Shopify Inc. vs Toast, Inc.
Side-by-Side SaaS Metrics & Valuation Comparison
analyticsVertical SaaS
Data as of Q2 2026
Summary Verdict
SHOP: 5—TOST: 0wins
Rule of 40
55.0SHOP
37.3TOST
check_circleSHOP leads
Revenue Growth
38.3%SHOP
35.5%TOST
check_circleSHOP leads
Gross Margin
48%SHOP
27%TOST
check_circleSHOP leads
FCF Margin
16.8%SHOP
1.8%TOST
check_circleSHOP leads
Operating Margin
12.3%SHOP
6.3%TOST
check_circleSHOP leads
NRR
—SHOP
—TOST
Metric
Rule of 40Efficiency score
SHOP
55.0check_circle
TOST
37.3
Revenue GrowthYoY
SHOP
38.3%check_circle
TOST
35.5%
Gross Margin% of revenue
SHOP
48%check_circle
TOST
27%
FCF MarginFree cash flow
SHOP
16.8%check_circle
TOST
1.8%
Operating MarginGAAP
SHOP
12.3%check_circle
TOST
6.3%
NRRNet retention
SHOP
N/A
TOST
N/A
EV / RevenueValuation multiple
SHOP
15.2x
TOST
2.8xcheck_circle
Market CapUSD
SHOP
$188.3Bcheck_circle
TOST
$19.7B
ARR GrowthYoY
SHOP
N/A
TOST
N/A
CAC PaybackMonths to recover
SHOP
N/A
TOST
N/A
insights
Analysis
As of Q2 2026, Shopify Inc. trades at 15.2x EV/Revenue versus Toast, Inc. at 2.8x. On the Rule of 40, Shopify Inc. scores 55.0 compared to Toast, Inc.'s 37.3, placing Shopify Inc. ahead in operating efficiency. Gross margins stand at Shopify Inc. 48% vs Toast, Inc. 27%.
Sector Context
Both companies operate in the Vertical SaaS sector. The median columns above show where each company stands relative to their peers.