Question 1

What is Shopify's P/FCF ratio?

Accepted Answer

Shopify (SHOP) P/FCF ratio is 67.1× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Shopify?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Shopify specifically, the relevant sector benchmark is the current sector median of 21.6×.

Question 5

Is Shopify's P/FCF ratio high or low?

Accepted Answer

Shopify's P/FCF ratio of 67.1× is below its own 5-year average of 198.5× and above the sector median of 21.6×. That places the current reading at the 2th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Shopify's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Shopify (SHOP) P/FCF ratio has ranged from a low of 58.4× in 2026 to a high of 5613.3× in 2019. The 5-year average is 198.5× and the 5-year median is 102.4×.

Question 7

What was Shopify's P/FCF ratio in 2025?

Accepted Answer

Shopify (SHOP) P/FCF ratio at the end of 2025 was 103.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Shopify's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$209.09B	$2.01B	103.8×	+17.6×	Dec 31, 2025
2024	$137.65B	$1.60B	86.2×	-24.5×	Dec 31, 2024
2023	$100.14B	$905.00M	110.7×	—	Dec 31, 2023
2022	$44.20B	−$28.24M	—	—	Dec 31, 2022
2021	$173.19B	$453.64M	381.8×	+11.0×	Dec 31, 2021
2020	$142.01B	$382.96M	370.8×	-5242.5×	Dec 31, 2020
2019	$46.13B	$8.22M	5613.3×	—	Dec 31, 2019
2018	$14.92B	−$32.22M	—	—	Dec 31, 2018
2017	$10.50B	−$16.36M	—	—	Dec 31, 2017
2016	$3.82B	−$12.22M	—	—	Dec 31, 2016
2015	$2.01B	−$5.28M	—	—	Dec 31, 2015
2014	$1.13B	−$23.50M	—	—	Dec 31, 2014


Intuit (INTU)	13.9×
Okta (OKTA)	13.8×
EPAM Systems (EPAM)	13.4×
Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	10.4×
Accenture (ACN)	10.3×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
Science Applications International (SAIC)	6.7×
Strategy (MSTR)	5.5×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×

P/FCF Ratio for Shopify (SHOP)

P/FCF Ratio daily chart for Shopify (SHOP)

Historical P/FCF Ratio for Shopify (SHOP) from 2014 to 2025

About P/FCF Ratio at Shopify (SHOP)

Shopify P/FCF Ratio by Year

Shopify P/FCF Ratio 2025: 103.8×

Shopify P/FCF Ratio 2024: 86.2×

Shopify P/FCF Ratio 2023: 110.7×

Shopify P/FCF Ratio 2021: 381.8×

Shopify P/FCF Ratio 2020: 370.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Shopify (SHOP) Key Financials

P/FCF Ratio daily chart for Shopify (SHOP)

Historical P/FCF Ratio for Shopify (SHOP) from 2014 to 2025

About P/FCF Ratio at Shopify (SHOP)

Shopify P/FCF Ratio by Year

Shopify P/FCF Ratio 2025: 103.8×

Shopify P/FCF Ratio 2024: 86.2×

Shopify P/FCF Ratio 2023: 110.7×

Shopify P/FCF Ratio 2021: 381.8×

Shopify P/FCF Ratio 2020: 370.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Shopify's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Shopify?

+Is Shopify's P/FCF ratio high or low?

+What is Shopify's historical P/FCF ratio range?

+What was Shopify's P/FCF ratio in 2025?

+Why does Shopify's P/FCF ratio change over time?

Shopify (SHOP) Key Financials