Dear Shopify Stock Fans, Mark Your Calendars for November 4

Core Insights - The e-commerce market is projected to triple by 2030, with Shopify positioned to capture significant growth, evidenced by a 31% year-over-year sales increase in Q2 [1] - Shopify has a strong track record, having only missed consensus estimates once in the last nine quarters, suggesting continued strength in upcoming earnings [1] - The potential integration of ChatGPT for seamless checkout experiences is expected to enhance customer journeys, although it may not have immediate financial impacts [2] Company Overview - Shopify provides a comprehensive platform for businesses to establish online marketplaces, offering tools for inventory management, invoicing, order fulfillment, and product sourcing [3] - The company is headquartered in Ottawa, Canada [3] Stock Performance - Shopify's stock has reached an all-time high of approximately $177, delivering over 65% return in 2025, significantly outperforming the Nasdaq Composite's 24% year-to-date returns [4] - The stock has surged 236% from its 2025 low of $76.89, driven by strong e-commerce growth and a partnership with OpenAI for enhanced consumer experiences [4] Valuation Metrics - Despite the stock's price surge, skepticism exists regarding its valuation, with a forward price-to-sales multiple of 20.6x, which is 468% higher than the sector median [5] - The forward GAAP price-to-earnings multiple stands at 202.8x, nearly five times greater than the sector median, indicating a stretched valuation [5] - The forward EV/Sales metric for Shopify is currently at 20.1x compared to a median of 3.7x, further highlighting its premium valuation [5]