.2%

>100% = strong conversion

Operating CF / Net Income (%)

FCF Margin

17.4%

>15% = excellent

Free Cash Flow / Revenue

Profitability

Gross Margin

48.1%

Gross Profit / Revenue

Operating Margin

12.7%

Operating Income / Revenue

Net Margin

10.7%

Net Income / Revenue

EBITDA Margin

0.0%

EBITDA / Revenue

Owner Economics & Governance

Shareholder Yield

0.0%

Div + Buyback yield

(Dividends + Buybacks) / Market Cap

SBC / Revenue

3.9%

<3% = reasonable

Stock-Based Compensation / Revenue

R&D / Revenue

13.3%

Investment intensity

Research & Development / Revenue

Piotroski F-Score

6/9

≥7 = strong

9-point financial strength (profitability, leverage, efficiency)

Beneish M-Score

-2.19

<-2.22 = unlikely

Probability of earnings manipulation; <-2.22 = unlikely

Altman Z-Score

14.41

>3 = safe zone

Bankruptcy risk; >3=safe, 1.8-3=grey, <1.8=distress

Fundamental Beta

0.49

Defensive

0.11.02.5

percentile

-0.217

Earnings Vol

-0.052

Leverage

-0.040

Op. Leverage

-0.057

Size

+0.040

Dividend

-0.040

Growth

-0.119

Liquidity

-0.021

Cyclicality

Fundamental beta derived from 8 accounting-based risk factors (Beaver-Kettler-Scholes framework). β > 1 = riskier than market average. Positive contributions increase systematic risk exposure.

Historical Metrics Explorer

3 periods · 10-K

Income:

Margins:

Returns:

Cash Flow:

Balance Sheet:

Quality:

Current

$11.6B

Average

$9.2B

High

$11.6B

Low

$7.1B

Change

+63.7%

Revenue · Annual

2023-12 (10-K)

$7.1B

2024-12 (10-K)

$8.9B

2025-12 (10-K)

$11.6B

2023-122024-122025-12

Avg: $9.2B