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Side-by-side financial comparison of SHOPIFY INC. (SHOP) and Zoetis (ZTS). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $2.4B, roughly 1.5× Zoetis). Zoetis runs the higher net margin — 25.3% vs 20.2%, a 5.0% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 3.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $715.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 4.4%).
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.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
SHOP vs ZTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.7B | $2.4B |
| Net Profit | $743.0M | $603.0M |
| Gross Margin | 46.1% | 70.2% |
| Operating Margin | 17.2% | 31.9% |
| Net Margin | 20.2% | 25.3% |
| Revenue YoY | 30.6% | 3.0% |
| Net Profit YoY | -42.5% | 3.8% |
| EPS (diluted) | $0.58 | $1.37 |
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 | $3.7B | $2.4B | ||
| Q3 25 | $2.8B | $2.4B | ||
| Q2 25 | $2.7B | $2.5B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $2.8B | $2.3B | ||
| Q3 24 | $2.2B | $2.4B | ||
| Q2 24 | $2.0B | $2.4B | ||
| Q1 24 | $1.9B | $2.2B |
| Q4 25 | $743.0M | $603.0M | ||
| Q3 25 | $264.0M | $721.0M | ||
| Q2 25 | $906.0M | $718.0M | ||
| Q1 25 | $-682.0M | $631.0M | ||
| Q4 24 | $1.3B | $581.0M | ||
| Q3 24 | $828.0M | $682.0M | ||
| Q2 24 | $171.0M | $624.0M | ||
| Q1 24 | $-273.0M | $599.0M |
| Q4 25 | 46.1% | 70.2% | ||
| Q3 25 | 48.9% | 71.5% | ||
| Q2 25 | 48.6% | 73.6% | ||
| Q1 25 | 49.5% | 72.0% | ||
| Q4 24 | 48.1% | 69.5% | ||
| Q3 24 | 51.7% | 70.6% | ||
| Q2 24 | 51.1% | 71.7% | ||
| Q1 24 | 51.4% | 70.6% |
| Q4 25 | 17.2% | 31.9% | ||
| Q3 25 | 12.1% | 37.0% | ||
| Q2 25 | 10.9% | 36.7% | ||
| Q1 25 | 8.6% | 36.5% | ||
| Q4 24 | 16.5% | 31.6% | ||
| Q3 24 | 13.1% | 36.6% | ||
| Q2 24 | 11.8% | 33.0% | ||
| Q1 24 | 4.6% | 34.1% |
| Q4 25 | 20.2% | 25.3% | ||
| Q3 25 | 9.3% | 30.0% | ||
| Q2 25 | 33.8% | 29.2% | ||
| Q1 25 | -28.9% | 28.4% | ||
| Q4 24 | 46.0% | 25.1% | ||
| Q3 24 | 38.3% | 28.6% | ||
| Q2 24 | 8.4% | 26.4% | ||
| Q1 24 | -14.7% | 27.4% |
| Q4 25 | $0.58 | $1.37 | ||
| Q3 25 | $0.20 | $1.63 | ||
| Q2 25 | $0.69 | $1.61 | ||
| Q1 25 | $-0.53 | $1.41 | ||
| Q4 24 | $0.99 | $1.29 | ||
| Q3 24 | $0.64 | $1.50 | ||
| Q2 24 | $0.13 | $1.37 | ||
| Q1 24 | $-0.21 | $1.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.8B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $13.5B | $3.3B |
| Total Assets | $15.2B | $15.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.8B | — | ||
| Q3 25 | $6.3B | $2.1B | ||
| Q2 25 | $5.8B | $1.4B | ||
| Q1 25 | $5.5B | $1.7B | ||
| Q4 24 | $5.5B | $2.0B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $2.0B |
| Q4 25 | $13.5B | $3.3B | ||
| Q3 25 | $12.5B | $5.4B | ||
| Q2 25 | $12.1B | $5.0B | ||
| Q1 25 | $11.1B | $4.7B | ||
| Q4 24 | $11.6B | $4.8B | ||
| Q3 24 | $10.1B | $5.2B | ||
| Q2 24 | $9.2B | $5.0B | ||
| Q1 24 | $8.9B | $5.1B |
| Q4 25 | $15.2B | $15.5B | ||
| Q3 25 | $15.0B | $15.2B | ||
| Q2 25 | $14.6B | $14.5B | ||
| Q1 25 | $13.4B | $14.1B | ||
| Q4 24 | $13.9B | $14.2B | ||
| Q3 24 | — | $14.4B | ||
| Q2 24 | — | $14.2B | ||
| Q1 24 | — | $14.3B |
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 | $725.0M | $893.0M |
| Free Cash FlowOCF − Capex | $715.0M | $732.0M |
| FCF MarginFCF / Revenue | 19.5% | 30.7% |
| Capex IntensityCapex / Revenue | 0.3% | 6.7% |
| Cash ConversionOCF / Net Profit | 0.98× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $2.0B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $725.0M | $893.0M | ||
| Q3 25 | $513.0M | $938.0M | ||
| Q2 25 | $428.0M | $486.0M | ||
| Q1 25 | $367.0M | $587.0M | ||
| Q4 24 | $615.0M | $905.0M | ||
| Q3 24 | $423.0M | $951.0M | ||
| Q2 24 | $340.0M | $502.0M | ||
| Q1 24 | $238.0M | $595.0M |
| Q4 25 | $715.0M | $732.0M | ||
| Q3 25 | $507.0M | $805.0M | ||
| Q2 25 | $422.0M | $308.0M | ||
| Q1 25 | $363.0M | $438.0M | ||
| Q4 24 | $611.0M | $689.0M | ||
| Q3 24 | $421.0M | $784.0M | ||
| Q2 24 | $333.0M | $370.0M | ||
| Q1 24 | $232.0M | $455.0M |
| Q4 25 | 19.5% | 30.7% | ||
| Q3 25 | 17.8% | 33.5% | ||
| Q2 25 | 15.7% | 12.5% | ||
| Q1 25 | 15.4% | 19.7% | ||
| Q4 24 | 21.7% | 29.7% | ||
| Q3 24 | 19.5% | 32.8% | ||
| Q2 24 | 16.3% | 15.7% | ||
| Q1 24 | 12.5% | 20.8% |
| Q4 25 | 0.3% | 6.7% | ||
| Q3 25 | 0.2% | 5.5% | ||
| Q2 25 | 0.2% | 7.2% | ||
| Q1 25 | 0.2% | 6.7% | ||
| Q4 24 | 0.1% | 9.3% | ||
| Q3 24 | 0.1% | 7.0% | ||
| Q2 24 | 0.3% | 5.6% | ||
| Q1 24 | 0.3% | 6.4% |
| Q4 25 | 0.98× | 1.48× | ||
| Q3 25 | 1.94× | 1.30× | ||
| Q2 25 | 0.47× | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 0.48× | 1.56× | ||
| Q3 24 | 0.51× | 1.39× | ||
| Q2 24 | 1.99× | 0.80× | ||
| Q1 24 | — | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
