Shopify Inc (SHOP) - Net Assets
Based on the latest financial reports, Shopify Inc (SHOP) has net assets worth CA$13.45 Billion CAD (≈ $9.73 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$15.16 Billion ≈ $10.97 Billion USD) and total liabilities (CA$1.71 Billion ≈ $1.24 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Explore SHOP operating cash flow to assess how effectively this company generates cash.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$13.45 Billion |
| % of Total Assets | 88.7% |
| Annual Growth Rate | 52.44% |
| 5-Year Change | 20.79% |
| 10-Year Change | 3176.31% |
| Growth Volatility | 64.91 |
Shopify Inc - Net Assets Trend (2013–2025)
This chart illustrates how Shopify Inc's net assets have evolved over time, based on quarterly financial data. For live valuation and market cap data, see SHOP stock market capitalisation.
Annual Net Assets for Shopify Inc (2013–2025)
The table below shows the annual net assets of Shopify Inc from 2013 to 2025. Read SHOP total debt and obligations for a breakdown of total debt and financial obligations.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$13.45 Billion ≈ $9.73 Billion |
+16.36% |
| 2024-12-31 | CA$11.56 Billion ≈ $8.36 Billion |
+27.49% |
| 2023-12-31 | CA$9.07 Billion ≈ $6.56 Billion |
+10.04% |
| 2022-12-31 | CA$8.24 Billion ≈ $5.96 Billion |
-26.00% |
| 2021-12-31 | CA$11.13 Billion ≈ $8.05 Billion |
+73.94% |
| 2020-12-31 | CA$6.40 Billion ≈ $4.63 Billion |
+112.24% |
| 2019-12-31 | CA$3.02 Billion ≈ $2.18 Billion |
+44.24% |
| 2018-12-31 | CA$2.09 Billion ≈ $1.51 Billion |
+108.85% |
| 2017-12-31 | CA$1.00 Billion ≈ $724.18 Million |
+143.89% |
| 2016-12-31 | CA$410.48 Million ≈ $296.93 Million |
+110.16% |
| 2015-12-31 | CA$195.32 Million ≈ $141.29 Million |
+188.37% |
| 2014-12-31 | CA$67.73 Million ≈ $49.00 Million |
-20.67% |
| 2013-12-31 | CA$85.38 Million ≈ $61.76 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Shopify Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 286154822900.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CA$2.85 Billion | 21.23% |
| Common Stock | CA$10.36 Billion | 77.01% |
| Other Comprehensive Income | CA$998.18K | 0.01% |
| Other Components | CA$235.57 Million | 1.75% |
| Total Equity | CA$13.45 Billion | 100.00% |
Shopify Inc Competitors by Market Cap
The table below lists competitors of Shopify Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Airbus Group SE
PA:AIR
|
$153.12 Billion |
|
Pfizer Inc
NYSE:PFE
|
$153.51 Billion |
|
Union Pacific Corporation
NYSE:UNP
|
$154.69 Billion |
|
BlackRock Inc
NYSE:BLK
|
$155.79 Billion |
|
Deere & Company
NYSE:DE
|
$151.97 Billion |
|
Banco Santander S.A.
MC:SAN
|
$151.90 Billion |
|
Uber Technologies Inc
NYSE:UBER
|
$150.35 Billion |
|
Qualcomm Incorporated
NASDAQ:QCOM
|
$150.27 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Shopify Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 11,558,000,000 to 13,448,481,160, a change of 1,890,481,160 (16.4%).
- Net income of 1,252,549,000 contributed positively to equity growth.
- Share repurchases of 232,000,000 reduced equity.
- Other comprehensive income increased equity by 10,998,180.
