Lead idea
Valuation obscene at 112 times operating profits
The bear case argued Shopify's valuation at 112 times operating profits is prohibitively high, requiring continued perfection and leaving no room for error. Argued on We Study Billionaires - The Investors Podcast Network’s “TIP855: Shopify (SHOP): The Big Winner of Agentic Commerce? w/ Shawn O'Malley & Daniel Mahncke”, aired 25 October 2026. The stock was noted as trading at the same multiple as 18 months prior, despite earnings doubling, meaning it has not grown into its valuation.
WE STUDY BILLIONAIRES - THE INVESTORS PODCAST NETWORK · “TIP855: Shopify (SHOP): The Big Winner of Agentic Commerce? w/ Shawn O'Malley & Daniel Mahncke” · 2D AGO