Financials Shopify Inc.

Equities

SHOP

CA82509L1076

Internet Services

Market Closed - Nyse Other stock markets 04:00:02 2025-01-17 pm EST			5-day change	1st Jan Change
103.35 ^USD	-0.14%		-0.35%	-2.80%

Jan. 14	Seaport Raises Price Target on Shopify to $130 From $121, Keeps Buy Rating	MT
Jan. 08	RBC Expects S&P/TSX Info Tech Sector to Shine in 2025	MT

Projected Income Statement: Shopify Inc.

income-statement-evolution-chart SHOPIFY-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,578	2,929	4,612	5,600	7,060	8,798	10,798	13,054
Change	-	85.63%	57.43%	21.42%	26.07%	24.62%	22.73%	20.89%
EBITDA ¹	71.27	486.1	762.1	42.88	814	1,491	2,080	2,752
Change	-	582.14%	56.77%	-94.37%	1,798.45%	83.23%	39.46%	32.33%
EBIT ¹	35.62	437.4	718	6.059	782	1,458	1,998	2,580
Change	-	1,127.96%	64.17%	-99.16%	12,806.42%	86.47%	37.03%	29.09%
Interest Paid ¹	-	-	-3.493	-	-	-354	-194	-234
Earnings before Tax (EBT) ¹	-95.82	240.4	3,141	-3,623	185	1,288	1,636	2,140
Change	-	-	1,206.6%	-	-	596.11%	27%	30.84%
Net income ¹	-124.8	319.5	2,915	-3,460	132	1,157	1,458	1,943
Change	-	-	812.23%	-	-	776.56%	25.98%	33.31%
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/13/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	505.2	470	714.3	767.4	977.7	988.6	1,119	1,124	1,380	1,204	1,295	1,366	1,735	1,508	1,694	1,714	2,144	1,861	2,045	2,162	2,729	2,317	2,525	2,639	3,311	2,796	3,028	3,164
Change	-	-6.96%	51.99%	7.43%	27.41%	1.12%	13.23%	0.38%	22.81%	-12.78%	7.6%	5.49%	26.99%	-13.08%	12.33%	1.18%	25.09%	-13.2%	9.89%	5.72%	26.21%	-15.1%	8.99%	4.52%	25.48%	-15.57%	8.28%	4.5%
EBITDA ¹	36.04	1.079	128.3	143.8	212.9	221.7	344	147.8	146	41.89	-32.69	-36.61	70.29	-23	154	280	402	207	305	-	566.3	364.8	467.3	522.2	733.4	506.2	615.5	680
Change	-	-97.01%	11,791.1%	12.1%	48.04%	4.11%	55.19%	-57.04%	-1.18%	-71.32%	-	11.97%	-	-	-	81.82%	43.57%	-48.51%	47.34%	-100%	-	-35.59%	28.1%	11.75%	40.44%	-30.98%	21.6%	10.49%
EBIT ¹	23.34	-7.272	113.7	130.9	200	210.8	236.8	140.2	130.2	31.91	-41.77	-45.08	60.99	-31	146	271	396	201	299	-	549.7	344.7	435.3	495.5	700.1	446.9	563.3	663.1
Change	-	-	-	15.19%	52.75%	5.42%	12.31%	-40.81%	-7.12%	-75.48%	-	7.91%	-	-	-	85.62%	46.13%	-49.24%	48.76%	-100%	-	-37.29%	26.28%	13.84%	41.28%	-36.16%	26.04%	17.72%
Charge d'intérêts	-	-	-	-	-	-	-	-0.872	-0.878	-0.874	-0.869	-	-	-	335	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-18.54	-60.12	4.368	186.4	109.8	1,370	919.3	1,340	-488.7	-1,653	-1,198	-157.1	-614.6	76	-1,301	728	682	-256	203	860	471.9	241.6	338.8	402.3	585.3	355.2	485.3	572.3
Change	-	224.29%	-	4,166.64%	-41.11%	1,147.84%	-32.87%	45.81%	-	238.2%	-27.5%	-86.89%	291.14%	-	-	-	-6.32%	-	-	323.65%	-45.12%	-48.81%	40.23%	18.75%	45.51%	-39.31%	36.64%	17.92%
Net income ¹	0.771	-31.43	36	191.1	123.9	1,258	879.1	1,148	-371.3	-1,474	-1,204	-158.4	-623.7	68	-1,311	718	657	-273	171	828	438	235.8	320.3	372.2	549.8	353.6	478.4	549.9
Change	-	-	-	430.77%	-35.17%	915.92%	-30.14%	30.64%	-	297.08%	-18.35%	-86.84%	293.72%	-	-	-	-8.5%	-	-	384.21%	-47.1%	-46.18%	35.85%	16.22%	47.71%	-35.69%	35.29%	14.94%
Announcement Date	2/12/20	5/6/20	7/29/20	10/29/20	2/17/21	4/28/21	7/28/21	10/28/21	2/16/22	5/5/22	7/27/22	10/27/22	2/15/23	5/4/23	8/2/23	11/2/23	2/13/24	5/8/24	8/7/24	11/12/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Shopify Inc.

