Question 1

What is Shopify's P/B ratio?

Accepted Answer

Shopify (SHOP) P/B ratio is 11.4× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Shopify?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Shopify specifically, the relevant sector benchmark is the current sector median of 6.0×.

Question 5

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

Accepted Answer

Shopify's P/B ratio of 11.4× is above its own 5-year average of 10.9× and above the sector median of 6.0×. That places the current reading at the 54th 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/B ratio range?

Accepted Answer

In the available daily series, Shopify (SHOP) P/B ratio has ranged from a low of 3.7× in 2022 to a high of 24.3× in 2020. The 5-year average is 10.9× and the 5-year median is 11.1×.

Question 7

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

Accepted Answer

Shopify (SHOP) P/B ratio at the end of 2025 was 15.5×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$13.47B	15.5×	+3.6×	Dec 31, 2025
2024	$137.65B	$11.56B	11.9×	+0.9×	Dec 31, 2024
2023	$100.14B	$9.07B	11.0×	+5.7×	Dec 31, 2023
2022	$44.20B	$8.24B	5.4×	-10.2×	Dec 31, 2022
2021	$173.19B	$11.13B	15.6×	-6.6×	Dec 31, 2021
2020	$142.01B	$6.40B	22.2×	+6.9×	Dec 31, 2020
2019	$46.13B	$3.02B	15.3×	+8.2×	Dec 31, 2019
2018	$14.92B	$2.09B	7.1×	-3.4×	Dec 31, 2018
2017	$10.50B	$1.00B	10.5×	+1.2×	Dec 31, 2017
2016	$3.82B	$410.48M	9.3×	-1.0×	Dec 31, 2016
2015	$2.01B	$195.32M	10.3×	-6.4×	Dec 31, 2015
2014	$1.13B	$67.73M	16.7×	—	Dec 31, 2014


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P/B Ratio for Shopify (SHOP)

P/B Ratio daily chart for Shopify (SHOP)

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

About P/B Ratio at Shopify (SHOP)

Shopify P/B Ratio by Year

Shopify P/B Ratio 2025: 15.5×

Shopify P/B Ratio 2024: 11.9×

Shopify P/B Ratio 2023: 11.0×

Shopify P/B Ratio 2022: 5.4×

Shopify P/B Ratio 2021: 15.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Shopify (SHOP) Key Financials

P/B Ratio daily chart for Shopify (SHOP)

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

About P/B Ratio at Shopify (SHOP)

Shopify P/B Ratio by Year

Shopify P/B Ratio 2025: 15.5×

Shopify P/B Ratio 2024: 11.9×

Shopify P/B Ratio 2023: 11.0×

Shopify P/B Ratio 2022: 5.4×

Shopify P/B Ratio 2021: 15.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Shopify's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

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

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

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

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

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

Shopify (SHOP) Key Financials