Shopify Ratios and Metrics

Market cap in millions THB. Fiscal year is January - December.

Millions THB. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Feb '26 Feb 19, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Market Capitalization	5,125,644	6,608,820	4,715,601	3,444,334	1,526,367	5,744,313
Market Cap Growth	-2.84%	40.15%	36.91%	125.66%	-73.43%	37.81%
Enterprise Value	4,919,035	6,422,436	4,586,752	3,313,831	1,400,448	5,531,193
PE Ratio	132.03	170.23	68.05	758.99	-	59.36
PS Ratio	14.06	18.13	15.47	14.19	7.89	37.51
PB Ratio	12.06	15.55	11.89	11.05	5.36	15.54
P/TBV Ratio	12.55	16.18	12.40	11.64	7.34	16.26
P/FCF Ratio	80.98	104.41	86.03	110.70	-	356.76
P/OCF Ratio	79.94	103.08	85.02	106.13	-	322.94
EV/Sales Ratio	13.67	17.62	15.05	13.65	7.23	36.12
EV/EBITDA Ratio	81.96	105.57	104.16	292.09	-	372.82
EV/EBIT Ratio	85.01	107.30	107.17	370.74	-	437.79
EV/FCF Ratio	77.72	101.47	83.68	106.51	-	343.52
Debt / Equity Ratio	0.01	0.01	0.10	0.13	0.17	0.11
Debt / EBITDA Ratio	0.10	0.10	0.85	3.04	-	2.43
Debt / FCF Ratio	0.09	0.09	0.71	1.27	-	2.42
Net Debt / Equity Ratio	-0.49	-0.49	-0.44	-0.44	-0.45	-0.59
Net Debt / EBITDA Ratio	-3.44	-3.44	-3.97	-12.13	9.64	-14.81
Net Debt / FCF Ratio	-3.30	-3.30	-3.19	-4.42	19.84	-13.64
Asset Turnover	0.79	0.79	0.70	0.64	0.47	0.44
Inventory Turnover	255.36	255.36	195.91	-	-	-
Quick Ratio	4.58	4.58	3.01	5.94	6.27	11.37
Current Ratio	5.96	5.96	3.71	6.99	7.07	12.15
Return on Equity (ROE)	9.84%	9.84%	19.58%	1.53%	-35.72%	33.25%
Return on Assets (ROA)	8.15%	8.15%	6.18%	1.47%	-2.47%	2.25%
Return on Invested Capital (ROIC)	20.52%	20.67%	18.30%	3.82%	-10.50%	13.00%
Return on Capital Employed (ROCE)	13.80%	13.80%	10.40%	2.50%	-4.80%	3.00%
Earnings Yield	0.76%	0.59%	1.47%	0.13%	-7.84%	1.69%
FCF Yield	1.23%	0.96%	1.16%	0.90%	-0.42%	0.28%
Buyback Yield / Dilution	-0.27%	-0.27%	-0.46%	-2.31%	0.58%	-3.16%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.