SHOPIFY INC.

SHOP

Quality scores

Data as of Sep 5, 2026

6 / 9

Neutral

6/9 — middling fundamentals (neutral zone).

PassROA > 0 — ROA last year = 8.10 %
PassFCF > 0 — FCF last year = 2,007.00 mill.
PassFCF > net income (accrual quality) — FCF 2,007.00 vs. net income 1,231.00 (mill.)
FailRising ROA — ROA 8.10 % vs. prior year 14.50 %

PassLower long-term leverage — long-term debt/assets 0.08 vs. prior 0.08
PassRising current ratio (more liquidity) — Current ratio 5.96 vs. prior 3.71
FailNo dilution (shares do not grow) — Shares 1,304.95 mill. vs. prior 1,301.51 mill.

Z-Score (original)

70.91

Safe zone

Z''-Score (non-manufacturing)

15.74

Safe zone

Ratio	Value
X1 — Working capital / Total assets	0.45
X2 — Retained earnings / Total assets	0.19
X3 — EBIT / Total assets	0.10
X4 — Market cap / Total liabilities	115.03
X4 — Book equity / Total liabilities	7.85
X5 — Sales / Total assets	0.76