The Bid & Ask

Quotations, Dispatches, and the Daily Tape

Friday, August 14, 2026

Subject of the day

SHOP.TO

Concerning the House

Shopify Inc., a commerce technology company, provides tools to start, scale, market, and run a business of various sizes in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The Company offers Shopify platform that enables merchants to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics, and reporting and access financing for running their business across all of their sales channels, including web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces. It also provides Shopify Payments, a fully integrated payment processing service that allows merchants to accept and process payment cards online and offline. In addition, the company engages in the sale of themes and apps; shipping labels through Shopify Shipping; point-of-sale hardware; advertising on the Shopify App Store; and Shop Campaigns for buyer acquisitions, as well as registration of domain names. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was incorporated in 2004 and is based in Ottawa, Canada.

Canada · www.shopify.com

The Ledger
LineJun 2025Sep 2025Dec 2025Mar 2026
Revenue$2.68B$2.84B$3.67B$3.17B
Gross profit$1.30B$1.39B$1.69B$1.55B
Operating income$371.00M$491.00M$745.00M$498.00M
Net income$906.00M$264.00M$743.00M-$581.00M
Diluted EPS0.690.57-0.45
Free cash flow$422.00M$507.00M$715.00M$476.00M
CapEx-$6.00M-$6.00M-$10.00M-$5.00M
Quotation

$220.97

+11.19 (+5.3%)

52w hi$249.71
52w lo$130.71
Vol2.10M
As ofAug 13
The Verdict

Hold

Our score +0.39

Short-0.19
Medium+0.59
Long+1.16

computed 2026-08-13

By the Numbers

Shopify Inc.

Technology · Software - Application

Market cap$284.31B
Enterprise value$265.14B
Trailing P/E107.27x
Forward P/E65.19x
EV / EBITDA110.71x
P / S (ttm)21.61x
Profit margin14.5%
Return on equity15.5%
Revenue growth+33.7%
Earnings growth+68.1%
Debt / equity1.40
Risk Metrics
Beta vs SPX2.04
Corr SPX0.56
Annual vol59.3%
Annual ret+65.2%
Sharpe1.10
Max DD-47.0%

Window: 504 trading days (493 obs)

Layer Breakdown
LayerRawContribution
Fundamental+0.55
Sector+0.15
Technical+0.00
Earnings+0.00
Sentiment+0.00

macro × 1.00 · 2026-08-13

Recent Sessions
DateOpenHighLowCloseVol
Aug 13$212.29$221.12$210.86$220.972.10M
Aug 12$211.44$213.45$207.33$209.781.90M
Aug 11$215.54$216.00$211.243.27M
Aug 10$209.78$216.91$208.00$216.103.07M
Aug 7$206.15$213.09$203.25$211.373.06M