` Comparison: SHOP vs NET - Alpha Spread
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SHOP
vs
NET

Over the past 12 months, SHOP has underperformed NET, delivering a return of -13% compared to the NET's +15% growth.

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NET
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Valuation Comparison

SHOP Intrinsic Value
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NET Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Shopify Inc
NASDAQ:SHOP
112.2899 USD
Cloudflare Inc
NYSE:NET
194.88 USD
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Valuation Scenario:
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Growth Comparison

Growth Over Time
SHOP, NET

SHOP
NET
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Shopify Inc
Revenue
Cloudflare Inc
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
SHOP, NET

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NET
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Shopify Inc
NASDAQ:SHOP
Cloudflare Inc
NYSE:NET
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What is Free Cash Flow?

Gross Margin

SHOP
48.1%
NET
75.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Shopify Inc
Cloudflare Inc

Operating Margin

SHOP
12.8%
NET
-9.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Shopify Inc
Cloudflare Inc

Net Margin

SHOP
10.7%
NET
-5.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Shopify Inc
Cloudflare Inc

FCF Margin

SHOP
17.4%
NET
10.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Shopify Inc
Cloudflare Inc

ROE

SHOP
9.8%
NET
-8.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Shopify Inc
Cloudflare Inc

ROA

SHOP
8.5%
NET
-2.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Shopify Inc
Cloudflare Inc

ROIC

SHOP
15.1%
NET
-14.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Shopify Inc
Cloudflare Inc

ROCE

SHOP
11.5%
NET
-6.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Shopify Inc
Cloudflare Inc

Solvency Comparison

Shopify Inc
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Cloudflare Inc
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
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Performance Gap
SHOP, NET

Performance Gap Between SHOP and NET
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Performance By Year
SHOP, NET

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NET
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