All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
1 warning event since 2017; the latest 2025-03-19.
From the record
Shopify Inc.'s filings since 2017 show 1 warning event: a notice about its exchange listing (8-K item 3.01, the latest 2025-03-19) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
+27.3% a year over 4 filed years; profitable in 3 of 4.
From the record
Shopify Inc.'s 4 filed years say what it did: revenue went from $5.6 billion in fiscal 2022 to $12 billion in fiscal 2025, up 27.3% a year; it rose in 3 of 3 years; it never fell from a peak; net income was positive in 3 of 4 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
Share count grew 1.0% a year. 0% of cash flow returned. Insiders: 0 sales, 0 purchases.
From the record
Over the 3 fiscal years to 2025-12-31, Shopify Inc.'s diluted share count grew about 1.0% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are they doing right now?
Is it financially healthy right now?
ROE 9%: 9¢ of profit per shareholder dollar. Leverage 11%: owes 11¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2025-12-31, Shopify Inc. earned about 9 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 37 cents per dollar of everything the company owns. Leverage: it owed about 11 cents per dollar of assets, and net share issuance: its share count grew 0.3% over the year (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
top 16% of 218 in its family; net margin 10.7%.
From the record
Shopify Inc.'s standing among 218 graded names in its industry family: revenue of $12 billion in fiscal 2025 ranks in the top 4% by size; a net margin of 10.7% ranks in the top 25%; revenue growth of 27.3% a year over the last 3 filed years ranks in the top 19% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
SI estimate 4.8/10, confidence 20 of 100 (family median).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Shopify Inc.'s leadership is put at 4.8 of 10 with a confidence of 20 of 100, because no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 157 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.
What are they set up to do next?
How much room does it have to grow?
bottom 37% of 216 in its family for room to expand.
From the record
Shopify Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $1.5 billion against no long-term debt tagged leaves 10.2% of its assets as net cash, bottom 43% of its family; cash from operations less capital spending is 17.4% of revenue (top 44%); a gross margin of 48.1% (bottom 22%); research spending of 13.3% of revenue (bottom 26%) (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What could actually drive growth from here?
top 45% of 213 in its family for growth drivers.
From the record
Shopify Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 27.3% a year over the last three filed years against 27.3% over all 4, speeding up (top 27% of its family); the newest year grew 30.2% (top 15%); research spending grew 0.7% a year (bottom 34%); capital spending grew -19.6% a year (bottom 27%) (its annual reports). Shopify Inc. reported 2 product lines in fiscal 2025: Service at $8.8 billion (76%), Subscription and Circulation at $2.8 billion (24%); 2 of 2 grew against the year before (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
top 20% of 194 in its family for expectations against reality.
From the record
Shopify Inc.'s newest year against its own record: revenue of $12 billion in fiscal 2025 came in 3.4% above the $11 billion its prior three years' pace pointed to (top 31% of its family); net income of $1.2 billion against a prior three-year average of $436 million (top 3%); a net margin of 10.7% against -12.4% before (top 27%) (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made