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Shopify Inc.SHOPServices-prepackaged software company · Z4 · FY ends Dec · Revenue $12.37B · 13.32% margin · $2.12B FCF
$124.12
+$5.41 (+4.56%)
Price from 2 days ago
12.70% operating margin is respectable but not wide. ROIC at 9.36%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 30.1%, still solid.
At 122x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
121.7x earnings, 76.3x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$12.37B
▲ +30.1% YoY
Net Income (TTM)
$1.33B
▼ -39.0% YoY
Op. Margin
13.32%
▲ +0.6pp YoY
ROIC
10.38%
▲ +1.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2.12B
▲ +25.7% YoY
Op. Cash Flow (TTM)
$2.15B
▲ +25.8% YoY
Net Debt
-$5.56B
Net Cash Position
Cash & Equiv.
$5.74B
5Y CAGR: +156.0%
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