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Spotify Technology S.A.
SPOT
655.32 (-0.21%) 1.36
134.85(B)
Communication Services
Entertainment
Spotify Technology S.A. together with its subsidiaries provides audio streaming subscription services worldwide. It operates through two segments Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers. This segment sells directly to the end users. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its users on their computers tablets and compatible mobile devices. The company also offers sales distribution and marketing contract research and development and customer and other support services. Spotify Technology S.A. was incorporated in 2006 and is based in Luxembourg City Luxembourg.

My Quality Checklist

5Y Shares Out Change < 0%
ROIC > 10%
Debt/Equity < 1
Current Ratio > 1
Quick Ratio > 1
Net Margin > 10%
Past Net Income CAGR > 0%
Est. EPS Growth > 5%
0.0%of Portfolio

My holdings

Day change:
Total change:
Shares:
Cost basis:
Compare
Market cap:$134.85(B)
EV:$126.43(B)
Total Equity:$7.81(B)
Div. yield:0.00%
Earnings date:Nov-04-2025
P/E:140.63
P/E (fwd):96.09
P/FCF:40.60
P/S:6.82
P/B:17.28
EPS:$4.7
EPS (fwd):$6.8
FCF/share:$16.1
Book value/share:$37.9
Dividend/share:$0.0
ROIC:10.2%
ROA:6.5%
ROE:14.1%
Gross margin:31.7%
Net margin:4.9%
Valuation Summary TTM Financials Growth Estimates Historical Data KPIs Competitors & Peers Ownership Tools

SPOT Valuation & Price Targets

Current Price
$655
Day change: -0.21%
PEvaluation
N/A
N/A
Analyst targets
N/A
N/A
DCF (2-stage)
N/A
N/A
DCF (simple)
N/A
N/A
DCF (exit mult.)
N/A
N/A
EPS growth
N/A
N/A
Revenue growth
N/A
N/A
Peter Lynch FV
N/A
N/A
Graham No.
N/A
N/A
DDM
N/A
N/A

PEvaluation

72% overvalued
Low
$136
Mid
$182
High
$227
Current price
$655
Fair P/E
Margin of safety
EPS
Market Model
Shares outstan...ROICRevenue growthDebt/FCFAssets/Liabili...
Economic moat: None/narrow

EPS Estimates

LowAvgHigh#
FY+15.46.810.524
FY+210.313.816.622
FY+315.818.020.712
FY+418.520.120.94
FY+521.622.423.22

Analyst Price Targets

15% undervalued
Low
$473
Mid
$756
High
$903
Current price
$655

Analyst Recommendations

Strong Buy7
Buy21
Hold10
Sell0
Strong Sell2

2-stage DCF

First Stage Duration
Starting Free Cash Flow
First Stage Growth Rate
LowMidHigh
Terminal Growth Rate
LowMidHigh
Discount Rate

Discounted Cash Flow

Forecast years
Terminal Growth Rate
LowMidHigh
Discount Rate
Free cash flow estimates:
Y+1 est.
Y+2 est.
0.00%
Y+3 est.
0.00%
Y+4 est.
0.00%
Y+5 est.
0.00%

Discounted Cash Flow (exit mult.)

Forecast years
Exit FCF Multiple
LowMidHigh
Discount Rate
Free cash flow estimates:
Y+1 est.
Y+2 est.
0.00%
Y+3 est.
0.00%
Y+4 est.
0.00%
Y+5 est.
0.00%

EPS Growth

Forecast years
Starting EPS
EPS Growth Rate
LowMidHigh
Final P/E
LowMidHigh
Discount Rate

Revenue Growth Valuation

Forecast Years
Base Revenue
Revenue Growth Rate
LowMidHigh
Final Net Margin
LowMidHigh
Final P/E Ratio
LowMidHigh
Discount Rate

Peter Lynch Fair Value

Earnings Per Share
Growth Rate

Graham Formula

Earnings Per Share
EPS Growth (7-10 years)
Government Bond Rate

Dividend Discount Model

Annual Dividend
First Stage Length (Years)
First Stage Growth Rate
Final Growth Rate
Discount Rate

TTM Financials

Income (TTM)

RevenueGrossNet
Revenue$19.57(B)
Gross profit$6.21(B)
EBITDA$2.27(B)
Net income$949.35(M)
Gross margin31.7%
Operating margin11.1%
Net margin4.9%
Shares outstanding:205.78(M)

Balance sheet

Cash & ST inv.Other ST assetsLong term assetsCurrent liabilitiesLong term debtOther LT liabilitiesEquity
Total assets$15.86(B)
Current assets$10.95(B)
Total liabilities$8.05(B)
Current liabilities$7.43(B)
Cash & Short-term inv.$8.07(B)
Long-term debt$1.59(B)
Total intangibles$1.30(B)
PP&E$491.17(M)

Cash flow (TTM)

CFOCFICFF
FCF$3.32(B)
CapEx$-30.62(M)
Dividends paid$0
Stock issued$879.86(M)
Stock repurchased$-227.33(M)
Stock-based comp.$273.26(M)
Debt issued$0
Debt repaid$-87.16(M)

