Where Will Shopify Stock Be in 5 Years?

Shopify's gross merchandise volume and revenue continue to accelerate, with GMV growing 29% in 2025 and revenue climbing 34% year-over-year in Q2 2026. However, the stock trades at 14x trailing sales and 80x free cash flow, with much of the company's future growth already priced in. The author argues that even with strong execution, the stock offers limited upside at current valuations and would need to pull back meaningfully before being attractive.