--- title: "How do you verify a Shopify store's revenue before buying it?" url: https://firstpassmemo.com/answers/how-to-verify-shopify-store-revenue-before-buying/ updated: 2026-10-12 publisher: FirstPass Memo (hello@firstpassmemo.com) --- Answers # How do you verify a Shopify store's revenue before buying it? Short answer: Compare three sources: Shopify's sales reports, the payouts from Shopify Payments, PayPal or Stripe, and the bank statements those payouts reached. Then check refunds and chargebacks by month, supplier invoices for cost of goods, ad spend in the ad accounts themselves and the returning-customer rate, because gross sales say little about transferable profit. Updated 12 October 2026 · Figures checked against their sources on 12 October 2026 ## Check a listing now, free FirstPass Memo offers a free red-flag checker for business-for-sale listings and, during the beta, a free first-pass memo on a specific listing you send. Paste any listing below for payback, the asking multiple and its red flags. Nothing you paste leaves your browser. Open the full checker (https://firstpassmemo.com/checker/) to unlock every flag with its seller question. ## What proves a Shopify store's revenue? Ask for staff access to the Shopify admin (or a live screen share), and compare three sources: Shopify's sales reports, the payouts from Shopify Payments, PayPal or Stripe, and the bank statements those payouts landed in. Revenue that appears in the admin but never reaches the bank is not revenue. ## Which numbers matter more than gross sales? - Refunds and chargebacks. Look at them by month in the payouts. A rising refund rate is an early warning. - Cost of goods. Ask for supplier invoices. For dropshipping, compare product cost on the supplier platform with the store's prices. - Ad spend. Open Meta and Google Ads, not a summary. Profit that depends on ads is a different business from organic demand. - Returning customers. A store that only sells once per customer needs constant paid traffic. - App and theme costs. Subscriptions add up and often sit outside the seller's P&L. ## How do you spot a starter store dressed up as a business? Prebuilt or "turnkey" stores are sold with design but little or no trading history. Look for under 12 months of sales, a few orders from friends or test orders, and revenue projections in place of revenue. Our guide Is buying a Shopify store worth it? (https://firstpassmemo.com/buy/shopify-store/) covers the difference. ## What does the checker flag? Paste the listing into the red-flag checker (https://firstpassmemo.com/checker/). Common flags on store listings: under 12 months of history (https://firstpassmemo.com/flags/under-12-months-of-history/), one traffic channel over 60% (https://firstpassmemo.com/flags/one-channel-over-60-percent-of-traffic/), a margin that looks too high (https://firstpassmemo.com/flags/very-high-margin/) and owner hours not stated (https://firstpassmemo.com/flags/owner-hours-not-stated/). ## Questions to send the seller - Can you add me as staff with reports access, or screen-share the sales and payouts reports for 24 months? - What were refunds and chargebacks each month? - Which supplier invoices and ad accounts back the margin in the listing? - What share of revenue comes from paid ads, and what happened in months when you paused them? ## Sources - Stripe Docs, User roles (https://docs.stripe.com/get-started/account/teams/roles), read 7 October 2026 - Google Analytics Help, Access and data-restriction management (https://support.google.com/analytics/answer/9305587), read 7 October 2026 - FirstPass Memo, red-flag checker rules (https://firstpassmemo.com/flags/), our own rules, published as /rules.json - FirstPass Memo, seller question bank, October 2026 (general checklist) (https://firstpassmemo.com/get/seller-questions-general), our own questions ## Related - Is buying a Shopify store worth it? (https://firstpassmemo.com/buy/shopify-store/) - Ecommerce due diligence checklist (https://firstpassmemo.com/answers/due-diligence-checklist-for-buying-an-ecommerce-store/) - How to tell if revenue is fake (https://firstpassmemo.com/answers/how-to-tell-if-a-website-listings-revenue-is-fake/) - True payback calculator (https://firstpassmemo.com/tools/payback-calculator/) - Glossary of listing terms (https://firstpassmemo.com/glossary/) - More questions buyers ask (https://firstpassmemo.com/answers/) Composite examples are invented and labelled. Figures from other sites are quoted with a link and the date we read them; FirstPass figures are asking prices and seller-stated profit, not sale prices. Informational screening only, not investment, legal or tax advice. ## Looking at a specific listing? Get a free first-pass memo. Paste the link, we reply within 24 hours of acceptance. Free during the beta, then pay what it was worth ($0 is fine). After the beta, your first memo is $79; human quick reviews cost $199–$390. --- FirstPass Memo is informational screening, not investment, legal, tax, accounting or valuation advice, and not an audit. Seller figures are not independently verified. HTML version: https://firstpassmemo.com/answers/how-to-verify-shopify-store-revenue-before-buying/