Shopify Inc - Ordinary Shares - Class A
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+ FollowMarket Cap$198.21B
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Earnings Call Q3 2026
November 3, 2026 - AI Summary
Strong quarter + durable growth (good): Q3 GMV +$29.5% to $119B and revenue +$32% to $3.7B. Free cash flow margin 22%, and the call emphasized “consistent, durable growth” again. Growth was described as broad-based across merchant sizes, geographies, and split between new vs. same-store.
Agentic/AI commerce momentum is real but still early (surprising/opportunity): AI traffic grew 2.6x YoY, orders 3.3x, and AI shoppers convert +64% more often. AI channels send shoppers to product pages 3x more than organic. Shopify Catalog converts 2x better than general AI search (investors should note this as a key enabler because Catalog structures product data for agents). Also, the company reported early “delegated purchasing” signals where agents can act on behalf of users with trust built via Shop Pay + Shop app order tracking.
Merchant-facing platform improvements that support near-term monetization (good): Sidekick usage continues to scale—daily active merchants +3.7x YoY and daily sessions +4.2x. Sidekick created about 2/3 of all Shopify flows in Q3 (flows = automations that reduce repetitive work). They also launched Canvas (AI-generated store building via description, “no coding/design expertise”), with early signals: stores launched ~20% faster and more personalized builds reported. Management framed this as lowering barriers for entrepreneurship and improving merchant outcomes.
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$16.66
89.1% downside
Current Fair Value
89.1% downsideOvervalued by 89.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $198.21 Billion |
|---|---|
| Enterprise Value | $197.06 Billion |
| Earnings per Share | $0.95 |
| Beta | 2.63 |
| Outstanding Shares | 1,295,220,307 |
Return
| Return on Equity | 15.20% |
|---|---|
| Return on Assets | 13.32% |
| Return on Invested Capital | 3.60% |
Valuation & Multiples
| P/E Ratio | 105.7 |
|---|---|
| PEG | 167.52 |
| Price to Sales | 15.3 |
| Price to Book Ratio | 17.0 |
| Enterprise Value to Revenue | 14.85 |
| Enterprise Value to EBIT | 421.08 |
| Enterprise Value to Net Income | 102 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0.04 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$0.46
Consensus analyst estimateRevenue Estimate
$3.70 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 10, 2027
EPS Estimate
$0.66
Consensus analyst estimateRevenue Estimate
$4.80 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 4.02, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 4.0160▲ 344.85% |
|---|---|
| Total Calls | 37,600▼ 99.91% |
| Total Puts | 151,000▼ 99.38% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.84%▼ 62.52% |
|---|---|
| Total Invested | $3.59B▼ 96.22% |
| Investors Holding | 728▼ 1100.00% |
About Shopify Inc
7,600 employees
CEO: Tobias Lutke
Shopify Inc. operates as a leading global commerce company, delivering an extensive platform and related services to businesses spanning Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. Its...