Intrinsic value of Shopify Cl A - SHOP

Previous Close

$135.54

  Intrinsic Value

$2.77

stock screener

  Rating & Target

str. sell

-98%

Previous close

$135.54

 
Intrinsic value

$2.77

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of SHOP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 11.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  1,077
  1,664
  2,489
  3,612
  5,095
  7,005
  9,403
  12,346
  15,887
  20,066
  24,918
  30,465
  36,720
  43,690
  51,371
  59,757
  68,835
  78,591
  89,008
  100,072
  111,767
  124,082
  137,006
  150,535
  164,666
  179,401
  194,746
  210,712
  227,313
  244,567
Variable operating expenses, $m
  1,121
  1,730
  2,586
  3,751
  5,290
  7,271
  9,758
  12,812
  16,485
  20,821
  25,851
  31,605
  38,094
  45,325
  53,294
  61,994
  71,412
  81,532
  92,340
  103,817
  115,950
  128,726
  142,134
  156,169
  170,829
  186,115
  202,035
  218,598
  235,820
  253,720
Fixed operating expenses, $m
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  32
  33
  34
  34
  35
  36
  37
  38
  38
Total operating expenses, $m
  1,141
  1,751
  2,607
  3,773
  5,312
  7,294
  9,781
  12,836
  16,509
  20,846
  25,876
  31,631
  38,121
  45,352
  53,322
  62,022
  71,441
  81,562
  92,370
  103,848
  115,982
  128,758
  142,167
  156,203
  170,863
  186,150
  202,071
  218,635
  235,858
  253,758
Operating income, $m
  -65
  -87
  -118
  -161
  -217
  -289
  -379
  -490
  -623
  -780
  -958
  -1,166
  -1,401
  -1,662
  -1,950
  -2,265
  -2,605
  -2,971
  -3,362
  -3,776
  -4,215
  -4,676
  -5,161
  -5,668
  -6,197
  -6,750
  -7,325
  -7,923
  -8,545
  -9,192
EBITDA, $m
  -41
  -52
  -68
  -90
  -118
  -155
  -200
  -256
  -323
  -403
  -495
  -600
  -718
  -850
  -995
  -1,153
  -1,325
  -1,509
  -1,706
  -1,915
  -2,136
  -2,368
  -2,612
  -2,868
  -3,135
  -3,413
  -3,702
  -4,004
  -4,317
  -4,643
Interest expense (income), $m
  0
  0
  4
  9
  16
  27
  40
  57
  79
  105
  137
  175
  219
  269
  325
  388
  457
  533
  615
  703
  797
  897
  1,002
  1,113
  1,230
  1,352
  1,479
  1,612
  1,751
  1,895
  2,045
Earnings before tax, $m
  -65
  -91
  -127
  -177
  -243
  -329
  -436
  -568
  -728
  -917
  -1,133
  -1,385
  -1,670
  -1,987
  -2,338
  -2,722
  -3,138
  -3,586
  -4,064
  -4,573
  -5,111
  -5,678
  -6,274
  -6,898
  -7,549
  -8,229
  -8,937
  -9,674
  -10,440
  -11,236
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -65
  -91
  -127
  -177
  -243
  -329
  -436
  -568
  -728
  -917
  -1,133
  -1,385
  -1,670
  -1,987
  -2,338
  -2,722
  -3,138
  -3,586
  -4,064
  -4,573
  -5,111
  -5,678
  -6,274
  -6,898
  -7,549
  -8,229
  -8,937
  -9,674
  -10,440
  -11,236

