• Shopify average return on tangible equity for 2023 was -18.82, a 25.47% decline from 2022.
• Shopify average return on tangible equity for 2022 was -25.25, a 179.65% decline from 2021.
• Shopify average return on tangible equity for 2021 was 31.7, a 2609.4% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.