Added to YB: 2026-08-27
Pitch date: 2026-08-20
SHOP [neutral]
Shopify Inc.
+20.65%
current return
Author Info
Bob’s Payment Stock Substack is a former analyst and portfolio manager. Fundamental buy-and-hold investor. Talking stocks and markets. Focus on Payments, Financial Technology, and Payroll and HCM. Sign up for the newsletter.
Company Info
Shopify Inc., a commerce technology company, provides tools to start, scale, market, and run a business of various sizes in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America.
Market Cap
$165.5B
Pitch Price
$147.65
Price Target
N/A
Dividend
N/A
EV/EBITDA
66.86
P/E
86.80
EV/Sales
12.07
Sector
IT Services
Category
growth
Payments and FinTech Earnings Recap: Q2 2026 - Shopify Inc.
SHOP (earnings): Q2 beat: FXN GMV +30% (5th straight qtr 29-30%); FXN gross profit +30%, well above mid-20s guide; strong Q3 guide reasserts story after last qtr's cautious outlook + SaaS selloff. Drivers: payments penetration +320bps YoY; Capital rev $91MM, +~50%; merchant gross margin expanded YoY 2nd straight qtr (higher intl payments margins where debit/lower interchange, plus high-margin Capital). Nit: subscription GM dipped on elevated-but-not-rising AI feature costs (Sidekick). Bull agentic-commerce catalog thesis unproven (little agentic commerce today). Valuation: ~75-80x EV/2026 EBITDA (SBC-burdened) — extraordinary business, extraordinary price.
Read full article (2 min)