Could Shopify Stock Help You Become a Millionaire?

Key Points

• Shopify is a top e-commerce platform creator with a presence in 175 countries.

• Management is focusing on several key areas to boost business and market share.

• Patient investors could benefit from including the stock in a diversified portfolio.

• 10 stocks we like better than Shopify ›

A rising tide lifts all ships, and a bull market is lifting stocks today. The S&P 500 is up year to date, and the stock market minted its first $4 trillion company last week as powerhouse Nvidia keeps climbing.

Many stocks that plunged in April when tariff raises were announced are rising, driving the market's gains. Shares of e-commerce giant Shopify (NASDAQ: SHOP) are up 19% since May 1. The stock has gone through many ups and downs over the past few years, and the market now clearly sees opportunity here.

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Let's see what's happening at Shopify and whether investing in it today can help make you a millionaire.

Driving global e-commerce

Shopify operates a global commerce platform that has expanded from its humble beginnings as an e-commerce solutions provider for small businesses to a comprehensive platform offering every type of package and service for all kinds of retailers. It has 12% of the U.S. e-commerce market share, and it's the largest e-commerce platform in the country.

Image source: Getty Images.

After some lumpy years and an ill-fated attempt to move into logistics, Shopify has emerged as a lean and agile company, and it's expanding on its core business. This has been the right move for the company, and it's reporting strong, profitable growth.

In first-quarter 2025, revenue growth accelerated to 27% year over year to $2.4 billion. Operating income was up 136% to $203 million, and free cash flow increased from $232 million to $363 million. Gross merchandise volume (GMV), which is the volume of products sold on the company's platform, increased 25% to $75 billion. That's an excellent showing at a time when many retailers are feeling intense economic pressure.

New opportunities

In addition to constant upgrades, improved features, and new services, management is focusing on several key strategic areas to boost its business and capture market share. It continues to build out relationships with other tech platforms, such as Amazon and Meta Platforms, and it has launched the Shop Pay quick digital payments tool to compete with similar offerings from competitors like PayPal and Apple. It's been very successful, with a 57% increase in GMV over last year in the first quarter.

One initiative that has been extremely successful is moving offline. Shopify sees offline sales as a key growth driver for this year and going forward, and offline sales increased 33% year over year in the first quarter, outpacing the total. This is an important element of the unified commerce strategy that makes the whole greater than the sum of its parts.

Another factor that has been a strong growth driver is larger businesses. Originally a platform enabling smaller businesses to sell online, Shopify has pivoted to offering components rather than just complete website packages. This has attracted many enterprise clients who don't need a full website but are looking for specific services, such as competitive payment processing plans. The company now counts brands such as Mattel, Steve Madden, and Spanx, among many others, as customers.

Shopify has a presence in 175 countries around the world, but not all services are available in all areas, and international sales account for only 30% of the total. It's expanding its assortment across the globe, and as it makes its way around, it has years of growth potential. Although it's the leader in the U.S., it has several large international competitors, including WooCommerce, which has the largest position outside of the U.S.

Growing your dollars

Even if Shopify continues to grow, can its stock make you a millionaire? Well, it depends on how much money you put into it. If you invest $10,000 today, it's unlikely to make you a millionaire. That implies growth of 10,000%, and with a market cap of $148 billion, that's not a realistic possibility, even over many decades. However, if you invest $100,000, that implies 1,000% growth. That could take several decades, but it's more realistic.

For example, if we imagine the company can grow sales at a compound annual rate of 10% over the next 20 years, it would reach $67 billion. Keeping the price-to-sales ratio constant, the stock price would increase the same sixfold. That still wouldn't make you a millionaire, but waiting more time might get you there.

That's a lot of money for most investors to place in one stock, and for the average investor, Shopify won't make you a millionaire on its own. However, it's a great pick to add to a fully diversified portfolio that could help create lasting wealth.

Should you invest $1,000 in Shopify right now?

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Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Jennifer Saibil has positions in Apple. The Motley Fool has positions in and recommends Amazon, Apple, Meta Platforms, Nvidia, PayPal, and Shopify. The Motley Fool recommends the following options: long January 2027 $42.50 calls on PayPal and short June 2025 $77.50 calls on PayPal. The Motley Fool has a disclosure policy.