Per share data (TTM)

Price: $655
Revenue: $96.1 (6.8x | 14.7%) Gross profit: $30.2 (21.7x | 4.6%) Earnings: $4.66 (140.6x | 0.7%)
FCF: $16.1 (40.6x | 2.5%) Stock-based Comp.: $1.33 (493.5x | 0.2%) CapEx.: $0.15 (4404.0x | 0.0%) Dividend: $0.00 (N/A | 0.0%)
Total Assets: $77.1 (8.5x | 11.8%) Total Liabilities: $39.1 (16.7x | 6.0%) Book Value: $37.9 (17.3x | 5.8%) Cash & ST inv.: $39.2 (16.7x | 6.0%) Debt: $7.75 (84.6x | 1.2%)
Earnings FY+1: $6.82 (96.1x | 1.0%) Earnings FY+2: $13.8 (47.5x | 2.1%) Earnings FY+3: $18.0 (36.4x | 2.7%) Earnings FY+4: $20.1 (32.7x | 3.1%) Earnings FY+5: $22.4 (29.2x | 3.4%)
FCF FY+1: $14.8 (44.2x | 2.3%) FCF FY+2: $19.1 (34.3x | 2.9%) FCF FY+3: $23.6 (27.8x | 3.6%) FCF FY+4: $24.7 (26.5x | 3.8%) FCF FY+5: $33.3 (19.7x | 5.1%)

Growth Estimates

Revenue

CAGR: 12.7%
FY+1FY+2FY+3FY+4FY+5
FY+1$19.90(B)
FY+2(+15.4%)$22.96(B)
FY+3(+14.0%)$26.17(B)
FY+4(+10.8%)$28.98(B)
FY+5(+10.6%)$32.04(B)

Net Income

CAGR: 34.9%
FY+1FY+2FY+3FY+4FY+5
FY+1$1.49(B)
FY+2(+91.3%)$2.86(B)
FY+3(+30.0%)$3.71(B)
FY+4(+15.3%)$4.28(B)
FY+5(+15.6%)$4.95(B)

EPS

CAGR: 34.7%
FY+1FY+2FY+3FY+4FY+5
FY+1$6.82
FY+2(+102.2%)$13.79
FY+3(+30.6%)$18.01
FY+4(+11.4%)$20.06
FY+5(+11.8%)$22.43

FCF per share

CAGR: 22.4%
FY+1FY+2FY+3FY+4FY+5
FY+1$14.83
FY+2(+28.8%)$19.10
FY+3(+23.5%)$23.58
FY+4(+4.9%)$24.75
FY+5(+34.5%)$33.28

Historical Financials

Showing limited histrical data.
TTM (Y)TTM (Q)FYFQ
Income(show more...)
Q2'20 (TTM)Q2'21 (TTM)Q2'22 (TTM)Q2'23 (TTM)Q2'24 (TTM)Q2'25 (TTM)0.05.0(B)10.0(B)15.0(B)
Revenue Operating Income Net IncomeCOGSGross ProfitTotal OpEx.R&DSG&AInterest ExpenseInterest IncomePre-tax incomeIncome tax
Cash flow(show more...)
Q2'20 (TTM)Q2'21 (TTM)Q2'22 (TTM)Q2'23 (TTM)Q2'24 (TTM)Q2'25 (TTM)0.0500.0(M)1.0(B)1.5(B)2.0(B)2.5(B)3.0(B)
Stock-based Comp. FCFCFONet IncomeD&ACFFStock IssuedStock RepurchasedDebt IssuedDebt RepaidDividend PaidCFIAcquisitionsDivestituresCapital Expenditures
Balance sheet(show more...)
Q2'20 (TTM)Q2'21 (TTM)Q2'22 (TTM)Q2'23 (TTM)Q2'24 (TTM)Q2'25 (TTM)0.02.0(B)4.0(B)6.0(B)8.0(B)10.0(B)12.0(B)14.0(B)
Total Assets Total LiabilitiesCurrent assetsCash and EquivalentsShort-term investmentsInventoriesReceivablesNon-current assetsNet PP&EIntangible AssetsGoodwillCurrent liabilitiesShort-Term DebtAccounts payableNon-current liabilitiesLong-Term DebtTotal Equity
Per share data(show more...)
Q2'20 (TTM)Q2'21 (TTM)Q2'22 (TTM)Q2'23 (TTM)Q2'24 (TTM)Q2'25 (TTM)-5.00.05.010.0
EPS (Basic) FCF/Share Dividend/ShareEPS (Diluted)Book value/ShareCash & ST inv./ShareDebt/Share
Ratios(show more...)
Q2'20 (TTM)Q2'21 (TTM)Q2'22 (TTM)Q2'23 (TTM)Q2'24 (TTM)Q2'25 (TTM)0.020.040.060.080.0100.0
P/E P/S EV/EarningsP/FCFP/BEV/FCFDebt/EquityPayout ratio
Margins(show more...)
Q2'20 (TTM)Q2'21 (TTM)Q2'22 (TTM)Q2'23 (TTM)Q2'24 (TTM)Q2'25 (TTM)0%5%10%15%20%25%30%
Net Income Margin Operating Margin Gross MarginEBITDA MarginFCF Margin
Returns(show more...)
Q2'20 (TTM)Q2'21 (TTM)Q2'22 (TTM)Q2'23 (TTM)Q2'24 (TTM)Q2'25 (TTM)0%2%4%6%8%10%12%
ROIC ROAROCEROE
Shares outstanding(show more...)
Q2'20 (TTM)Q2'21 (TTM)Q2'22 (TTM)Q2'23 (TTM)Q2'24 (TTM)Q2'25 (TTM)0.050.0(M)100.0(M)150.0(M)200.0(M)
Shares (Basic)Shares (Diluted)
Market Cap.(show more...)
Q2'20 (TTM)Q2'21 (TTM)Q2'22 (TTM)Q2'23 (TTM)Q2'24 (TTM)Q2'25 (TTM)0.020.0(B)40.0(B)60.0(B)80.0(B)100.0(B)120.0(B)140.0(B)
Market Cap.

