Spotify Technology S.A.

SPOT

635.75 (-1.48%) 9.44

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 Luxembourg.

Quality Checklist 6/8

ROIC > 10%

Debt/Equity < 1

Current Ratio > 1

Quick Ratio > 1

Past Net Income CAGR > 0%

Est. EPS Growth > 5%

5Y Shares Out Change < 0%

Net Margin > 10%

0.0%of Portfolio

My holdings

Day change:

Total change:

Cost basis:

Market cap: $131.02(B)

EV: $124.87(B)

Total Equity: $9.13(B)

Earnings date: Feb-03-2026

P/E: 78.88

Forward P/E: 72.99

P/FCF: 38.28

P/S: 6.56

P/B: 14.35

EPS: $8.1

EPS (fwd): $8.7

FCF/share: $16.6

Revenue/share: $96.9

Book value/share: $44.3

ROIC: 16.8%

ROA: 10.9%

ROE: 22.2%

Debt/Equity: 0.29

Current Ratio: 1.60

Gross margin: 31.9%

Operating margin: 11.7%

Net margin: 8.3%

Dividend/share: $0.0

Div. yield: 0.00%

All Valuation Overview Growth Financials & KPIs Competitors & Peer Comparison Ownership Tools

SPOT Valuation & Price Targets

Current Price

$636

Favorite Valuation Methods

PEvaluation

N/A

Analyst targets

N/A

DCF (2-stage)

N/A

More Valuation Methods

DCF (simple)

N/A

DCF (exit mult.)

N/A

DDM

N/A

EPS growth

N/A

Revenue growth

N/A

Peter Lynch FV

N/A

Graham No.

N/A

PEvaluation

72% overvalued

Low

$136

Mid

$181

High

$226

Current price

$636

Fair P/E

Margin of safety

EPS

Market Model

Economic moat: None/narrow

EPS Estimates

	Low	Avg	High	#
FY+1	6.5	8.7	10.9	24
FY+2	9.1	14.1	17.2	24
FY+3	16.6	18.5	20.7	15
FY+4	19.7	20.7	21.6	3
FY+5	22.8	22.8	22.8	1

Analyst Price Targets

19% undervalued

Low

$496

Mid

$758

High

$910

Current price

$636

Analyst Recommendations

Strong Buy7

Buy21

Hold9

Sell0

Strong Sell2

2-stage DCF

First Stage Duration: 5 Years

Starting Free Cash Flow
First Stage Growth Rate
LowMidHigh

Terminal Growth Rate
LowMidHigh

Discount Rate

Discounted Cash Flow

Forecast years: 5 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: 5 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%

Dividend Discount Model

Annual Dividend
First Stage Length (Years): 0 Years

First Stage Growth Rate
Final Growth Rate
Discount Rate

EPS Growth

Forecast years: 5 Years

Starting EPS
EPS Growth Rate
LowMidHigh

Final P/E
LowMidHigh

Discount Rate

Revenue Growth Valuation

Forecast Years: 10 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

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