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Shopify stock: key metrics
SHOPShopify had an operating margin of 12.7% and a return on invested capital (ROIC) of 15.9% in fiscal 2025.
Margins show how much of revenue is left over, returns on capital how hard the invested money works.
Daily figure as of 13 Nov 2026
Margins
- Gross margin
- Operating margin
- Net margin
Figures as a table
| Year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| 2012 | 79.9% | −6.4% | −5.2% |
| 2013 | 73.1% | −8.5% | −9.6% |
| 2014 | 58.8% | −20.6% | −21.2% |
| 2015 | 54.1% | −8.7% | −9.2% |
| 2016 | 53.8% | −9.5% | −9.1% |
| 2017 | 56.5% | −7.3% | −5.9% |
| 2018 | 55.6% | −8.6% | −6.0% |
| 2019 | 54.9% | −8.9% | −7.9% |
| 2020 | 52.6% | 3.1% | 10.9% |
| 2021 | 53.8% | 5.8% | 63.2% |
| 2022 | 49.2% | −14.7% | −61.8% |
| 2023 | 49.8% | −20.1% | 1.9% |
| 2024 | 50.4% | 12.1% | 22.7% |
| 2025 | 48.1% | 12.7% | 10.7% |
Returns on capital
- ROE
- ROIC
- ROA
Figures as a table
| Year | ROE | ROIC | ROA |
|---|---|---|---|
| 2012 | 0.0% | no data | 0.0% |
| 2013 | −5.7% | −3.9% | −5.0% |
| 2014 | −32.9% | −21.2% | −23.4% |
| 2015 | −9.6% | −10.0% | −7.7% |
| 2016 | −8.6% | −9.3% | −7.2% |
| 2017 | −4.0% | −5.4% | −3.6% |
| 2018 | −3.1% | −4.6% | −2.9% |
| 2019 | −4.1% | −26.0% | −3.6% |
| 2020 | 5.0% | 11.0% | 4.1% |
| 2021 | 26.2% | 9.1% | 21.8% |
| 2022 | −42.0% | −14.2% | −32.2% |
| 2023 | 1.5% | −20.7% | 1.2% |
| 2024 | 17.5% | 15.7% | 14.5% |
| 2025 | 9.1% | 15.9% | 8.1% |
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 31 Oct 2026)
- Valuation signal Overvalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.