Shopify Inc. (SHOP) vs Toast, Inc. (TOST)
SaaS Metrics Comparison
Summary Verdict
Rule of 40SHOP
EV / RevenueTOST
Revenue Growth (YoY)SHOP
Gross MarginSHOP
FCF MarginSHOP
Metrics Comparison
| Metric | Shopify Inc. (SHOP) | Toast, Inc. (TOST) | Vertical SaaS Median |
|---|---|---|---|
| Rule of 40 | 47.5 | 34.5 | 41.4 |
| EV / Revenue | 15.1x | 2.6x | 6.2x |
| Revenue Growth (YoY) | 30.1% | 24.1% | 17.8% |
| Gross Margin | 48% | 26% | 69% |
| FCF Margin | 17.4% | 10.5% | 24.1% |
| NRR | N/A | N/A | — |
| Market Cap | $175.8B | $17.2B | $8.7B |
| ARR Growth (YoY) | N/A | N/A | — |
| CAC Payback (months) | N/A | N/A | — |
| Operating Margin | 12.7% | 4.8% | 13.1% |
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Analysis
As of Q4 2025, Shopify Inc. trades at 15.1x EV/Revenue versus Toast, Inc. at 2.6x. On the Rule of 40, Shopify Inc. scores 47.5 compared to Toast, Inc.'s 34.5, placing Shopify Inc. ahead in operating efficiency among public SaaS companies.
Sector Context
Both companies operate in the Vertical SaaS sector. The median columns above show where each company stands relative to their peers.