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  433
  668
  1,000
  1,450
  2,046
  2,813
  3,776
  4,958
  6,380
  8,059
  10,007
  12,235
  14,747
  17,546
  20,631
  23,999
  27,645
  31,563
  35,746
  40,190
  44,886
  49,832
  55,023
  60,456
  66,131
  72,049
  78,211
  84,623
  91,290
  98,220
Adjusted assets (=assets-cash), $m
  433
  668
  1,000
  1,450
  2,046
  2,813
  3,776
  4,958
  6,380
  8,059
  10,007
  12,235
  14,747
  17,546
  20,631
  23,999
  27,645
  31,563
  35,746
  40,190
  44,886
  49,832
  55,023
  60,456
  66,131
  72,049
  78,211
  84,623
  91,290
  98,220
Revenue / Adjusted assets
  2.487
  2.491
  2.489
  2.491
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
  2.490
Average production assets, $m
  100
  155
  231
  336
  474
  651
  874
  1,148
  1,477
  1,866
  2,317
  2,833
  3,415
  4,063
  4,778
  5,557
  6,402
  7,309
  8,278
  9,307
  10,394
  11,540
  12,742
  14,000
  15,314
  16,684
  18,111
  19,596
  21,140
  22,745
Working capital, $m
  -12
  -18
  -27
  -40
  -56
  -77
  -103
  -136
  -175
  -221
  -274
  -335
  -404
  -481
  -565
  -657
  -757
  -865
  -979
  -1,101
  -1,229
  -1,365
  -1,507
  -1,656
  -1,811
  -1,973
  -2,142
  -2,318
  -2,500
  -2,690
Total debt, $m
  68
  166
  303
  491
  739
  1,058
  1,458
  1,950
  2,542
  3,240
  4,051
  4,977
  6,022
  7,187
  8,470
  9,871
  11,388
  13,018
  14,758
  16,606
  18,560
  20,618
  22,777
  25,037
  27,398
  29,860
  32,423
  35,091
  37,864
  40,747
Total liabilities, $m
  180
  278
  416
  603
  851
  1,170
  1,571
  2,063
  2,654
  3,352
  4,163
  5,090
  6,135
  7,299
  8,583
  9,984
  11,500
  13,130
  14,870
  16,719
  18,673
  20,730
  22,889
  25,150
  27,510
  29,972
  32,536
  35,203
  37,977
  40,859
Total equity, $m
  253
  390
  584
  847
  1,195
  1,643
  2,205
  2,896
  3,726
  4,706
  5,844
  7,145
  8,612
  10,247
  12,049
  14,015
  16,145
  18,433
  20,876
  23,471
  26,214
  29,102
  32,133
  35,306
  38,620
  42,076
  45,675
  49,420
  53,314
  57,360
Total liabilities and equity, $m
  433
  668
  1,000
  1,450
  2,046
  2,813
  3,776
  4,959
  6,380
  8,058
  10,007
  12,235
  14,747
  17,546
  20,632
  23,999
  27,645
  31,563
  35,746
  40,190
  44,887
  49,832
  55,022
  60,456
  66,130
  72,048
  78,211
  84,623
  91,291
  98,219
Debt-to-equity ratio
  0.270
  0.420
  0.520
  0.580
  0.620
  0.640
  0.660
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
Adjusted equity ratio
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -65
  -91
  -127
  -177
  -243
  -329
  -436
  -568
  -728
  -917
  -1,133
  -1,385
  -1,670
  -1,987
  -2,338
  -2,722
  -3,138
  -3,586
  -4,064
  -4,573
  -5,111
  -5,678
  -6,274
  -6,898
  -7,549
  -8,229
  -8,937
  -9,674
  -10,440
  -11,236
Depreciation, amort., depletion, $m
  24
  35
  50
  71
  99
  134
  179
  233
  299
  377
  463
  567
  683
  813
  956
  1,111
  1,280
  1,462
  1,656
  1,861
  2,079
  2,308
  2,548
  2,800
  3,063
  3,337
  3,622
  3,919
  4,228
  4,549
Funds from operations, $m
  -41
  -56
  -77
  -106
  -145
  -195
  -257
  -335
  -429
  -540
  -669
  -818
  -987
  -1,175
  -1,383
  -1,611
  -1,858
  -2,124
  -2,409
  -2,712
  -3,033
  -3,371
  -3,726
  -4,098
  -4,487
  -4,892
  -5,315
  -5,755
  -6,212
  -6,687
Change in working capital, $m
  -4
  -6
  -9
  -12
  -16
  -21
  -26
  -32
  -39
  -46
  -53
  -61
  -69
  -77
  -84
  -92
  -100
  -107
  -115
  -122
  -129
  -135
  -142
  -149
  -155
  -162
  -169
  -176
  -183
  -190
