Shopify Inc. (SHOP) intrinsic value & 10-year financials
Shopify Inc. (SHOP) has a Graham intrinsic value of $31.22 per share. At $169.52 on Oct 17, 2026, the stock trades 443% above that value. Over the last 9 fiscal years revenue grew 117.5% a year to $11.6B, with an average return on invested capital of 2.9%.
- Graham intrinsic value
- $31.22
- Share price (Oct 17, 2026)
- $169.52
- Price vs Graham value
- 443% above
- Market cap
- $221.2B
- Revenue (FY2025)
- $11.6B
- Revenue growth (9-yr CAGR)
- 117.5%
- ROIC (10-yr avg)
- 2.9%
- Free cash flow (FY2025)
- $2.0B
SHOP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.6B | $1.2B | $0.94 | $2.0B | 12.7% | 10.7% |
| FY2024 | $8.9B | $2.0B | $1.55 | $1.6B | 12.1% | 10.8% |
| FY2023 | $7.1B | $132.0M | $0.10 | $905.0M | -20.1% | -12.9% |
| FY2022 | $5.6B | -$3.5B | -$2.73 | -$186.0M | -14.7% | — |
| FY2021 | — | — | — | — | — | — |
| FY2015 | $205.2M | -$18.8M | — | -$769.0K | -8.7% | — |
| FY2014 | $105.0M | -$22.3M | — | -$21.4M | -20.6% | — |
| FY2013 | $50.3M | -$4.8M | — | -$2.1M | -8.5% | — |
| FY2012 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SHOPIFY INC. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
SHOPIFY INC. has historically struggled to out-earn its cost of capital, averaging just 2.9% ROIC.
SHOPIFY INC. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SHOPIFY INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $31.22 per share.