Shopify Inc.
Information Technology · Application Software
1%. Logistics divested (Deliverr/Flexport stake) - back to pure software + payments margin profile. Shopify Plus is the enterprise wedge against $CRM Commerce Cloud and $ADBE Magento; Shop Pay accelerated checkout is the consumer-facing moat.
- GMV compounding ~22% YoY with Plus + international mix lifting take-rate
- Free cash flow margin recovered to ~15%+ post-logistics divestiture
- Shopify Magic (Sidekick AI) raises ARPU ceiling without seat-count drag
- Shop Pay handles ~$80B+ GMV - payments network optionality off-platform
- Multiple compresses if GMV decel pairs with payments take-rate plateau
- $AMZN Buy with Prime + $MELI cross-border erode Shop Pay differentiation
- Stock-based comp still ~9-10% of revenue diluting per-share FCF
- Macro-sensitive SMB cohort - checkout volume tracks discretionary spend
No major news in the last 7 days for SHOP - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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