SHOP EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
SHOP's ev/ebitda is lower than 65% of the last 10 years.
EV/EBITDA History
SHOP EV/EBITDA by year
Yearly range of SHOP’s ev/ebitda from 2020 to 2026. Over the full period it ranged from 19.7 to 944.1, averaging 166.8.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 60.1 | 139.5 | 297.7 | 89.8 |
| 2025 | 67.3 | 112.0 | 152.8 | 139.2 |
| 2024 | 82.1 | 188.5 | 399.1 | 106.7 |
| 2022 | 19.7 | 42.7 | 80.4 | 50.1 |
| 2021 | 42.7 | 164.6 | 574.1 | 53.6 |
| 2020 | 439.6 | 767.3 | 944.1 | 439.6 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is SHOP EV/EBITDA High or Low Right Now?
Shopify Inc.'s EV/EBITDA is currently 89.8, which is below average relative to its 10-year historical range. The 10-year median EV/EBITDA for SHOP is approximately 100.0. See all SHOP valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.