- Other factors increased equity by 858,933,980.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$1.25 Billion | +9.31% |
| Share Repurchases | CA$232.00 Million | -1.73% |
| Other Comprehensive Income | CA$11.00 Million | +0.08% |
| Other Changes | CA$858.93 Million | +6.39% |
| Total Change | CA$- | 16.36% |
Book Value vs Market Value Analysis
This analysis compares Shopify Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 16.68x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 1334.72x to 16.68x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2013-12-31 | CA$0.13 | CA$171.88 | x |
| 2014-12-31 | CA$0.10 | CA$171.88 | x |
| 2015-12-31 | CA$0.32 | CA$171.88 | x |
| 2016-12-31 | CA$0.49 | CA$171.88 | x |
| 2017-12-31 | CA$1.05 | CA$171.88 | x |
| 2018-12-31 | CA$1.98 | CA$171.88 | x |
| 2019-12-31 | CA$2.67 | CA$171.88 | x |
| 2020-12-31 | CA$5.18 | CA$171.88 | x |
| 2021-12-31 | CA$8.74 | CA$171.88 | x |
| 2022-12-31 | CA$6.51 | CA$171.88 | x |
| 2023-12-31 | CA$7.00 | CA$171.88 | x |
| 2024-12-31 | CA$8.88 | CA$171.88 | x |
| 2025-12-31 | CA$10.31 | CA$171.88 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Shopify Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 9.31%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 10.65%
- • Asset Turnover: 0.78x
- • Equity Multiplier: 1.13x
- Recent ROE (9.31%) is above the historical average (-3.90%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2013 | -5.67% | -9.63% | 0.52x | 1.12x | CA$-13.38 Million |
| 2014 | -32.94% | -21.24% | 1.10x | 1.41x | CA$-29.08 Million |
| 2015 | -9.62% | -9.16% | 0.84x | 1.25x | CA$-38.32 Million |
| 2016 | -8.61% | -9.08% | 0.79x | 1.20x | CA$-76.40 Million |
| 2017 | -4.00% | -5.94% | 0.60x | 1.11x | CA$-140.10 Million |
| 2018 | -3.09% | -6.01% | 0.48x | 1.08x | CA$-273.63 Million |
| 2019 | -4.14% | -7.91% | 0.45x | 1.16x | CA$-426.42 Million |
| 2020 | 4.99% | 10.91% | 0.38x | 1.21x | CA$-320.56 Million |
| 2021 | 26.18% | 63.20% | 0.35x | 1.20x | CA$1.80 Billion |
| 2022 | -42.00% | -61.79% | 0.52x | 1.31x | CA$-4.28 Billion |
| 2023 | 1.46% | 1.87% | 0.62x | 1.25x | CA$-774.60 Million |
| 2024 | 17.47% | 22.74% | 0.64x | 1.20x | CA$863.20 Million |
| 2025 | 9.31% | 10.65% | 0.78x | 1.13x | CA$-92.30 Million |
Industry Comparison
This section compares Shopify Inc's net assets metrics with peer companies in the Software - Application industry.
Industry Context
- Industry: Software - Application
- Average net assets among peers: $10,444,011
- Average return on equity (ROE) among peers: -283.16%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Shopify Inc (SHOP) | CA$13.45 Billion | -5.67% | 0.13x | $152.44 Billion |
| Abaxx Technologies Inc (ABXX) | $13.80 Million | -68.00% | 0.23x | $1.33 Billion |
| Adcore Inc (ADCO) | $5.58 Million | 23.61% | 0.39x | $9.69 Million |
| AnalytixInsight Inc (ALY) | $6.69 Million | -62.32% | 0.10x | $1.76 Million |
| Agereh Technologies Inc (AUTO) | $-5.69 Million | 0.00% | 0.00x | $4.96 Million |
| Acceleware Ltd (AXE) | $614.86K | -120.19% | 1.07x | $9.44 Million |
| BLUERUSH Media Group Corp (BTV) | $127.22K | -2633.08% | 15.00x | $356.37K |
| Boardwalktech Software Corp (BWLK) | $-962.15K | 0.00% | 0.00x | $3.05 Million |
| Computer Modelling Group Ltd. (CMG) | $4.89 Million | 29.94% | 0.90x | $234.23 Million |
| Constellation Software Inc. (CSU) | $80.93 Million | -1.53% | 1.33x | $36.96 Billion |
| NamSys Inc (CTZ) | $-1.54 Million | 0.00% | 0.00x | $24.35 Million |
About Shopify Inc
Shopify Inc., a commerce technology company, provides tools to start, scale, market, and run a business of various sizes in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The Company offers Shopify platform that enables merchants to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, s… Read more