balance-sheet-analysis-chart SHOPIFY-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-2,455	-5,630	-6,857	-4,140	-4,092	-4,977	-7,092	-9,728
Change	-	-329.33%	-221.79%	-160.38%	-198.84%	-221.63%	-242.5%	-237.17%
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/13/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Shopify Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	56.76	41.73	50.79	50.02	39	21.49	29.34	35.85
Change	-	-26.47%	21.7%	-1.52%	-22.03%	-44.89%	36.51%	22.2%
Free Cash Flow (FCF) ¹	13.86	383.2	453.6	-186.5	905	1,541	1,990	2,499
Change	-	2,665.77%	18.37%	-141.1%	-585.34%	70.25%	29.17%	25.54%
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/13/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Shopify Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	4.52%	16.59%	16.53%	0.77%	11.53%	16.95%	19.26%	21.09%
EBIT Margin (%)	2.26%	14.93%	15.57%	0.11%	11.08%	16.57%	18.51%	19.76%
EBT Margin (%)	-6.07%	8.2%	68.1%	-64.7%	2.62%	14.64%	15.15%	16.39%
Net margin (%)	-7.91%	10.91%	63.2%	-61.79%	1.87%	13.15%	13.5%	14.89%
FCF margin (%)	0.88%	13.08%	9.84%	-3.33%	12.82%	17.51%	18.43%	19.14%
FCF / Net Income (%)	-11.1%	119.94%	15.56%	5.39%	685.61%	133.16%	136.53%	128.57%
Profitability
ROA	1.19%	8.73%	27.62%	0.39%	8.59%	13.63%	13.6%	16.25%
ROE	1.34%	10.43%	9.29%	0.49%	10.94%	16.36%	18.7%	20.46%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	3.6%	1.42%	1.1%	0.89%	0.55%	0.24%	0.27%	0.27%
CAPEX / EBITDA (%)	79.64%	8.58%	6.66%	116.65%	4.79%	1.44%	1.41%	1.3%
CAPEX / FCF (%)	409.63%	10.89%	11.2%	-26.82%	4.31%	1.39%	1.47%	1.43%
Items per share
Cash flow per share ¹	0.0625	0.3442	0.396	-0.1078	0.7287	1.279	1.659	2.044
Change	-	450.9%	15.06%	-127.22%	-775.97%	75.55%	29.71%	23.19%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	2.668	5.353	9.77	6.461	7.047	8.122	9.666	11.91
Change	-	100.64%	82.51%	-33.87%	9.06%	15.26%	19.02%	23.2%
EPS ¹	-0.11	0.259	2.29	-2.73	0.1	0.8854	1.123	1.498
Change	-	-335.45%	784.17%	-219.21%	-103.66%	785.4%	26.88%	33.32%
Nbr of stocks (in thousands)	1,159,173	1,226,711	1,256,003	1,272,089	1,286,099	1,292,100	1,292,100	1,292,100
Announcement Date	2/12/20	2/17/21	2/16/22	2/15/23	2/13/24	-	-	-