Question 1

What is Shopify's P/S ratio?

Accepted Answer

Shopify (SHOP) P/S ratio is 11.5× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

What is a good P/S ratio for Shopify?

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Shopify specifically, the relevant sector benchmark is the current sector median of 5.7×.

Question 5

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

Accepted Answer

Shopify's P/S ratio of 11.5× is below its own 5-year average of 17.1× and above the sector median of 5.7×. That places the current reading at the 29th 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/S ratio range?

Accepted Answer

In the available daily series, Shopify (SHOP) P/S ratio has ranged from a low of 6.5× in 2022 to a high of 55.4× in 2021. The 5-year average is 17.1× and the 5-year median is 13.4×.

Question 7

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

Accepted Answer

Shopify (SHOP) P/S ratio at the end of 2025 was 18.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$11.56B	18.1×	+2.6×	Dec 31, 2025
2024	$137.65B	$8.88B	15.5×	+1.3×	Dec 31, 2024
2023	$100.14B	$7.06B	14.2×	+6.3×	Dec 31, 2023
2022	$44.20B	$5.60B	7.9×	-29.7×	Dec 31, 2022
2021	$173.19B	$4.61B	37.6×	-10.9×	Dec 31, 2021
2020	$142.01B	$2.93B	48.5×	+19.2×	Dec 31, 2020
2019	$46.13B	$1.58B	29.2×	+15.3×	Dec 31, 2019
2018	$14.92B	$1.07B	13.9×	-1.7×	Dec 31, 2018
2017	$10.50B	$673.30M	15.6×	+5.8×	Dec 31, 2017
2016	$3.82B	$389.33M	9.8×	+0.0×	Dec 31, 2016
2015	$2.01B	$205.23M	9.8×	-1.0×	Dec 31, 2015
2014	$1.13B	$105.02M	10.8×	—	Dec 31, 2014


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P/S Ratio for Shopify (SHOP)

P/S Ratio daily chart for Shopify (SHOP)

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

About P/S Ratio at Shopify (SHOP)

Shopify P/S Ratio by Year

Shopify P/S Ratio 2025: 18.1×

Shopify P/S Ratio 2024: 15.5×

Shopify P/S Ratio 2023: 14.2×

Shopify P/S Ratio 2022: 7.9×

Shopify P/S Ratio 2021: 37.6×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Shopify (SHOP) Key Financials

P/S Ratio daily chart for Shopify (SHOP)

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

About P/S Ratio at Shopify (SHOP)

Shopify P/S Ratio by Year

Shopify P/S Ratio 2025: 18.1×

Shopify P/S Ratio 2024: 15.5×

Shopify P/S Ratio 2023: 14.2×

Shopify P/S Ratio 2022: 7.9×

Shopify P/S Ratio 2021: 37.6×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

+What is Shopify's P/S ratio?

+How is the P/S ratio calculated?

+What is the P/S ratio?

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

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

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

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

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

Shopify (SHOP) Key Financials