Cash from operations, $m
  -36
  -49
  -68
  -94
  -128
  -174
  -231
  -303
  -390
  -494
  -616
  -757
  -918
  -1,098
  -1,298
  -1,518
  -1,758
  -2,017
  -2,294
  -2,590
  -2,904
  -3,235
  -3,584
  -3,949
  -4,331
  -4,730
  -5,146
  -5,579
  -6,029
  -6,498
Maintenance CAPEX, $m
  -13
  -20
  -31
  -46
  -67
  -95
  -130
  -175
  -230
  -295
  -373
  -463
  -567
  -683
  -813
  -956
  -1,111
  -1,280
  -1,462
  -1,656
  -1,861
  -2,079
  -2,308
  -2,548
  -2,800
  -3,063
  -3,337
  -3,622
  -3,919
  -4,228
New CAPEX, $m
  -37
  -55
  -77
  -104
  -138
  -178
  -223
  -274
  -329
  -389
  -451
  -516
  -582
  -648
  -714
  -780
  -844
  -907
  -969
  -1,029
  -1,088
  -1,145
  -1,202
  -1,258
  -1,314
  -1,370
  -1,427
  -1,485
  -1,544
  -1,605
Cash from investing activities, $m
  -50
  -75
  -108
  -150
  -205
  -273
  -353
  -449
  -559
  -684
  -824
  -979
  -1,149
  -1,331
  -1,527
  -1,736
  -1,955
  -2,187
  -2,431
  -2,685
  -2,949
  -3,224
  -3,510
  -3,806
  -4,114
  -4,433
  -4,764
  -5,107
  -5,463
  -5,833
Free cash flow, $m
  -86
  -124
  -176
  -245
  -334
  -446
  -584
  -751
  -949
  -1,178
  -1,441
  -1,737
  -2,066
  -2,429
  -2,825
  -3,254
  -3,714
  -4,204
  -4,725
  -5,275
  -5,853
  -6,459
  -7,093
  -7,755
  -8,445
  -9,163
  -9,910
  -10,686
  -11,492
  -12,330
Issuance/(repayment) of debt, $m
  68
  98
  138
  188
  248
  319
  401
  492
  591
  698
  811
  927
  1,045
  1,164
  1,283
  1,401
  1,517
  1,630
  1,740
  1,848
  1,954
  2,057
  2,159
  2,260
  2,361
  2,462
  2,564
  2,667
  2,773
  2,883
Issuance/(repurchase) of shares, $m
  159
  228
  321
  440
  591
  776
  998
  1,259
  1,558
  1,897
  2,271
  2,686
  3,137
  3,622
  4,140
  4,689
  5,267
  5,874
  6,508
  7,168
  7,854
  8,567
  9,305
  10,071
  10,864
  11,685
  12,536
  13,418
  14,334
  15,283
Cash from financing (excl. dividends), $m  
  227
  326
  459
  628
  839
  1,095
  1,399
  1,751
  2,149
  2,595
  3,082
  3,613
  4,182
  4,786
  5,423
  6,090
  6,784
  7,504
  8,248
  9,016
  9,808
  10,624
  11,464
  12,331
  13,225
  14,147
  15,100
  16,085
  17,107
  18,166
Total cash flow (excl. dividends), $m
  141
  202
  283
  383
  506
  650
  815
  999
  1,201
  1,417
  1,641
  1,876
  2,116
  2,357
  2,598
  2,836
  3,070
  3,299
  3,523
  3,742
  3,955
  4,165
  4,371
  4,576
  4,779
  4,983
  5,190
  5,400
  5,614
  5,836
Retained Cash Flow (-), $m
  -159
  -228
  -321
  -440
  -591
  -776
  -998
  -1,259
  -1,558
  -1,897
  -2,271
  -2,686
  -3,137
  -3,622
  -4,140
  -4,689
  -5,267
  -5,874
  -6,508
  -7,168
  -7,854
  -8,567
  -9,305
  -10,071
  -10,864
  -11,685
  -12,536
  -13,418
  -14,334
  -15,283
Prev. year cash balance distribution, $m
  843
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  825
  -26
  -38
  -57
  -86
  -127
  -184
  -259
  -357
  -480
  -630
  -810
  -1,021
  -1,265
  -1,542
  -1,853
  -2,197
  -2,575
  -2,985
  -3,426
  -3,899
  -4,402
  -4,934
  -5,495
  -6,084
  -6,701
  -7,346
  -8,019
  -8,719
  -9,448
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  791
  -24
  -33
  -47
  -66
  -92
  -124
  -162
  -205
  -252
  -299
  -346
  -388
  -425
  -453
  -471
  -478
  -474
  -460
  -435
  -403
  -365
  -323
  -280
  -237
  -196
  -158
  -124
  -95
  -71
Current shareholders' claim on cash, %
  90.8
  83.3
  77.0
  71.6
  66.9
  62.8
  59.2
  56.0
  53.2
  50.6
  48.3
  46.1
  44.2
  42.4
  40.8
  39.2
  37.8
  36.5
  35.2
  34.1
  33.0
  31.9
  30.9
  30.0
  29.1
  28.3
  27.4
  26.7
  25.9
  25.2

