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Held by 1,642 of 5,944 reporting institutions (99th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 9%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2022 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-08-05 · 15d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.56B 100.0% | $8.88B 100.0% | $7.06B 100.0% | $5.60B 100.0% | $4.61B 100.0% | $2.93B 100.0% | $1.58B 100.0% | $1.07B 100.0% | $673.3M 100.0% | $389.3M 100.0% |
| Cost of Revenue | $6.00B 51.9% | $4.41B 49.6% | $3.54B 50.2% | $2.85B 50.8% | $2.13B 46.2% | $1.39B 47.4% | $712.5M 45.1% | $477.0M 44.4% | $293.1M 43.5% | — |
| Cost of Services | — | — | — | — | — | — | — | — | $293.1M 43.5% | $179.8M 46.2% |
| Gross Profit | $5.55B 48.1% | $4.47B 50.4% | $3.52B 49.8% | $2.75B 49.2% | $2.48B 53.8% | $1.54B 52.6% | $865.6M 54.9% | $596.3M 55.6% | $380.3M 56.5% | $209.5M 53.8% |
| Research & Development | $1.54B 13.3% | $1.37B 15.4% | $1.73B 24.5% | $1.50B 26.8% | $854.4M 18.5% | $552.1M 18.8% | $355.0M 22.5% | $230.7M 21.5% | $136.0M 20.2% | $74.3M 19.1% |
| Selling, General & Admin | $471.0M 4.1% | $410.0M 4.6% | $491.0M 7.0% | $708.0M 12.6% | $374.8M 8.1% | $245.3M 8.4% | $153.8M 9.7% | $107.4M 10.0% | $67.7M 10.1% | $43.1M 11.1% |
| Total Operating Expenses | $4.09B 35.4% | $3.40B 38.3% | $4.93B 69.9% | $3.58B 63.9% | $2.21B 48.0% | $1.45B 49.5% | $1.01B 63.8% | $688.2M 64.1% | $429.4M 63.8% | $246.7M 63.4% |
| Operating Income | $1.47B 12.7% | $1.07B 12.1% | -$1.42B -20.1% | -$822.0M -14.7% | $268.6M 5.8% | $90.2M 3.1% | -$141.1M -8.9% | -$91.9M -8.6% | -$49.2M -7.3% | -$37.2M -9.5% |
| Interest Expense | — | — | — | $3.5M 0.1% | $3.5M 0.1% | $9.1M 0.3% | $0 0.0% | — | — | — |
| Other Income (Expense), net | $41.0M 0.4% | $1.15B 13.0% | $1.60B 22.7% | -$2.80B -50.0% | $2.87B 62.3% | $150.2M 5.1% | $45.3M 2.9% | $27.4M 2.5% | $9.2M 1.4% | $1.8M 0.5% |
| Pretax Income | $1.51B 13.1% | $2.23B 25.1% | $185.0M 2.6% | — | — | — | — | — | — | — |
| Income Tax Expense | $278.0M 2.4% | $209.0M 2.4% | $53.0M 0.8% | -$163.0M -2.9% | $225.9M 4.9% | -$79.1M -2.7% | $29.0M 1.8% | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | $1.23B 10.7% | $2.02B 22.7% | $132.0M 1.9% | -$3.46B -61.8% | $2.91B 63.2% | $319.5M 10.9% | -$124.8M -7.9% | -$64.6M -6.0% | -$40.0M -5.9% | -$35.4M -9.1% |
| Per Share | ||||||||||
| EPS (Basic) | $0.95 | $1.57 | $0.10 | $-2.73 | $2.34 | $2.67 | $-1.10 | — | — | — |
| EPS (Diluted) | $0.94 | $1.55 | $0.10 | $-2.73 | $2.29 | $2.59 | $-1.10 | — | — | — |
| Weighted Avg Shares (Basic) | 1.30B | 1.29B | 1.28B | 1.27B | 1.25B | 119.6M | 113.0M | — | — | — |
| Weighted Avg Shares (Diluted) | 1.30B | 1.30B | 1.30B | 1.27B | 1.27B | 123.5M | 113.0M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $144.24 today, the market must believe free cash flow compounds 32.9%/yr for a decade (off $1.5B normalized FCF).
The market's 32.9% is more conservative than its 6-yr track record.
