Skip to main content
This Board Has Moved

This board has been migrated to our new platform! Check out the new home page at or click below to go directly to the new Board on the new site.

Go to the New Site
Message Font: Serif | Sans-Serif
No. of Recommendations: 0

You already have this message marked for reply in your Favorites.

15 Biggest Companies That Use Shopify

Impressive list, but not clear how much revenue of these companies is flowing through Shopify's products. Tesla's main car sales web site is not a Shopify store front if I am reading this correctly, and other large players are dipping their toes in on smaller, focused projects. For example,'s swag site uses Shopify, but not the main site. The main and sites are Shopify.

Looking over the 2001 40-F, a couple things stand out:

1) Large capital raises mainly by selling high-priced shares in 2020 and 2021. Less likely to be sustainable at this rate in the future
2) $2.9 B in gains on investments in private companies that subsequently went public. Also not likely to be sustainable at scale over time

1&2 provide a cash cushion of over $8 B, with total assets of $13 B and net shareholder's equity of $11 B, or $88/share. The value of the business is on top of that.

3) Merchant Solutions (MS) is probably the business category to use as the revenue and profit driver for the future, rather than Subscription Services (SS). Unfortunately MS has a lower gross margin (around 40%) than SS (around 80%).
4) R&D currently 18.5% of revenue. By comparison MSFT's and AMZN's are 12%, and AAPL's is 6%. Can probably assume this will reduce.
5) The business is straightforward, which is great to see. The competitive advantage is the speed and scale of building out the Amazon alternative, and SHOP seems to be doing that extremely well.
6) Gross Merchandise Volume (all purchases that flow through the Shopify system) was $175 B in 2021, a growth of 46% from 2020.

Now on to attempt to make projections of the business.

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.