Shopify (SHOP) Financial Ratios: P/E, ROE & More

Shopify (SHOP) Financial Ratios

For fiscal 2025 (fiscal year ended Dec 31, 2025), Shopify had a P/E ratio of 170.23 (up from 68.05), return on equity of 9.8% (down from 19.6%), debt-to-equity of 0.01 (down from 0.10) and a current ratio of 5.96 (up from 3.71). A current ratio of 5.96 means current assets exceed current liabilities.

Shopify Financial Ratios Analysis

Valuation, profitability, leverage, and liquidity ratios

Income Statement Balance Sheet Cash Flow Ratios

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Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Valuation Ratios
P/E Ratio	170.23	68.05	758.99	-	59.35	434.60
Forward P/E	95.92	75.09	75.87	167.13	224.55	-
P/S Ratio	18.13	15.47	14.19	7.88	37.51	47.40
P/B Ratio	15.55	11.89	11.05	5.36	15.54	21.69
Price/Tangible Book	16.18	12.39	11.64	7.34	16.26	23.32
Price/FCF	104.41	86.03	110.70	-	356.76	362.34
Price/OCF	103.08	85.02	106.13	-	322.94	326.76
PEG Ratio	2.33	1.95	1.49	8.05	5.17	8.66
Enterprise Value Ratios
EV/Revenue	17.62	15.05	13.65	7.23	36.12	45.62
EV/EBITDA	105.57	104.16	292.09	-	372.82	569.51
EV/EBIT	107.30	107.17	370.74	-	437.79	769.70
EV/FCF	101.47	83.68	106.51	-	343.52	348.72
Profitability & Returns
Return on Equity (ROE)	9.84%	19.58%	1.53%	-35.72%	33.25%	6.79%
Return on Assets (ROA)	8.15%	6.18%	1.47%	-2.47%	2.25%	1.93%
Return on Invested Capital (ROIC)	20.67%	18.30%	3.82%	-10.50%	13.00%	21.49%
Return on Capital Employed (ROCE)	13.80%	10.40%	2.50%	-4.80%	3.00%	2.40%
Leverage & Solvency Ratios
Debt/Equity	0.01	0.10	0.13	0.17	0.10	0.14
Debt/EBITDA	0.10	0.85	3.04	-	2.43	3.38
Debt/FCF	0.09	0.70	1.27	-	2.42	2.38
Liquidity Ratios
Current Ratio	5.96	3.71	6.99	7.07	12.15	15.69
Quick Ratio	4.58	3.01	5.94	6.27	11.37	15.00
Efficiency Ratios
Asset Turnover	0.79	0.70	0.64	0.47	0.44	0.52
Inventory Turnover	255.36	195.91	-	-	-	-
Yield & Distribution Ratios
Earnings Yield	0.59%	1.47%	0.13%	-7.84%	1.69%	0.23%
FCF Yield	0.96%	1.16%	0.90%	-0.42%	0.28%	0.28%
Buyback Yield	-0.26%	-0.46%	-2.31%	0.58%	-3.16%	-9.23%

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Shopify Financial Ratios

What is Shopify's P/E ratio?

Shopify's P/E ratio was 170.23 for fiscal 2025 (period ended Dec 31, 2025). It was 68.05 a year earlier.

What is Shopify's return on equity?

Shopify's return on equity (ROE) was 9.8% for fiscal 2025 (period ended Dec 31, 2025). It was 19.6% a year earlier.

What is Shopify's debt-to-equity ratio?

Shopify's debt-to-equity ratio was 0.01 for fiscal 2025 (period ended Dec 31, 2025). It was 0.10 a year earlier.

What is return on equity (ROE)?

Return on equity is net income divided by shareholders' equity. It measures how much profit a company generates from the capital its shareholders have invested. Full definition