Shopify Inc. (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company's software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces. The Shopify platform provides merchants with a single view of their business and customers across all of their sales channels and enables them to manage products and inventory, process orders and payments, ship orders, build customer relationships and leverage analytics and reporting all from one integrated back office. The Shopify platform includes a mobile-optimized checkout system, which is designed to enable merchants' consumers to buy products over mobile Websites. Its merchants are able to offer their customers the ability to check out by using Apple Pay.

FINANCIAL RATIOS  of  Shopify Cl A (SHOP)

Valuation Ratios
P/E Ratio -346.2
Price to Sales 31.2
Price to Book 29.6
Price to Tangible Book
Price to Cash Flow 865.6
Price to Free Cash Flow -1009.9
Growth Rates
Sales Growth Rate 89.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 23.8%
Cap. Spend. - 3 Yr. Gr. Rate 39.1%
Financial Strength
Quick Ratio 404
Current Ratio 0.1
LT Debt to Equity 3.2%
Total Debt to Equity 3.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -9.5%
Ret/ On Assets - 3 Yr. Avg. -14.6%
Return On Total Capital -11.1%
Ret/ On T. Cap. - 3 Yr. Avg. -17.3%
Return On Equity -11.6%
Return On Equity - 3 Yr. Avg. -18.3%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 54%
Gross Margin - 3 Yr. Avg. 56.1%
EBITDA Margin -5.4%
EBITDA Margin - 3 Yr. Avg. -9.1%
Operating Margin -9.8%
Oper. Margin - 3 Yr. Avg. -13.2%
Pre-Tax Margin -9%
Pre-Tax Margin - 3 Yr. Avg. -13.1%
Net Profit Margin -9%
Net Profit Margin - 3 Yr. Avg. -13.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

SHOP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHOP stock intrinsic value calculation we used $673.304 million for the last fiscal year's total revenue generated by Shopify Cl A. The default revenue input number comes from 0001 income statement of Shopify Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SHOP stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SHOP is calculated based on our internal credit rating of Shopify Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Shopify Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SHOP stock the variable cost ratio is equal to 104.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $20 million in the base year in the intrinsic value calculation for SHOP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Shopify Cl A.

Corporate tax rate of 27% is the nominal tax rate for Shopify Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SHOP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SHOP are equal to 9.3%.

Life of production assets of 3.3 years is the average useful life of capital assets used in Shopify Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SHOP is equal to -1.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1001.1 million for Shopify Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 87.068 million for Shopify Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Shopify Cl A at the current share price and the inputted number of shares is $11.8 billion.

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