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Shopify Inc

Shopify Inc

SHOP
$123.56USD↓-1.20%-1.50 today

MARKET CAP

160.3B

P/E (TTM)

80.8x

FWD P/E

60.2x

DAY RANGE

$121 – $125

52W RANGE

$94
$182

AI Summary

Stalk
Buy NowMedium

SHOP remains in a Stage 2 advancing uptrend with higher highs and higher lows intact, supported by rising EMAs and expanding volume. The medium-term bias is bullish, reinforced by the Higher Highs & Higher Lows pattern, and short-term timing favors buying now on shallow pullbacks into the rising 9 and 21 EMAs for continuation participation despite an overbought context.

  • ↑Q1 revenue up 34% YoY to $3.2B; GMV rose 35% to $101B
  • ↑Sidekick AI adoption jumped 385% YoY, boosting merchant productivity
  • ↓Negative earnings yield underscores valuation concerns
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Shopify Inc. (NYSE: SHOP) is a leading e-commerce platform that enables businesses of all sizes to create, manage, and optimize online stores, empowering them with a suite of tools for operations, sales, and consumer insights. Known for its strong focus on innovation, Shopify is focusing on the rise of "agentic commerce," integrating AI across its services to enhance merchant experiences and facilitate smoother operations. The company has been making significant inroads in international markets while reinforcing its capabilities through B2B integrations and advanced payment solutions.

Bull says

  • ↑Q1 revenue up 34% YoY to $3.2B; GMV rose 35% to $101B
  • ↑Sidekick AI adoption jumped 385% YoY, boosting merchant productivity
  • ↑International GMV climbed 45% YoY, led by European expansion
  • ↑Management guides ~28.3% revenue growth for FY26; $2B share buyback
  • ↑Free cash flow of $476M (15% margin); merchant solutions revenue +39%
  • ↑Strong profitability and growth factor metrics support upside potential

Bear says

  • ↓Negative earnings yield underscores valuation concerns
  • ↓High volatility risk could trigger sharp price swings
  • ↓Rising AI and operational costs compress gross margins
  • ↓Expansion into payments raises regulatory and compliance hurdles
  • ↓Consumer selectivity may pressure GMV if spending weakens
  • ↓Balance sheet vulnerabilities may limit resilience amid rate hikes

Investment themes with SHOP

eTailing↑ +0.56%

Online retail and e-commerce platforms

FIGS · LQDT · CVNA

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-07-2026bullish

Transcript signals

Bull points

  • Q1 GMV was $101 billion. That is up 35%. I'll say that again. Q1 GMV was $101 billion. That is the second consecutive quarter our merchants have done over $100 billion in sales.
  • Our revenue was $3.2 billion for the quarter. That is up 34%. And our free cash flow was $476 million, delivering a 15% free cash flow margin.
  • we've now put up four straight quarters of 30% or more revenue and GMV growth, alongside mid- to high-teens free cash flow margins every single quarter. There are very few publicly traded companies today that are able to make that claim at anything like this scale. It is a very small club, and that is something we are very proud of.

Bear points

  • We will make forward-looking statements on our call today that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected.
Read full transcript analysis ›