2-stage DCF · 1.30B shares · net debt -$1.5B
mean 531.2% · volatility σ 1196% · implied rate exceeded in 2/5 yrs
Central path = implied 32.9%/yr growth; shaded band = ±1σ (1196%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
5/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $2.0B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Ranked against 768 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NVDA | $5.33T | 44.7× | 40.0× | 24.7× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.59T | 41.7× | 32.0× | 11.0× | 6.4% | 46.9% | 26.9% | 152% | 73.7% | 0.5× | 5,858 |
| MSFT | $3.62T | 27.2× | 19.1× | 10.9× | 17.8% | 67.9% | 40.3% | 30.2% | 28.2% | 0.2× | 5,944 |
| AVGO | $1.98T | 87.7× | 78.0× | 31.0× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.00T | 117.7× | 55.4× | 26.8× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $785.7B | 181.9× | 185.9× | 22.7× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| ASMLF | $649.1B | 68.2× | 51.8× | 19.9× | 15.6% | 52.8% | 29.4% | 49.0% | 43.1% | 0.2× | 2 |
| INTC | $504.7B | — | 62.9× | 9.6× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $481.1B | 47.6× | 40.2× | 8.5× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| AMAT | $423.7B | 61.7× | 48.7× | 14.9× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| LRCX | $390.0B | 74.1× | 62.2× | 21.2× | 23.7% | 48.7% | 29.1% | 54.3% | 39.5% | 0.6× | 2,500 |
| PLTR | $378.8B | 251.5× | 262.1× | 84.7× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| RPAY | $342.2B | — | — | 1106.6× | -1.2% | 75.0% | -83.0% | -53.0% | -33.6% | -1.1× | 142 |
| DELL | $301.7B | 53.3× | 28.8× | 2.7× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| ARM | $292.2B | 323.0× | 251.9× | 59.4× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| TXN | $252.4B | 51.0× | 33.1× | 14.3× | 13.0% | 57.0% | 28.3% | 30.7% | 16.8% | 1.7× | 2,345 |
| ANET | $247.8B | 71.7× | 62.6× | 27.5× | 28.6% | 64.1% | 0.0% | 0.0% | 0.0% | — | 1,930 |
| UMC | $242.3B | — | — | — | — | — | — | — | — | — | 302 |
| PANW | $242.3B | 226.7× | 151.3× | 26.3× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| SAPGF | $241.4B | — | — | — | — | — | — | — | — | — | 7 |
| IBM | $221.0B | 21.1× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| APH | $211.2B | 51.5× | 29.5× | 9.1× | 51.7% | 36.9% | 18.5% | 31.8% | 31.8% | — | 2,017 |
| SNDK | $197.2B | — | — | 26.8× | 10.4% | 30.1% | -22.3% | -17.8% | -14.9% | -1.5× | 1,127 |
| SHOP | $187.4B | 153.4× | 124.0× | 16.2× | 30.1% | 48.1% | 10.7% | 9.1% | 9.1% | — | 1,642 |
| ADI | $184.9B | 82.8× | 57.2× | 16.8× | 16.9% | 61.5% | 20.6% | 6.7% | 5.3% | 2.6× | 2,030 |
Peers = companies sharing SHOP's sector (Technology) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-08-05
Nothing notable to watch.
No material risks flagged.
Where each multiple sits in its own 11-yr range · 63th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 11-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 44.4 | 45.1 | 47.4 | 46.2 | 50.8 | 50.2 | 49.6 | 51.9 |
| Gross Profit | 55.6 | 54.9 | 52.6 | 53.8 | 49.2 | 49.8 | 50.4 | 48.1 |
| R&D | 21.5 | 22.5 | 18.8 | 18.5 | 26.8 | 24.5 | 15.4 | 13.3 |
| SG&A | 10.0 | 9.7 | 8.4 | 8.1 | 12.6 | 7.0 | 4.6 | 4.1 |
| Operating Income | -8.6 | -8.9 | 3.1 | 5.8 | -14.7 | -20.1 | 12.1 | 12.7 |
| Income Tax | 0.0 | 1.8 | -2.7 | 4.9 | -2.9 | 0.8 | 2.4 | 2.4 |
| Net Income | -6.0 | -7.9 | 10.9 | 63.2 | -61.8 | 1.9 | 22.7 | 10.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SHOP: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.