SHOP market-structure snapshot

$SHOP: multi-source stock research

Shopify Inc.

MARKET STRUCTURE

Latest close on August 12, 2026: $149.05 (-2.3% on the latest daily bar).

HMA21 / HMA55: $150.79 / $135.35. 200DMA: $132.46.

Relative volume: 0.32x the 20-day average.

Nearest support/watch zone: $148.70.

Nearest resistance/watch zone: $153.47.

Price is above the 200DMA, so the long-term trend reference is supportive.

FUNDAMENTALS AND VALUATION

Latest comparable filing period: 2026 Q2 ending 2026-06-30; filed 2026-08-05.

Comparable growth: revenue +33.7% YoY; net income +65.8% YoY; diluted EPS +68.1% YoY.

Quality and cash conversion: net margin 41.9% (+811 bp YoY); six-month YTD SEC free-cash-flow proxy $1.13B (+43.9% YoY).

Valuation snapshot: trailing P/E 100.7x; forward P/E 61.2x; EV/EBITDA 80.0x; P/S 14.5x.

Read-through:
• Net income grew faster than revenue, indicating positive earnings leverage in the comparable period.
• Cash generation improved versus the comparable period.

BOTTOM LINE

The technical structure is mixed, while the latest comparable period showed growth in both revenue and net income. The next confirmation must come from both price structure and the next reported operating data—not from narrative alone.

WHAT TO WATCH

• A reclaim of HMA21 near $150.79 would be the first meaningful stabilization signal.
• A close below the nearby support zone around $148.70 would weaken the setup.
• Whether the next filing confirms that revenue growth is converting into net income, EPS and cash flow.

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