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Side-by-side financial comparison of First American Financial Corp (FAF) 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 $2.0B, roughly 1.8× First American Financial Corp). SHOPIFY INC. runs the higher net margin — 20.2% vs 10.3%, a 9.9% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 21.6%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $324.5M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 19.9%).
First American Financial Corporation is an American financial services company which provides title insurance and settlement services to the real estate and mortgage industries.
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.
FAF vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $3.7B |
| Net Profit | $211.9M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 14.0% | 17.2% |
| Net Margin | 10.3% | 20.2% |
| Revenue YoY | 21.6% | 30.6% |
| Net Profit YoY | 192.7% | -42.5% |
| EPS (diluted) | $2.04 | $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 | $2.0B | $3.7B | ||
| Q3 25 | $2.0B | $2.8B | ||
| Q2 25 | $1.8B | $2.7B | ||
| Q1 25 | $1.6B | $2.4B | ||
| Q4 24 | $1.7B | $2.8B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $1.4B | $1.9B |
| Q4 25 | $211.9M | $743.0M | ||
| Q3 25 | $189.6M | $264.0M | ||
| Q2 25 | $146.1M | $906.0M | ||
| Q1 25 | $74.2M | $-682.0M | ||
| Q4 24 | $72.4M | $1.3B | ||
| Q3 24 | $-104.0M | $828.0M | ||
| Q2 24 | $116.0M | $171.0M | ||
| Q1 24 | $46.7M | $-273.0M |
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
| Q4 25 | 14.0% | 17.2% | ||
| Q3 25 | 12.5% | 12.1% | ||
| Q2 25 | 10.6% | 10.9% | ||
| Q1 25 | 6.1% | 8.6% | ||
| Q4 24 | 5.9% | 16.5% | ||
| Q3 24 | -10.3% | 13.1% | ||
| Q2 24 | 9.4% | 11.8% | ||
| Q1 24 | 4.1% | 4.6% |
| Q4 25 | 10.3% | 20.2% | ||
| Q3 25 | 9.6% | 9.3% | ||
| Q2 25 | 7.9% | 33.8% | ||
| Q1 25 | 4.7% | -28.9% | ||
| Q4 24 | 4.3% | 46.0% | ||
| Q3 24 | -7.4% | 38.3% | ||
| Q2 24 | 7.2% | 8.4% | ||
| Q1 24 | 3.3% | -14.7% |
| Q4 25 | $2.04 | $0.58 | ||
| Q3 25 | $1.84 | $0.20 | ||
| Q2 25 | $1.41 | $0.69 | ||
| Q1 25 | $0.71 | $-0.53 | ||
| Q4 24 | $0.70 | $0.99 | ||
| Q3 24 | $-1.00 | $0.64 | ||
| Q2 24 | $1.11 | $0.13 | ||
| Q1 24 | $0.45 | $-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 | $1.4B | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.5B | $13.5B |
| Total Assets | $16.2B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $5.8B | ||
| Q3 25 | $2.9B | $6.3B | ||
| Q2 25 | $2.0B | $5.8B | ||
| Q1 25 | $2.0B | $5.5B | ||
| Q4 24 | $1.7B | $5.5B | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $5.5B | $13.5B | ||
| Q3 25 | $5.3B | $12.5B | ||
| Q2 25 | $5.1B | $12.1B | ||
| Q1 25 | $5.0B | $11.1B | ||
| Q4 24 | $4.9B | $11.6B | ||
| Q3 24 | $5.1B | $10.1B | ||
| Q2 24 | $4.8B | $9.2B | ||
| Q1 24 | $4.8B | $8.9B |
| Q4 25 | $16.2B | $15.2B | ||
| Q3 25 | $17.6B | $15.0B | ||
| Q2 25 | $16.3B | $14.6B | ||
| Q1 25 | $15.5B | $13.4B | ||
| Q4 24 | $14.9B | $13.9B | ||
| Q3 24 | $16.6B | — | ||
| Q2 24 | $15.2B | — | ||
| Q1 24 | $14.7B | — |
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 | $369.3M | $725.0M |
| Free Cash FlowOCF − Capex | $324.5M | $715.0M |
| FCF MarginFCF / Revenue | 15.8% | 19.5% |
| Capex IntensityCapex / Revenue | 2.2% | 0.3% |
| Cash ConversionOCF / Net Profit | 1.74× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $762.5M | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $369.3M | $725.0M | ||
| Q3 25 | $272.5M | $513.0M | ||
| Q2 25 | $361.8M | $428.0M | ||
| Q1 25 | $-52.8M | $367.0M | ||
| Q4 24 | $324.6M | $615.0M | ||
| Q3 24 | $236.9M | $423.0M | ||
| Q2 24 | $266.7M | $340.0M | ||
| Q1 24 | $69.3M | $238.0M |
| Q4 25 | $324.5M | $715.0M | ||
| Q3 25 | $223.1M | $507.0M | ||
| Q2 25 | $309.4M | $422.0M | ||
| Q1 25 | $-94.5M | $363.0M | ||
| Q4 24 | $266.2M | $611.0M | ||
| Q3 24 | $185.4M | $421.0M | ||
| Q2 24 | $210.0M | $333.0M | ||
| Q1 24 | $17.6M | $232.0M |
| Q4 25 | 15.8% | 19.5% | ||
| Q3 25 | 11.3% | 17.8% | ||
| Q2 25 | 16.8% | 15.7% | ||
| Q1 25 | -6.0% | 15.4% | ||
| Q4 24 | 15.8% | 21.7% | ||
| Q3 24 | 13.2% | 19.5% | ||
| Q2 24 | 13.0% | 16.3% | ||
| Q1 24 | 1.2% | 12.5% |
| Q4 25 | 2.2% | 0.3% | ||
| Q3 25 | 2.5% | 0.2% | ||
| Q2 25 | 2.8% | 0.2% | ||
| Q1 25 | 2.6% | 0.2% | ||
| Q4 24 | 3.5% | 0.1% | ||
| Q3 24 | 3.7% | 0.1% | ||
| Q2 24 | 3.5% | 0.3% | ||
| Q1 24 | 3.6% | 0.3% |
| Q4 25 | 1.74× | 0.98× | ||
| Q3 25 | 1.44× | 1.94× | ||
| Q2 25 | 2.48× | 0.47× | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | 4.48× | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | 2.30× | 1.99× | ||
| Q1 24 | 1.48× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FAF
| Title Insurance And Services | $1.9B | 94% |
| Home Warranty | $110.3M | 5% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
