Shopify
SHOP on Nasdaq. Shopify sells software that helps businesses build online stores and sell products. Market value $140.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.10 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 63 of 100. Price score: 27 of 100. Our list needs 70 on quality and 60 on price.
$164.44 a share, 75% above its 1-year low
Over the past year the price has ranged from $94.00 to $182.19.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $4.6bn | $5.6bn | $7.1bn | $8.9bn | $11.6bn |
| Operating margin | |||||
| Operating margin | 5.8% | -14.7% | -20.1% | 12.1% | 12.7% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 1.27bn | 1.27bn | 1.30bn | 1.30bn | 1.30bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 31.6% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.6 billion last quarter, up 34% on a year ago.
- Profit: $1.5 billion, up 66% on a year ago.
- It keeps 14 cents of each $1 of sales as operating profit, up from 12 cents a year earlier.
- Spare cash over the past 12 months: $2.4 billion, up from $1.8 billion.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| December 2023 | Not reported |
| December 2024 | Not reported |
| March 2025 | $2.4bn |
| June 2025 | $2.7bn |
| September 2025 | $2.8bn |
| December 2025 | $3.7bn |
| March 2026 | $3.2bn |
| June 2026 | $3.6bn |
| Quarter to | Amount |
|---|---|
| December 2023 | Not reported |
| December 2024 | Not reported |
| March 2025 | -$682m |
| June 2025 | $906m |
| September 2025 | $264m |
| December 2025 | $743m |
| March 2026 | -$581m |
| June 2026 | $1.5bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 3 November 2026
- Last annual report (10-K)
- 11 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
6 long-term investors we follow own it, unchanged from 6 last quarter. 1,707 funds in all.
- Markel GroupTom Gayner
- Value
- $12m
- Share of fund
- <0.1%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $2m
- Share of fund
- <0.1%
- First Manhattan Co.First Manhattan partners
- Value
- $988,913
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $308,286
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Polen CapitalDan Davidowitz | $523m | 4.5% | Cut |
| Select Equity GroupGeorge Loening | $33m | 0.2% | Added |
| Markel GroupTom Gayner | $12m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | |
| First Manhattan Co.First Manhattan partners | $988,913 | <0.1% | |
| GAMCO InvestorsMario Gabelli | $308,286 | <0.1% |
Largest holders overall
- Capital International Investors$6.3bnAdded
- FMR$5.4bnAdded
- Invesco$4.2bn
- Vanguard Capital Management$3.9bn
- Capital World Investors$3.9bn
- Baillie Gifford$3.2bnCut
- Morgan Stanley$2.9bnAdded
- Price T Rowe Associates$2.8bn
- Royal Bank of Canada$2.7bnAdded
- FIL$2.2bnAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- BlackRock, Inc.Passive investor5.1%+0.7 ptsSince 30 June 2026
- BAILLIE GIFFORD & COPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 5.1%+0.7 pts | 30 June 2026 | |
BAILLIE GIFFORD & CO Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
We have no insider filings for this company yet.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.