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Side-by-side financial comparison of ARGENX SE (ARGX) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $2.5B, roughly 1.5× ARGENX SE). ARGENX SE runs the higher net margin — 35.5% vs 20.2%, a 15.2% gap on every dollar of revenue. On growth, ARGENX SE posted the faster year-over-year revenue change (83.2% vs 30.6%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $322.4M).
AbbVie Inc. is an American pharmaceutical company headquartered in North Chicago, Illinois. They have produced drugs to treat a wide range of medical issues.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
ARGX vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.5B | $3.7B |
| Net Profit | $877.2M | $743.0M |
| Gross Margin | 89.5% | 46.1% |
| Operating Margin | 28.9% | 17.2% |
| Net Margin | 35.5% | 20.2% |
| Revenue YoY | 83.2% | 30.6% |
| Net Profit YoY | 1.3% | -42.5% |
| EPS (diluted) | $13.25 | $0.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.5B | $3.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | $1.8B | $2.7B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | $1.4B | $2.8B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | $901.9M | $2.0B | ||
| Q1 24 | — | $1.9B |
| Q4 25 | $877.2M | $743.0M | ||
| Q3 25 | — | $264.0M | ||
| Q2 25 | $414.8M | $906.0M | ||
| Q1 25 | — | $-682.0M | ||
| Q4 24 | $865.6M | $1.3B | ||
| Q3 24 | — | $828.0M | ||
| Q2 24 | $-32.5M | $171.0M | ||
| Q1 24 | — | $-273.0M |
| Q4 25 | 89.5% | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | 89.2% | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | 90.2% | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | 89.4% | 51.1% | ||
| Q1 24 | — | 51.4% |
| Q4 25 | 28.9% | 17.2% | ||
| Q3 25 | — | 12.1% | ||
| Q2 25 | 19.2% | 10.9% | ||
| Q1 25 | — | 8.6% | ||
| Q4 24 | 8.7% | 16.5% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | -15.4% | 11.8% | ||
| Q1 24 | — | 4.6% |
| Q4 25 | 35.5% | 20.2% | ||
| Q3 25 | — | 9.3% | ||
| Q2 25 | 23.4% | 33.8% | ||
| Q1 25 | — | -28.9% | ||
| Q4 24 | 64.1% | 46.0% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | -3.6% | 8.4% | ||
| Q1 24 | — | -14.7% |
| Q4 25 | $13.25 | $0.58 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | $6.32 | $0.69 | ||
| Q1 25 | — | $-0.53 | ||
| Q4 24 | $13.33 | $0.99 | ||
| Q3 24 | — | $0.64 | ||
| Q2 24 | $-0.55 | $0.13 | ||
| Q1 24 | — | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.5B | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.3B | $13.5B |
| Total Assets | $8.7B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.5B | $5.8B | ||
| Q3 25 | — | $6.3B | ||
| Q2 25 | $2.1B | $5.8B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | $1.5B | $5.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $11.0M | — | ||
| Q1 24 | — | — |
| Q4 25 | $7.3B | $13.5B | ||
| Q3 25 | — | $12.5B | ||
| Q2 25 | $6.1B | $12.1B | ||
| Q1 25 | — | $11.1B | ||
| Q4 24 | $5.5B | $11.6B | ||
| Q3 24 | — | $10.1B | ||
| Q2 24 | $4.3B | $9.2B | ||
| Q1 24 | — | $8.9B |
| Q4 25 | $8.7B | $15.2B | ||
| Q3 25 | — | $15.0B | ||
| Q2 25 | $7.2B | $14.6B | ||
| Q1 25 | — | $13.4B | ||
| Q4 24 | $6.2B | $13.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | $4.8B | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $323.3M | $725.0M |
| Free Cash FlowOCF − Capex | $322.4M | $715.0M |
| FCF MarginFCF / Revenue | 13.0% | 19.5% |
| Capex IntensityCapex / Revenue | 0.0% | 0.3% |
| Cash ConversionOCF / Net Profit | 0.37× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $594.5M | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $323.3M | $725.0M | ||
| Q3 25 | — | $513.0M | ||
| Q2 25 | $361.8M | $428.0M | ||
| Q1 25 | — | $367.0M | ||
| Q4 24 | $41.9M | $615.0M | ||
| Q3 24 | — | $423.0M | ||
| Q2 24 | $-124.7M | $340.0M | ||
| Q1 24 | — | $238.0M |
| Q4 25 | $322.4M | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | $356.6M | $422.0M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | $40.9M | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | $-125.5M | $333.0M | ||
| Q1 24 | — | $232.0M |
| Q4 25 | 13.0% | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | 20.1% | 15.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | 3.0% | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | -13.9% | 16.3% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | 0.0% | 0.3% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | 0.3% | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | 0.1% | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | 0.1% | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | 0.37× | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | 0.87× | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.05× | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 1.99× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARGX
Segment breakdown not available.
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
