Shopify’s Net Worth: How Much Is Shopify Worth Right Now?

OTTAWA, CANADA - JUNE 11, 2017: High rise building at 150 Elgin Street which houses KPMG and the Headquarters of the successful software company Shopify.
Paul McKinnon /

If you’ve shopped online more often since the pandemic began, you’re not alone. You and countless others have helped e-commerce platforms like Shopify thrive. With revenues booming, Shopify’s stock has had a great 2021 despite some hiccups related to the pandemic. 

Shopify’s business model is to provide an online platform for all types of businesses to reach more customers. While the pandemic has kept more Americans at home in front of their computers, making online shopping more likely, the Shopify business model seems poised to thrive whether or not the pandemic persists. 

To see how much Shopify is worth, take a look at this snapshot of the company’s current state, along with a discussion of the company’s history, value and future outlook.   

Shopify: Company Snapshot
Headquarters Ottawa, Canada
Year Founded 2004
Founders Tobias, Lutke, Scott Lake, Daniel Weinand
CEO Tobias Lutke

How Much Is Shopify Worth Now?

Many companies and individuals have suffered since the pandemic began in the U.S. in early 2020, but Shopify is not among them. In fact, the stay-at-home culture that developed has actually worked to Shopify’s advantage.

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The stock had been on a slow and steady rise before spiking during the 2019 holiday season. After a brief dip in March 2020, when the U.S. economy essentially shut down amid uncertainty over how the pandemic would affect Americans, the stock rose sharply through July before losing ground. Despite a 3.25% drop for the most recent quarter, shares are up 58.79% since November 2020 and 32.10% since the beginning of the year.

From a 52-week low of $875, Shopify’s share price reached a high of $1,650 in July 2021, although it had settled back down to about $1,495 by closing on Nov. 3. This put the company’s market capitalization at $191.84 billion as of the same date. Market pundits use this figure to express how much a company is worth.

What Is Market Capitalization?

Market capitalization is simply the number of outstanding stock shares a company has issued times its current market price. So, for example, if a company has issued one million shares of stock and its share price is $50, the company has a market capitalization of $50 million. Shopify currently has about 126.2 million shares outstanding, so 126.2 million times the closing share price of $1,495.34 on Nov. 3 equals about $191.84 billion. 

Market cap does have its drawbacks as an evaluation method, however. For starters, market cap changes frequently, and it’s closely tied to the company’s current share price. It doesn’t take into account any of the direct financial metrics of the company, such as earnings per share, growth rate or book value.

By way of comparison, the price/earnings ratio, which is another popular valuation method, is also closely tied to a company’s market share price. The P/E ratio also relies heavily on a company’s earnings, which some investors feel is a more important determinant of a company’s valuation. Shopify’s P/E ratio is 57.01.

Shopify Market Cap

Shopify’s market cap varies from moment to moment based primarily on its share price. Although an increase in outstanding shares could also increase its market cap, that type of change occurs far less frequently than a change in share price, which can occur in less than one second. Here is Shopify’s share price range over the past 52 weeks:

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Share price: $875.00-$1,650.00

As a result, Shopify’s market cap over that same period has also been extremly variable. Shopify’s current market cap is $191.84 billion.

Calculating Shopify’s Net Worth

In its most basic form, net worth is simply a company’s assets minus its liabilities. By this metric, Shopify’s net worth as of the end of the 2020 fiscal year was $6.4 billion.

What Is Shopify Worth Now?
Share Price, 52-week range $875.00-$1,650.00
Fiscal Year 2020 Revenue $2.929 billion
Fiscal Year 2020 Profit $319.51 million
GOBankingRates’ Evaluation of Shopify Net Worth 7,547,728,500

Of course, methods of determining the value of a company are wide and varied, each with its own merits and blind spots.

GOBankingRates uses company data to calculate net worth in a slightly different manner. The GOBankingRates company net worth is a calculation of a company’s worth based solely on concrete, measurable figures like assets and revenue. It’s a more conservative valuation than most, taking into account only full-year profits and revenue from the last three years and the company’s assets and debts.

By this GOBankingRates metric, Shopify’s net worth is currently $7,547,728,500.