KPIs

Users(show more...)
3/20236/20239/202312/20233/20246/20249/202412/20243/20256/2025
Ad-Supported Premium Total
Revenue By Geography(show more...)
12/20223/20236/20239/202312/20233/20246/20249/202412/20243/2025
Other Countries United Kingdom United States Luxembourg
Revenue By Segment(show more...)
3/20236/20239/202312/20233/20246/20249/202412/20243/20256/2025
Ad-Supported Premium

Competitors & Peers

Ownership

Major holders

*Excludes indirect insider ownership

Insiders: 24.32%
Institutions: 70.25%
Other: 5.42%

Institutional ownership

5.78% Blackrock Inc.4.70% BAILLIE GIFFORD & CO3.33% Morgan Stanley2.97% FMR, LLC2.57% JPMORGAN CHASE & CO2.23% State Street Corporati...1.91% Jennison Associates LL...1.64% WCM Investment Managem...1.62% Massachusetts Financia...1.27% Bank of America Corpor...42.23% Others

Trading Summary

In the past year, insiders have bought $0.00 worth of the company's stock, and sold $0.00.

Congress members have bought between $17003 - $80000 worth of the company's stock, and sold between $55006 - $175000.

Insider transactions

Insider transactions not available.

Congressional trading

$0.002025-12$0.00
$0.002025-11$0.00
$0.002025-10$0.00
$0.002025-09$0.00
$0.002025-08$0.00
$0.002025-07$0.00
$0.002025-06$8001
$750012025-05$0.00
$80012025-04$32501
$80012025-03$8001
$80012025-02$0.00
$0.002025-01$0.00
$0.002024-12$0.00
DatePoliticianPartyChamberAmount ($)
Buy2025-06-05Rob BresnahanRHouse$1,001 - $15,000
Sell2025-05-12Jefferson ShreveRHouse$50,001 - $100,000
Sell2025-04-21Bruce WestermanRHouse$1,001 - $15,000
Buy2025-04-11Jefferson ShreveRHouse$15,001 - $50,000
Sell2025-03-24Josh GottheimerDHouse$1,001 - $15,000
Buy2025-03-20Bruce WestermanRHouse$1,001 - $15,000
Sell2025-02-21Josh GottheimerDHouse$1,001 - $15,000
Sell2024-11-15Ro KhannaDHouse$1,001 - $15,000
Sell2024-11-15Ro KhannaDHouse$1,001 - $15,000

Summary

Tools

Dividend Income

Investment Amount
Dividend Yield
What is the Dividend Income Calculator?

The Dividend Income Calculator helps you estimate the yearly, quarterly, monthly, and daily income of your investments.

How to Use This Calculator?

Enter the dividend yield and the invested amount. Optionally, preload stock data to automatically fetch the dividend yield.

Required Investment

Dividend Yield
Desired Yearly Payout
Desired Quarterly Payout
Desired Monthly Payout
What is the Required Investment Calculator?

The Required Investment Calculator helps you determine the amount of money you need to invest in a stock to achieve a desired dividend.

How to Use This Calculator?

Enter the dividend yield and your desired dividend income. Optionally, preload stock data to automatically fetch the dividend yield.

Future Dividend Yield

Base Dividend
Current Price
Number of Years
Dividend Growth Rate
What is the Future Yield Calculator?

The Future Yield Calculator helps you estimate the future dividend yield of a stock based on its current dividend, price, and expected dividend growth rate.

How to Use This Calculator?

Enter the base dividend, current price, number of years, and dividend growth rate. Optionally, preload stock data to automatically fetch the dividend and price. The calculator will display the current yield and the projected future yield.

Future Dividend Income

Base Dividend
Number of Years
Dividend Growth Rate
What is the Future Dividend Income Calculator?

The Future Dividend Income Calculator helps you estimate the future dividend income from your investments based on the current dividend yield and expected growth rate.

How to Use This Calculator?

Enter the current dividend yield, expected growth rate, and investment duration. Optionally, preload stock data to automatically fetch the dividend yield.

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