SHOPIFY INC. (SHOP)

Services-Prepackaged Software

Latest Price

$133.89

TTM P/E

89.86

Normalized P/E

104.60

Div Yield

Book Value

9.76

P/B Ratio

13.71

Valuation metrics

EPS: $0.94

Book value / share: $10.32

Formula: √(22.5 × EPS × BVPS)

Graham Number

$14.78

89% downside

Norm. op. income: $179M (median of 6yr)

Tax rate: 18%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$5.55

96% downside

Base FCF: $905M (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$56.04

58% downside

EPS: $0.94

Target P/E: 90×

Formula: EPS × P/E

P/E Fair Value

$84.60

37% downside

65.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Capital International Investors	54.89M	$6.27B	4.22%	+4.83M	2026-06-30
FMR LLC	47.18M	$5.39B	3.63%	+1.34M	2026-06-30
Invesco Ltd.	36.57M	$4.17B	2.81%	+25.92M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	34.13M	$3.90B	2.63%	+398.0K	2026-06-30
Capital World Investors	34.09M	$3.89B	2.62%	+390.7K	2026-06-30
BAILLIE GIFFORD & CO	28.40M	$3.24B	2.19%	-618.2K	2026-06-30
MORGAN STANLEY	25.52M	$2.91B	1.96%	+812.4K	2026-06-30
PRICE T ROWE ASSOCIATES INC /MD/	24.75M	$2.83B	1.91%	-265.1K	2026-06-30
JANE STREET GROUP, LLC	22.02M	$2.51B	1.69%	+5.13M	2026-06-30
FIL Ltd	19.28M	$2.21B	1.48%	+1.05M	2026-06-30