Key Product Lines Contributing To Revenue

Shopify’s core business is offering an e-commerce platform to businesses of all sizes. Whether you are an online seller, a brick-and-mortar business, a startup or a long-established business, you can use Shopify as an online outlet for your products.

Shopify’s business generates revenue from two primary sources: subscription solutions and merchant solutions. As the name implies, the Subscription Solutions division generates revenue from recurring subscriptions to the Shopify platform, in addition to the sale of custom themes, apps and domain name registrations.

The Merchant Solutions division generates revenue from subscriptions to various business services, including accepting payments and shipping and fulfillment, among others.

Here are some of the earnings highlights from Shopify’s third quarter for fiscal year 2021, ending Sept. 30:

  • Total revenue for the quarter jumped 46%, to $1.124 billion.
  • Adjusted gross profit grew 49%, to $616.4 million.
  • Merchant Solutions revenue growth increased 51%, while Subscription Solutions revenue grew 37%.

For the company’s most recent year end, Dec. 31, 2020, the company reported annual revenue of $2.929 billion, up from $1.579 billion at the end of 2019.

Founder: Tobias Lutke

Although Tobias Lutke shares co-founder status with Scott Lake and Daniel Weinand, Lutke currently helms the company as its CEO. 

Lutke was born in Germany, where he learned coding by the age of 12 and entered a computer programming apprenticeship at age 16.

The Shopify founder’s net worth is $13.2 billion, according to Forbes.

Current Top Shareholders

The top 10 shareholders of Shopify stock are all asset managers/mutual fund companies. As a group, institutional and mutual fund shareholders own 70.54% of all Shopify shares. Here’s what the top shareholders list looks like:

Shopify’s Top 10 Shareholders

  1. Morgan Stanley Investment Management, 5.24% of shares
  2. Baillie Gifford & Co., 4.84% of shares
  3. Jennison Associates LLC, 4.06% of shares
  4. Capital World Investors, 3.87% of shares
  5. FMR LLC, 3.75% of shares
  6. The Vanguard Group Inc., 2.95% of shares
  7. T. Rowe Price Associates Inc., 2.51% of shares
  8. WCM Investment Management LLC, 1.79% of shares
  9. Lone Pine Capital LLC, 1.44% of shares
  10. Bank of Montreal, 1.21% of shares

Any of these shareholder percentages can change at any time, even dropping down all the way to 0%. Shopify is currently a hot stock, so these percentages may hold, but if the company’s fortunes turn sour, institutions may bail out at any time.  

How Does the Future Look for Shopify?

Shopify had a great run in 2020 and continued to grow in 2021, with a 46% increase in third-quarter revenue that boosted shares 9% on the announcement, according to Reuters, even as consumers returned to in-person shopping. In its guidance for Q4, executives warned supply chain delays or increased costs for materials, labor, shipping or advertising could impact the commerce market, both online and off. Still, the company expects full-year 2021 income to exceed 2020 levels as it launches new initiatives to help its merchants succeed.

Will It Be a Buy?

The consensus rating from 29 analysts covering Shopify stock is “buy,” and their composite price target of $2,073.23 is over 38% above current levels. Considering that target is the average based on a consensus low of 1,723.35 — well above its current price — and a high of $2,503.62, Shopify’s best days may still be ahead of it, even after impressive gains in 2021. 


The continuing coronavirus pandemic is a tailwind for Shopify’s services, and an ongoing increase in stay-at-home workers may also help the company as it contends with supply chain and labor issues as well as rising inflation. Analysts seem onboard with the company’s long-term business plan.

Is Shopify Worth the Money?

Shopify has been a great bet in 2021, but it’s hard to say that a stock trading at over $1,500 is “cheap.” However, analysts still have a “buy” rating on the stock, and momentum may keep pushing this stock higher. Analysts on average see the stock over 38% higher from here, so there may still be some room left to run.

Share price is just one of the variables you should consider when investing in a specific stock. Your financial situation plays a large part in determining whether or not you should invest in stocks at all — let alone invest in a specific stock like Shopify.

Working with a fiduciary financial advisor is a good way to delineate your investment objectives, risk tolerance and personal financial situation to determine if investing in stocks is a good match for you.

Daria Uhlig contributed to the reporting for this article.

Company Net Worth Guides

Data is accurate as of Nov. 4, 2021, and subject to change.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

About the Author

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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