It’s the question every founder asks eventually: “What is my baby worth?”
Whether you built a Shopify empire or an Amazon FBA machine, the answer involves a mix of art and science. But in 2026, the “science” part has become very specific.
Buyers are using specific formulas based on the platform. If you don’t know the formula, you are negotiating blind.
Let’s fix that.
The Core Difference: Ownership vs. Access
This is the fundamental divide.
On Shopify, you are building an asset you own. The domain, the theme, the content, the customer list—it’s all yours. The buyer is purchasing an independent business.
On Amazon, you are building a revenue stream within someone else’s asset. The buyer is purchasing access rights and inventory processes.
Ownership is more valuable than access. That is why the formulas differ.
Shopify Valuation Formula
For Shopify, the gold standard is SDE (Seller’s Discretionary Earnings).
SDE = Net Income + Owner Salary + Non-Cash Expenses (Depreciation) + One-Offs
Once you have SDE, you apply a multiple. The base is 2.5x.
Here is how the App Ecosystem (the H2 focus) affects that:
- Apps are overhead. Every app you run is a monthly expense. If you have $500/month in apps, that’s $6,000/year deducted from SDE. Fewer apps = higher SDE.
- Apps are risk. Some apps are critical infrastructure. If you use a custom app built by a freelancer who is now unresponsive, the buyer is inheriting a time bomb. Transferable, mainstream apps (Klaviyo, Yotpo) increase the multiple because the buyer knows they work.
- Apps are complexity. A simple store is easy to run. Easy to run = less owner dependence = higher multiple.
Formula:
Value = (SDE × (2.5 + Efficiency Bonus))
Amazon FBA Valuation Formula
For Amazon, the metric is Net Profit or EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for larger deals.
The formula is:
Value = (Net Profit × Multiple) + Inventory Cost
The multiple for a small to medium Amazon business is usually 2.0x to 3.0x.
The key nuance here is Inventory.
On Shopify, you might hold a small amount of stock. On Amazon, you might have $50k sitting in FBA warehouses. This inventory is a tangible asset sold on top of the earnings multiple.
If you don’t factor in inventory separately, you are giving the buyer a discount.
Side-by-Side Comparison Table
| Aspect | Shopify Store | Amazon FBA Business |
|---|---|---|
| What am I buying? | Brand & Customer Base | Ranking & Supply Chain |
| Valuation Metric | SDE | Net Profit |
| Typical Multiple | 2.5x – 3.5x | 2.0x – 3.0x |
| Tangible Assets | Minimal (Some stock) | High (FBA Inventory) |
| Barrier to Exit | Transferring tech stack | Account verification |
Which Sells for More?
In the current market, Shopify stores generally sell for higher multiples.
The premium exists because of the Customer Data. A Shopify buyer gets:
- The Email List.
- The Facebook Pixel data.
- The Google Analytics history.
- The ability to launch new products to an existing audience.
An Amazon buyer gets none of that. They get a ranking that could disappear if the algorithm changes.
However, Amazon FBA deals often close faster. The due diligence is straightforward (read-only access to Seller Central), and the transfer is simple. If you are in a hurry to sell, Amazon has a liquidity advantage.
Hybrid Models
More sophisticated buyers are looking for Omnichannel brands.
If you sell on Shopify AND Amazon, you are no longer a “Shopify store” or an “Amazon FBA business.” You are a brand.
The valuation formula for a hybrid often uses a Blended Multiple:
- Calculate Shopify SDE -> Apply 3.0x.
- Calculate Amazon Net -> Apply 2.5x.
- Add the two values together.
- Add Inventory.
This often yields the highest possible valuation because it demonstrates resilience and marketing sophistication.
2026 Market Data
What are the trends right now?
- Margin Compression on Amazon: FBA fees are up. As a result, Amazon multiples have dipped slightly for products with low gross margins (under 30%).
- Shopify Stability: Shopify stores with subscription models are trading at near-SaaS multiples (4x+) because the revenue is recurring.
- The “Boring” Premium: Buyers are paying more for “boring” products (supplements, parts, consumables) because they have high LTV. Trendy products (fidget spinners, viral gadgets) are discounted heavily.
Know your data. Know your market.
Ready to Get a Data-Backed Answer?
