Shopify

SHOP

Software - Application · Technology

Also trades as: SHOP.TO · 0VHA.L

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Winston Score History

The full picture

Shopify is a software company that helps businesses build and run online stores. It sells tools for accepting payments, managing inventory, shipping products, and marketing to customers. Its clients range from small independent sellers to large brands, and it is one of the largest e-commerce platform providers in the world.

Shopify makes money through monthly subscription fees that merchants pay to use its platform, plus a cut of every transaction processed through its payment system, Shopify Payments. It operates globally, with strong presence in North America, Europe, and Australia, and generated over $8 billion in revenue in fiscal 2024. Its moat comes from how deeply its software is embedded in a merchant's daily operations — switching to a competitor is costly and disruptive. The key growth driver is expanding its merchant services business, including loans, fulfillment, and international commerce, but the main risk is slowing e-commerce growth if consumer spending weakens.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+33.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+65.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

6.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$10.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Shopify grew revenue 34% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

47.7%

Healthy — 47.7% gross margin

Profit after running costs

Operating Margin

13.6%

Healthy — 13.6% operating margin

Return on the money invested

ROCE

14.5%

Good — 14.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+32.5%

Fast-growing sales (+32.5% YoY)

Profit growth

EPS YoY

-17.7%

Earnings shrinking (-17.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

123%

Turns 123% of profit into real cash

Spare cash per sale

FCF Margin

17.7%

Converts sales into free cash efficiently (17.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

100.2x

no trend

Expensive — P/E 100.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+61.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (100.2 → 38.8)

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Dividends

Not applicable for this business.

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