SPOTNYSERadio Broadcasting StationsFiscal year ends December 31
Spotify Technology S.A.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Feb 10, 2026
$518.76−11.70 (-2.21%)
Close on Oct 19, 2026
Spotify Technology statistics
Financials through Dec 31, 2025, price-based ratios appear once a share price is available, median of Radio Broadcasting Stations companies for comparison
Valuation
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Market Cap | €95.40B | €34.49B |
| Enterprise Value | €91.60B | €72.08B |
| PE Ratio | 44.10 | |
| PS Ratio | 5.55 | 0.87 |
| PB Ratio | 11.45 | 0.97 |
| P/TBV Ratio | 13.24 | |
| P/FCF Ratio | 33.22 | |
| P/OCF Ratio | 32.53 | 2.51 |
Enterprise value
| Measure | Spotify Technology | Industry median |
|---|---|---|
| EV / Sales | 5.33 | 2.21 |
| EV / EBITDA | 41.67 | 7.95 |
| EV / EBIT | 41.67 | |
| EV / FCF | 31.89 |
Income (trailing twelve months)
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Revenue | €17.19B | €37.45B |
| Gross Profit | €5.50B | |
| Operating Income | €2.20B | €2.20B |
| Pretax Income | €2.22B | |
| Net Income | €2.21B | -€49.00M |
| EBITDA | €2.20B | €4.97B |
| EPS (Diluted) | 10.51 EUR |
Margins
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Gross Margin | 32.0% | |
| Operating Margin | 12.8% | 5.80% |
| Pretax Margin | 12.9% | |
| Profit Margin | 12.9% | -0.12% |
| EBITDA Margin | 12.8% | 27.1% |
| FCF Margin | 16.7% |
Returns
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Return on Equity (ROE) | 31.9% | -0.25% |
| Return on Assets (ROA) | 16.4% | -0.05% |
| Return on Invested Capital (ROIC) | 64.2% | 6.30% |
| Return on Capital Employed (ROCE) | 24.6% |
Growth
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Revenue Growth (YoY) | 9.65% | 1.99% |
| Net Income Growth (YoY) | 94.4% | |
| EPS Growth (YoY) | 91.1% | |
| FCF Growth (YoY) | 25.7% | |
| Revenue Growth (3Y CAGR) | 13.6% | |
| Revenue Growth (5Y CAGR) | 16.9% |
Balance sheet
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Cash & Short-Term Investments | €5.26B | €5.62B |
| Total Debt | €1.46B | €6.31B |
| Net Cash (Debt) | €3.80B | -€5.23B |
| Net Cash Per Share | 18.46 EUR | -1.82 EUR |
| Equity (Book Value) | €8.33B | €19.35B |
| Book Value Per Share | 40.46 EUR | 4.71 EUR |
| Tangible Book Value | €7.21B | €815.00M |
| Working Capital | €4.41B |
Financial position
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Current Ratio | 1.72 | |
| Quick Ratio | 1.00 | |
| Debt / Equity | 0.18 | 0.97 |
| Debt / EBITDA | 0.66 | 4.95 |
| Debt / FCF | 0.51 | |
| Net Debt / EBITDA | -1.73 | 4.27 |
| Interest Coverage | 8.26 |
Cash flow (trailing twelve months)
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Operating Cash Flow | €2.93B | €10.99B |
| Capital Expenditures | -€61.00M | |
| Free Cash Flow | €2.87B | |
| FCF Per Share | 13.95 EUR |
Efficiency
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Asset Turnover | 1.27 | 0.40 |
| Revenue Per Employee | €2.46M | |
| Profits Per Employee | €316.00K | |
| Employee Count | 7,000 |
Dividends and yields
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Earnings Yield | 2.32% | -0.26% |
| FCF Yield | 3.01% | |
| Buyback Yield | 0.46% | |
| Shareholder Yield | 0.46% |
Shares
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Shares Outstanding | 205,833,000 | 2,657,630,000 |
| Shares Change (YoY) | 1.70% | |
| Float | 173,108,000 | 2,657,630,000 |
| Shares Held by Insiders | 15.9% | 9.97% |
Taxes
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Income Tax | €12.00M | €348.00M |
| Effective Tax Rate | 0.54% |
Scores
| Measure | Spotify Technology | Industry median |
|---|---|---|
| Graham Number | 97.82 EUR | |
| Graham Upside | -78.9% | |
| Altman Z-Score | 10.46 | 0.59 |
| Piotroski F-Score | 6 | 6 |
Calculated by StockData from Spotify Technology's SEC filings. Hover a measure to see its formula. The grey column is the median of companies in the same industry group (two-digit SIC code); green or red marks a better or worse value than that median.